New ACCA Global Report To Reshape The Accounting Profession
ACCA Uganda chapter under their ACCA convention released a report by ACCA Global titled Professional accountant-The Future.
The report released in conjunction with International Accounting Day, highlights various solutions to the lingering problems facing the Accountancy profession has been deemed to be a handbook for effecting revolutionary change to Accountancy in order to adapt to the ever changing demands of finance.
The new global report points to key drivers that will impact the accounting profession technically, ethically and eventually influence the interpersonal skills and competencies that will be vital to match the evolutionary changes in the accounting profession.
In attendance of the convention, Hon David Bahatti, Minister of State for Finance, Planning and Economic Development said,
“This convention is more than a mere meeting of accountants it’s a meeting of strategic leaders around the world to discuss the future and also reflect on the world that we can pave in the changing landscape. The landscape is changing but there are timeless values that will not change with us as accountants; Values of honesty, hard work, and integrity, values that should continue to be upheld.”
The report suggests that the future accountant will be a knowledge based accountant, a skilled accountant and a technical accountant.
The report released further emphasizes the fact that professional accountants will be expected to make professional judgments and in so doing, exercise the highest standards of integrity, independence and skepticism.
As a new ad vocation towards the Profession the report highlights a need for practicing accountants to develop and demonstrate the ability to combine their technical knowledge, skills and abilities with interpersonal behaviors and qualities in order to fill gaps in the six major technical areas such as audit and assurance, corporate reporting, financial management, strategic planning, performance management, tax and governance, risk and ethics.
Also speaking at the Convention, Mr.Taiwo Oyedelean ACCA council member and partner with PWC Nigeria West Africa added that,
“It is very unlikely that machines will replace the accountant, however, the accountant who are technology swavy, will replace the ones that are not.”
He went on to cite examples the accountancy trend that has been taking in the past, what it is today and what it is likely to be tomorrow and encouraged accountants to work across all functions and make diverse networks.
Taking this new strategic direction, the accounting profession will demonstrate potential in shaping the financial sectors and the economy towards the changes in business practices, geographies, roles, responsibilities and regulations that will emerge before 2025.
More so, according to the report, the new normals in accountancy will be caused by reaction to regulation, technology transformation and its impact on business and the opportunities and challenges brought about by Globalization.
As harmonization of principles of accounting and business standards increase, so will the global mobility of qualified professional accountants, along with the need to build ethnically and culturally diverse teams.
In conclusion, from increasing globalization and regulation, digitization, strategy and most importantly people skills, the report serves as a guide to any professional accountant looking to ensure that they remain both relevant and impactful in an ever-changing world.
The UACCA Uganda member’s convention that started on the 10th November 2016 and held its last session on 11th November 2016 at the Lake Victoria Serena Hotel, Kigo.