• Register
Return to: Home > Comments > 2013: The road ahead

2013: The road ahead

When I look at the year ahead I see many challenges for the accounting profession. This is neither due to superstition nor pessimism. Challenges always exist and provide opportunities for development and improvement. But we are facing a particularly turbulent economic, social and climatic environment.

Three critical issues are:

  • The state of the economy - the global uncertainty continues. We see the economic crises in the West affecting not only the GDP but they are changing and challenging societies. Trust in our markets and ideals are shaken, while the purpose and means of corporate activity is increasingly questioned. Our profession, which has the paramount responsibility to act in the public interest, is fundamental in helping restore trust and transparency. How the profession deals with its actual and perceived obligations is likely to define its future.

  • Regulation - the quantity and complexity of regulation is increasing. This is not unusual following financial crises and scandals. But frequently we seem to have little evidence that additional regulation will achieve its stated objectives. Regulation is not an end in itself. Ensuring the efficacy of introduced and proposed regulation is necessary to prevent regulation overload and the inefficiencies associated with it. Regulators need to clearly identify the causes of the problems they are trying to fix before the right solution can be found. They also have the difficult task of identifying and dealing with the unintended and unforeseen consequences of regulation in a timely manner.

  • Regulatory conflict - the need for legal and regulatory global convergence is becoming evident in our profession. The legal boundaries of our interconnected world create challenges for the enforcement of the law and for an ever increasing segment of our profession that has to work across them. Regulatory conflict not only affects our profession it also creates risks for companies when they do what is legal in a particular context when it is not legal in another.

These challenges are not independent of each other and are not the only ones we face, but they are significant for us and can define our future. While they are largely beyond our control they require our heightened attention and appropriate response.

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.