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South Africa: Accounting Acceptance Benefits Country
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Business Day (Johannesburg)
19 May 2008
Posted to the web 19 May 2008
Sanchia Temkin
Johannesburg
AN AGREEMENT between the Southern African Institute for Business Accountants (Saiba) and the Institute of Management Accountants of America, the world's leading accounting professional body, is expected to rebalance the accounting profession in southern Africa.
Business accountants who are members of Saiba will now be able to advance their careers with the introduction of certification as a management accountant and financial accountant that is internationally recognised, a first for southern Africa.
The certification does not require a diploma or degree as a prerequisite and members will be able to start at a basic level and work towards certification.
The agreement with the international accounting professional body will also provide a forum for the business accountant and other financial professionals to develop and advance their careers both locally and internationally.
Saiba president Dr Renier Nell said last week that although the training of business accountants dated back to the late 1960 s, the true role of the business accountant had been underestimated by commerce and industry for far too long.
"This necessitated a refocus on the role of the business accountant," Nell said.
Taking into account the unique economic conditions in southern Africa whereby a formal economy has to be reconciled with a developing economy, the qualified business accountant was best positioned to act as a catalyst to bring different economic expectations and realities together and to focus on the creation of wealth in southern Africa.
Nell said the business community required creative business accountants and not creative accounting. This meant that if the role of the business accountant was acknowledged it would not be necessary to use interest rates to manage inflation targets. Instead, the skills of the business accountant could be used to manage the processes.
In association with the Institute of Management Accountants of America, Saiba has developed a strategy to be recognised internationally for excellence, focusing on the vital link between financial and non-financial components of any organisation.
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With continuous changes being made to the accounting laws, Saiba had grasped the opportunity to create awareness by educating and informing the business community in southern Africa of the role of the business accountant working inside organisations, Nell said.
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