In addition to the top 10 competencies,other skills have been identified as becoming increasingly important for professional accountants in corporate reporting roles.For example,group restructuring skills are likely to be widely needed,alongside the communication and interpersonal skills necessary for fulfilling a business partnering role.Professional accountants will need to be comfortable using technologies such as cloud computing and big data.This is a key area where workshop participants felt current skills are inadequate.Another such area is financial mathematics,which professionals need in order to understand complex accounting,particularly for financial instruments.
In contrast,over the next one to three years,some current corporate reporting skills are expected to become less important.These include basic and manual bookkeeping and accounting skills and compliance reporting.
Top 10 competencies in corporate reporting
*Holistic view of corporate reporting
*Ethics
*Stakeholder management and engagement
*The financial reporting framework
*Reporting the financial performance of entities
*Non-financial reporting
*Analysis and interpretation of financial and non-financial data
*Foreign transactions and entities
*Financial instrument valuation
*Critical thinking