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FROM: JAN-FEB 2010 ISSUE | BY MINDY ABRAMOWITZ
Dramatic shifts in the economic and regulatory landscape require accountants to develop and enhance competencies to meet the demands of an ever-changing marketplace. Emerging issues create the need for new and specialized skill sets. Vision and foresight in fulfilling this commitment will set you apart from your competition.
Globalization and a push for internationally recognized business practices and accounting standards have permanently changed the way we do business. Accounting professionals with extensive knowledge of global trends and foreign accounting principles are in high demand, as are those who possess fluency in multiple languages and cultures.
Technical Skills
Robert Half International highlights the following technical competencies experiencing an upsurge in importance in the field of accounting: International Financial Reporting Standards (IFRS), enterprise risk management, fair value accounting, and fraud control.
- A successful transition to IFRS by 2011 in Canada commands a thorough knowledge of both the standards themselves and financial systems required to implement them. Upon adoption, organizations will be faced with decisions that will affect their balance sheets in the long term. CGAs who have achieved a solid understanding of the factors and consequences associated with these choices will be in a position to offer timely and effective advice on these matters.
- Risk management is expected to come under increasing scrutiny in the coming months and years. By focusing on strategic planning, operations management, and internal control, CGAs can arm themselves with the expertise necessary to work effectively within an Enterprise Risk Management framework.
- The August 29, 2009 FASB exposure draft concerning the disclosure of fair value measurements proposes new rules to govern disclosure requirements and clarifies those already in use. Accountants must be prepared to apply these rules.
- Economic turmoil and the advent of new types of electronic business-to-business payments have created opportunities for fraud and have given rise to concerns about the security of financial transactions. The demand for accounting professionals with expertise in fraud control, detection, investigation, and resolution is experiencing unprecedented growth.
Soft Skills
Leadership and interpersonal skills never really go out of style, but in times of change mastery of communication and collaboration become invaluable tools.
The ability to convey sophisticated concepts and complex technical information to a range of audiences, from colleagues to clients, clearly and with a minimum of jargon promotes confidence in the communicator. Verbal and written communication are equally prized skills in a rapidly evolving market.
Nearly every new business technology promotes collaboration and aims to ease the sharing of ideas and information. Increased reliance on social media and other collaborative tools calls for teamwork and diplomacy to avoid the potential for misunderstandings and inefficiency. Advanced communication skills and a strong grasp of the advantages and disadvantages to productivity presented by new and existing information technologies inform a wise and tactful choice of when to rely on IT and when to turn to in-person collaboration. They are soft skills worth honing in a world of constant connectivity.
Forward-looking CGAs can position themselves to thrive in an evolving regulatory and economic environment by taking proactive steps to adapt quickly, to inform themselves of emerging issues in their field, and to master the skill sets necessary to stay at the vanguard of change. While the conventional accounting competencies remain indispensable, specific and relevant expertise in areas undergoing the greatest transformation will provide a keen advantage. Furthermore, accountants with the capacity for clear and professional communication, a solid handle on information technologies, and a global perspective will weather the inevitable transitions in accounting practices and the redefinition of the accounting field with leadership and grace.
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