ACCA launches innovations to its qualification to shape the future of global accountancy
Bengaluru: ACCA (The Association of Chartered Certified Accountants) today announced a major step forward in shaping the future of accountancy by unveiling major innovations to its Master’s level qualification. The new, ground-breaking design of the qualification draws on an extensive, two-year review and consultation with members, employers and learning providers.
In April 2016, India chose the path of IFRS (International Financial Reporting Standards) convergence and introduced Ind-AS (Indian Accounting Standards). Ind-AS is modelled along the lines of IFRS, which is internationally accepted accounting standards, and it upgrades India’s accounting standards to an international level. This has created the necessity for a new, modern day accountant who can understand the dynamic nature of Ind-AS and can successfully implement it.
“The ACCA qualification combines local relevance with international best practice. We are excited to bring these developments to India, as it now stands at the cusp of financial transformation, in order to plug existing skill gaps by providing a truly global qualification,” said Md. Sajid Khan, Head of International Development. “By supplementing the accountancy profession with skill sets that have been devised keeping in mind the dynamic nature of the profession and drivers of change like automation and globalisation, we are creating finance professionals who are capable of supporting and driving India’s economic growth.”
Raymond Jack, Executive Director, Finance and Operations added that the new emphasis for the qualification is a major step forward for the future of accountancy. “Today accountants are increasingly being called upon to demonstrate that they are strategic forward-thinkers as they play senior executive roles in business. ACCA has responded accordingly with a qualification that offers the complete and essential blend of technical and ethical accounting competencies mixed with strategic leadership and professional skills required to turn students into the confident, inspiring and trusted business partners that employers need.”
“We’re delivering a qualification that meets the demands of professional accountants in the 21st century, while maintaining the rigorous standards of technical, ethical and professional skills that has established ACCA as the international benchmark for accountancy qualifications,” said Judith Bennett, FEDS (Flexible Exam Delivery Programme) Programme Director, ACCA, at the event.
New developments
ACCA’s latest innovations to the top level of its qualification are new Strategic Professional level exams which will replace the existing Professional level exams in September 2018 and a new Ethics and Professional Skills module, which will be introduced in October 2017.
The redesign enhances the breadth and depth of the qualification, with greater focus on employability and the practical application of core skills in the contemporary workplace and includes:
- Strategic Business Leader – an innovative case study exam, based on a realistic business scenario. This gives students the skills and technical expertise required by modern business where decisions need to be made, measured and effectively communicated to the wider organisation.
- Strategic Business Reporting – a new exam exposing students to the wider context of finance and business reporting, giving them the vital skills needed to explain and communicate to stakeholders the implications of transactions and reporting.
- An Ethics and Professional Skills module – making modifications to the existing ethics module, which ACCA was the first professional body to offer to students in 2008. This new module will equip them with the professional skills that are needed in the modern workplace.
Full information about the updates to the ACCA Qualification can be found here
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Notes to Editors
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 188,000 members and 480,000 students in 178 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 100 offices and centres and more than 7,110Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com
