The framework was released to coincide with the 30th anniversary of the Bedford Report, a study by the American Accounting Association that acknowledged “the gap between what accountants do and what accounting educators teach,” the proposal states, and the IMA seeks to bridge the skills gap.
“For three decades, IMA has been focused on real-world solutions to the growing talent gap that has evolved with the expectations of the CFO growing beyond value preservation to include value creation,” IMA President and CEO Jeff Thomson, CMA, CAE, said in a prepared statement. “This framework, and its underlying career-enhancing development resources, will help close the talent gap to the benefit of organizations and society.”
Unique to the framework is the “ecosystem” approach that the IMA applies to the talent challenge, which gives academia, employers and corporations, and associations a stake in the game, Thomson said.
The framework targets five core competencies required for the credential of Certified Management Accountant and accountants overall.
Those competencies are:
1.Planning and reporting. Envisioning the future, measuring performance, and reporting financial results. This group of competencies targets:
Financial recordkeeping and financial statement preparation
Strategic and tactical planning
Forecasting, budgeting, performance management, cost accounting and cost management, and internal controls
Tax accounting, management, and planning
2.Decision-making. Guiding decisions, managing risk, and establishing an ethical environment. This pertains to:
Financial statement analysis
Operational decision analysis
Enterprise risk management
Capital investment decisions
3. Technology. Managing technology and information systems to allow effective operations. This pertains to enterprise resource planning and general ledger systems, and information systems and software literacy.
4.Operations. Contributing as a cross-functional business partner to transform company operations. This targets industry and operational knowledge, as well as quality and project management.
5.Leadership. Collaborating with others and inspiring teams to achieve goals. This involves:
Terry Sheridan is an award-winning journalist who has covered real estate, mortgage finance, health care, insurance, personal finance, and accounting and taxation issues for newspapers, magazines, and websites. A Chicago native and former South Florida resident, she now lives in New England.