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Redefining accountancy

Future ACCA qualification unveiled as employers look to accountants to take broader role in embracing artificial intelligence (AI)-driven technology and driving sustainable business Global accountancy body ACCA has announced a redesign of its gold standard ACCA qualification focused on a redefinition of accountancy which is expanding and reshaping the role of the profession. The redesign reflects the increasing role of accountants in driving the widening value needed for business success, combining profitability with ethics, sustainability, the ability to leverage new technology and the agility to deal with economic volatility. Similar changes are being seen in the public sector. Responding to and anticipating the evolving needs of employers, the changes build on the current strengths of the ACCA qualification. It will introduce a more integrated learning and assessment experience, including AI-enhanced learning journeys, designed to equip the next generation with the professional skills and technical expertise they need to succeed in a dynamic and volatile world. The announcement follows extensive consultation with members, employers and learning providers around the world, as well as representatives of Gen Z. The redesigned qualification will be introduced from mid-2027. Helen Brand, chief executive of ACCA, said: "Accountancy is being redefined. Accountants are drivers of sustainable business, promoters of social value and enablers of new technologies. "They are sharpening their financial and ethical skills for a changed world of ever-shifting opportunities and challenges. They innovate with new business models and fresh thinking about what success looks like. They focus on people, planet and prosperity to create value for all. "The changes we’re making will equip the next generation for this exciting new future that will bring wider and more varied opportunities." [caption id="attachment_1162915" align="alignnone" width="1024"] -[/caption] Employability is a key focus of the changes, which include the introduction of employability modules at each of the qualification’s three levels, providing simulated work experiences on topics such as digital tech, ethics, sustainability and business management. Enhanced awards and designations recognise achievement and allow students to demonstrate their skills to employers at every stage of their ACCA journey. Technology, sustainability and ethics, already integral to the ACCA qualification, will be interwoven at every stage. Another innovation is a new data science professional exam which students can choose as an option at the final "strategic professional" level. Reza Ali, director of innovation in learning and assessment said: "The ACCA qualification has always been the gold standard, globally recognised and highly valued by employers. [caption id="attachment_1162928" align="alignnone" width="1024"] Reza Ali, director of innovation in learning and assessment, ACCA. -[/caption] "It will remain as rigorous, relevant and future-focused as ever, with an even sharper focus on employability. "The redesigned qualification comes together as a unified experience at each of its three levels with learning guidance and support, assessments, employability support and help to develop skills. "Students will benefit from tailored learning journeys supported by AI technology and a digital mentor." ACCA has prepared a smooth transition for all students currently on, or about to start, their ACCA journey. Existing achievements will be recognised and there will be no disadvantage in terms of progression and the cost to complete the qualification. ACCA students will continue to benefit from the opportunity to attain a world-leading academic qualification alongside their ACCA studies with our new BSc (Hons) professional accountancy collaboration with the University of London. ACCA is known for its focus on inclusion and opportunity. A redesigned "foundations" route requiring no prior qualifications provides those not meeting the entry criteria for the ACCA qualification with a way to meet it.   The post Redefining accountancy appeared first on Trinidad and Tobago Newsday.