The unique, global economic recession has led to discussion as to how business can be a force to help build a sustainable recovery. The Association of Chartered Certified Accountants, ACCA, is emphatic in its view, that in order to kick start the necessary economic growth, finance professionals will have to take a lead role. Those ACCA accredited accountants, au fait in concepts such as Performance Management Accounting, paper F5 of the organisations principal accounting qualification, will be at the head of this critical process. The ACCA has been in existence since 1904 and aims to deliver business relevant qualifications and training. These are globally recognised and seek to provide the student not just with the basic, foundational knowledge, but also, the means with which to use it in practice.
Through the “Accountants For Business” campaign, the ACCA sets out to champion finance professionals as “true value creators across organisations”. The campaign’s key message is clear, that by utilising tried and tested business practice, accountants can be a force for moulding and helping business and rebooting economic growth. This is brought home in its recent paper entitled “In Pursuit of Sustainable Business”. Distilled from detailed research of its extensive membership, the paper makes a number of key points concerning the future and current value of accounting. In essence, the research indicates that far from being the stereotypical, bean counter, accountants are increasingly engaged in non-traditional functions such as strategic planning, problem solving and IT project management.
Even a cursory glance at the F5 paper, Performance Management Accounting, provides a valuable insight into just how qualified finance professionals can play such a vital role in corporate life. The Syllabus contains such practical subjects as specialist management and cost techniques, budgeting, decision-making, standard costing and variance analysis, as well as, performance measurement and control. That said, this is not some bland course of theoretical study but a way to up-skill the professional to enable hands on management and value creation for the business. Not surprisingly, the ACCA provides all the regular support and materials needed to help attain the qualification. This even extends to a subject specific microsite for the paper F5, a sort of “one stop shop” for everything needed to study and pass the exam.
“In Pursuit of Sustainable Business” boldly states that “the golden age for accountants is truly here…”. Indisputably, ACCA qualified finance professionals will be very well positioned to enjoy it!