A new publication issued by the Financial and Management Accounting Committee (FMAC) of the International Federation of Accountants (IFAC) presents a global perspective on the transformation of the accounting profession to a management profession. The study, entitled A Profession Transforming: From Accounting to Management, sheds light on both the causes and effects of this movement by presenting the perspectives and experiences of a dozen professional associations from around the world.
An important goal of this publication is to surface the problems and solutions professional associations of accountants faced in trying to understand and navigate the changes the profession has undergone in the last decade and to take a look at the impact of those changes on both the present and the future. Such information can help a wide group of audiences, including educators who are preparing the next generation of accountants, employers of management accountants, and professional associations who are challenged to effectively serve an increasing number of members not employed in public practice.
«Currently, IFAC has 153 member bodies servicing 2.5 million accountants. More than 60 percent of these accountants are employed in business and this number continues to rise everyday,» points out Bill Connell, FMAC chairman.
The study points out that two parallel movements seem to be driving change in the accounting profession. First, there is a movement to reform corporate governance as the underpinning of global capital markets, with consequent changes in financial reporting and auditing standards and processes for institutional oversight and assurance. Second, there is a less visible but equally powerful movement for accounting work to be absorbed into the management processes of organizations, not only altering the competencies expected of practitioners but also making such work accessible to non-accountants.
In addition to providing twelve distinct perspectives on the changes in the profession, an introductory chapter of the publication summarizes key trends, highlights threats and opportunities facing the management accounting profession and the associations that serve it, and points out how the associations are meeting these challenges.
The study was edited for the FMAC by Professor William Birkett of the University of New South Wales, Sydney, Australia and a technical advisor to the FMAC, and Associate Professor Chris Poullaos of the University of Wollongong, Wollongong, Australia. Twelve professional associations in Australia, Canada, Italy, Malaysia, the UK, and USA contributed chapters.
A Profession Transforming: From Accounting to Management is available in both print (US$25) and online (US$22) formats. It can be ordered through the IFAC online bookstore (http://www.ifac.org/store) or by faxing the IFAC publications coordinator at +1 (212) 286 9570.