The Value Of Accounting : ACCA, F5 Performance Management Accounting

August 24th, 2010 by admin

The unprecedented, worldwide economic downturn has led to debate about how business might drive the generation of a sustainable recovery. The Association of Chartered Certified Accountants, ACCA for short, is steadfast in its view, that to stimulate the requisite levels of economic growth, finance professionals will need to take the lead. Professionals qualified through the ACCA and conversant with subjects like Performance Management Accounting, paper F5 of the group’s core accounting qualification, will be at the vanguard of this crucial process. The ACCA, founded in 1904, seeks to provide business relevant qualifications and training. These are globally recognised and seek to provide the student not just with the basic, foundational knowledge, but also, the means with which to use it in practice.

As a result of its “Accountants For Business” campaign, the ACCA seeks to highlight finance professionals as “true value creators across organisations”. The campaign’s key message is clear, that by utilising tried and tested business practice, accountants can be a force for moulding and helping business and rebooting economic growth. This is driven home by its recent paper called “In Pursuit of Sustainable Business”. Distilled from detailed research of its extensive membership, the paper makes a number of key points concerning the future and current value of accounting. In essence, the research indicates that far from being the stereotypical, bean counter, accountants are increasingly engaged in non-traditional functions such as strategic planning, problem solving and IT project management.

A brief review of the F5 paper, Performance Management Accounting, gives some idea of how qualified finance professional are able to make such an important contribution to the corporate world. The Syllabus contains such practical subjects as specialist management and cost techniques, budgeting, decision-making, standard costing and variance analysis, as well as, performance measurement and control. That said, this is not some bland course of theoretical study but a way to up-skill the professional to enable hands on management and value creation for the business. The ACCA, not surprisingly, supplies all the normal, support and resources needed to achieve the qualification. In respect of the F5 paper, this even extends to a topic specific, microsite, a tool kit of everything needed for learning and being successful at exam.

“In Pursuit of Sustainable Business” boldly states that “the golden age for accountants is truly here…”. Without doubt, finance professionals equipped with an ACCA qualification will be well placed to enjoy it!