IMA? (Institute of Management Accountants) members and the management accounting profession are invited to share their comments on a new exposure draft, ?Essential Management Accounting Competencies for All Entry-Level Accountants,? which identifies the key skills needed by entry-level accountants in a changing world. The public comment period is open until November 12.
The exposure draft was developed by the IMA Management Accounting Competency Task Force, a group of IMA volunteer leaders, in response to new and emerging technologies, the increased importance of data analytics, and the changing role of the professional accountant. The draft identifies the necessary competencies and learning outcomes for entry-level accountants in the realm of management accounting and suggests course topics encompassing the essential competencies.
?The management accountant?s role is undergoing immense change, due to both technological advancements that are rapidly eliminating routine tasks and rising volumes of data combined with more sophisticated analytics,? said Raef Lawson, Ph.D., CMA, CPA, IMA Research Foundation Committee chair and chair of the Task Force that compiled the draft. ?Changes to the accounting curriculum at colleges and universities should reflect these developments, regardless of whether students are planning on entering public accounting, industry, or some other field of accounting. This includes competencies in strategic management accounting and analysis; revenue, cost, and profitability management; technology, analytics and data management; and professional ethics.?
The exposure draft was prepared by a core team with extensive experience in developing competency and implementation guidance for both universities and accounting associations, including IMA and several other accounting organizations. The initial recommendations developed by the Task Force were reviewed by academic and practice review panels, and their feedback was incorporated in the recommendations contained within the draft.
The Task Force will analyze and deliberate on comments received with the aim of issuing a final report by the end of the year.
To read the full report and submit a comment, please visit IMA?s website.?