Accounting Trends

8/10/2019 Accounting Trends

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Accounting trends in aborderless worldIncluding analysis from a global survey of over 5,000 senior nanceand senior non-nance professionals, this report assesses the latesttrends facing the profession, comparing east and west, and highlightsthe challenges facing accountants the world over.


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About CIMACIMA, the Chartered Institute of Management Accountants, founded in 1919, is the worlds leadingand largest professional body of management accountants, with 172,000 members and studentsoperating in 168 countries, working at the hear t of business. CIMA members and students work inindustry, commerce and not-for-prot organisations. CIMA works closely with employers and sponsorsleading-edge research, constantly updating its qualication, professional experience requirements andcontinuing professional development to ensure that it remains the employers choice when recruitingnancially trained business leaders.

About the authorsWim A. Van der Stede

is the CIMA Professor of Accounting and Financial Management at theLondon School of Economics. He is actively involved with both the American (AAA) and European(EAA) Accounting Associations, including as President of the AAA Management Section; the AAAFinance Committee; the EAA Doctoral Colloquium; and the EAA Publications Committee. Wim haspublished extensively in both practitioner and academic journals and has won several awards, includingthe AAA Notable Contribution to Management Accounting Literature and IFACs Article of Merit.Wim co-authoredManagement Control Systems: Performance Measurement, Evaluation andIncentives, and has also written numerous practice-based case studies and given many talks atconferences around the world.

Roger Malone is a freelance writer and editor specialising in business and economics topics. He haslived and travelled extensively in Asia, as well as Europe and North America.

The authors gratefully acknowledge the helpful comments of Peter Simons, Victor Smart and NaomiSmith of CIMA, as well as the invaluable assistance of Dr Philip Cooper, University of Bath, in analysingthe data from the CIMA/University of Bath Global Survey, which forms the basis of this report.


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Accounting trends in a borderless world | 1

Accounting trends in a borderless worldEntering into the 21st Century, nancial professionals saw the emphasis of their responsibilities shiftfrom recording various aspects of a corporations nancial health to joining top executives in a broadbased partnership, a trend accelerated by the 2008 nancial crisis. New global research by CIMA, inco-operation with the UKs University of Bath, shows that momentum towards positions of greaterresponsibility is likely to continue for accountants the world over, although the extent of change maydiffer by geography.

Anecdotal evidence of such a shift abounds. Speaking toCFO Europe, Fazal Chaudhri, Group FinancialDirector at Exelco, a Belgian diamond concern, said the crisis has done his job prole a favour.1 Whereonce local managers would wait for him to approach them about performance, Mr Chaudhri now eldscalls from throughout the organisation seeking strategic advice. Similar stories echo in corporate

hallways from Beijing to Boston to Birmingham.Meanwhile, the emergence of distinct business models, a trend pushed by globalisation and theeconomic rise of Asia, is also forcing nancial professionals to re-examine their roles. Chinese andIndian companies in particular have gained global prominence while following their own rules andcustoms of governance and relationships, bringing into question whether there are universal bestpractices that should be adopted or at least adapted by corporations with similar economicaspirations. Companies that are predominately state-owned or -controlled and executives who placesignicant weight on personal relationships are among the major differences seen in the east thatnancial professionals must address while pursuing their objectives.

But giving texture to these trends has been difcult. CIMA and the University of Bath earlier this year conducted a global survey to help complete the picture. The online survey reached out to CIMAmembers and non-members in countries across the globe. In total 5,426 people responded to thesurvey, with signicant participation from those in manufacturing, nancial services, and wholesaleand retail trades. In addition, about a quarter of the respondents described their roles as senior nancialpositions. Of the total responses, 3,891 people were included in our comparison of east and west.

While more analysis remains to be done, initial ndings suggest a movement towards roles that addvalue beyond traditional nancial recording and reporting. Looking ahead, nance professionals seethe need to encourage these trends, both for career progression and personal job satisfaction. Butwhereas the trend towards value-added roles for the nance function is apparent worldwide, thereis a gap between the extent to which nance professionals in the east and west are heading in thatdirection. The west is moving ahead of the east, the survey suggests, possibly as a result of differingstarting positions, organisational structures, the mix of manufacturing and service industries andcultural climates.

1 Fazal Chaudhri, Group FD at Exelco, in:CFO Europe, April 2009, pp. 1314.


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2 | Accounting trends in a borderless world

Trends and convergenceStereotypical accountants depicted tirelessly in literature and cinema hunch lifelessly overtheir desks adding and subtracting endless columns of numbers. It is a dismal job held by nameless,glassy-eyed hordes. While these ctional portrayals were never accurate, the focus on numberscarries more than a grain of truth. Traditionally, accountants kept the books and assured that statutoryrequirements were met. Even as the role became more complex with innovative organisational models,a proliferation of regulations, and a glut of new nancial instruments, the focus on the books remained.Or so has been the perception.

This picture has indeed been changing over the past decades. Prodded by a rush of mergers andacquisitions and nancial restructuring, organisations recognised the extra value nancial professionalscould offer in strategic decisions, risk analysis and other essential areas. Indeed, a 2002McKinsey

Quarterly report cautioned that the value of a more traditional role [for nancial chiefs] has lapsedinto neglect.2 The global economic crisis hastened this change by focusing attention on the need forcorporations to bring more professionals who understand risk and nance into high-level strategicconversations. As an example of the overall shift, CFOs are more likely today to take the corporatereins as CEO than ever before. Earlier this year, Hewlett-Packards CFO, Cathie Lesjak, was namedinterim CEO following Mark Hurds unexpected departure.

In a later article, McKinsey reported on a 2009 survey and said, Respondents note a marked increase[following the nancial crisis] in the amount of time CFOs are spending in areas that are criticallyimportant during a crisis particularly, nancial planning and analysis, nancial risk management,strategic planning, and credit decisions.3 More than half the respondents to the McKinsey survey,CFOs and other nancial executives, told the consultancy they were spending more time in nancial

planning and analysis, nancial risk management, strategic planning and credit decisions after thecrisis than before.

Giving more evidence to this shift, the CIMA study looked at the roles undertaken by a broader rangeof nancial professionals in all geographies. The roles ranged from traditional number crunchers topartners in strategy and can be categorised as follows:

accounting operations: transaction processing, accounts payable and receivable, and internalnancial reports

external reporting: statutory reporting, corporate nance, treasury and nancial risk, andregulation, including internal audits, compliance with regulatory requirements, and taxes

management accounting: preparing and interpreting management accounting information, such

as forecasting, budgeting, costing and reporting on variances, as well as cash ow managementmanagement support: identifying and analysing strategic options, decision support, designing andtracking key personnel indicators, benchmarking, strategic management accounting, and businessrisk management

management information systems: developing, implementing and maintaining managementinformation systems

other: staff management, training, administration, and other miscellaneous activities.

2 Time for CFOs to step up, Timothy Koller and Jonathan Peacock,The McKinsey Quarterly , 2002 Special Edition: Riskand Resilience.

3 McKinsey Global Survey Results: How nance departments are changing,The McKinsey Quarterly , April 2009.


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As the roles progress from accounting operations to management support, the amount of value added

to the organisation and the contribution made by management accountants generally increases. Rolesin management information systems work across the others, supporting these functions.

At the same time, we analysed the results of our survey geographically, in particular looking fordifferences in how the roles of nancial professionals are evolving in the east and west. In our study,we dened west as primarily Anglo-Saxon markets Australia, New Zealand, North America and theUnited Kingdom (respondents from continental Europe were a small part of the overall survey pool) and east as geographically Asia. Altogether, the east/west analysis encompassed 3,891 of the 5,426responses to the survey.

The economic growth of Asia, especially China and India, is having a signicant inuence on hownancial roles at global corporations are changing. For the bulk of the modern economic era, bestpractices at international rms were dened by western corporations, which shared similar cultures,objectives and lifecycles. These were the companies that powered the global economy for decades,usually tapping into developing economies only for raw materials and, more recently, labour. Post-war Japan was an exception, moving from basic manufacturing to higher value electronics and automobilesby the end of the 20th Century, and paving the way for the Asian Tigers. But it was the phenomenalgrowth of China from the 1990s onwards, and Indias emergence as a global business technology centre at about the same time, that triggered a noticeable shift in the global economys centre of gravity.

Business models used in emerging Asia and traditional western markets were at odds. In the west,transparency was the keystone, providing clear rules and disclosures for how business should beconducted, and shareholder value maximisation became the universal mantra. With few exceptions,the largest and best corporations were privately held and usually the bulk of their stock was traded onstock exchanges. Meanwhile, in emerging Asia the powerful corporations were generally less transparent,governance systems were murkier, and decisions at all levels often inuenced by personal relationships.State-owned or -controlled companies are still more common in Asia than in the west, meaninggovernments are direct stakeholders in many of the best known Asian companies. Today, two of theworlds three largest banks are from China, both with strong links to the government.

With the global ow of capital and increased competition on global markets between companies inthe east and west, these differences create tensions, particularly in nancial functions where theymust be reconciled to complete business transactions and smooth other interactions, especially wheregovernments are meddling in the business. The open question has been whether these models willconverge around the western model, remain separate, or meld into some blend of the two.

From numbers to strategiesIn June 2010, the survey conducted by CIMA and the University of Bath showed that nancialprofessionals around the world are embracing the increased responsibilities that come with a morestrategic role. Generally, they view this shift as necessary for both career progression and personal jobsatisfaction. While the respondents saw obstacles slowing this change, these obstacles were deemedmanageable. Similar trends were seen in all geographies, although the inertia favouring moretraditional accounting functions appeared strongest in the east.


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What accountants are doing, want to be doing, should be doingResponses to our survey indicate that nancial professionals are dividing their time among a varietyof responsibilities (Exhibit 1). From the overall respondent pool, management accounting (forecasting,budgeting, cash ow management and other responsibilities) and accounting operations (traditionaltasks such as internal nancial reports and transaction processing) together account for almost halfthe time spent by respondents on the job, 22% and 20%, respectively. Management support (strategiccounsel and risk management, for example) follows closely at 18%. Part of this balance is a result ofthe nancial crisis. See The impact of the nancial crisis on pages 1213.

Exhibit 1: How we spend our time today

However, the survey showed a divide between how nancial professionals in the east and west spendtheir working hours. In the east, accounting operations take up the greatest portion of their time (25%),while in the west the balance shifts to management accounting as their biggest role (24%), on average.Time spent for management support is similar between the two groups (17% and 20%), although theaccountants in the west report a greater focus here as part of their portfolio of roles. Also interestingly,respondents in the east spend nearly half again as much time on external reporting duties (15%) thanthose in the west (11%), while those in the west spend more time (16%) on miscellaneous tasks (staffmanagement and training, for instance) than their counterparts in the east (12%).

Overall, the survey results show that nancial professionals in the west already focus a greater portionof their time on roles that add more value compared to those in the east (Exhibit 2). Asked how theybelieve they should be spending their time to promote career progression, both groups expressedthe need to move in the direction of management support and away from accounting operations(Exhibit 3). But while the direction of movement indicated is the same, the west continues to bestronger than the east in their desire for value-added roles. This could be the result of differentstarting positions, but culture and structural differences are also likely factors.

0% 5% 10% 15% 20% 25% 30%

11.516.0

15.5Other

All respondents West East

Source: CIMA/University of Bath Global Survey, 2010

Management support16.9

19.618.3

Management accounting18.4

24.222.4

External reporting15.2

10.511.9

Accounting operations24.8

19.120.4

Time reported on various roles, percentages

13.210.7

11.5Managementinformation systems

I N C R E A S I N G

V A L U E


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Exhibit 2: West more focused on value-added roles

External reporting

Accounting operations

Managementinformation systems

Other

Management support

Management accounting

West East

Current time reported on various roles, percentages

0%

5%

10%

15%

20%

25%

30%


Exhibit 3: Both east and west moving toward value adding roles

West East

Time needed on various roles for career progression, percentages

External reporting

0%

5%

10%

15%

20%

25%

30%

Accounting operations

Managementinformation systems

Other

Management support

Management accounting



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The respondents were also asked how they would prefer to spend their working time, and the gaps

between the responses from the east and west tell an interesting story (Exhibit 4). In all geographies,nancial professionals would rather be spending less time on routine accounting operations, and moreon management support. However, respondents in the west were especially eager to shift to greatermanagement support responsibilities, perhaps because they are in general already performing morevalue-added duties. This is also suggested by results that show respondents in the east feel they spendtoo little time on management accounting activities (preparing and interpreting information, includingforecasting and budgeting, and cash ow management), while those in the west feel they spend too much.

Exhibit 4: How wed rather spend our time

The gap in responses to how they should spend their time to promote career progression is alsoinformative (Exhibit 5). Respondents in the east and west agree that they spend too much timeon accounting operations and too little on management support. Those in the west saw a shiftto management support more vital to the future than those in the east, where a move towardsmanagement accounting was more pressing.

Exhibit 5: How we should spend our time

-10% -5% 0% 5% 10%

West EastSource: CIMA/University of Bath Global Survey, 2010

TOO MUCH TOO LITTLE

I N C R E A S I N G

V A L U

E

Other0

-0.6

Managementinformation systems 0.6

0.8


8.5


-1.5

External reporting-1.1

-1.4

Accounting operations-5.5

-6.4

Difference between preferred activities and current activities, percentage points

-5% 0% 5% 10%

West EastSource: CIMA/University of Bath Global Survey, 2010

TOO MUCH TOO LITTLE

I N C R E A S I N G

V A L U E

Managementinformation systems 0.4

0.1

Other -0.2-1.1

Management support 3.56.7

Management accounting 1.0-2.0

External reporting 0.1-0.2

Accounting operations -3.8-4.4

Difference between activities needed for career progression and

current activities, percentage points


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These results underscore that there remains signicant pressure for nancial professionals to move into

roles that add more value to their organisations and broaden their responsibilities beyond traditionalaccounting tasks. Fortunately, there is general alignment between how management accountantsbelieve they should divide their working hours for career progression and howthey would prefer to allot their time. Such harmony bodes well for jobsatisfaction moving forward. A notable exception: respondents in both theeast and west would like to shed some of their external reporting duties(Exhibit 4), but neither group thinks that would help their career (Exhibit 5).

Expectations for nanceInterestingly, when asked how employee hours were spent within the nance function of theirorganisations, respondents reported a much greater emphasis on accounting operations than theydid when asked how they spend their own time (Exhibit 6). The difference is likely the result of thenumbers of non-accountants working in the nance function, such as clerks and administrators, whofocus on traditional accounting operations. Responses on employee hours from nancial professionalsin the east and west were similar. Still, the west put more manpower generally against accountingoperations, and the east placed more against external reporting.

Exhibit 6: Labour within nance

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

All respondents West East



13.213.3


17.216.8

External reporting15.3

11.912.8

Accounting operations34.0

40.938.9

7.56.97.1

Other

14.19.9

11.1Management information systems

I N C R E A S I N G

V A L U E

FTEs within the finance function, percentages

Respondents in both the east and westwould like to shed some of their externalreporting duties, but neither group thinksthat would help their career.


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The differences became much more evident when respondents were asked how they expected the

allocation of full-time equivalents to change over the next ve to ten years (Exhibit 7). Westernrespondents were far more likely to expect little change in FTEs, even as about a third anticipated gainsin management accounting and management support. In the east, however, nancial professionalsexpected a greater increase in stafng across the board within the nance function. More than half therespondents expected an increase within the next decade in people active in management accounting,management support, and management information systems.

Exhibit 7: Expected changes within nance

The differences in expectations could reect greater optimism in the east about mid-term corporategrowth potential. Many companies in Asia have only recently entered global markets and believethere is tremendous untapped potential if they can successfully combine less expensive labour andproduct innovation. In addition, many observers expect domestic markets in China and India tobecome more lucrative, particularly as the fortunes and consumption habits of the middle-classin these countries expand.

0% 20% 40% 60% 80% 100%

decrease no change increase

West

Accounting operations 18.456.724.8

External reporting 13.573.613.0

Management accounting 29.258.412.4Management support 37.256.16.7

12.773.314.0Other

20.668.810.6Management information systems

0% 20% 40% 60% 80% 100%

decrease no change increase

East


Accounting operations 39.936.124.0

External reporting 33.955.410.7

Management accounting 54.537.18.4

Management support 54.334.910.9

33.950.815.3Other

50.642.07.5Management information systems

Changes in FTEs expected in the finance function over the next five to ten years, percentages


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ObstaclesThe survey also explored how nancial professionals view roles that are more integrated within theirorganisations and that include responsibilities beyond accounting operations. The results describe theperceived obstacles they face as they work to develop broader roles.

In general, the respondents recognised obstacles ranging from the increasedpressure of added responsibilities to concerns about their own objectivity,but they felt these barriers were not especially troublesome, with a 3 on thescale representing a neutral response (Exhibit 8). Financial professionals inthe east and west ranked these obstacles in the same order, although thosein the east gave each slightly greater weight.

Exhibit 8: Obstacles to overcome

The greatest differences between responses from east and west focused on statements centred on anaccountants objectivity and amount of recognition (Exhibit 9). This could perhaps be traced back tothe greater importance placed on personal relationships in the east.

1:Strongly disagree

2:Disagree

3:Neutral

3.29

2.70

4:Agree

5:Strongly

agree

Cannot be objective

Feel less objective

Feel less rewarded

Insufficient recognition

Seen as less objective

Under increased pressure

West East


3.312.81

3.332.95

3.543.02

3.573.14

3.623.37

Views concerning accountants with integrated roles, extent of agreement

Respondents in the east feel theyspend too little time on managementaccountancy activities (...budgeting andcashow management), while those inthe west feel they spend too much.


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Exhibit 9: Perception gaps

Role clearly expandingThe CIMA global survey shows that the role played by nancial professionals is evolving intoactivities that directly guide and support an organisations strategic direction. Financial professionalssee responsibilities that add increased value to a corporation as personally satisfying and importantto career progression, creating a strong push to continue the current momentum. And in a borderlessglobal economy, where capital and professional labour ow relatively smoothly from one market tothe next, there are many similarities between accounting activities in the east and west, withrespondents in both groups reporting momentum in the same direction.

At the same time, however, the survey located subtle differences between the two geographies.Although moving in the same direction, nancial professionals in the west appear to have alreadybecome more focused on roles of greater value-added than those in the east. More research is neededto pinpoint the reasons for this difference. Contributing factors are likely to be complex, and varied.The destination seems clear, but perhaps the momentum, starting points, or both, are different?

The separate speeds may also be linked to differing stages of economic and market development,differences in the importance placed on caution and continuity, or (most likely) a combination of these

factors. Structural and ownership differences could place more emphasis on recording and reportingthan disclosing and informing in the east, and cultural and educational environments could account fordifferent aspirations, such as with respect to career progression and recognition. In addition, traditional

Underincreasedpressure

Feel lessrewarded

0.25

0.380.43

0.5 0.520.59

Seen as lessobjective

Feel lessobjective

Insufficientrecognition

Cannot beobjective

0

0.5

1

Gap

Difference between east, west reactions to obstacles



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accounting operations were tailored for manufacturing industries, and as markets shifted

their emphasis to service industries and intangibles, a broader range of accounting and nancialskills were required. Although there is movement toward services and brands, economies inthe east in general remain more dependent on manufacturing, which mayhelp explain the continued focus on accounting operations. But there is alimit to how far the profession can and should shift. At some point, themomentum in the west will be slowed by these limitations. If the momentumin the east continues unabated, greater convergence may happen.

While the nature of an accountants task may gradually converge globally, thedetails will likely remain distinct. A nance professional sitting in an ofce inLondon faces a much different cultural and institutional environment than acounterpart in Shanghai. Reporting requirements, ownership models, and the

mix of stakeholders, for example, will continue to force a separate approachto similar problems. Such separate approaches will have to somehow co-exist, andnancial professionals will have to nd practical ways to engage with one another.

The results of our survey also underscore the need for nancial professionals to remain true tothe traditional duties of accounting operations transactions, internal reporting, account processingand the like. Even as they are asked to do more things well, the fundamentals of accounting willremain vitally important and will underpin all other activities at every level of an organisation.

ConclusionKeeping the numbers in order no longer spans the entire extent of an accountants reach. As the global

crisis has shown with no uncertainty, major corporations need nancial professionals who understandrisk management, cash ow, nancial instruments and other complex functions and can offer strategicguidance to top executives and, indeed, to enter boardrooms as peers. Our survey has shown theprofession is continuing to evolve in that direction, albeit with regional nuances. Those who continueto embrace old skills exclusively will likely be left behind. Those who embrace their expanding rolesand responsibilities with competence and integrity will be in demand. But as they become ever moreclosely connected with the business, they must also ensure to not become subservient to it.

But there is a limit to how far theprofession can and should shift.At some point, the momentum inthe west will be slowed by theselimitations. If the momentum inthe east continues unabated,greater convergence may happen.


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The impact of the nancial crisisThe global nancial crisis triggered a distinct shift in emphasis for nancial professionals aroundthe world. In all geographies, respondents to our survey reported a sharper focus on managementcontrols (Exhibits 10 and 11). In east and west, the ve most commonly implemented responses tothe crisis centred on cost controls and increased reporting on business performance against budgetand of cash ow and cash position.

Exhibit 10: Wests response to nancial crisis

0% 20% 40% 60% 80% 100%

no action under consideration implemented

19.224.556.3

22.424.752.9

30.721.248.2

32.028.739.3

39.630.829.6

39.727.732.6

42.726.231.1

44.118.337.6

44.325.929.8

45.616.737.7

48.023.928.1

49.923.826.3

54.117.128.9

54.515.430.1

55.515.728.8

56.417.326.3

72.115.512.4

More training for finance staff

Other changes

Reduced recruitment in finance

Increased external benchmarking

Increased focus: leading indicators

Closer collaboration within organisation

Improved transaction processing

More detailed reports (debtor, creditor ageing)

Supporting refocus on core activities

More frequent reports (debtor, creditor ageing)

More emphasis: customers, products

More scrutiny on capital projects

More detailed reports (cash flow, position)

More frequent reports (performance against budget)

More frequent reports (cash flow, position)

More detailed reports (performance against budget)

More emphasis: cost control

Measures taken in the west since start of global financial crisis, percentages



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Exhibit 11: Easts response to nancial crisis

0% 20% 40% 60% 80% 100%

no action under consideration implemented

29.742.927.4

32.137.630.3

38.239.722.0

39.542.318.2

44.443.412.2

47.240.412.4

48.337.214.548.339.712.0

49.437.213.5

49.838.212.0

52.437.410.3

53.234.212.6

56.432.710.9

56.632.710.7

58.332.79.0

63.926.110.0

64.129.56.4

Other changes

Reduced recruitment in finance

More training for finance staff

Increased external benchmarking

Increased focus: leading indicators

Closer collaboration within organisation

More detailed reports (debtor, creditor ageing)Supporting refocus on core activities

More scrutiny on capital projects

Improved transaction processing

More emphasis: customers, products

More frequent reports (debtor, creditor ageing)

More detailed reports (cash flow, position)

More detailed reports (performance against budget)

More frequent reports (performance against budget)

More frequent reports (cash flow, position)

More emphasis: cost control

Measures taken in the east since start of global financial crisis, percentages


Outward looking responses, such as increased external benchmarking and greater emphasis onleading indicators, as well as nance staff training, clustered along the bottom of the lists of bothgroups. In a positive sign for the profession, both groups also placed reduced recruitment of nancestaff near the bottom of their rankings.

While the order of the responses was similar between east and west,the extent of the response was different. In every category but two,more respondents in the east reported that their companies had alreadyimplemented the various measures, and those that had not were morelikely than their western counterparts to be considering those actions. Theexceptions were an increased emphasis on cost controls, which toppedboth lists but were implemented more often in the west, according to ourrespondents, and re-examination and closer scrutiny of capital projects,a mid-ranking measure that was slightly more common in the west.

The rapid response in the east is somewhat surprising since Asia was less directly impacted bythe global crisis than developed economies in the west. China and India, for example, witnessedslower growth, but neither country went into recession and their nancial institutions had yet tostart dabbling in exotic debt instruments. For many Asian countries, the primary impact of theglobal slowdown has been a loss of export markets. That said, the rapid response in the east perhapssuggests a healthy vibrancy in the accounting profession, and that momentum is well apace indeed.

The rapid response in the eastis somewhat surprising since Asia

was less directly impacted by theglobal crisis than developedeconomies in the west.


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