ACCOUNTING FOR A BETTER WORLD: REDEFINE THE ACCOUNTANT

“An accountant is someone who solves a problem, that you did not know it existed, in a way you might not understand” Everyone needs an accountant. Accounting history can be traced back thousands of years to ancient civilisation in Mesopotamia to the present day modern finance and explore the evolving role of an accountant."

By Daniel Leung FCCA, Country Manager, ACCA Singapore

The Phoenicians invented an early alphabetic system for book-keeping, while the ancient Egyptians may have the role of comptroller. Modern accounting was first described in 1494, the system of double-entry bookkeeping used by Venetian merchants.

As companies grew to serve the growing industrial revolution, more advanced accounting systems were needed to handle the larger groups of investors, more sophisticated structures of ownership and increasingly complex transactions. In turn, demand surged for more technically proficient accountants to manage and navigate these systems.

Accountancy, one of the oldest professions in the world, evolved in line with the increasingly need for deeper technical accounting skills and knowledge.

In 1904, eight people formed the London Association of Accountants to open the profession to a wider audience of people than was available through the UK’s older associations and is today’s Association of Chartered Certified Accountants (ACCA), which the author is a member.

Traditional Accounting

“Accountants Will Save the World,” said Peter Bakker, CEO, World Business Council for Sustainable Development (WBCSD).

Traditionally, the role of an accountant was confined to book-keeping, record keeping and preparing financial statements. This coupled with the perception that accounting work is boring, monotonous and long hours has seen a decreasing interest in young people taking up accountancy studies. This phenomenon is felt world-wide and not escaping the shores of Singapore as the government has launched a taskforce to address this.¹

Accounting For A Better World

ACCA’s global research on “Accounting for a better world” has identified 3 key drivers, Sustainability, Artificial Intelligence (AI) and Talent.²

Sustainability is crucial to the success of any business, the public sector and policymakers everywhere. Accountants, with their broadening skillset, have a central role to play in informing, driving and embedding sustainable approaches.

AI will increasingly shake up the world of accountancy bringing opportunities, risks and change. Accountants have a pivotal role as innovators, leveraging AI to enhance efficiency, accuracy, and strategic decision-making.

Talent: New drivers of change could only succeed with adequate human capital for successful implementation. Every organisation needs accountants, now more than ever as the accountant’s role broadens.

These topical themes have opened up new opportunities for accountants. With their broadening skillsets, they play a pivotal role in driving and leading change in sustainable and innovate businesses.

Our ACCA Career Navigator³ also outlines the diverse range of career destinations available, alongside the learning and skills required for accountants to pursue a myriad of exciting career opportunities.

So with so many exciting opportunities on the horizon, it is fundamental to continue to spark passion for accounting from the ground up as addressed by Pulkit Abrol, ACCA APAC Director in his piece for the Business Times.⁴

The future of accountancy is bright and ACCA is looking forward to working with other professional bodies, government and firms to continue to enhance the attractiveness of the profession.

References

1. https://www.businesstimes.com.sg/singapore/task-force-set-persuade-more-take-accountancyand-change-boring-tag

2. https://www.accaglobal.com/uk/en/about-us/accounting-for-a-better-world.html

3. https://careernavigator.accaglobal.com/gb/en.html

4. https://www.businesstimes.com.sg/working-life/how-do-we-make-accountancy-great-againsingapore

ACCA, founded in 1904, have long championed inclusion and today proudly support a diverse community of over 247,000 members and 526,000 future members in 181 countries.

Guided by our purpose and values, our vision is to develop the accountancy profession the world needs by partnering with policymakers, standard setters, educators and other professional bodies.

Visit https://www.accaglobal.com/sg/en/member/member-networks/sg-networks.html for more information.