FAST FORWARD Building the Profession of Tomorrow Supporting Individuals and Business in a Global Economy Barry Melancon, President and CEO of the American Institute of CPAs Charles Tilley, CEO of the Chartered Institute of Management Accountants Spring Council | May 18-20, 2014
FAST FORWARD Building the Profession of Tomorrow Supporting Individuals and Business in a Global Economy Barry Melancon, President and CEO of the American.
Dec 25, 2015
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FAST FORWARD Building the Profession of Tomorrow
Supporting Individuals and Business in a Global EconomyBarry Melancon, President and CEO of the American Institute of CPAsCharles Tilley, CEO of the Chartered Institute of Management AccountantsSpring Council | May 18-20, 2014
Rebooting Business: Key themes from research
Unlock value in the human dimension and non-financial assets
Balancing short-term focus versus long-term sustainable success
Harnessing the power of transparency
Collaboration is key to success for management accountants
Working in collaboration to connect the dots
CEOs want people with:
• Strong technical skills in their discipline• Multi-disciplinary expertise and ability
to collaborate• Skills in management competencies• Strong strategic understanding of the
business as a whole
LIFELONG LEARNING
Defining the Management Accounting Profession CGMA in 2015
COMPETENCIES
ROLE OFMANAGEMENTACCOUNTING
GLOBALMANAGEMENTACCOUNTING
PRINCIPLES
SYLLABUS
ASSESSMENT CPD
HELPING PEOPLE SUCCEED
HELPING BUSINESS SUCCEED
RIGOROUSRESEARCH
Global Management Accounting Principles
The purpose of the Global Management Accounting Principles is to enable any size of organisation to benchmark their finance function against the Principles to identify elements of the function that need to be changed to support the improved resilience of that organisation.
Global Management Accounting Principles
Three Overriding Management Accounting Principles
COMMUNICATINGWITH IMPACT
PREPARING RELEVANTINFORMATION
MODELLING VALUECREATION
Values of Management AccountantsProfessional, Relevant, Innovative, Diligent, Ethical
+ +
BudgetingBusiness controlCost transformationExternal reportingInvestment appraisalPrice and product decisions
Project managementRegulatory adherence and complianceResource allocationRisk managementStrategic tax managementTreasury and cash management
Areas to which principles will be applied
We are talking to business
Issues Facing Business
Customer focus
Cost leadership
Risk management
External environment
Finance partnering• Big data and data analytics• Business models
Customer FocusedISSUES
Cost Leadership
Integrated management information system drives 20% lower costs than peers.
ISSUES
20%
Risk Management—Disruptive TechnologiesISSUES
“Save water with one rinse. It can be easy to forget that one in nine people still lack a steady supply of water...It’s vital that we make every single drop count.”Projectsunlight.com
Data analytics are a competitive advantage
ISSUES
“UPS has a history of monitoring and standardizing even the smallest issues, from drivers keeping keys hooked on a finger instead of in their pockets and making only right turns, to increase efficiency and reduce costs.” UPS Crunches Data to Make Routes More Efficient, Save GasBy Mary Schlangenstein, Bloomberg.com, Oct 30, 2013
Changing business models ISSUES
Freemium
Peer to Peer
Omni-channel
SMEs are going global
Source: SAP/Oxford Economics Q2, 2013 Survey
SMEs are going global
Source: SAP/Oxford Economics Q2, 2013 Survey
SMEs are targeting cost efficiencies based on data analytics
Source: SAP/Oxford Economics Q2, 2013 Survey
Copyright © 2014 American Institute of CPAs. All rights reserved.Copyright © 2014 American Institute of CPAs. All rights reserved.
Thank You
2014 AICPA Spring Council
Scottsdale, ArizonaMay 18-20, 2014
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