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Professional learning should be redefined to develop future-ready professional accountants

A solution to current disruptions in the global economy, politics and skills obsolescence, due to technological revolution, is professional learning, according to a report by the Institute of Singapore Chartered Accountants (ISCA) and the Institute of Chartered Accountants in England and Wales (ICAEW).

Our Future Together, Industry Perspectives: Future of Professional Learning and Entrepreneurship, a report by the ISCA and ICAEW, draws on a discussion with Singaporean stakeholders to provide some insight as to how education, training and professional learning should be redefined to develop future-ready professional accountants.

The report stated that while data and analytics have been around for a long time, the accountancy profession has been slow getting on the bandwagon. With the increased use of technology in business the reports predicted that the accountants of tomorrow will need stronger IT skills, as well as more multidisciplinary skills, and an entrepreneurship mindset.

In order to develop enterprising individuals the report suggests a redefinition of education and training with a greater focus on apprenticeships and structured internships.

This is the second edition of the “Our Future Together” report, the first one having been published in 2016. Beyond these types of collaborations, ISCA and ICAEW have strengthened their partnership in April 2017 by establishing a reciprocal membership agreement.

A similar agreement was also signed between ISCA and the Institute of Chartered Accountants of Scotland (ICAS).

The full report is available here.

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