12 september 2016 - fei canada · pdf file · 2016-10-02future trends accurately by...

12 September

2016

Financial Executives International - Accountants of the Future

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The Future of the Accounting Profession Matt Dolphin, British Airways

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Today’s presentation

• Welcome

• About the research – what we set out to

achieve

• Drivers for change

• Professional quotients (qualities)

• What will it mean for your sector?

• What next and questions?

The Future of the Accounting Profession 3

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2000+ 300+ Survey respondents and deep-dive workshops and interviews in 21 cities across 19 countries

• Accountants

• C-suite

• Experts

www.accaglobal.com/futures

The Future of the Accounting Profession

http://www.accaglobal.com/futures

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What are the

key drivers for

change?

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Four themes of change

• Increased regulation and

stronger governance

• Digital technologies

• Expectations on the

profession

• Globalisation

6 The Future of the Accounting Profession

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Professional

quotients

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Professional quotients for success

8 The Future of the Accounting Profession

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Professional quotients for success

9

Technical and ethical competencies (TEQ) The

skills and abilities to perform activities to a defined

standard, while maintaining the highest standards of

integrity, independence and scepticism.

Intelligence (IQ) The ability to

acquire and use knowledge:

thinking, reasoning, solving

problems and the ability to

understand and analyse situations

that are complex and ambiguous.

Emotional Intelligence (EQ) The

ability to identify your own

emotions and those of others,

harness and apply them to tasks,

and regulate and manage them.

Creative Intelligence (CQ) The

ability to use existing knowledge in a

new situation, to make connections,

explore potential outcomes and

generate new ideas.

Vision (VQ) The ability to predict

future trends accurately

by extrapolating existing trends

and facts, and filling the gaps by

thinking innovatively.

Digital (DQ) The awareness and

application of existing

and emerging digital

technologies, capabilities,

practices, strategies and culture.

Experience (XQ) The ability and

skills to understand

customer expectations, to meet

desired outcomes and to create

value.


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What does it

mean for your

technical

area?

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Audit and assurance

• Greater understanding of emerging

technologies and their application in

audit will be required

• Enhanced interpersonal skills are

needed (while maintaining a high

standards of ethics, independence

and professional scepticism)

• Audit of fair value and the audit of

international groups are emerging

challenges

11

Top skills needed for the next five

to ten years

• IT knowledge

• Communication skills

• Sector-specific knowledge;

business awareness; global

perspective


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Corporate reporting

• The ability to communicate a more comprehensive view of corporate reporting will be needed, with integrated reporting gradually becoming mandatory

• Increased skills to engage with new frameworks, principles, techniques, standards and guidance and skills in technology will be important

• Understanding of financial maths will become more important across the profession

12


to ten years:

• A holistic view of corporate

reporting (merging financial and

non-financial information) and

The reporting framework to

support this

• Emerging trends such as

mobile/cloud business models

and digital currencies

• Financial mathematics.


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Financial management

• A more complete view of the business

and a more global view of the

business environment will be needed

• Different approaches to some areas

of financial management will be

required and a mastery of Islamic

finance

• Treasury will become more important:

specialist software will support

increased use of active cash

management and new approaches to

electronic money transactions

• Understanding investment valuation

and derivative-based hedging

methods

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to ten years:

• A knowledge of emerging issues

• Communication, business

partnering and relationship

building

• Advanced investment appraisal

and analysis


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Governance, risk and ethics

• An appreciation and application of

tools to enable and support virtual

collaboration, disclosure and

presentation will become more

important

• Governance and risk management

will increasingly focus on

compliance and procedures, which

will become more holistic,

formalised and integrated

• Governance and risk structures,

processes and relationships will

become increasingly challenging

technically, practically and ethically

14


to ten years:

• Technical awareness and

application

• International best practice and

frameworks on governance and

risk management (and guidance)

• Practical application of

professional and corporate ethics

(and guidance)


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Strategic planning and performance management

• Leadership role will extend beyond

the finance function

• Global and cross-sector

perspectives will be needed on

intelligence gathering and on

emerging trends

• Traditional management accounting

techniques must evolve for

accountants to remain effective, as

business planning and performance

management becomes more

forward- and outward-looking

15


to ten years:

• Looking beyond the numbers

• Day-to-day and strategic HR

• The ability to apply digital

technology in areas such as

analysis


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Tax

• Tax advice, compliance, reporting,

planning and risk management will

become even more complex than

they are already

• New challenges will demand a more

global perspective, plus strong

collaboration, relationship building,

advocacy and negotiation skills

• Planning for future risk will move

beyond the possibility of an

unexpectedly large tax assessment.

• Need for niche technical

specialisation

16


to ten years:

• Specialist skills

• Business awareness

• Understanding of data analysis

tools and expert systems


12 september 2016 - fei canada · pdf file · 2016-10-02future trends accurately by...

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