How To Deal With The Changing World In Accounting

Adapting to Survive and Thrive in a World of Change

Kevin Dancey | May 17, 2016 | 2

Since I started my career, the world has changed in amazing ways. Smartphones have replaced landlines. Texts and emails have supplanted messages and telexes. Documents zero effectually the world in an instant. The vast amounts of information collected generate new analytic techniques and opportunities. The world has become a lot smaller and a lot more complex.

As technology and globalization continue to accelerate, the pace of change can only accelerate. Looking back across my different roles as a tax practitioner; working inside the federal government; national accounting firm leader; and somewhen  CEO of one of the world'south largest accounting organizations, I believe a key to success has been adapting to change and making the most of the opportunities it has to offer.

Today's leaders have to anticipate change and place approaches to capitalize on it for the do good of their constituents. For Chartered Professional person Accountants of Canada (CPA Canada), its constituents are not only its members, but likewise the broader business communities, regulators, governments, and the public at large. CPA Canada allocates considerable time and resource to helping its members adapt their skills and larn new ones. This cognition and experience gained allows members to better assist the organizations and communities they serve in a chop-chop changing earth.

Meeting globalization's challenges

Globalization continues to drive pregnant modify for our profession, both in terms of globalizing business organization and globalizing standards. As businesses go more global, their professional accountants and other service providers need to broaden their perspective. Equally borders have go less relevant for business, they're condign less relevant for professionals as well.

Indeed, meeting globalization'due south challenges was a key factor in the case for unifying Canada'southward three legacy accounting designations—Chartered Auditor, Certified General Accountant and Certified Management Accountant—under the single Chartered Professional Accountant (CPA) imprint. More than five years ago, when the move toward unification began, the leaders of the three legacy designations saw the need for a strengthened Canadian profession through a single designation regulated in Canada. It was vital to ensure Canadian professional accountants could adapt and go on, both individually and collectively, to be recognized as amid the best in the globe.

A single, clear voice

With iii designations governed by over 40 national and provincial/territorial governing bodies, bringing the profession together was huge accomplishment—and well worth the effort. With more than 200,000 members, unification in Canada is already making a difference.

A single, articulate voice to abet for its members and the public interest, both within Canada and internationally, is one of unification's biggest advantages. CPA Canada now has the influence, recognition, resource, and reach to deliver more to our members, students, other stakeholders, and, of form, the public.

Canada has long been known both for the quality of its auditing and accounting standards and for the independent, objective, and transparent structures responsible for developing the standards and guidance used in this country. Through its funding and staffing of the standard-setting part in Canada, CPA Canada is extremely proud of its role in supporting standard setting.

In addition, Canada'south CPAs now have the numbers and resource to reinforce an already potent and respected phonation at international standard-setting tables and to truly make our influence felt.

Information technology'south a huge source of pride that unification is allowing Canadian accounting professionals to take an even bigger international office and partner with our peers in elevating the profession globally.

My own work with the global organizations that support our profession has been enriching on a personal level. In my half-dozen years on the Lath of IFAC and every bit a fellow member of the Board'south Planning and Finance Committee from 2006 to 2012, I was privileged to assistance shape IFAC's construction and long-term plans through budgets, strategic reviews, and two constitutional reforms. As Global Accounting Brotherhood chair, I enjoyed close working relationships with IFAC's executives in pursuit of our aligned public interest missions. Interacting with bookkeeping professionals from across the earth opened my mind to fresh perspectives. Collaborating with IFAC's bright, hard-working teams to address the profession'southward challenges and opportunities has been a genuine pleasure.

Harnessing technology

Along with globalization, technology and information management are among the biggest sources of challenge and opportunity, whether you are in public practice, industry, or the public sector. From big data to analytics to block concatenation technology to artificial intelligence, accounting professionals have a huge role to play in harnessing engineering for better and more than informed conclusion making.

Professional accountants in industry confront item challenges to conform as finance functions evolve from their traditional role as financial controllers toward more rounded business organisation advisers that are closely involved in strategy evolution and decision making. Professional accountants need to adapt so they tin embrace the new capabilities offered by technology. They also must understand how to evaluate risks and address security problems in the digital realm, which is becoming more of import than ever before.

Coming together these new demands requires broader skill sets. Fiscal and direction accountant capabilities remain critical, just finance executives increasingly demand to supplement these skills with cognition of strategy formulation and execution, financial insight and data analytics, and risk direction.

Evolving reporting frameworks

Meanwhile, frameworks for external reporting and balls are evolving and some believe the complexity and book of information in traditional fiscal statements is diminishing their value. An immediate challenge for the profession lies in simplifying financial reporting and increasing its relevance to investors and other users in the increasingly complex global economy.

Business organization and accounting advice – the whole package

In Canada, the Canadian CPA designation is emerging as the pre-eminent, globally respected business and bookkeeping designation that all-time serves the public involvement.

With the designation come the technical skills associated with the profession along with a solid understanding of operation management, communications, and strategy. Those with the Canadian CPA designation too understand what it means to be a professional and to act ethically.

As I retire from my leadership role with CPA Canada, I believe the country'southward  bookkeeping profession is well placed to play a leading informational role in helping individuals, businesses, and other organizations chart their class for success in the years to come.

Source: https://www.ifac.org/knowledge-gateway/contributing-global-economy/discussion/adapting-survive-and-thrive-world-change

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