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Archive for the ‘ACCA’ Category

Emerging role of Management Accountants in the New Economy

Friday, July 25th, 2008

This is a guest post by Mr. V R Kedia B.com FICWA. He is a practising Cost & Management Accountant from Mumbai

Shape of the things to come

  • Effect of LPG – Liberalisation, Privatisation, and Globalisation – Global competition, Fittest will survive, sub – optimal units have to die.

  • Size, strong balance sheets and a history of achievements are no longer guarantees of continued success.

  • Global competition – strategic alliance networks and massive engineering efforts place new demand on all professionals.

  • Many of old hierarchies will be replaced by flat structures.

  • Every organisation is undergoing a process of internal churning.

  • Employees will be judged by their delivery of agreed output and level of services, not on spending 8 hours a day attending their place of work.

  • Financial information will be considered as only one portion of the balanced scorecard of measures used in organisational decision making.

  • Knowledge will replace physical and financial capital as an organisations primary resource.

  • Knowledge and application of knowledge will create competitive advantage.

  • People will have to be accustomed to work in permanent stage of emergency.

  • More empowerment at the individual level.

  • Adoption of team based organisation.

  • Internet is rapidly transitioning businesses into real time.

Source: Megapixel

Present role of Management Accountants – Conceptions & Misconceptions

  • Cost and Management accounting system had often become of little importance to managers. Many regarded them as minor routine belonging to the accountants, used to evaluate stocks and prepare monthly results speedily.

  • There are all the obvious things to do: Statutory and Financial accounting, Taxation compliance, Funding, Management reporting and so on. All of this tends to be in the background; it just has to happen in any event. Management Accountants have not yet progressed more towards bridging the gap between managers and accountants and they have yet to concern more with looking towards the future – at where business is going and what is going to happen.

  • Very few conceptual modifications have been brought in, in the cost and management accounting in the last 40 years.

  • Cost is too important to be left to the cost and management accountant.

Futuristic role of Management Accountants

  • Most of us will be doing the job, which we have never learnt and quite different from what we have been doing so far

  • The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.

  • We have to undergo the process of “Learning, Un-learning and re-learning” more frequently.

  • Industry will be requiring “learning” professional rather than “learned” professional.

  • Future will be “knowledge era”. So obsolesce of knowledge will be very fast and more visible among accounting professionals.

  • Management Accountant must re-orient its capabilities, otherwise he will be overtaken by other professionals.

  • Management Accountant has to be futuristic instead of provider of historic or current information. He should ask “how better” and help management in decision-making level and for performance improvement.

  • ‘Imagination is more important than knowledge’. – Albert Einstein.

  • The responsibility of the management accountant is less on forecasting the future and more on contributing to its creation.

  • Management Accountant will more often play the role of a catalyst / changing agent rather than an accountant.

  • Management accountant will have to be more adaptable to be a versatile professional rather than an accounting specialist.

  • Quality of “leadership” will be more in demand than that of a “manager” or an accountant.

  • Out –cost ascertainment, product costing and cost control. In –cost management, activity-costing etc.

  • Re-positioning of the management accountant – make it more relevant and useful to the organisation.

  • Management accountant to change the “Accountant” from their name to information manager/Cost manager.

  • Shift from “informational” role to an “influential” role.

  • To develop alliance with- finance, MIS/IT, industrial engineering, corporate planning.

  • To actively participate along with managers in decision making and strategy implementation.

  • Change in mind-set from product profitability to customer profitability analysis.

  • No more a scorer of the cricket match – but to be manager advisor to develop appropriate strategy to win the match.

  • Management accountant needs to lead the effort in training managers to use accounting information along with balancing it with other key data sources.

  • FOREX and Treasury function will be important profit centres.

Training needs

  • “If you want to remain employed, you have to remain employable” – Jack Welch, CEO-GE.

  • Dilemma for the management accountant will be to either change or cease to exist.

  • Management accountant must learn fast, forget even faster and focus on winning.

  • Management accountant requires very different skills from those that accountants needed to fill the narrow role that has been adopted by many finance professionals over the last three decades.

  • Continuing Professional Education (CPE) programme be made compulsory by the institute for skill upgradation and aquiring the latest technology.

  • Able to work well under pressure.

  • Development of multi-disciplinary skill.

  • Good communication skill – oral, written and presentation and a team player.

  • Ability and drive to work against strict deadlines and targets.

  • Ability to work with minimum supervision and a busy and dynamic work environment.

  • Ability to prioritise multiple urgent tasks.

  • Possessing good public relations skill.

  • Adding a new skill to executive skill-set, every few years.

  • To develop expertise in new ‘Green Field’ projects like-

    • Infrastructure sector (Energy, Transport etc.)

    • Information and Communication sector

    • Service sector

    • Agro based industries

Source: National Geographic

Changes in tools and techniques

  • Target costing v/s. Historical costing.

  • Life cycle costing.

  • Activity Based Costing (ABC)ABM.

  • Total Cost Management (TCM)

  • Business Process Re-engineering (BPR)

  • Benchmarking.

  • Kaizen costing.

  • EVA / CVA

  • Total Quality Management / ISO.

  • Cycle time reduction (time compression).

  • Supply chain management (SCM).

  • Just in time (JIT).

  • Elimination of dysfunctional activities.

  • Out sourcing and co-sourcing activities.

  • Defect prevention v/s. fault rectification.

  • Zero Based budgeting.

  • Traditional budgeting v/s. New budgeting (comparative Table enclosed).

  • Full year budget exercise v/s reactive rolling forecast (computer generated budgets are obsolete the minute they are printed).

  • Dis-continuity of time cycle – month end and year end- and to invent information system to handle multiple time horizons simultaneously.

  • Radical change in IT/MIS e.g.

    • Integrated database that meet the total business requirements (like ERP Software).

    • MIS that is accessible and easy to use by all staff.

    • Rich supply of information in the form of a variety of report.

    • MIS for decision-making.

It is never safe to look into the future with eyes of fear’. – E. H. Harriman.

My interest is in the future, because I am going to spend the rest of my life there.’ –

C. F. Kettering.

You can contact Mr V R Kedia on +9193241 80717 or email vrkedia@vsnl.com

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Profession versus Professionalism

Monday, June 30th, 2008

I was trying to analyze  the definition of words Profession, Professional Body and Professionalism on www.reference.com.  (These words are interchangeable used when the Accountants discuss among themselves.)

Profession:

A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. It is usually applied to occupations that involve prolonged academic training and a formal qualification. It is axiomatic that "professional activity involves systematic knowledge and proficiency." Professions are usually regulated by professional bodies that may set examinations of competence, act as a licensing authority for practitioners, and enforce adherence to an ethical code of practice.

Professional Body:

A professional body or professional organization, also known as a professional association or professional society, is an organization, usually non-profit, that exists to further a particular profession, to protect both the public interest and the interests of professionals. The balance between these two may be a matter of opinion. On the one hand, professional bodies may act to protect the public by maintaining and enforcing standards of training and ethics in their profession. On the other hand, they may also act like a cartel or a labor union (trade union) for the members of the profession, though this description is commonly rejected by the body concerned.

Many professional bodies perform professional certification to indicate a person possesses qualifications in the subject area, and sometimes membership in a professional body is synonymous with certification, but not always. Sometimes membership in a professional body is required for one to be legally able to practice the profession; see licensure.

Professionalism

Oxford Dictionary: the competence or skill expected of a professional.

Graham Ward in IFAC website: Professionalism,  is about individual modes of behaviour that command respect and build trust. It is about excellence in service as measured by recognised standards.It is about delivering services or working to standards that meet the needs of and are expected by our clients.

Such behaviours are indeed a necessary part of belonging to a profession but almost any trade could be described as professional in these terms!

As any of us here knows, what separates the professionalism of members of a professional body from the behaviours of other types of so-named professionals, is the requirement to continually reinforce and demonstrate our professionalism, not merely assert it through a one-off qualification. And it is our membership of a professional body – one which embodies the distinguishing features I have defined – that confers on us the obligation to abide by professional standards and regulation.

It is therefore no longer enough for professions to say to the public ‘you must trust me’, today we must earn that trust and demonstrate: clearly, openly and often, why that trust should be given.
 

 

Of the above three words, I had to search a lot on the word "Professionalism" to find a true meaning to suit  accountancy profession. Members of accountancy profession will be normally be expected to take actions that contribute to the public interest.

The Principle of Professional Conduct on AICPA, US website  summarizes Professionalism in a precise manner.

Section 51: These Principles of the Code of Professional Conduct of the American Institute of Certified Public Accountants express the profession’s recognition of its responsibilities to the public, to clients, and to colleagues. They guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.

Section 52: In carrying out their responsibilities as professionals, members should
exercise sensitive professional and moral judgments in all their activities.

Section 53: Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.

Section 54: To maintain and broaden public confidence, members should perform
all professional responsibilities with the highest sense of integrity.

Section 55: A member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services.

Section 56: A member should observe the profession’s technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member’s ability.

Section 57: A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope and nature of services to be provided.

I would like to see your comments and views on this topic. Please feel free to comment on the blog post.

Regards,

 

Santosh Puthran

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ICAN, ACCA (UK) sign MOU to promote accountancy in Nigeria

Wednesday, June 4th, 2008
In apparent bid to further promote the accountancy profession in Nigeria, The Institute of Chartered Accountants of Nigeria, ICAN, and the Association of Chartered Certified Accountants, ACCA, of the United Kingdom have signed a Memorandum of Understanding on mutual cooperation.

The memorandum is a befitting sequel to the landmark agreement reached in February this year. The two bodies had agreed last February when the Global President of ACCA, Mrs. Gillian Ball visited Nigeria.

This led to first ICAN and ACCA bilateral meeting, which took place at the ICAN secretariat on Wednesday, February 6, 2008. The ACCA team, led by Ms Ball and the ICAN team led by Prince Ade Babington-Ashaye, both agreed the terms of reference of the Bilateral Committee as well as resolved to collaborate on a number of areas to develop the Accountancy profession.

A statement issued at the end of the MOU signing stated, “ In recognition of the value of promoting mutual co-operation for the advancement of the accountancy profession and the public interest, both ICAN and ACCA, thus agreed to enter into the MOU, which was made towards the end of May, 2008.

The MOU provides for the establishment of mutual cooperation between these two Institutions, both members of the International Federation of Accountants, IFAC; and also agrees that the Bilateral Committee, which was actually established in Istanbul, Turkey on November 14, 2006, shall continue to meet twice a year as resolved at the inaugural meeting held in Lagos, Nigeria, during the ACCA Global President’s visit to ICAN.

By the terms of the MOU, both ICAN and ACCA have agreed to collaborate in further developing and promoting the Accountancy Profession; identify ways in which they can work together to support their respective members in Nigeria and UK; strengthen regular communication links between both bodies; determine a road-map towards achieving a long-term mutually beneficial partnership between them; as well as review and, where appropriate, work together to address common issues in the national, regional and international Accountancy Profession.”

“Other areas of cooperation covered by the MOU include: Sharing information on financial and non-financial reporting issues, particularly in the implementation of International Financial Reporting Standards (IFRSs) and sustainability reporting, and joint research into technical accounting and related topics.

Source: Vanguard

Cheers,

Santosh Puthran

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ACCA Web broadcast a success

Saturday, May 31st, 2008
The internet audience for ACCA’s Student Engage reached record figures this year. The webcast, aimed at students of the Association of Chartered Certified Accountants (ACCA) and broadcast by web TV agency BroadView, achieved almost three times the number of viewers compared with this time last year.
Student Engage has been viewed 32,000 times since it was broadcast on 23 April this year. This is a significant increase on 2007’s viewing figures and clearly demonstrates a demand for web 2.0 as a means of really engaging with the next generation of accountancy students.

Click here to Watch Engage 2008 Web broadcast

ACCA chief executive, Allen Blewitt and president, Gill Ball answered members’ questions in another successful ACCA Engage live web-broadcast which took place on 23 April 2008.

Over 200 questions were submitted for the event with Allen and Gill answering issues ranging from global recognition to maintaining professional standards.

“Access to the web and all of the rich educational content it offers should be a key component of every student’s education. By working with ACCA we’re developing the toolset of the next generation of accountants, but new media ought to be used across a broader range of academic disciplines,” said Stuart Maister, managing director of BroadView.

AGM 2008

ACCA’s 103rd annual general meeting (AGM) took place on Thursday 15 May 2008.

Click here to View the web broadcast

Source:

  1. utalkmarketing
  2. ACCA website

Cheers,

Santosh Puthran

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ACCA appoints new Chief Executive - Helen Brand

Friday, May 30th, 2008

Helen Brand has been appointed as the new Chief Executive of ACCA - 29 May 2008

Helen Brand, 43, has been appointed as the new chief executive of ACCA.

Currently the managing director of strategy and development at ACCA, she joined the global accountancy body in 1996.

She replaces Allen Blewitt, with effect from 1 September 2008, who is leaving ACCA to return to Sydney, Australia, after five years based at the London HQ.

Commenting on the appointment, Brendan Murtagh chairman of ACCA’s remuneration committee, said: ‘We are delighted we have been able to appoint a worthy successor to Allen Blewitt. After a four month, global recruitment search, it is especially pleasing to be able to appoint from within the organisation. Helen Brand brings a wealth of experience and knowledge of the 170 markets in which ACCA currently operates. Her global understanding of the sector and experience of working with bodies, such as IFAC (the International Federation of Accountants) will be of great benefit as we move into the next phase of our strategic programme to be the leading global professional accountancy body in reputation, influence and size.’

Helen Brand said: ‘I am truly honoured to be appointed chief executive of ACCA and to build on the lasting contribution which Allen Blewitt has created for the profession. It’s to the credit of the organisation’s succession planning that the new CEO could be recruited from within its own ranks.’

Allen Blewitt said: ‘I’m very proud that I leave ACCA in an even stronger position than when I joined in 2003. Today we have 122,000 members and 325,000 students. It has been quite humbling to see how the organisation transforms the lives of many who pass its exams and I’m sure Helen will steer ACCA to even greater success under her leadership. I shall track its performance with great interest and affection.’

Source: ACCA Website

Cheers,

Santosh Puthran

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Selecting a Audit / Accounting Firm

Wednesday, March 5th, 2008
Selecting an Audit firm for internal/financial audit or small assignments may be time consuming and challenging. I found few pointers on ACCA website:

Recommendation

  • ask business colleagues if they would recommend their accountant
  • ask your bank manager or solicitor
  • ask an adviser working for a Business Link (England), Local Economic Development Unit (Northern Ireland), County Enterprise Board (Republic of Ireland), Business Shop (Scotland), Business Connect (Wales) or the Chamber of Commerce.

Questions to ask the accountancy firm

  • how many partners are there in the firm?
  • how many clients does the firm have?
  • who will undertake the work?
  • what are the typical response and advice times to be expected?
  • what are the scales of charges and rates for partners and staff?
  • what is the firm’s estimate of fees?
  • what expertise can the firm supply?
  • is it possible to speak to existing clients of the firm?

Select a short list of firms

  • arrange meetings with at least three firms
  • present the requirements/shopping list and a brief summary of the business
  • interview the firms; look for a firm that will add value to the business. Look for a firm that plans ahead, will look at future business development and will listen to and respond to business and personal aims
  • having selected a firm it will then issue a letter of engagement. This document is a contract between you and the accountancy firm which details, amongst other things, your responsibilities, the firm’s responsibilities and the basis on which fees will be charged.
perpective

Source: Universe: A Matter of Perspective

Other pointers for selecting a Accounting firm for small assignments are:

1. First consider what services you might need from an accountant.
2. Determine the expertise you need, verses the knowledge you have.
3. Be realistic about your (or your organization’s) knowledge of accounting.
4. Accessibility and Service Levels. What’s right for you?
5. Don’t Underestimate the value of a Certified Professional.
6. Getting your Ducks in Line.
7. Examining your Options.
8. Make it Happen!

Source: Hunter Group

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Regards,

Santosh Puthran

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10 ways to Study - From ACCA Website

Wednesday, February 27th, 2008
Learning Centre

With the exams approaching, adopting an effective study technique becomes one of the most important ways to achieve success. We asked you for your top study tips and here are some of the best.

1 Make study a habit

Even at the best of times, studying and working can be tough. But, in the run up to exams, the need to study as much as possible can add to the pressure. Savin Mao, a Part 2 Professional Scheme student from Cambodia, advises students to make the best use of their time. ‘At the beginning of your studies, discipline yourself and produce a clear schedule of the extra study you need to do for your exams. After a couple of weeks, the extra hours of work will become a habit. Once it becomes a habit, it will feel normal to read or practise for your exams, and if you fail to study for even one day you will feel you are missing something.’

2 Use the resources at hand

Mohammad Shoaib, a Part 2 Professional Scheme student from Pakistan, recommends using the resources available on the ACCA website and in student accountant. ‘Analyse the exam papers from the past five years or so. Study the examiners’ feedback published in student accountant too. This is important because it enables students to find out what is expected in future exams.’ Examiners’ feedback is published twice a year in the April and October issues of student accountant. It is also available on the ACCA website, together with past exam papers and answers, and technical articles. ‘The more you analyse the more you benefit,’ concludes Mohammad.

3 Working together

Group learning or studying with a friend can be a good way to reinforce what you know, and find out what you don’t know. Donamie Providence, a CAT passed finalist and Part 2 Professional Scheme student from St Vincent recommends studying with others so that you can look at topics from different angles. ‘Working in a small group of three or four allows you to discuss topics and get ideas from one another,’ she says. ‘In addition, talking about your daily work enables you to share your skills and knowledge, and this could help you apply your experience to the exam questions.’

4 Ask if you don’t understand

If you attend lectures, it is important to know that you understand all you have been taught. Choong Woon Wei, a Part 2 Professional Scheme student from Malaysia, advises students to make sure they have understood everything and not to be afraid to ask tutors and lecturers questions. ‘It is vital to have complete comprehension of the subject, so that your mistakes or misunderstandings are not compounded as the course continues,’ says Choong Woon Wei. ‘The best way to check your understanding is to see if you can teach the subject to a friend, and explain every aspect of it effectively and accurately. If you can, then you should be able to convey your knowledge to the examiner too.’

5 Practice, practice, practice


Jane Kamoche, a Part 2 Professional Scheme student from Kenya, believes in the old adage ‘practice makes perfect’. ‘Although we have heard this said many times, it really works,’ says Jane. Her advice is to try to do three or four practice questions after every topic studied. ‘By doing as many revision papers and questions as you can, what you have learned will stay in your head.’

6 PQRST

CAT student Rohail Amjad from Pakistan uses the PQRST method for his study – P = preview, Q = question, R = revise, S = summary, T = test. ‘I first preview the topic to find out what I need to know, then I note down any queries or questions. Nearer to the exams, I revise the topic and make short notes in summary form. Testing myself on these helps me to see where I am with the subject and what knowledge gaps I have.’

7 Look after yourself


It is well documented that your brain works best when you eat healthily and sleep well – and if you don’t get enough sleep, you may lose a lot of cognitive power. Caroline Tromans, a Part 3 Professional Scheme student from the UK, believes that getting your body into the best possible shape can give you the edge when it comes to your studies. ‘Don’t forget to eat, exercise, rest and sleep properly. If you are tired, hungry and sluggish you will not perform at your best.’

8 Plan ahead

Dorothy Wong Sio Kuan, a Part 2 Professional Scheme student from Macau, promotes planning as the way to achieve success. ‘Plan a weekly target, then break this into daily targets. Try to meet your daily targets, and if you can’t, make up for it within the week,’ advises Dorothy. ‘Planning can help you decide how many subjects you can take in a particular session. Detailed scheduling may take you some time but, according to the cost–benefit principle, this is time worth spending if you can monitor your progress step-by-step on the way to becoming a successful finalist.’

9 Read the syllabus

Stephen Coates, a Part 2 Professional Scheme student from the UK, recommends reading the Syllabus. ‘You may think this is a waste of time when you should be reading textbooks but it could save you a lot of effort in the long run. When revising, tick off the subjects in the Syllabus as you go along, to make sure that you have covered everything.’

10 Start early

Start your studies early advises Rhosheda Benjamin, a CAT student from Antigua and Barbuda. Rhosheda doesn’t wait for her results before she starts to study for her next exams. ‘Give yourself at least two weeks to relax after your exams are over, then start studying for the next session. Read every chapter in your textbook, and at the end of each chapter do past questions to familiarise yourself with the exam requirements as they relate to the chapter. By doing this a few nights a week, you will be able to revise as you go through the textbook. Then, about a month or so before the exam, concentrate on practising past questions, referring to the textbook only when you are stuck.’

ACCA TV

Friday, February 15th, 2008

ACCA’s exclusive online channel for live and archived video presentations and podcasts. Click here to know more

ACCA - The world’s largest and fastest growing professional accounting body.

Regards,

Santosh Puthran

Ethics on ACCA website

Tuesday, February 12th, 2008
Ethics on ACCA website

Thinking about ethics

Ethics is a branch of philosophy that studies the difference between right and wrong. As professional accountants, you have many opportunities to choose between right and wrong. As you have seen in the business press, making the wrong choice can lead to serious consequences including corporate failure, loss or reputation, fines and even prison sentences. In any situation, you must begin with the laws of your country. Next you look to the specific rules that govern the situation. For example, if you are an auditor, you will be bound by the relevant auditing standards in your jurisdiction.

Remember that professional ethics is all about your obligation to the public. As a professional - whether a doctor, lawyer, engineer or accountant - you will have been tested and accepted by your profession. The public places their trust in you simply because you are a member of a trusted professional body.

What’s your ethical style?

Learn about your ethical style with a nine-question quiz from the Center for Ethics and Business from Loyola Marymount Loyola University in Los Angeles. Nine Question Quiz.

ACCA Rule Book

The ACCA Rulebook contains the bye-laws, regulations and the Code of Ethics and Conduct with which members are required to comply. Read more online.

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Regards,

Santosh Puthran
Management Accountant Blog

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New Year Resolutions - Year 2008

Tuesday, January 1st, 2008

White Pelican

I got a very thoughtful greeting on the New Year. I would like to share it with you:

Life is like having a cup of tea.
You sit by the side of the window, lift the cup and take a careless sip,
Only to realize, somebody forgot to put the sugar.
Too lazy to go for it you somehow struggle through the sugarless cup.
Until you discover un-dissolved sugar crystals sitting at the bottom…

The last line really stirred me. My new year resolutions would be to

  1. Stir Management Accountants to aspire like Dr D K Sarraf
  2. Stir Management Accountants to participate in discussions and share their knowledge on their blogs.
  3. Stir Management Accountants in practice to their own website.
  4. Stir Management Accountants to become IT savvy - organise their calendar, address book, google reader, stumbleupon and bookmarks on the internet.
  5. Stir Management Accountants to plan and travel around the globe for business and pleasure.

Is there anything more? Then I would like you to stir me up! You know where to post your comments .

Wish You and Your Family a Very Happy and Prosperous New Year 2008

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Regards,

Santosh Puthran


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