Cost and Management Accountants (CMA) are in high demand by employers all over the world because CMAs possess a rare combination of financial and accounting skills for businesses of all sizes, said Abul Bashir Khan FCMA, an eminent financial sector expert and Chief Financial Officer (CFO) of SMC Enterprise Limited.
Bashir Khan, in an exclusive interview with Bangladesh Post, also said that the companies today are looking for employees who can manage their finances, can understand and interpret financial data, so it is recommended to enhance the knowledge how to analyse data for the management decision and enhance the business efficiency.
Highly experienced accounting professional Abul Bashir Khan finds that the biggest challenges of accounting profession as well as the CMA profession face like automation and artificial intelligence (AI) are taking over more traditional accounting duties.
He also mentioned that lack of financial analysis and strategic skill, preparedness for evolving change and knowledge-based technology and technical know-how of regulatory issues also pose major challenge in the field.
The excerpts of his interview is produced for the valued readers of Bnagladesh Post
Bangladesh Post: First of all, could you please brief on the accounting standard here in Bangladesh, comparing to the standard in our neighbouring and developed nations? Bashir Khan: Bangladesh adopted all the International Accounting Standard including Bangladesh Accounting Standards (BAS) through the Institute of Chartered Accountants of Bangladesh (ICAB) and also adopted the International Financial Reporting Standards namely Bangladesh Financial Reporting standard (BFRS).
In addition to that cost accounting standard has also been set up in order to facilitate the practice of Cost Accounting, the government has so far issued cost accounting record rules and cost audit report rules for the cost and management accounting professions in Bangladesh.
Bangladesh Cost Accounting standards has also been issued by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) in two volumes. Comparing to neighboring countries and developed world we are not behind in terms of practising the IAS and IFRS.
Bangladesh Post: What are the challenges or drawbacks you feel in the way of flourishing the CMA profession in our country? What are your recommendations in this regard?
Bashir Khan: The biggest challenges of accounting profession as well as the CMA profession are – i. automation and artificial intelligence (AI) are taking over more traditional accounting duties, ii) lack of financial analysis and strategic skill, iii) preparedness for evolving change and knowledge-based technology, iv) technical know-how of regulatory issues.
CMAs are in high demand by employers all over the world because CMAs possess a rare combination of financial and accounting skills for businesses of all sizes. Companies today are looking for employees who can manage their finances and understand and interpret financial data, so it is recommended to enhance the knowledge how to analyze the data for the management decision and enhance the business efficiency.
Bangladesh Post: How the technology can create impact on accounting profession?
Bashir Khan: Technology has already made significant impact on the accounting profession. Now a days, accounting function has changed a lot. Accountants are playing diverse roles today as technological advancement, they can manage the computing and accumulating data quickly. Traditional accounting task can be outsourced now so they can save time for better analysis for decision making.
Companies look for accounting solutions that can give them deeper insights rather than just an overall financial position, so they can make informed decisions. “Accounting software has evolved to meet these new needs. It enables customization across every aspect of accounting, including data entry, reconciliation, and reporting.
Business owners are now more conversant to sue the accounting software for their basic book keeping knowledge with getting an expert help. Softwares are now so robust to provide generalized accounting data.
Bangladesh Post: What about the level of standard in institutional or academic learning for the accounting students? Do you expect any further improvement?
Bashir Khan: Accounting students of our general education system in school and college level even in some private/public university level is not in the desired level. We have to amend our curriculum in such a way so that after graduation or (when they are in service) it can be applied in practical field. I expect that our policy makers for the education and professional bodies will take due care for developing the curriculum adapting the changing and growing need of future.
Bangladesh Post: What is your advice for the new generation professionals in the diverse field of accountancy?
Bashir Khan: Developing skills through learning and knowledge is the key to success…I mean the analytical skill, communication skill, relationship and network, creativity, business acumen and tech savvy.
Bangladesh Post: How the CMA, as a certification, helped you in upgrading your career and achieving the career goal?
Bashir Khan: CMA as a certification helped develop my career significantly. Without the CMA degree it would be very difficult to achieve the top position in finance of a large organization. It is very necessary to understand the core values of an organization which can be a great inspiration for career goal.
Bangladesh Post: Finally what will be your messages on the occasion of International Accounting Day-2022?
Bashir Khan: I wish the International accounting day 2022 a great success.