creating value - ACCA

15 Pages·2011·1.92 MB·English

creating value
annual review i 2010 i 2011
inside: delivering strategic success for members i acca’s performance in 2010/11 i helping
finance professionals create value i acca as a globally influential body i qualifications
which meet employers’ needs i how we support the profession i acca around the world
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introduction 1. delivery of strategy
from the acca president
in a year in which the global accountancy profession has been
promoting ways in which it creates value for business, i am
delighted to be able to report to you how acca continues to bring
value to its members.
performance outcomes
given our focus on meeting the needs of employers, the
findings of a recent independent survey of 1,300 employers in
20 countries in which 50% rated acca as the leading global
professional accountancy body in reputation, influence and size are
particularly significant. acca was cited more frequently than any
other professional accountancy body. it has also been pleasing to
see continued strong growth in our membership. acca now has
147,000 members and it is the largest international body in
54 markets.
value to members
we continue to invest in our future as a professional body. council
is especially pleased to note the significant enhancement to
strategic planning and resource allocation across the organisation.
critically, we are aware we remain in a challenging economic
environment and we need to ensure sound financial stewardship
and cost consciousness in all that we do.
as part of a drive to be fit for the future, there is good progress
towards a vision of global online service for all customers, with
developments having a positive impact on our global carbon
footprint, more details of which are in our second csr report.
creating and sustaining value for business
i was proud to lead our delegation to the 18th world congress
of accountants (wcoa), held in Kuala lumpur, malaysia. acca
was gold sponsor of the event with its theme accountants:
Mark Gold reviews sustaining value creation, attended by over 6,000 delegates
a year in which from 130 countries. acca communicated powerfully on the acca’s strategy is based on a vision that by ACCA Chief Executive strategic priorities 2010/11
ACCA has enhanced change required to strengthen the global profession and we 2015, employers in all sectors will recognise it Helen Brand outlines
its reputation with were delighted to sign a hugely significant memorandum of as the leading global professional accountancy how the organisation 1 ensuring acca embeds good
employers as a global understanding with the chinese institute of certified public body in reputation, influence and size. has worked to meet practice in customer service and
body and highlighted accountants. while attending the wcoa, i and council colleagues each year acca identifies the key activities its strategic priorities delivery across the organisation
the value created by were privileged to meet with acca networks across malaysia. which will help it meet strategic outcomes, with over the past year. acca will deliver a range of programmes
its members. a focus on ensuring effective use of resources covering processes, products, systems
acca members creating value to deliver the optimum results in the most alignment and people which will enhance the
council also held a highly successful meeting in prague in 2010, its efficient way. these activities are identified in customer experience. in 2010, acca invested
third such international meeting, where we were able to witness the the context of a five-year financial plan and a in new qualifications and online registration
huge contributions our members make to business and the high commitment across the organisation to cost processes, undertook a review of its products
regard in which acca is held in the czech republic. consciousness. that has resulted in a more portfolio, and provided competency-based
i also want to pay tribute to council colleagues and acca staff highly sophisticated approach to achieving training for employees.
for their support, advice and enthusiasm in the past year, which outcomes, including independent professional
has seen acca continue to enhance its offering and reputation reviews of arrangements with suppliers. 2 continuing to develop strategic
and continue to develop as an acknowledged global leader in the acca is undertaking a large scale business relationships with employers
accountancy profession. transformation programme to make it fit for the by harnessing the global network, acca
future – moving transactional services online will add value to employers on behalf of its
and ensuring a focus on the customer. this members, developing a greater capability for
strategic development expenditure has mainly employers to manage transactions on behalf of
consisted of investment in it, transformation the members and students they employ, and
of customer-facing business processes and engaging with them in a way which helps them
mark gold, acca president investing in people to achieve change. to grow their business. a dedicated team was
page 04 i creating value i annual review 2010 i 2011 page 05 i creating value i annual review 2010 i 2011
in order to realise
formed in 2010 to ensure the prioritisation and to ensure a seamless and holistic approach
the strategy to 2015 and ensure the
co-ordination of all the employer-related work is taken to risk management and controls
taking place across acca, recognising that assurance. risks identified by the executive organisation can continue to meet the challenges of a competitive and fast-
reputation with employers will be the ultimate team are discussed with acca’s audit changing world, acca’s programme of transformation has continued, with the
measure of the organisation’s success. committee and used to help determine the
introduction of significant new products and service enhancements.
focus of internal audit within the organisation.
3 reviewing acca’s approach to council has also undertaken a comprehensive
recruitment, conversion review of acca’s governance structures, to consistent, best-in-class, globally-available strategic delivery 2011/12
and retention ensure that its governance design is closely transactional services. a successful pilot has looking forward, strategic priorities
by promoting opportunity to people around aligned to, and provides optimum oversight been completed of a new telephony solution remain substantially the same as the last
the world who possess the ability to become of, the delivery of acca’s overall strategy. in hong Kong sar – one of acca’s largest performance year. acca’s strategy to 2015
a professional accountant, providing greater the new framework, agreed by council in student and member markets – by introducing was developed by recognising the context of
support to complete the acca qualification march, will be implemented with effect from a single, ‘freephone’ number for hong Kong- an increasingly competitive environment and
and offering value to members, acca will september 2011. Key features of the new based customers, allowing transactional the need to transform the organisation to be
deliver sustainable growth. acca has enhanced framework include: calls to be routed and handled by the global fit for the future. council is confident that,
its approach to student recruitment and * a standing mechanism for reviewing contact centre, acca connect. this solution in the context of developments within the
retention of members. governance design and planning in the will be rolled out to other markets over the accountancy profession, this strategy
short, medium and long term; and coming performance year, together with a remains valid.
governance, risK and assurance * a combined resource oversight committee parallel initiative for e-mail contact. the key focus for 2011/12 will be as follows:
council is committed to pursuing continual which will enable integrated human and these activities have all contributed to * a continued focus on employers – aligning
improvement in governance and risk practices financial resource allocation and planning, encouraging performance against service resources, products and processes to
at acca as this contributes to successful including oversight of the transformation level agreements over the year, with 85% meet employer needs and to allow
delivery of strategy and supports the programme and capital investment policies. of members’ calls to acca connect now market-facing employees to build
organisation to conduct business on the answered within 30 seconds, 85% of student relationships that are strategically
basis of integrity, consistent with the fit for the future calls answered within 60 seconds and 90% of important to acca
organisation’s core values. acca has in 2010/11, new qualifications and processes student registrations processed within 20 days. * embedding fit for the customer – making
embedded its risk management approach were introduced in accordance with the needs acca recognises that its ongoing journey to the organisation, systems, processes,
into the overall strategic planning process to of customers. this has included substantial deliver best-in-class global customer service products and people customer-centric
ensure that key risks to delivery of strategy are investment in a new corporate website, which with online delivery at its heart will require a * recruitment, conversion and retention –
appropriately identified and managed, and are aims to provide a more stable platform for robust technology infrastructure. investment in focusing resources to deliver sustainable
subject to appropriate oversight. customers, especially at peak times. it stability will therefore remain a key priority in growth in member numbers.
in the past year, a new corporate assurance transformation of the activity of acca’s network the coming financial year. as an organisation, acca will continue to
function has been created, which combines of national offices has commenced, in line with recognising that acca’s people will be the build on the strong results that it has seen
legal, information security and internal audit a vision of focusing on strategic engagement means through which a superior service will in the last financial year and focus on a
teams within one business unit. this aims at a national and regional level and offering be delivered, a new competency framework business model that delivers good value to
for all employees has been implemented, its members and sufficient surplus to invest
built around customer-focused behaviours. in key strategic projects for long-term growth
all our employees globally have now been and sustainability. the organisation will also
patrick Kabuya, fcca taken through workshops to help them apply look to embed sustainability more clearly
world bank, africa
the framework to their roles. we are also into its strategy in a way which is consistent
continuing to refresh and enhance the skills with its outlook, recognising the central
“one of my most vivid childhood recollections is doing homework by needed to develop productive and mutually role acca can play in building a strong
paraffin lamp every night. education was taken seriously in our home. beneficial relationships with employers, for the global profession which puts sustainability
it was seen as the door to opportunity and this truth has been borne benefit of our member and students. at its heart.
out in my life.”
the need for strong financial reporting systems in the public sector
goes to the heart of what makes governments effective. if budgeting
systems are bad and internal controls ineffective, corruption and low
levels of service delivery are the logical result. the link to poverty and “ACCA is not just About giving ACCountAnts A broAd
social unrest is pretty obvious. theoretiCAl knowledge, but Also the strAtegiC
“the importance of accountants cannot be overstated in what makes business AnAlysis And AdvAnCed finAnCiAl
countries run successfully.” mAnAgement knowledge they need to implement
suCCessful strAtegy.”
all profiles featured in this annual review first appeared in
Barry Li – Chief Financial Officer HSBC Securities Services, Asia.
accounting and business magazine
page 06 i creating value i annual review 2010 i 2011 page 07 i creating value i annual review 2010 i 2011
2. performance 2010/11
acca five-year MeMber
and student growth
a summary of performance against a range of strategic outcomes is shown below. the full results are available online in the
management commentary and review.
450,000
400,000
350,000
ACCA
strategic perforMance 300,000 MeMbers students
250,000 MArCh ‘07 116,654 300,292
200,000
MArCh ‘08 125,466 324,372
150,000
MArCh ‘09 134,086 377,053
100,000
2015 outCoMe AChieveMent ACtuAl results CoMMent MArCh ‘10 140,225 404,594
50,000
MeAsure MArCh ‘11 147,265 423,935
0
2007 2008 2009 2010 2011
the leading global % of employers who agree acca 50% a survey of 1,300 senior finance
professional accountancy is the leading global professional professionals across 20 markets
body in reputation, accountancy body in reputation, showed our closest international
influence and size. influence and size. (target 47%) competitor at only 15%.
suMMary of financial
£2.4M prioritising expenditure enabled
acca to generate a surplus as perforMance
sustainable growth. operating surplus.
well as invest in critical strategic
(target £0) initiatives.
in 2010/11, acca generated income of £127.8m (2009/10 £116.5m) and a total 2010 2011
98.5% acca has supported its members operating surplus, including certified accountants educational trust, of £2.4m Fees And
accountancy % of members who are carrying to meet its robust cpd requirement. (2009/10 surplus £0.4m). a further £0.9m of investment income was generated subsCriptions £51.2M £57.1M
qualifications which are out continuing professional
required by employers. development. in 2010/11, 282 members were through bank interest, dividend income and unrealised gains on forward QuAliFiCAtions
(target 98%) removed for non-compliance. contracts and taken to reserves (2009/10 £0.8m). And exAMs £57.8M £63.1M
total incoMe CustoMer
serviCes £3.6M £3.8M
regulAtion
56% up from 51% in 2007, acca
lead and shape % of employers who agree And disCipline £3.5M £3.6M
continues to enhance its £116.5M £127.8M
the agenda of the acca is a thought leader in the programme of global research and other
profession. accountancy profession. inCoMe £0.4M £0.2M
(target 47%) insights.
2010 2011
147,265 membership has continued
recruitment and
retention of acca’s number of members. to grow, exceeding the target
set with 5% growth on the
membership base.
(target 146,500) previous year.
william tan, fcca
finance director, mtv greater china
70% in challenging global economic
customer-focused
% of members who think acca conditions, acca members “being an internationally recognised education brand, the
delivery of products and
is good value for money. continue to recognise the value
services. acca qualification allows me a head start over my fellow
(target 65%) their acca membership brings.
colleagues,” tan says.
however, he adds that a broad range of experience that goes
development of % of acca students, affiliates 65% acca continues to develop and beyond the profession is also vital. networking is important too
and members who believe
relevant products, acca’s products, services and enhance its product and service because a lot of business is done on the basis of established
services and brand. offering to students and members.
brand are relevant. (target 68%) guanxi – or personal – networks.
tan’s advice for aspiring accountants is simple. “after qualifying,
you chart your own career path. follow your heart, but stick to
people with the 76% the level of employee
knowledge and skills engagement continues to be the basic principles of an accountant. you will never go wrong.”
employee engagement index.
required to deliver the high throughout a period of
strategy. (target 74%) organisational change.
page 08 i creating value i annual review 2010 i 2011 page 09 i creating value i annual review 2010 i 2011
key 0 12 strategic outcoMes
7
s 1
facts ship s in
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ne ntr ders to achieve its overall strategy, acca pursues 12 outcomes
acca has: rt Ce ovi
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A A s n
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required by
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sooCliAlol wMeers o services brand
diAn
whAt Must people with the
we leArn And Knowledge and
develop? sKills required
to deliver the
strategy
asha dixit
managing director, money matters for expats
a technology an aligned Knowledge of
money matters for expats is a one-stop accounting boutique enabled, organisation marKets and
for expatriate clients in singapore, which has an entirely integrated and staKeholder
female workforce. efficient global needs and
infrastructure aspirations
“in the last four years, we’ve gone from six people to 20, with
four fully qualified accountants. as an employer it’s important
to me to be able to give women the opportunity to gain
additional qualifications.”
so far, five of the firm’s employees have sought additional strategic priorities 2011/12
qualifications, three with acca, and the company has been
awarded gold level status as an acca approved employer.
*A Continued FoCus on eMploYers
“i chose acca training because it’s international. most
*eMbedding Fit For the CustoMer
women we hire will be moving on after a few years, so it is
*reCruitMent, Conversion And retention
much better for them to have a portable qualification.”
page 10 i creating value i annual review 2010 i 2011 page 11 i creating value i annual review 2010 i 2011
3. value creation
acca held a number of successful events
during wcoa, including the acca
president’s vip reception for more than
700 members and leaders of business and
the accountancy profession. receptions
were also held for acca members working
in penang and Kuching, enabling council
members to meet with nearly 400 acca
members and students across malaysia.
value creation in central and
eastern europe
a successful council meeting was held
in prague, which provided council with
an opportunity for meetings with acca
members, key employers and professional
bodies. in addition, council delegations
visited poland, romania and ukraine, ACCA Council
meeting key stakeholders including and International
Komora auditoru ceske republiky (Kacr) Assembly members
and the institute of certifikace ucetnich (icu) pictured at their joint
and holding events to celebrate new meeting in London in
acca members. November 2010.
“we like ACCA’s ApproACh to the development of the
profession, As well As their members’ development
progrAmmes. ACCA will Continue to be one of the
preferred professionAl quAlifiCAtions thAt omAn
lng wAnts our stAff to hold.”
the theme of the world congress of (Above) ACCA Chief this new research supported previous
accountants in 2010 was: accountants: Executive Helen surveys by acca to build a compelling Maqbool Al Lawati – CFO, Oman Liquid Natural Gas (Oman LNG).
sustaining value creation. it was therefore Brand shakes hands body of evidence about the significant role
especially relevant that acca has been with Dr Chen Yugui, accountants play as ‘value creators’ in the
working over the past year to ensure that its Deputy President business world by bringing public value,
members are fully equipped and supported to and Secretary restoring stakeholder confidence and ensuring martin reed, fcca
group finance director, uK brewer brains
help them create value for the organisations for General of CICPA and long-term sustainable wealth creation.
which they work. Chinese Vice Finance
a new survey commissioned by acca – the Minister Wang Jun value creation at the world “early in my career, the marketing director said to me: ‘i like
value creation model for business: 2010 and following the signing congress of accountants (wcoa) working with you because you realise that things aren’t all black and
beyond – showed that global business leaders of a Memorandum acca was gold sponsor of wcoa, which white.’ i have always taken that approach. now i’m always looking
are looking for finance professionals to take on of Understanding was attended by more than 6,000 delegates for people who are personable and flexible with good character.
a more strategic role in the future. between the two from 134 countries and included 183 speakers
there’s no set path in your career. it’s all about how you feel
over 500 business leaders in nine countries bodies at the from over 40 countries. the conference was
about a particular role and if it will move you in the right direction.
who responded to the survey also said that World Congress of a success for co-organisers the malaysian
accountants will help to improve ethical Accountants in Kuala institute of accountants and the international sometimes you may get knocked off course, but as long as you
standards across organisations; that the Lumpur. federation of accountants. have the focus you’ll get there.
finance professional’s role was more visible and wcoa explored significant issues, such as the “when you’re training, working, not being paid a great deal of
more responsible since the global economic strengthening of the profession in emerging
money, and studying, it’s really difficult.
crisis; and that accountants will bring greater markets, integrated reporting frameworks, the
“but my advice to anyone is that when times are tough, you have
oversight and supervision in an increasingly role of accountants in the future and islamic
to persevere because the rewards in business, and particularly at a
global regulatory environment, helping finance. ten acca staff and members spoke
organisations manage risk more effectively. at the conference. managerial level, are fantastic.”
page 12 i creating value i annual review 2010 i 2011 page 13 i creating value i annual review 2010 i 2011
4. acca as a globally influential body
working with strategic research and in January 2011, finance directors, chief
consulting group lighthouse global, acca’s accountants and board members from the
report where next for the global economy: a largest companies from central europe
view of the world in 2030, collated predictions attended the first tax and accounting congress
from 15 global experts in business, economics hosted by Kpmg in warsaw, poland, and
and accountancy, which suggested a organised by acca.
‘flattening’ of the economic landscape and a
more genuinely global marketplace. shaping the profession of
published in september 2010, a report by the future
acca and deloitte warned that the growing given the intense scrutiny of the audit
complexity of rules and standards was at profession at the political level, acca has
risk of seriously limiting the usefulness of looked in depth at the global picture. an
narrative reporting. hitting the notes, but acca report said that auditors could report
on risk, governance, the business model
acca has worked and other forward looking information. the
with a
report, reshaping the audit for the new
range of outstanding partners to demonstrate global economy, reflected discussions held
with investors, corporates, banks, regulators
how accountants deliver value and how they
and auditors in belgium, malaysia, poland,
can shape business success for the future. singapore, ukraine, the uK and zambia about
the future of audit.
what’s the tune? recorded the opinions of acca used the findings to defend the role and
230 chief financial officers in listed companies importance of independent audit in its response
across nine countries on the challenges and to a european commission green paper
future shape of narrative reporting in annual consultation on audit, saying there should be
reports. with the trend towards an integrated no presumption that audit, generally speaking,
reporting model, this was indeed timely had failed. audit brings value to business and
research. opportunities for enhancing the value of audit
acca worked with Kpmg to promote should be embraced.
reporting on climate change to global acca also contributed to the house of lords’
business. in may 2010, they organised a joint economic affairs committee review into the
climate change briefing event based on the market concentration of auditors and their role.
acca/global reporting initiative report on chief executive helen brand gave evidence
high-impacts: the challenge of reporting on to the committee with acca providing a support of its views. acca was pleased Vision of the future: in June 2010 acca launched a study at the
climate change. considerable amount of documentation in to see that the resulting report from the a visitor walks london school of economics into lessons to
lords recognised that audit adds value for inside the China be learned from the financial crisis entitled
businesses and their stakeholders, as well as National Petroleum risk and reward. it suggested that risk needs
by a reference to acca’s call for action on Corporation Pavilion to be seen less as a compliance activity and
chu yam-yuen, fcca audit liability. at the Shanghai more as something which can make a positive
inland revenue commissioner, hong Kong
alongside its work on audit reform, acca also World Expo 2010. contribution to corporate success.
lobbied the european union on the review About 70 million acca was lead sponsor for the economist’s
having reached the top of hong Kong’s tax bureau, commissioner of the 4th and 7th accounting directives, visitors attended. emerging markets summit in september
chu offers some advice for young accountants. the proposal to exempt micro-entities
acca also pursued
“work hard, and continue to study to enhance your professional from accounting requirements, corporate
its own
governance, ifrs9, integrated reporting and
knowledge,” he says.
csr/sustainability, financial regulation and research in order to contribute to the global
“our colleagues at the inland revenue department keep studying.
supervision, accounting for carbon, sme
debate on how the profession can add value
have professional ethics, enthusiasm at work, and good health,”
issues, economic governance and public
he adds. services issues, such as e-health. through continuous improvement.
chu credits his fcca designation with helping him in his job. it also met with commissioners and meps
“acca provided me a good training. i learnt everything from to represent the thousands of members and 2010 and hosted a session about talent which
students living and working in the eu, and had an audience of 350 business leaders,
accounting, secretarial practices, law, company and partnership law
organised two high-level conferences in the top thinkers and politicians. it was also a
to economics. it set a very good foundation and enabled me to do
european parliament, one on e-health, the supporting association for the uK cfo summit
different jobs,” he says.
other on accounting for carbon in the in march 2011 which had an audience of 150
eu emissions trading system. finance leaders.
page 14 i creating value i annual review 2010 i 2011 page 15 i creating value i annual review 2010 i 2011
elsewhere, acca pakistan organised forums to presentations were corporate governance guru its committees, as below. professional accountancy body represented
formally launch the discussion paper gender professor mervyn King from south africa, alan * Japheth Katto chief executive officer at on the new group.
diversity on boards in pakistan. these offered teixeira, director of technical activities of the the capital markets authority, uganda,
an opportunity to participants from business international accounting standards board and member of the ifac board and the ifac partnerships which bring value
and finance to explore the opportunities and Juthika ramanathan, chief executive of the nominating committee. acca has over 70 partnerships around the
challenges of having diverse boards. accounting and corporate regulatory authority * marta reJman director, european finance world – all with the intention of developing
of singapore (acra). centre, at Jones lang lasalle group the profession and working in the public
public sector voice services sp. z o.o. in warsaw, poland, ifac interest. twenty new partnerships were signed
with more than 14,000 members working in an influential voice in government board member. during the year, including the following.
the public sector, acca was the first and economy * irene ng’andwe deputy accountant acca signed a memorandum of
professional body publicly to raise concerns thousands of acca members have continued general, ministry of finance and national understanding (mou) with the chinese
about the uK government’s plans for audit in to engage in the quarterly global economic planning in zambia, ifac’s developing institute of certified public accountants
local authorities following the planned abolition conditions survey – which is enabling acca nations committee member. (cicpa) at the world congress of
of the audit commission. its campaigning in to leverage its research and reputation in many * dorothy ngwira president of the society accountants in Kuala lumpur in november
part led to a uK parliamentary inquiry into the markets around the world. acca has also of accountants in malawi, and small and 2010, which will see the two bodies work
audit and inspection of local authorities, to contributed to capacity building in the global medium practice committee member. closely together to develop the profession.
which acca provided both technical support profession through the work of the united * azza raslan owner and executive the mou was signed by acca chief
and key witnesses. nations conference on trade and development director of t solutions ltd, saudi arabia, executive helen brand and cicpa secretary
acca also undertook research into specific (unctad). working closely with international international accounting education general dr chen yugui, and witnessed by
national health service (nhs) issues in the uK, experts and academics, acca has assisted in standards board (iaesb) member. chinese vice finance minister wang Jun,
looking in depth at the use of communication the development of unctad’s new capacity * fredricK maunda banda, fcca from acca president mark gold and ifac deputy
technology, governance and climate change. building framework and related performance zambia, professional accountants in business president goran tidstrom.
the success of acca in the uK public sector measurement system. committee member. at the 11th world congress of accounting
was reflected in the organisations which in march at an event organised by acca, dr sha ali Khan, acca director – practice educators and researchers in singapore in
decided to offer acca as a choice to their vince cable mp, secretary of state for business, monitoring, nicole ziman, acca director november 2010 the international association
trainees for the first time, most notably, the innovation and skills, told an audience of british – professional conduct, and peter large, of accounting education and research
ministry of defence training scheme and the and european business representatives that the acca executive director – governance have (iaaer) and acca announced a continuation
nhs finance management training scheme. uK government is committed to doing business been members of ifac taskforces looking in their partnership until 2014, with initiatives
in europe and that accountants are key to the at revisions to the body’s statements of to help mentor and develop the next
aspiring for future success membership obligations. generation of researchers.
acca aims to ensure that it fully understands acca is also professor robin Jarvis, head of sme affairs ge china signed an agreement with acca,
increasingly
the aspirations of finance professionals and at acca, sits on the international accounting recognising it as the first-choice qualification
how employers can meet their aims – both now represented on global bodies which work for standards board’s new sme implementation for the company’s future finance leaders. the
and in the future, in an environment of rapid group, created to support the international mou is the first of its type made by acca in
the benefit of the wider profession.
technological change. adoption of ifrs for smes. acca is the only relation to a corporate training programme.
working with the consultancy mercer, acca
undertook research into generation y, those economic recovery. other participants
born after 1980, which captured the views included antonio tajani, european commission
of more than 3,000 individuals and leading vice-president and charles Kennedy mp, tracey taylor, fcca
financial director
organisations from 122 countries. it called for european movement president.
employers of finance professionals to embrace in the uK, acca was among the bodies
the career aspirations of this generation and asked by the house of commons treasury tracey taylor left school with a levels in maths, physics and
offer dynamic career routes that capitalise on sub committee to answer questions on the chemistry and, much to the disappointment of her teachers,
their finance skills, or risk losing future talent. administration and effectiveness of hmrc. chose not to go to university.
in June, acca presented the findings of its
a spell of work experience in a local practice had piqued
survey on talent management practices across global representation:
her interest in accounting. well aware that she would be
the finance profession. talent management in international federation of
competing with graduates at some point in her career, she
2010: foundations for growth surveyed over accountants (ifac)
1,400 respondents across 105 countries, making in the past year, alan Johnson, former chief opted for the acca route.
it one of the most comprehensive surveys on auditor and senior vice president of unilever, “i trained with quite a small firm where i spent a couple of
talent management practices undertaken across and elena andrews, financial controller at years... it was the first time they’d taken on an acca trainee.
the profession. tower ltd, a major investment company in
it was a new breed to this relatively small firm of accountants,
more than 7,000 finance professionals and new zealand, were appointed to serve on the
but for me it was the qualification that could help me either
business people from 140 countries took part professional accountants in business (paib)
work in practice or be respected in industry. so it was the
in a global virtual conference organised by committee. they join a number of prominent
acca in July 2010. among those making acca members who sit on the ifac board and best of both worlds.”
page 16 i creating value i annual review 2010 i 2011 page 17 i creating value i annual review 2010 i 2011
5. global qualifications which meet the
needs of employers
in January 2011, acca and the interamerican programmes.
accounting association (iaa) signed an in January 2011, acca vietnam signed
agreement, which gives iaa members mous with six universities, with the aim
access to acca’s professional qualifications, to improve the quality of students and
including its certificate in international lecturers. acca caribbean and the
financial reporting standards (certifr), which university of the west indies signed a
is offered in spanish, portuguese and english. ground-breaking agreement in may 2010,
in africa, acca Kenya signed an mou in June while acca sri lanka signed an mou with
with the capital markets authority (cma), in sri Jayewardenepura university.
which they agreed to carry out training for
business reporters in the Kenyan media for a developing the profession
two year period. programmes and initiatives through partnership
to help train and equip, empower, mentor acca continued to work closely with
and support smes will also be developed as bodies on a range of initiatives focused on
a result of a mou between acca uganda developing the global profession.
and enterprise uganda. acca mauritius has in february 2011, the public accountants
signed mous with the financial reporting board of Jamaica (pab) reached an
council, and is collaborating closely with the agreement with acca in relation to
mauritius institute of directors, the university monitoring auditing practices in Jamaica,
of mauritius and the mauritius institute for giving them guidance and assistance to
professional accountants. improve audit quality. this was the 13th
acca launched dipifr in indonesia with contract concluded by acca to provide
the local body, the indonesian institute of quality assurance reviews on behalf of other
accountants (iai), coinciding with the acca national professional bodies and regulators.
president’s visit in december 2010. acca vietnam supported the country’s
ministry of finance in the preparation of
accountancy and learning independent audit law. working with
acca also signed a number of agreements acca malaysia in august 2010 it arranged
with universities around the world to increase a series of meetings for vietnam’s regulators
opportunities for students. with malaysian government agencies and
in 2010, acca china signed mous with 12 professional bodies, to enable them to gain
top-tier universities to incorporate the a greater understanding and experience of acca qualification ACCA was Gold information centre (naric) has provided
acca syllabus in their accounting degree the issues involved. the acca qualification was relaunched in sponsor and had a independent confirmation of the acca
2010. the professional accountant paper has major presence at qualification’s equivalence to the uK masters
been renamed governance, risk and ethics. the World Congress level. the higher education commission (hec)
this reflects the enhanced content in the of Accountants in pakistan has also accredited the acca
eilis quinlan, fcca syllabus in relation to issues such as compliance, in 2010. qualification as being at masters level.
chairman of the irish small and medium
controlling and mitigating risk and coping with
enterprises association ltd
ethical dilemmas. this fufils acca’s vision to foundations in accountancy
early in 2011, acca introduced a new flexible
“i saw acca as the best route into accountancy and, from the start, responding to changing suite of entry-level awards, to be first examined

the subjects were just riveting to me. it is genuinely the qualification in december 2011. introduced after detailed
that gives you the most broadly-based education and, because market needs and insight into the needs of the consultation with employers, learning providers,
members, students and other professional
you can pick and choose your subjects, it’s not as limited as other accountancy profession, acca has innovated
accountancy bodies and regulators,
qualifications – you can choose to specialise in industry or audit or tax. its qualifications. foundations in accountancy, which includes the
“also, because it’s recognised in so many countries, it allows you to certified accounting technician qualification,
travel. when i started studying, i knew i couldn’t become articled in refresh its core qualification regularly, moving offers a grounding in financial and management
the normal way, through working full time, because we had a young away from a ‘big bang’ change, more accounting, with professionalism and ethical
effectively meeting the needs of employers for behaviour at its core.
family and we couldn’t afford a babysitter. one of the reasons i chose
regular updates to the learning requirements of for the first time, certification is awarded at
acca was its flexibility. whether you’re a business graduate or not,
their trainees. each level, enabling students to chart their
acca is the right choice.”
in an endorsement of the quality of the acca progress and employers to recruit and train
qualification, the uK’s national recognition to meet their particular business needs. the
page 18 i creating value i annual review 2010 i 2011 page 19 i creating value i annual review 2010 i 2011
practical content means that the knowledge employers and talented trainees, attracted business leaders including mr Julian fong, today. the event brought together over 160
students gain can be directly applied in the hundreds of students. cfo, asia, standard chartered bank, Karon participants - cfos from all over europe,
workplace, offering immediate benefits to in china over 5,500 student contestants from wan, partner, deloitte consulting hong Kong representing high-profile companies such
existing and prospective employers. top universities across china entered the limited, and prof ron collard, partner, pwc as coca cola, iKea, thompson reuters,
the move received endorsement in the uK, eighth acca Job hunting competition. it was singapore spoke at the event which attracted barclaycard, avon and save the children
where the financial services skills council supported by over 60 employers, resulting over 100 senior finance and hr professionals. international. more than 200 people logged into
in internship opportunities for 200 university the conference was also held in shanghai the summit online, watching and listening to the
the practical content students. all regional and the final competitions in december 2010 and was attended by proceedings via web broadcast, and posting
were widely reported in key chinese media over 180 finance and hr leaders, who heard questions to panellists.
means that the knowledge students gain in the country, while a 30-minute feature on presentations and debates from speakers from guest of honour, dr. Krzysztof rybinski,
employability was also broadcast by the national citibank, dtz, ge, hsbc, henkel, ibm, lear, former deputy governor of the national bank
can be directly applied in the workplace
tv channel, china education tv-1. mercer and Kpmg. of poland, gave an outlook on the current
offering immediate benefits to existing acca’s third cfo european summit took place economic situation in central and eastern
supporting learning in warsaw, poland, examining the pressing europe. the cfo european summit had three
and prospective employers.
acca has worked to ensure tuition providers challenges facing top finance managers main panels: leading and driving value: the
and training managers are at the forefront of cfo’s role in value based management; shefo;
acca has also
(fssc) formally recognised foundations in developments in its qualifications. and building financial management capacity.
worked to
accountancy as an apprenticeship scheme, while programme leaders and lecturers from acca partners of the event were ecs, sygnity,
the qualifications were successfully accredited on partner universities across china joined acca’s ensure tuition providers and training managers randstadt, and also radissonblu., with key
the qualifications and credit framework (qcf) uK third study trip in 2010. the delegation of are at the forefront of developments in the media partners being tvn cnbc, onet.pl, puls
in the uK. 33 lecturers visited acca’s headquarters, the biznesu, forbes, newsweek, harvard business
qualification.
acca has increased its computer-based offering financial reporting council, iasb, Kpmg and review and controlling.
giving students the choice of sitting exams oxford brookes university.
online or on paper for the first seven exams also in china, the first educators’ conference
which make up foundations in accountancy. for universities which teach acca in their
undergraduate programmes was held in June
enhanced learning and support 2010 in Xi’an, and was attended by lecturers “the ACCA members who we hAve here At
a new framework for approved study and programme leaders from 20 universities
singerlewAk Are shArp, CreAtive And CourAgeous.
content was introduced, to allow a broad across china who exchanged ideas on
they hAve Contributed greAtly to the Culture
range of publishers to be quality assured and teaching methodology and career support
approved by acca at platinum and gold for acca students. of the orgAnisAtion thAt we Are proud of. we
levels. agreements have been entered into with a train-the-trainer event was held in muscat, look forwArd to Continuing A thriving And
bpp (platinum level), Kaplan and get through oman, in february, attended by a large number
CollAborAtive relAtionship with ACCA.”
guides. acca has also introduced a content of tutors from different colleges and institutes
provider directory, which lists providers that may in the sultanate. Karyn Gallen – Director, Professional Development & Training SingerLewak LLP, California, US.
support study towards acca qualifications. acca uK has set up and successfully run three
a pre-paid card service to make it easier and acca training managers’ forums. the events
cheaper for students to make payments to comprise predominantly employers from the
acca was introduced in 19 countries, uK practice sector brought together to discuss tanja willis, fcca
finance director, the teg group, uK
following the successful trial of the scheme in topical training issues.
ghana and nigeria. the cards are now also
being used in egypt, iran, ireland, Jordan, acca also supported employers in a “when i joined the finance department at teg, it consisted of just me
Kenya, oman, pakistan, qatar, russia, rwanda, range of ways and i was dealing with all of the purchasing and invoicing.” while in the
south sudan, tanzania, uae, uganda, ukraine in 2010 acca was invited to conduct soft skills post tanja converted her native south african accountancy qualification
(which also covers the baltics and caucasus training to over 100 hsbc’s finance personnel
by completing the acca exams. ‘that was always my intention, even
states), the uK and zambia. in markets where as part of the bank’s ‘lunch & learn’ series. the
while in south africa,’ she says. ‘the acca qualification is recognised
pre-paid cards are not available, acca offices bank also invited acca to deliver an information
worldwide, so it was the obvious choice.”
have been identifying debit card providers as an session on the qualification to its finance teams.
alternative option. sangita agrawal, the deputy cfo, spoke at the in 2005 she was promoted to finance director and appointed a financial
acca managing human capital conference. controller who is still with the group.
initiatives were also developed to acca was invited by credit suisse to participate the finance team now consists of five finance specialists and three
support students in various marKets in an information session for over 50 employees
support staff, with willis’s own role dominated by shareholder relations
in January 2011 acca pakistan’s talent working in the bank’s product control division.
and corporate governance.
gymnasium 2011, held in islamabad, lahore acca’s accountants for business conference,
“the great thing about growing companies is that they are always
and Karachi to help young people sharpen finance talent: foundations for growth, was
their skills and bring together acca’s key held in hong Kong in July 2010. high-profile changing, and there are always new challenges.”