NEW IFAC STUDY FOCUSES ON COMPETENCIES OF MANAGEMENT ACCOUNTANTS AND THEIR VALUE TO ORGANISATIONS
A major study released by the International Federation of Accountants’ (IFAC’s) Financial and Management Accounting Committee (FMAC) presents a global, best practice perspective on management accounting. Contemporary management accounting is an integral part of the management process focused on the effective use of resources in ongoing value creation by organisations. The study highlights the competencies related to best practice in management accounting and the competencies required of those taking key roles in this field of management.
Entitled Competency Profiles for Management Accounting Practice and Practitioners, the study builds on competency standards developed by IFAC member bodies and expands on the groundbreaking International Management Accounting Practice Statement 1, Management Accounting Concepts.
The study elaborates on competency standards and related assessment methodologies for both management accounting practice and management accounting practitioners. The competency standards are illustrated by profiling contemporary issues related to:
* Management practices in organisations;
* Membership of professional associations; and
* Preparatory and continuing education associated with management practice and professional membership.
Those who can benefit from the study and the benchmark competency standards it illustrates include:
* Organisations seeking to move towards best practice in management accounting;
* Professional accountants seeking to focus their work or develop their careers in the sphere of management accounting;
* Educators, as they seek to focus and develop curricula that will contribute to the preparation of persons seeking to work in this domain of management; and
* IFAC member bodies in establishing required competencies and profiling the developmental needs of their members in this sphere of management.
The Study provides both a benchmark and a resource for the development of practice in a range of contexts around the world. Beyond this, it is likely to open up and stimulate discussion internationally about a critical and distinctive dimension of management work.
This comprehensive study is supported by a succinct Overview and a Users Guide. A CD Rom version of the study will also be available soon. Management Summaries and Thought Leadership articles which reference the study will be released periodically.
Authored by Professor William Birkett of the University of New South Wales, Sydney on behalf of IFAC, the study may be accessed or downloaded from IFAC’s web site at www.ifac.org/store.
Copyright South African Institute of Chartered Accountants Aug 2002
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