ACCA and IMA explore future challenges facing accounting profession

Tuesday, 24 November 2015 00:02 - - {{hitsCtrl.values.hits}}

ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) explore the future of the accounting profession with the launch of a new multi-year signature research initiative focusing on the future of the accounting and finance profession.

The initiative launched with a new joint website, The Future Today, www.futuretoday.com, and the first ACCA/IMA signature research report, SoMoClo (Social, Mobile, and Cloud).

The ACCA/IMA signature research initiative is intended to serve accounting and finance professionals by providing insights on what the future means for the global profession. The work is anchored by The Future Today website, housing joint research from ACCA and IMA, along with blogs, guest commentary, and other interactive features.

“Through this new platform we aim to inform, educate, and raise the debate about the future world of finance, business, and accountancy,” said Helen Brand OBE, ACCA Chief Executive.

The new website aims to engage senior leaders in business and finance, as well as academics and political decision-makers. www.futuretoday.com is about taking a wide view of the issues that matter for the profession, and for global business and society in the broader sense.

“Ultimately, this new initiative is about serving the public interest and enhancing the capability of CFOs and their teams everywhere. The accounting profession has a responsibility to create and nurture stronger and more ethical organisations, and we at IMA and ACCA are happy to be part of this charge with a unique focus on future challenges and opportunities,” said Jeff Thomson, CMA, CAE, IMA President and CEO.

SoMoClo

As featured on www.futuretoday.com, ACCA and IMA’s first new signature research report, SoMoClo, offers predictive insights about the effects of social, mobile, and cloud technologies. It covers the views of more than a dozen senior finance leaders from global businesses such as Deutsche Bank, Deloitte, Intuit and Microsoft.

“While these converging technologies can unleash business possibilities, people – not technology – will be central to the process. As a result, finance professionals will change and evolve,” said Helen Brand.

The report notes that while social, mobile, and cloud technologies may be embraced by marketing and human resources teams, in comparison, the finance function may be behind the curve in terms of adoption. But, perhaps this caution comes with a keen eye for risk management, which is a key competency of finance professionals.

“CFOs and their teams have the opportunity and the obligation to ensure that the organisation both understands the transformational nature of information technology on the value chain, and, the risks such as information security including cyber-breaches from broader data access,” added Thomson.

Accounting and finance leaders can learn more about SoMoClo and access additional research from ACCA and IMA at www.futuretoday.com.