The Association of Chartered Certified Accountants (ACCA) is a global professional accounting body that offers the Chartered Certified Accountant qualification. Headquartered in London, the body has nearly 2,47,000 in 181 countries. In India, there are about 44,000 students and 2,500 ACCA members. ACCA claims there are "many more members and students from Indian origin but based overseas, who are not included in this number," ACCA Chief Executive, Helen Brand, said. From listing out the differences between ACCA and CA to the role artificial intelligence (AI) plays in the way accounting is taught and learned, Helen Brand talks to indianexpress.com about the future of global accountancy. Some excerpts. Q: What is the difference between ACCA and CA? Helen Brand: ACCA and CA are both esteemed professional qualifications within the realm of accounting and finance, enjoying recognition and demanding rigorous training and education. The ACCA qualification stands out as a globally renowned credential that empowers professionals with a versatile skill set in the fields of accounting and finance. What sets ACCA apart is its comprehensive curriculum, which not only encompasses international accounting and auditing standards but also provides the flexibility to pursue a thriving global career. This flexibility proves particularly invaluable if your aspirations involve working on an international scale or with multinational corporations. Q: Why should Indian students prefer ACCA over CA? Helen Brand: When considering whether to pursue a CA or ACCA qualification, it's important to recognise that both credentials hold significant prestige in the accounting and finance domain. ACCA, the Association of Chartered Certified Accountants, offers a comprehensive curriculum that not only covers international accounting and auditing standards but also equips candidates with a versatile skill set that extends to various aspects of finance. Q: What are the benefits of global certifications in Accounting? Helen Brand: One of the key benefits is that they help accountants stay up-to-date on the latest accounting standards and regulations. Global accounting standards are constantly evolving, and accountants need to have a deep understanding of these standards to be successful. Global accounting certifications require candidates to have a thorough understanding of IFRS, which is the most widely used accounting standard in the world. By earning this certification, accountants can demonstrate their knowledge and expertise in IFRS to potential employers and clients. Another benefit is that they provide accountants with the opportunity to develop a global network of contacts. Global accounting certifications are offered by professional organisations that have members across the world. This further helps accountants to connect with other professionals from around the world and learn about the latest trends and developments in the profession. Global accounting certifications also give accountants greater recognition and credibility. Earning this certification can give accountants a competitive advantage in the job market and can help them to command higher salaries. It makes it easier for accountants to work in multiple countries. Q: How have technology and Artificial Intelligence transformed the way accounting is taught and learned? Helen Brand: By automating tasks, improving accuracy, and providing real-time insights, technology and AI have made accounting more efficient and effective. This has also led to a shift in the focus of accounting education, with a greater emphasis on data analysis and business insights. One of the most significant impacts of technology and AI on accounting education has been the automation of routine tasks. Accounting software can now automate many of the time-consuming and repetitive tasks that accountants used to perform manually, such as data entry, transaction categorisation, and reconciliation. This frees up accountants to focus on more strategic and value-added tasks, such as analyzing financial data, providing management insights, and developing accounting strategies. Technology and AI have also improved the accuracy of accounting processes. AI algorithms can be used to detect inconsistencies and potential fraud in financial data, which helps accountants identify and address issues promptly. Additionally, real-time financial reporting is now possible thanks to cloud-based accounting software. This gives accountants access to up-to-date financial information from anywhere, allowing them to make better decisions and respond more quickly to changes in the business environment. The shift to automation and real-time reporting has led to a change in the focus of accounting education. Accounting students are now required to develop strong data analysis and business insights skills. This is because accountants need to be able to understand and interpret financial data in order to provide valuable insights to management and make informed decisions. To meet the changing needs of the accounting profession, educators are increasingly incorporating technology and AI into their teaching methods and curricula. For example, many accounting programmes now offer courses in data analytics, blockchain technology, and AI. Additionally, many accounting educators are using online accounting simulations and AI-powered tutoring systems to help students develop their accounting skills and knowledge more engagingly and effectively. Q: Do you think there is a need for upskilling for accountancy professionals to bridge the skill gap? Helen Brand: Ongoing research consistently underscores the growing demand for the skills that accountants contribute to the professional landscape. Maintaining up-to-date expertise is crucial, particularly in core areas such as ethics, financial acumen, sustainability, and technical proficiencies, including AI. In an ever-evolving and complex global environment, businesses and organisations will increasingly rely on accountants equipped with these essential skills. Q: What are the key skills that Indian candidates need to work on to succeed in this profession? Helen Brand: Indian candidates who want to succeed in the accounting profession need to be prepared to embrace technology and AI. The accounting profession is rapidly changing, and accountants who are able to use technology to automate tasks, improve accuracy, and gain insights from financial data will be in high demand. In addition to digital skills and AI knowledge, Indian candidates should also focus on developing strong analytical and problem-solving skills. Accountants need to be able to understand and interpret financial data, and they need to be able to identify and solve accounting problems. They should also be able to communicate effectively with both technical and non-technical audiences.
