AICPA and CIMA join to ‘future proof’ finance profession
The membership bodies of the American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) that created a new international accounting association last year called the Association of International Certified Professional Accountants (Association) is now representing more than 600,000 accountants worldwide, a top accounting professional says.
“This was done in a bid to ‘future proof’ the finance profession,” CIMA Regional RVP, Venkat Ramanan who was visiting Sri Lanka recently told the Business Times.
He said that to remain relevant, professional accountants must be able to meet current needs and anticipate emerging demands. In this light the new organisation commonly called the ‘Association’ will strengthen advocacy, speed up efforts to boost member employability, and provide added resources to enhance the quality and proficiency of public and management accountants, he added. In the early days, the accounting standards were much simpler and it was much more about transaction processing, he said noting that the new association aims to change the breadth and the depth of the accounting profession. “Now accounting is more about telling a story and the ability to make an impact.”
He said that CIMA and the AICPA members retain membership of their existing member organisation but will gain additional membership of the new Association. It has been designed to complement rather than replace both constituent organisations. With broad reach, accuracy and resources, the Association advances the reputation, employability and quality of accounting and finance professionals globally, he said noting that the Association has offices in 35 locations around the world to provide insight from the frontlines of business, support members and students, and advocate on behalf of the profession.
He said that technology is changing the game for accountants. “In recent years, technology has become a vital component of the accounting profession and activities like risk management, critical thinking and cross-functional collaboration are now more in line with accounting jobs.” Hence, he said that it’s important that the new age accountants adapt to changing conditions of accounting led educators and practitioners to new pursuits.