Earlier this month, AICPA & CIMA, together as the Association of International Certified Professional Accountants, and the Shanghai Advanced Institute of Finance held a launching ceremony in Shanghai for the Chinese version of the Global Management Accounting Principles 2.0 (GMAP 2.0), which were revised last year.
The guidance is available to download in Chinese for AICPA & CIMA members. The revised principles reflect a new management accounting body of knowledge that has been updated, both through applied and academic research, since 2013. The new principles incorporate the evolution of the profession, particularly regarding performance and organisational management, and the Future of Finance research.
The principles will enable management accountants to be more flexible and adaptable, with more focus on the application of nonfinancial aspects such as sustainability data, said Andrew Harding, FCMA, CGMA, chief executive–Management Accounting at AICPA & CIMA, in a news release.
“There is a huge talent gap in management accounting, and the half-life of management accounting skills is four years.” Harding said in the release.
As a result of the technology-driven speed of business, management accountants need to be able to leave old skills behind and learn new ones, bringing that knowledge to their organisations.
Perennial learning and development are intrinsic to the growth of the accounting and finance profession, Barry Melancon, CEO of AICPA & CIMA, said at the April summit in Shanghai.
“Financial and accounting practitioners are facing a disruptive era. With the rapid increase of corporate intangible assets, professional accounting and management accountants need to provide high-quality and reliable services for enterprises,” he said. “Continuously developing the core strength of value creation requires all practitioners in the financial field to continuously raise standards, provide long-term value to the companies and institutions they serve, provide quality guidance, and protect credibility.”
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