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Below are a few of the issues that accounting and finance professionals will want to keep on their radar screens: Increasing demand for skilled professionals – On top of existing demand factors, changing demographic features also favor next generation accountants. Companies are preparing for the departure of millions of baby boomers expected to begin retiring in the next five to 10 years. A majority of businesses are developing strategies—such as enhancing their succession-planning programs and increasing recruiting efforts—to compensate for the loss of these employees. Enterprise risk management – Accountants increasingly will be focused on helping companies identify and manage risks. A valuable tool in this effort will be the Enterprise Risk ManagementIntegrated Framework from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which describes the essential components, principles and concepts of enterprise risk management for organizations of all sizes. Fair value accounting – Proponents of fair value accounting say it provides more transparency than historical cost-based measurements because it recognizes the current worth of assets, not the cost of acquiring them. The Financial Accounting Standards Board defines “fair value” as the price at which an asset or liability could be exchanged in a current transaction between knowledgeable, unrelated willing parties.Globalization – Today’s accounting and finance professionals must dedicate themselves to understanding other cultures and global business perspectives. They may also consider accepting an international assignment to enhance their expertise. Fraud control – The corporate accounting scandals have increased demand for accountants with fraud-detection and investigation skills who preferably also possess the certified fraud examiner (CFE) designation. Formerly brought in after an incident occurred, these professionals are now sought by organizations to tighten procedures and prevent fraud before it happens.
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