Natalya
Melnyk
Ternopil
National Economic University, Ukraine
E-mail: mnatalya2006@yahoo.com
Dar'ya
Trachova
Dmitry
Motornyi Tavriya State Agrotechnological University, Ukraine
E-mail: trachovad@gmail.com
Olena
Kolesnikova
National
University of Life and Environmental Sciences of Ukraine, Ukraine
E-mail: kolesnikova.o.m@nubip.edu.ua
Olena
Demchuk
Dmitry
Motornyi Tavriya State Agrotechnological University, Ukraine
E-mail: lena_d81@ukr.net
Natalia
Golub
Dmitry
Motornyi Tavriya State Agrotechnological University, Ukraine
E-mail: natalija-golub@ukr.net
Submission: 8/20/2020
Revision: 8/26/2020
Accept: 9/8/2020
ABSTRACT
The purpose of the article is to determine the current directions and future trends in the development of accounting. The conclusions made on the basis of research materials, surveys, reports of reputable international and professional accounting organizations. Synthesis and analysis reveal that some trends and drivers among analyzed will be more significant (such as globalization of business and the profession; spread of digital technologies; expectations of business and professional accountants) than others (such as regulation and governance) and will, in varying degrees, affect specific accounting roles, skills, knowledge. As a result of research, was determined that modern accounting professionals move from performing technical accounting functions (hard skills) to support the companies` management and play a significant role in improving the development of society. It is established that the main thing in the strategy of accounting companies` progress (both large and SMEs) and accounting specialists will be the development of the latest technologies, soft skills, professional flexibility. It is substantiated that the change of priorities will turn the challenges facing the accounting profession into its advantages.
Keywords: Accounting; trends; Professional; accountant; Knowledge; skills
1.
INTRODUCTION
Changes are always difficult,
especially for professions like accounting, where traditional, established
rules and procedures prevail. According to Littleton (1928) since 1494 when bookkeeping’s first printed
book appeared, the underlying principles of double-entry are as simple and as
fundamental as addition and subtraction, and therefore not at all subject to
change.
But at present, accounting
professionals are forced to adjust their previously static functions and face
significant changes, as the combination of technological developments,
innovations in the financial market, and changes in the business environment
more than ever, affect the development of the profession and determine its
future.
Islam (2017) noted that the accounting profession will
face significant changes in the next three decades, and professional
organizations, their members, and educational institutions should respond. The
three changes – evolving smart and digital technology, continued globalization
of reporting/disclosure standards, and new forms of regulation – are major
challenges for the profession.
Modern accountants provide services
related to financial reporting, taxation, auditing, solvency assessment,
accounting information systems, budgeting, cost management, planning, and
decision-making by companies and individuals, as well as advice on compliance
and effective provision of current and strategic management. At the same time,
at the macro- and microeconomic levels, conditions are created under which, the
era of “old school”
accounting ends, and new, modern and futuristic accounting will emerge, and
such changes will reduce costs and increase business transparency.
2.
LITERATURE REVIEW
According to Carnegie and Napier
(2010), a society must acknowledge the time-specific status of accounting as an
occupation rather than to take its status for granted. Negative factors,
influential events can be global and debilitating for accounting, and as a
result, we can face a process of DE professionalization. At the same time, the
accounting professionals who seek to please a client are a serious threat
concerning integrity, independence, objectivity, and competence in the
accounting field.
Diaconu (2007) in his study argues
that globalization affects both the development and international harmonization
of accounting. The new environmental factors of the global economy, the
international monetary system, the Multinational Corporation, and foreign
direct investment creates circumstances when business transactions, their
conduct, measurement, and disclosure, takes the new and distinctive form which
create the conditions for a specific accounting sub-discipline or accounting
practices harmonization.
Economic globalization has a full
impact on the whole field of accountancy and accountants, like the providers of
one of the most needed services in the financial sector. The research, made by
Wei (2008,) includes the seven major ways of globalization effect on
accountants, namely, the rise of multinationals; the change in accounting
standards; the application of technology; the increase in competition; the need
to move up the value-chain; the growing importance of professional accounting
qualifications; and the necessity to keep abreast of global financial issues.
Examining the development of the
accounting profession, taking into account big data, cloud computing,
artificial intelligence, start-ups, their reflections into business and effects
on accounting, Özdoğan (2017) notes some predictions of the accounting
future. According to his research, accounting, as an essential business
function and management tool, has always been able to restructure itself in all
important enterprise and societal transformations. These significant factors
include both technological developments that transform the present form of
accounting and intellectual conversions that transform the purpose and ways in
which accounting is used in practice.
Society can pay a high price for the
accounting profession's failure to meet the expectations of investors,
creditors, and other users of financial statements (WYATT, 2004). Besides, the
profession may no longer have incentives to promote the public interest or to
innovate and change in response to changing conditions. Underlying problems
arising from internal work differentiation as consulting work became more
profitable and attractive and the development of a commercially oriented
accounting work culture may continue to threaten the future of the profession.
At the same time, most scientists
and researchers use theoretical conclusions to estimate future accounting
trends and problems. But the need for accounting research to reduce its
dependence on quantitative databases and develop the methodological tools, institutional
knowledge, and practice necessary to reduce gaps between scientific studies and
the world of “accounting in action” is one of the most significant challenges
posed by the current crisis to accounting study (ARNOLD, 2009).
The main purposes of this paper are:
the first is to examine, summarize the accumulated data through the literature
research, open data analysis, research materials, surveys, reports of reputable
international and professional accounting organizations and defined the trends
in business, economics, society, regulation, technology, which will influence
the future of accountancy. The second purpose is to identify the skills and
competencies which will be important for professional accountants in the modern
world and will be necessary for future success.
3.
METHODOLOGY
3.1.
Trends that influence the future of
accountancy
When determining the modern trends of
accounting development, it is beneficial to pay attention to researches and
reports of the authoritative international organizations which studied world
tendencies of development of the labor market in general and an accounting
profession in particular. In our opinion, these studies are based on
large databases, are unbiased, and reflect the real practical problems of accounting
and the accounting profession.
A
survey conducted by the Chartered Institute of Management Accountants (CIMA)
and the University of Bath showed that financial professionals around the world
are embracing the increased responsibilities that come with a more strategic
role for company management. Generally, they view this shift as necessary for
both career progression and personal job satisfaction (VAN DER STEDE; MALONE,
2010).
The
results of a survey conducted by CIMA allow us to draw conclusions about how
accounting professionals distribute their time between different functional
responsibilities (See Figure 1).
Of the total number of respondents,
management accounting (forecasting, budgeting, cash flow management and other
responsibilities) and accounting operations (internal financial reports and
transaction processing) together account for almost half of the time spent by
specialists – 22,4% and 20,4 % respectively. Management support of the company
(for example, strategic counsel and risk management) occupy 18,3% of the
accountant's working time.
Figure 1: Distribution
of time of accounting specialists among different functional responsibilities
Source:
CIMA/University of Bath Global Survey (2010)
Survey results were analyzed by
experts separately by two broad geographical areas, in order to find
differences in the accounting professional’s roles in the east and west. The
study covers the western region primarily the Anglo-Saxon markets – Australia,
New Zealand, North America and the United Kingdom (respondents from continental
Europe were a small part of the overall survey pool) and the eastern region,
which geographically covers Asia.
According to the data shown in
Figure 1, in the eastern region, accounting specialists spend most of their
time (24,8%) performing accounting operations, while in the west the balance of
time is shifted to management accounting (24,2%). The time spent on management
support of the company is similar between the two analyzed groups (16,9% and
19,6%). In general, this global study allows us to conclude that the role of
accounting professionals is gradually transformed into activities that are
directly aimed at supporting the management and strategic development of companies
(VAN DER STEDE; MALONE, 2010).
Today, accountants play an important
social role, working both to strengthen companies and to improve the economy as
a whole. The report of the Center for Economics and Business Research (Cebr) of
the International Federation of Accountants (IFAC) analyzes the relationship of
the accounting profession with national economic growth and improving living
standards in the countries studied (CEBR; IFAC, 2015). An important result of
the study, in our opinion, is to prove the close relationship between the share
of accountants in the total employed population of the world and an increase in
the gross domestic product (GDP) and improved human development (See Figure 2).
Figure 2: Overall GDP per capita
and share of accountants in total employment
Source: Cebr, IFAC report
(2015)
Thus, economic development, measured
by GDP per capita, correlates strongly with the proportion of accountants in
the workforce. The correlation is strongest among emerging economies, and
weaker among the least-developed economies.
The report of the International
Federation of Accountants (CEBR; IFAC, 2015) states that professional
accountants support economic growth at the microeconomic level, promoting
transparency and efficiency of companies, and at the macroeconomic level their
activities are crucial to creating and maintaining the investment climate
needed to increase productivity and economic development. And as economies
grow, they are able to move into higher value-added activities through better
education and stronger institutions, which increases the prevalence of the
service sector – particularly professional services.
Economic
contributions are often described in “gross value added” (GVA) terms – roughly
speaking, the sum of employee compensation, profits, surpluses, and taxes on
production. In this case, accounting professionals add $ 575 billion annually
to the world economy, of which the professional organizations of the
International Federation of Accountants (175 member organizations from more
than 130 countries bring together 2,84 million professional accountants) bring
in $ 248 billion. According to the study
(CEBR; IFAC, 2015), this gross value added can be compared with the share that
individual small states contribute to the world economy. Accountants make the
largest economic contribution to the economies of European and North American
countries, while other regions tend to gradually increase the importance of the
studied profession.
The
World Economic Forum (WEF) recently presented its report on the future of
individual professions (WEF, 2018), which helps to understand the challenges of
the labor market on a global scale and in the field of accounting in
particular. In all industries surveyed in different regions of the world jobs
expected to become increasingly redundant over the 2018–2022 period are
currently occupied by mid-skilled “white-collar workers” (mid-level employees,
data entry clerks, accounting and payroll clerks, secretaries, auditors, bank
tellers and cashiers), i.e. professions that are particularly sensitive to the
development of new technologies and process automation.
According
to the WEF (2018) report, the future of the accounting profession is influenced
by the following main trends:
· automation will take the main place
in the company's development strategy;
· the greatest emphasis will be placed
on professional development based on the latest technologies and soft skills;
· the transition to a gig economy will
mean more flexibility needs to be provided in the workplace;
· accounting companies will need to
look for employees for activities that were not previously typical.
Association
of Chartered Certified Accountants (ACCA) in the report “Professional
accountants – the future: Drivers of change and future skills” (ACCA, 2016)
summarize that the accountancy profession will evolve significantly over the
period up to 2025 and the main drivers for change that will have the most
impact on the profession, are (See Table 1):
·
increased regulation and governance;
· spread of digital
technologies;
· changing expectations of
business and professional accountants;
· globalization of
business and the profession.
Synthesis and analysis
reveal that some trends and drivers among analyzed will be more significant
(such as globalization of business and the profession; spread of digital
technologies; expectations of business and professional accountants) than
others (such as regulation and governance) across the accounting profession and
will, in varying degrees, affect specific accounting roles, skills, knowledge.
Table
1: External drivers of
change in accounting profession
Factors
|
% of respondents |
|||
Factors
expected to have the highest impact |
Factors
considered to be most certain to have an impact |
|||
The
next 3 to 10 years |
After
2025 |
The
next 3 to 10 years |
After
2025 |
|
Increased
regulation and governance |
Rate
of change and economic volatility (42%) |
Changes
in the direction for global governance and roles, and the influence of
emerging global powers, regional and global institutions (52%) |
|
|
The
spread of digital technologies |
Development
of intelligent automated accounting systems (55%) Adoption
of cloud computing by business (41%) |
|
Adoption
of cloud computing by business (79%) Data
mining and new analytical methodologies
(75%) Future
of digital publishing (72%) |
Emergence
of a cashless society (74%) |
Changing
expectations of business and professional accountants |
Broadening
measurement and expectations of business value and demands of external
stakeholders (42%) Different
aspirations and expectations of coming generations (39%) |
Changing
societal expectations and evolving scope and nature of what is considered
accounting and the role of the accountant (50%) |
Increasing
female participation in workforce (76%) Broadening
measurement and expectations of business value and demands of external
stakeholders (74%) Resource
conflicts (72%) |
|
Globalisation
of business and the profession |
Greater
harmonisation of accounting and business standards (42%) |
|
Greater
harmonisation of global accounting and business standards (81%) Pressure
to protect local jobs from foreign workers (72%) Governance
and provision of outsourced public services (72%) |
Use
of carbon taxes and other market mechanisms to encourage more environmentally
sound behaviour (72%) |
Source: developed by the
author based on the Association of Chartered Certified Accountants report
(ACCA, 2016)
We think that the
analyzed trends are relevant both for large companies in the market of
accounting services and for medium and small.
For example, the
International Accounting Bulletin has released its annual World Survey
(INTERNATIONAL ACCOUNTING BULLETIN, 2019), finding the accounting industry in
robust health. Despite a number of challenges to the industry, the accounting
profession remains buoyant across the globe. This was particularly true at the
top end of the market, with seven of the top 10 networks reporting double-digit
growth. With over 50 accounting networks and associations participating in the
survey, performance is broken down by both region and service line.
A global survey by the
International Federation of Accountants (IFAC, 2018) showed that entrepreneurs
working in small and medium-sized businesses (SMEs) use modern accounting
technologies to better serve customers and attract and retain the best
professionals. The study included 6,258 respondents from small and medium-sized
businesses from 150 countries on the effectiveness of their companies in 2018
and the factors and threats of the market that are likely to affect them in the
future.
The survey tracks
important trends and challenges facing accounting professionals, which were
reflected in the answers of respondents, in particular:
· 38% – consider the
development of new technologies as a significant challenge;
· 28% – over the next 12
months are ready to invest more than 10% of total practice revenue to
technology development;
· 23% – tend to recruit
other specialists instead of accountants (for example, IT specialists, data
scientist);
· 54% – have problems attracting
“next-generation” employees with the necessary combination of skills and
abilities.
Thus, despite the willingness of
entrepreneurs working in small and medium-sized businesses to spend money on
the latest technologies, accounting professionals are not ready for
technological change, as 54 percent of IFAC survey respondents (IFAC, 2018) say
that they had difficulty attracting and retaining in positions of qualified
personnel, especially in an aging workforce, when it comes to the next
generation of professionals. The main reasons pointed out by entrepreneurs
were: lack of candidates with the right combination of skills (66% of
respondents), competition from larger practices (57%), increased opportunities
in other fields (44%), etc.
3.2.
Skills and competencies of
professional accountants in the modern world
Based on the review of
the current developments of artificial intelligence and block chain
technologies in the accounting profession, focusing on the Big Four accounting
firms, Zhang et al. (2020) provided suggestions that there is no doubt that
financial robots will replace humans in performing basic accounting tasks in
the future, as they are already an important component of the accounting
landscape. As a financial practitioner, it is important to continuously improve
one’s professional knowledge and skills, including computer expertise, to
complete more challenging tasks.
According to NIXON (2018)
digitization of accounting, artificial intelligence and Internet-related
changes meant that traditional accounting “hard skills” such as bookkeeping,
information processing, data grouping, reporting, routine operations will be
less and less needed in the near future to perform this work. All that was left
for accountants to focus on was leading and managing the team, producing the
numbers, negotiating adjustments based on judgment, presenting to and
influencing users of management and financial reporting, and resolving
strategic and operational conflicts arising. So, in this case, we are talking
about “soft skills”, which are related to social skills and allow being
successful regardless of the specifics of the activity and the direction in
which the specialist works.
It is difficult to define flexible
skills because the meaning of the concept differs from profession to
profession, from context to context and also depends on the characteristics of
each country. Based on a review of researchers' publications on the subject, Villiers (2010) proposes five main categories of
flexible skills: communication skills; problem solving and thinking skills;
leadership and teamwork skills; ethical and moral values; self-management.
In this aspect, it is advisable to
pay attention to the study of the Association of Chartered Certified
Accountants (ACCA, 2016), which identifies the key factors that will have the
greatest impact on the accounting profession, as well as the technical, ethical
and interpersonal skills and competencies that will be needed in the future.
The report presents the concept of “professional quotients” (PQ), which
reflects the competencies and skills of a professional accountant. Thus, in the
future, hard technical competence (TEQ) and experience (XQ) will be combined
with an intelligence quotient (IQ) and digital DQ; interpersonal behavior,
skills and qualities will be reflected in quotients for creativity (CQ),
emotional intelligence (EQ) and vision (VQ). The combination of each
professional accountant’s PQ will also be different, and the “optimal mixture”
should reflect the specialized areas, roles, organizations, industries and
geographical regions.
By 2025, according to experts from
the Association of Chartered Certified Accountants (ACCA, 2016), some technical
knowledge and skills will increase in value, others will decrease, new
knowledge and skills will be needed, which will depend on the further
development of technology. The introduction of professional ratios and the use
of their individual components can create a standardized and structured
approach to the career development of professional accountants and help
employers in recruiting.
4.
RESULTS
The modern world is changing fast
and an accountant, as a professional, needs to ensure that to be an effective
and competitive member of the accounting team, need to have the knowledge,
skills, and abilities to help companies sustain economic growth and compete
nationally and internationally. In general, this study allows us to conclude
that the role of accounting professionals is gradually transformed from
traditional accounting functions into activities that are directly aimed at
supporting the management and strategic development of companies (see Figure
1). In a modern changing world, accountants are able to move into higher
value-added activities through better education and stronger institutions.
Professional accountants support
economic growth at microeconomic and macroeconomic levels, promoting
transparency, efficiency, creating, and maintaining the investment climate
which needs to increase companies’ productivity and society’s economic
development.
We found events from the IFAC report
(2015) that economic development, measured by GDP per capita, correlates
strongly with the proportion of accountants in the workforce and this
correlation is strongest among emerging economies, and weaker among the
least-developed economies. Using these results and understanding the existence
of such a correlation, countries and national professional accounting
organizations should pay more attention to supporting professional accountants,
promoting transparency and efficiency of the profession, its prestige, the
quality of training of accountants, promoting their professional growth.
The
main drivers for changing accounting as an industry and as a professional
activity are considered almost equally by scientists and researchers, whose
work we analyzed in the article, and are reflected in the research of
international and professional organizations. The major challenges for
accounting we can combine in such groups: globalization (globalization of
reporting/disclosure standards, globalization of business and the profession)
technological changes (smart and digital technology, big data, cloud computing,
artificial intelligence); regulation (increased regulation and governance).
Analyzed trends are relevant for large medium and small accounting companies
and for individuals (professional accountants).
At the same time, it is necessary to
take into account the changing requirements of companies for the accountants'
competencies, as well as expectations of improving the business and
professional qualities of accountants. Such expectations can be achieved
through professional development based on the latest technologies and soft
skills, greater flexibility in the workplace. If professional accountants do
not take these expectations into account, companies will need to look for other
professionals who can perform not only accounting but also other functions (IT
professionals, data analysts, and scientists, professionals with a useful
combination of skills and abilities).
Traditional accounting “hard skills”
such as bookkeeping, information processing, data grouping, reporting, routine
operations will be less and less needed in the modern world. To create an
optimal combination of competencies and skills expected of a professional
accountant, companies should use the “professional coefficients” offered by the
Association of Chartered Certified Accountants (ACCA, 2016). These professional
coefficients can be used to form special recruitment requirements for
accounting professionals in accordance with the companies’ specifics. The
combinations developed by the companies will reflect the company's expectations
and can also help accountants to focus on their future professional growth and
education.
5.
CONCLUSIONS
This paper
uses theoretical analysis and comparative analysis methods to analyze the
surveys, researches, and reports of the authoritative international
organizations which studied external factors, tendencies and drivers of the
accounting profession development. Through the literature research and open
data analysis, the paper summarizes the accumulated data and defined the trends
in business, economics, society, regulation, technology, which will influence
the future of accountancy and identifies the skills and competencies which will
be important for professional accountants.
Modern accounting
professionals are increasingly moving from purely technical functions to
supporting company management and play an important strategic role for effective
management at the microeconomic level and a prominent social role, working to
improve the development of society at the macroeconomic level. At the same
time, accounting professionals are forced to adjust their previously static
functions in view of the development of the world economy, globalization, the
latest technologies and technological developments, innovations and trends in the business
environment. Since further changes are inevitable, and accounting is a
profession that is particularly sensitive to the above changes, the main place in the strategy of accounting companies
and personal professional development will focus on the development of new
technologies, soft skills, and professional flexibility. Such a change of
priorities will turn the challenges facing the accounting
industry and accounting profession into its advantages, as the
development of modern technologies combined with soft skills can significantly
improve the value and career prospects of accountants.
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