Value Creation in ACCA Qualification by Integrated Reporting
The integrated framework of reporting was launched in December 2013 by the International Integrated Reporting Council. This body is a combination of investors, regulators, companies, standard setters, NGO’S and the accounting profession who share interest in advocating the creation of value in the long run.
In order to ensure that ACCA members embrace good practices, the syllabus is enhanced on a continuous basis by ensuring that the members of ACCA are professionals in finance who are well equipped with skills for working in every sector. The global syllabus included most of the elements in integrated reporting and going forward, IR will entail part of the assessment where the ACCA members will display their future leadership. A number of resources for informing the members on implementation and adoption have also been developed. This includes research papers and webinars.
The Cloud technology, cyber security, virtual reality, delivery of digital services, robotics and artificial intelligence feature more often than not in businesses. Within today’s businesses, the chief finance officers are the agents of change and are at the technological forefront.
Two major reports from the IMA and ACCA showed how technology impacted on the role of CFO. In the face of technological changes, digital Darwinism thrived. Cyber crime and mobile technology were some of the technological trends that changed the CFO’s role.
The report showed that big data was cited by almost 62 % of the CFO’s across the globe as an important aspect of the businesses’ future which potentially gave businesses a competitive edge. The variety and volume of data to be collected by governments and businesses increased at a high rate thereby offering more and more information.
The finance professionals have a public duty of acting within the law parameters and are also responsible for using large data appropriately. The Association of Chartered Certified Accountants (ACCA) will be the first global accountancy body which brought about integrated reporting for one to qualify. Students will for the first time be examined from December 2014 on integrated reporting.