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Professional skills required by accountants for applying international financial reporting standards: implications from Indonesia

Professional skills required by accountants for applying international financial reporting... The purpose of this study is to identify the professional skills and competencies of accountants that support a successful implementation of International Financial Reporting Standards (IFRS). The authors further investigate the extent to which professional accountants have developed these skills through professional training.Design/methodology/approachIn the survey, Indonesian accountants were provided with a list of 47 skill items under nine categories of professional skills and were asked to rate the importance of each skill item and to indicate the level of priority given to the development of the skill items in the professional training they have undertaken. Their responses provide insights into the skills needed for applying IFRS and the adequacy of professional training in providing these skills.FindingsThe authors find that accounting judgement is considered to be the most necessary skill for applying IFRS. Likewise, the findings show that ethical skills and certain generic skills are also perceived to be necessary for adequate application of IFRS, while skills relating to cultural sensitivity are viewed as least important. The findings further demonstrate that professional training programmes need to emphasise the development of judgement and other relevant skills that are important skill categories for applying IFRS.Research limitations/implicationsThis study extends the literature on IFRS implementation through a specific focus on the professional skills required by accountants.Practical implicationsThese findings have important policy implications for the standard-setters, regulators, auditors and to professional training providers across the world, such as professional accounting associations, accounting firms and educational institutions, for evaluating the content of the training and education programmes being delivered to accountants to prepare them with the relevant skills for applying IFRS.Originality/valueThis study is one of the first to examine the importance of various types of skills necessary for accountants in applying IFRS and the extent to which these skills have been developed through the professional accounting training provided. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Meditari Accountancy Research Emerald Publishing

Professional skills required by accountants for applying international financial reporting standards: implications from Indonesia

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References (65)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
2049-372X
eISSN
2049-372X
DOI
10.1108/medar-02-2022-1591
Publisher site
See Article on Publisher Site

Abstract

The purpose of this study is to identify the professional skills and competencies of accountants that support a successful implementation of International Financial Reporting Standards (IFRS). The authors further investigate the extent to which professional accountants have developed these skills through professional training.Design/methodology/approachIn the survey, Indonesian accountants were provided with a list of 47 skill items under nine categories of professional skills and were asked to rate the importance of each skill item and to indicate the level of priority given to the development of the skill items in the professional training they have undertaken. Their responses provide insights into the skills needed for applying IFRS and the adequacy of professional training in providing these skills.FindingsThe authors find that accounting judgement is considered to be the most necessary skill for applying IFRS. Likewise, the findings show that ethical skills and certain generic skills are also perceived to be necessary for adequate application of IFRS, while skills relating to cultural sensitivity are viewed as least important. The findings further demonstrate that professional training programmes need to emphasise the development of judgement and other relevant skills that are important skill categories for applying IFRS.Research limitations/implicationsThis study extends the literature on IFRS implementation through a specific focus on the professional skills required by accountants.Practical implicationsThese findings have important policy implications for the standard-setters, regulators, auditors and to professional training providers across the world, such as professional accounting associations, accounting firms and educational institutions, for evaluating the content of the training and education programmes being delivered to accountants to prepare them with the relevant skills for applying IFRS.Originality/valueThis study is one of the first to examine the importance of various types of skills necessary for accountants in applying IFRS and the extent to which these skills have been developed through the professional accounting training provided.

Journal

Meditari Accountancy ResearchEmerald Publishing

Published: Mar 6, 2024

Keywords: Accountant’s perceptions; Skills; IFRS; Professional training; Judgements

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