Innovation and Accountants in Today's Times

Friday, November 25, 2016 Print Email


Innovation in today’s age of ICT (Information and Communications Technology) is inescapable. The free, focused and result-oriented (and at times even defiant) thought process has to go into the roots of each and every facet of today’s businesses, be it rendering services, trading or manufacturing.

Cross Border Innovations

In a present globalized world, where, for illustration kids have extra debonair teddy bear than they ever had, the innovation can and must cross borders and expand, where required, There can be a sustained multi-culturalism and partnership in an innovation project. The innovations and new techniques by IFAAC in International Financial Reporting Frameworks with respect to modern worlds’ business demand. In today's full of- challenges trade globalization, innovation does not remain just an attempt or an endeavor. In fact, it denotes continued and unrelenting struggle and it is, therefore, needed to be stuck with. The innovation squad has to at times, negotiate bumpy rides and bouncy voyage through the unknown frontiers and violent waters and wrestle in a battleground against the newer tests and torments that are confronted every minute. I.e. the overrule of local laws over IFRSs/IAS/ISAs.

The Innovation Package

Innovation has to be integrated and there must be a workable connect amidst all that envelop an innermost and deep-seated innovation. There must be a fit together and the outreach of innovation must be as all-embracing as possible. Innovation does not take off in sheltered and curbed inaccessibility and, even if it does, it cannot sustain. Therefore, innovation innately has to activate a wide-ranging brunt and in necessity, it has to be a shared effort.


The Six Rs

There are six Rs that are immediately pertinent and the key to an innovation effort. The innovation must take place at the right place, right time, right cost, in the right quantity, of the right quality, and by the right people. The entire innovation design must remain within the four corners and under the shadow of foregoing six Rs. One cannot put together an edifice of innovation if any of the foregoing six Rs is or are absent or missing.

Source: ReadyRatios

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