M1 slides

• The main purpose of the report is to analyze the current state of the business issue, identify potential solutions or recommendations, and propose an action plan.
• Contemporary business issues are examined in the module "Future Accounting Skills" 5th Edition.
• The evolving role of the accountant in a changing business and technology environment is assessed in the module "Future Accounting Skills" 5th Edition.
• Strategies to facilitate and promote ethical behaviour in an organisation are analysed in the module "Future Accounting Skills" 5th Edition.
• The roles of the accountant in leadership in an organisation are evaluated in the module "Future Accounting Skills" 5th Edition.
• Accountants can add value by enabling strategic and sustainable business development.
• Profits and social responsibility can go hand in hand is being confirmed in new and creative ways.
• A change agent is a person or group who takes leadership responsibility for changing the existing pattern of behaviour of another person or system.
• Decisions must always be made and problems solved with ethical considerations standing side by side with high-performance objectives, be they individual, group or organisational.
• Leading teams involves serving as the appointed head of a formal work unit, the peer leader and networking hub for a special task force, a helpful contributing member of a project team, and the external sponsor of a problem-solving team staffed by others.
• Drivers of change in the accounting profession include innovation, which is the economy’s engine of growth.
• Accountants need to help drive innovations based on technology and be aware of emergent technologies.
• Technologies planned to be implemented by 2025, are set to drive future growth across industries, as well as increase the demand for new job roles and skill sets.
• Technology enabled innovation is a key driver of change for the accounting profession.
• A future-focused accountant provides strategic advice to help the business understand its circumstances and grow.
• Most valued skill likely relate to insights, options and decisions derived from information.
• The focus of accountants shifts from basic services, such as tax reporting, towards helping the business predict and shape its future.
• Accountants need to develop skills beyond their specialisations and develop business, behavioural and leadership skills.
• Accountants need to adjust services to reflect client needs, such as small, mid-sized and large enterprises.
• SMEs prefer fixed fee or combination fixed-fee and time-based billing over customary time-based billing practices used by majority of accountants.
• Amy Vetter CPA, an author, speaker and consultant, questions the value of the traditional accounting service structure in the contemporary business environment.
• Verbal communication includes spoken and written words.
• Critical thinking involves evaluating information to develop an argument, reach a conclusion or solve a problem.
• Cross-cultural communication involves considering the cultural context of any communication initiative, especially in international business.
• Decision making involves using a combination of logic and intuitive judgement to choose from the possible courses of action.
• Communicating to influence involves using various tactics to attempt to exert influence, such as varying degrees of assertiveness, behaviours designed to ingratiate ourselves to others, logical arguments, offering to do something for someone in exchange for their doing something, punishment or the threat of punishment, mobilising others to help put pressure on the target individual, relying on the chain of command, and calling in superiors to help get our way.
• Innovative thinking goes beyond idea generation to also address issues of implementation.
• Communication is central to all personal and professional relationships and is used to inform, instruct, persuade, exert influence, change behaviour, interact, and build rapport and affinity.
• Communication technologies, such as email, chat, social media and videoconferencing, require a greater diversity of communication skills and approaches than traditional written and verbal skills.
• Knowledge management and data systems are increasingly able to deal with raw data.
• A particular word or expression may hold different meanings for the sender and the receiver, and misinterpretation of the message can result in failed communication.
• Ideas for dealing with routine problems can involve a programmed decision, but the decision maker must ensure this approach does not forgo the opportunity to develop a better approach to the problem and addressed the ‘right’ problem.
• Communicating with clients and colleagues involves having the right information and advice and communicating it so it is readily understood by the receiver, who commonly will not be an accountant.
• Creative thinking involves generating new ideas, thinking about something from a new perspective and making new connections between ideas.
• Ethical conduct means acting in a way that accords with the standards for right behaviour or practice.
• Accountants’ behaviour skills define their ability to integrate with others and to effectively communicate information and advice relevant to the strategic direction of the business.
• In Australia, the Accounting Professional and Ethical Standards Board sets a code of ethics and professional standards which are mandatory for members of CPA Australia, CA ANZ and IPA.
• An ethical dilemma occurs when action must be taken but there is no clear ‘ethically right’ option.
• A process for dealing with ethical dilemmas provides a framework for making consistent decisions with integrity, particularly in volatile business conditions.
• A team is a small group of people with complementary skills, who work together to accomplish shared goals while holding themselves mutually accountable for performance results.