Headline:
Accountants' contribution undervalued, says CIMA chief.
Description:
The contribution of accountants to the success of the UK economy is largely ignored by the public and government, the head of an accountancy group has claimed.
John Coghlan, president of the Chartered Institute of Management Accountants (CIMA), said although the six UK chartered accountancy bodies "lead the world" in the training of their members, accountants receive little acclaim for their achievements.
Speaking to an audience of business and government leaders in London on Thursday evening, Coghlan said: "Together we have 250,000 members working here in the UK, in business, in the public sector and in practice. These members have been trained at no cost to the State.
"Their standards of competence and ethics are second to none in the world, in fact we probably lead the world. Their positive contribution to the overall economy of UK plc is immeasurable and yet, in general, they and their institutes receive very little public or government acclaim for the contribution they make."
Coghlan also stressed CIMA's support of independent regulation of the accountancy profession with particular backing for the Financial Reporting Council's promotion of confidence in corporate reporting and governance.
"We believe that independent regulation means not just independence from the accountancy profession but also independence from government," he added. "CIMA believes that excellence in financial reporting is not just about figures but also about narrative. Excellence in corporate governance is not just about structure and compliance but about corporate performance, that is the creation of long term value within companies."
In addition, the president urged accountants to keep up with latest trends.
"Just as business has to respond to changing trends, the accountancy profession must also keep up with this change," Coghlan said. "The profession must think and act globally, be forward looking, be focused on value creation and the development of its members and students to ensure that they have the skills needed for the finance professional of tomorrow."
source:accountingweb
John Coghlan, president of the Chartered Institute of Management Accountants (CIMA), said although the six UK chartered accountancy bodies "lead the world" in the training of their members, accountants receive little acclaim for their achievements.
Speaking to an audience of business and government leaders in London on Thursday evening, Coghlan said: "Together we have 250,000 members working here in the UK, in business, in the public sector and in practice. These members have been trained at no cost to the State.
"Their standards of competence and ethics are second to none in the world, in fact we probably lead the world. Their positive contribution to the overall economy of UK plc is immeasurable and yet, in general, they and their institutes receive very little public or government acclaim for the contribution they make."
Coghlan also stressed CIMA's support of independent regulation of the accountancy profession with particular backing for the Financial Reporting Council's promotion of confidence in corporate reporting and governance.
"We believe that independent regulation means not just independence from the accountancy profession but also independence from government," he added. "CIMA believes that excellence in financial reporting is not just about figures but also about narrative. Excellence in corporate governance is not just about structure and compliance but about corporate performance, that is the creation of long term value within companies."
In addition, the president urged accountants to keep up with latest trends.
"Just as business has to respond to changing trends, the accountancy profession must also keep up with this change," Coghlan said. "The profession must think and act globally, be forward looking, be focused on value creation and the development of its members and students to ensure that they have the skills needed for the finance professional of tomorrow."
source:accountingweb
Date:
24.10.2006
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