The Union Government approved the MOU between the Institute of Cost Accountants of India and the Association of Chartered Certified Accountants from the UK. It enhances growth opportunities for students from India and the UK, exemption of subjects for studying dual courses, research opportunities in foreign universities, and job opportunities for Cost accountants. This approval is advantageous for collaborative research and technological advancement. How the profession of cost accountant changes with collaborative research and technological advancement? This is the fascinating question that creeps up the argument. Let us understand the global perspective through this blog about the research initiatives and development-oriented discussions in the cost and management accountancy subject.
Technological advancement
ACCA is the accounting body in the UK with a motto of international research in the accounting subject. It was established in the year 1904. The reach of ACCA is associated with 170 countries. Member recognition agreements for ACCA members are updated periodically. ACCA focus on the world of finance with emerging trends and discussions for the improvement of the financial sector. The trends and the projections are like choppy water when sailing in a sea. So, the new working patterns are included in the syllabus of ACCA and speeded to the other Countries for business development. The technologies that propagate the accountant’s work are Cloud computing, social collaboration, big data, Payment systems, Robotics, mobility, Artificial intelligence and digital services delivery.
The survey from ACCA and IMA states that mobile solutions require safety and pays way to improved client satisfaction. The internet availability and security concerns are the areas to enhance the quality in the service industry that cost accountants need to understand from the professional course CMA. Social collaborations have connections with Customer relationship management. The US Securities and Exchange Commission has mentioned in a message that the disclosures to the investors can be intimated through Facebook and Twitter as this medium is easy to reach the customers. So, globally social media communication is increasing customer satisfaction.
Data is not the answer to the questions of cost accountants. Big data is essential to know which questions help to get insights about the process of business. When doing cost audits for banks, it is crucial to know about the payment systems. Payment systems increase transparency, automation and also increase fraud cases. Understanding the process of finance technical knowledge is helpful to the Cost accountant. Artificial intelligence is the technology that helps for automation of tasks, and also it educates the accountant about decision making based on software results or professional judgments.
Collaborative research
Globalization encourages the flow of money, cost minimization, outsourcing, research, and collaboration of technical skills, transfer of professional skills and enhancement of job opportunities. ACCA has stated in a report that accountants need to understand the interconnectedness between non-financial and financial reporting. Big Accounting Companies like KPMG are showing interest in the research to handle the challenges with the profession. KPMG has surveyed to produce reports about emerging technologies and business models like Cloud Computing, IR, Corruption, and Corporate sustainability. Accounting bodies are establishing international conferences like APIRA and CSEAR to design a global framework for the issues with the accounting profession. The members of accounting organizations have proposed accounting bodies to bring the transformation in the business corresponding to the dynamic economic conditions.
The local problems about the business such as the tax system and financial system are sometimes against globalization. The stakeholders of business houses have an interest in social and environmental issues. The local problems and economic issues are the areas where the accountants need to showcase their specialized skills. The Covid-19 pandemic made the accountants vigil to think about the replacement and adaption. The transformation is an opportunity, not a threat to those who are ready to adapt to the changing job roles. The certifications explain the skills but not the competencies. So, for accounting professionals, it is essential to learn about skill development and professional knowledge development. The process passes through the lifetime of a professional accountant that urges for collaborative research.
Bottom line
The MOU between ACCA and CMA India had expired in 2020, and it was under pending approval these days. The Government approves MOW between ICMAI, ACCA. The papers exemption option after ICAOI qualification is a boon to the Indian students. There are two subject exemptions in CMA inter for students with ACCA membership. In the final level also the students need to appear only four papers. If the Indian students want to do ACCA, they can make use of the direct entry route. The Indian students get exemptions from nine subjects, and they need to appear in only four subjects to get an ACCA certificate. ACCA Vs CA is the comparison that runs behind the student’s mind to pursue multiple educations. It is an opportunity for the students in India, Ireland and UK for sharing their intelligence about the subject and promoting the research with a unique platform.