Iace 50673 Lawson PDF

ISSUES IN ACCOUNTING EDUCATION American Accounting Association
Vol. 29, No. 2 DOI: 10.2308/iace-50673

2014
pp. 295–317
Focusing Accounting Curricula on Students’

Long-Run Careers: Recommendations for an
Integrated Competency-Based Framework for
Accounting Education
Raef A. Lawson (Chair), Edward J. Blocher, Peter C. Brewer, Gary Cokins,
James E. Sorensen, David E. Stout, Gary L. Sundem, Susan K. Wolcott, and
Marc J. F. Wouters
ABSTRACT: Professional organizations, accrediting bodies, and accounting educators
have defined the competencies that accounting students need for entry-level success in
public accounting. However, definitions of the competencies required by all accounting
students for long-term career requirements are lacking, as is an understanding of how to
develop these competencies within the accounting curriculum. In 2010 the Institute of
Management Accountants (IMA) and the Management Accounting Section (MAS) of the
American Accounting Association (AAA) formed a Task Force to address these issues
and make curriculum recommendations for all accounting majors. This paper is a report
of that Task Force. It is responsive to the recent call to ‘‘connect the accounting body of
knowledge to a map of competencies’’ and to create ‘‘curricular models for the future’’
(Pathways Commission 2012, 37, 75), and it includes a literature review that spans the
scope and focus of accounting education, the value proposition for accounting (i.e.,
specification as to how accountants today, working in a variety of settings, add
organizational value), and the importance of competency integration. This review leads
to four recommendations. First, accounting education should be oriented toward long-
term career demands. Second, the focus of accounting education should include
organizational settings beyond the current focus on public accounting/auditing. Third,
educational objectives should reflect how accountants add organizational value. Fourth,
these objectives should be developed as integrated competencies. These recommen-
Raef A. Lawson is a Professor-in-Residence and Vice President, Research & Policy of the Institute of
Management Accountants (IMA), Edward J. Blocher is a Professor at The University of North Carolina at
Chapel Hill, Peter C. Brewer is a Professor at Wake Forest University, Gary Cokins is the founder of
Analytics-Based Performance Management LLC, James E. Sorensen is a Professor at the University of
Denver, David E. Stout is a Professor at Youngstown State University, Gary L. Sundem is a Professor
Emeritus at the University of Washington, Susan K. Wolcott is a Thought Leader at CA School of Business and
independent scholar, and Marc J. F. Wouters is a Professor at Karlsruhe Institute of Technology, Germany.
The authors acknowledge the many helpful comments and recommendations from the anonymous reviewers, the
associate editor, and Lori Holder-Webb (editor), which collectively improved both the content and flow of this
manuscript.
Published Online: December 2013
295
296 Lawson, Blocher, Brewer, Cokins, Sorensen, Stout, Sundem, Wolcott, and Wouters
dations lead to the competency-based educational Framework presented in this paper.

This Framework is intended to apply to a variety of career paths including, but not limited
to, public accounting. The paper concludes with a call to accountants in all areas to
participate in further development of the Framework.
Keywords: professional competencies; curriculum recommendations; framework for

accounting education; accounting curricula; long-term career requirements;
Pathways Commission.
INTRODUCTION
I
n 2010 the Institute of Management Accountants (IMA) and the Management Accounting
Section (MAS) of the American Accounting Association (AAA) formed a Joint Curriculum
Task Force to create a comprehensive educational Framework that defines required
competencies1 of accounting and finance professionals working in a variety of organizational
settings. This paper presents the first report of that Task Force and begins with a review of the
extant professional and academic literature. This review leads to four recommendations. First,
accounting education should focus on curricular requirements for long-term career demands. The
historical emphasis (see American Institute of Certified Public Accountants [AICPA] 2003;
International Federation of Accountants [IFAC] 2010; Association of Chartered Certified
Accountants [ACCA] 2013; CPA Canada 2012a) has been on the competencies accounting
graduates need to successfully begin their careers. Second, the focus of accounting education
should include organizational settings beyond a focus on public accounting. Currently, over 80
percent of accounting graduates ultimately choose careers outside of public accounting (Siegel,
Sorensen, Klammer, and Richtermeyer 2010a). Third, curriculum recommendations should
fundamentally derive from an analysis of how accountants add organizational value. While
accountants continue to have responsibility for reliable and transparent reporting to external
stakeholders, surveys of financial executives (e.g., Siegel and Sorensen 1994; Siegel, Applebaum,
Barnett, Sorensen, and Sudman 1996; CFO Research Services 2011; Groysberg, Kelly, and
MacDonald 2011; Nordman, Lin, and Fuessler 2011) confirm that accountants are expected to
integrate traditional accounting within a broad management context and to collaborate with other
managers to improve organizational performance, including strategy implementation. Fourth, the
knowledge, skills, and abilities of an accounting education should emerge and be developed within
the curriculum as integrated competencies, as this is how those competencies will be deployed
within the organization.
These recommendations lead the Task Force to propose a conceptual Framework that identifies
the competencies necessary to create value in the long-run careers for all accountants. This
Framework is grounded in an understanding of the scope of the current and probable future practice
of accounting. It is also consistent with selected other frameworks for accounting education (as
discussed later).
The remainder of the paper is organized as follows. First, a review of the literature explores the
need for change in accounting education. This review includes an overview of how accountants add
value to organizations in a range of settings and explores the role of the accountant in a strategic
context. Second, based on the literature review, the Task Force presents an educational Framework
that defines the set of long-run professional competencies (including initial entry-level
1
Competencies are the set of knowledge, skills, and abilities required for professional success in accounting.
Knowledge is the intellectual content to be learned, skills are the capacity to apply the knowledge to achieve
specific goals and objectives, and abilities are the application of knowledge and skills in a professional work
environment.
Issues in Accounting Education

Volume 29, No. 2, 2014
Focusing Accounting Curricula on Students’ Long-Run Careers 297
competencies) for all accountants, regardless of career track or intentions. Third, the paper contains
a comparison of the Framework with other extant accounting education frameworks. Fourth, the
manuscript starts a discussion of some benefits and costs of the proposed Framework, as well as
suggestions for future work. The paper concludes with a brief summary.
LITERATURE REVIEW
The Need to Broaden the Scope of Accounting Education

In this section, the Task Force reviews the calls for change in accounting education and
concludes that they support a broadening of the scope of the curriculum in two major respects. First,
there is a need to attend to long-term career demands. Second, there is a need to prepare accounting
graduates for careers across a wide spectrum of organizational settings.
Modern accounting education dates from 1959 when the Ford Foundation and Carnegie
Commission issued reports criticizing business education in the U.S. (Gordon and Howell 1959;
Pierson 1959). Trueblood (1963, 90) elaborated in the context of accounting, arguing against
‘‘excessive educational differentiation for industrial and public accountants.’’ This period ushered in
additional calls for change in accounting education, such as those issued by the AAA (AAA 1968)
and the AICPA (Roy and McNeill 1967; AICPA 1969). During this period, accounting education
did experience changes, but not always consistent with the recommendations of these reports. In
general, universities did not heed Trueblood’s (1963) recommendation to provide comprehensive
coverage of the basic principles of the discipline of accounting. Instead, they focused on existing
financial accounting rules and regulations and auditing procedures and standards. This response left
accounting graduates with the tools needed for immediate productivity, but it did not provide them
with a knowledge base that would allow adaptation to changing environments during the course of
a career. The focus of accounting programs remained that of preparing graduates for careers in
public accounting (Wheeler 1991).
By the mid-1980s, the profession and the academy recognized a disconnection between
accounting education and the demands of the profession. Most influential in the U.S. was the
AAA Committee on the Future Structure, Content, and Scope of Accounting Education (the
Bedford Committee), which identified a need for major change in accounting professional
education (Bedford et al. 1986). In the two years following the Bedford Committee report, the
AAA appointed four follow-up committees (Schultz 1989), and in 1989 the Big 8 accounting
firms issued a white paper that recommended a focus on the development of analytical and
conceptual thinking, not on passing entry-level professional exams (AAA 1989). To produce
creative, adaptive life-long learners, accounting educators were encouraged to look beyond entry-
level competencies to developing a base of competencies that would last throughout an
accountant’s career.
In 1989, the Accounting Education Change Commission (AECC) was formed to help
implement the Bedford Committee and white paper recommendations. The AECC had mixed
success in fostering curricular change (Sundem 1999; Albrecht and Sack 2000).2 Accounting
programs in the U.S. continued to focus on financial reporting rules and regulations—knowledge
required by entry-level public accountants, but not necessarily the basis for long-term career
demands. More than a decade later, the Pathways Commission (2012) echoed many of the same
points—in particular, the need to focus on long-term career skills, not just the entry-level material,
and the need to educate for a broad range of careers and environments, not just public accounting.
2
Sundem (1999, 29) notes that in response to the Bedford Committee and white paper recommendations, schools
focused on delivery changes rather than on needed changes to the content of the accounting curriculum.

Volume 29, No. 2, 2014
In summary, this literature review highlights two problems that persist despite prior efforts to
effect change. First, most accounting curricula continue to focus on preparation for entry-level
requirements in the field of accounting, despite repeated calls for a longer-term perspective.3
Second, accounting education remains largely focused on preparing students for careers in public
accounting/auditing, despite several attempts to align academic curricula with the demands and
responsibilities of accounting practice (Siegel and Sorensen 1994, 1999, 2002; Siegel et al. 1996;
Siegel and Kulesza 1996; Siegel, Kulesza, and Sorensen 1997; Siegel, Sorensen, and Richtermeyer
2003a, 2003b; Siegel et al. 2010a; Siegel, Sorensen, Klammer, and Richtermeyer 2010b). It appears
that most of the changes in accounting education have not led to the necessary structural changes
needed to position accountants for long-term career demands across a variety of organizational
settings.
The Need for a Strategic Perspective on the Value Proposition of Accounting

As the Pathways Commission (2012, 10) noted, the organizational field of accounting must
develop a comprehensive understanding of its role in society. This effort requires a strategic view of
accounting’s value proposition—how accountants add value to organizations—and a curriculum
based on this value proposition. The Task Force proposes that accounting’s value proposition be
defined in terms of strategy formulation and analysis, planning, and execution.4 Effective managers
need to understand how to help formulate, analyze, and execute strategies that enable their
organizations to succeed (Brown 1986; Malina and Selto 2001; Sopariwala and Subramanian 2004;
Skaerbaek and Tryggestad 2010). Groysberg et al. (2011) found that top financial executives need a
broad set of technical skills and understanding of business fundamentals, noting an expansion of
duties from the traditional ones of budgeting and historical performance evaluation into the area of
the real-time analytics that is essential for a quick, yet strategic response to changes in the
environment. CFO Research Services (2011) studied senior accounting and finance executives and
identified competency gaps in areas including business strategy, business intelligence, analytics,
and operational experience. This research suggests that accounting and finance professionals need
the skills for providing enhanced reporting of risk exposures, for reporting information to inform
decisions on deploying capital to grow the business profitably, for supporting the long-term value
creation for their enterprise, and for communicating the ways in which accounting can promote the
success of enterprise leaders.
3
While it is necessary to develop entry-level competencies and to prepare graduates for professional
examinations, focusing solely on these goals deprives students of the opportunity to establish a foundation of
competencies that are necessary for long-term career demands. The scattered availability of these competencies
through some graduate programs does not obviate the need to address them consistently, and to also do so at the
undergraduate level.
4
A convenient summary phrase for how professionals can add organizational value is Enterprise Performance
Management (EPM). EPM involves the integrated use of methods to enhance organizational value by
coordinating strategy formulation and analysis, planning, and execution. EPM includes accounting and
management practices (e.g., strategy maps, budgeting, forecasting, and incremental cash-flow analysis) and
linkages among systems (e.g., strategic planning, customer relationship management, supply chain management,
enterprise risk management [ERM], human capital management, and lean management). Cokins (2009) suggests
that EPM embraces the methods, metrics, processes, and software tools that can be used to manage the
performance of an organization as a whole. As such, EPM is plausibly relevant for a wide variety of
organizations or enterprise settings ( profit seeking, not-for-profit, government, etc.) and, therefore, an
appropriate mechanism for conveying the Task Force members’ view of the ‘‘value proposition’’ of accounting.

Volume 29, No. 2, 2014
The emerging fields of business analytics and business intelligence provide opportunities for
accountants to become involved in a wider variety of business decisions, including those directly
related to strategy implementation. In this way, accounting and finance professionals can contribute
to significant enterprise value creation (IBM 2010, 5). Davenport (2006) also notes that the
contemporary business environment requires a much-expanded skill set for accountants, one
including analytical, business, and relationship skills.
This literature review establishes the potential for accounting and finance professionals to add
value across diverse organizations. This element is an important driver of the curriculum
recommendations embedded in the educational Framework presented in this paper.
The Need for Competency Integration

The preceding section highlights the role of the accounting and finance function in successful
implementation of organizational strategy. In this section, the Task Force explores the issue of how
accountants deliver on this value proposition. The key question is what organizations expect
accountants to know and be able to do as they move into a variety of organizations and become
accounting and finance professionals performing a wide range of functions.
The integrative role of accounting is important to creating value in an organization (Pathways
Commission 2012, 21). Nordman et al. (2011, 3) report a range of functions, including the
integration of technology with processes and data, that allow more effective communication
between functional units in such a way as to augment the overall value of the enterprise.
Accountants who are responsible for financial reporting bear the traditional burden of analyzing the
economic substance of transactions to comply with increasingly complex requirements. In addition,
their responsibilities are expanding to include reporting on risks, pro forma performance measures,
and sustainability. These new areas of responsibility both require a broader definition of the
competency of reporting and provide opportunities for accountants to advise top management on
matters related to risk, structuring of transactions, and expanded performance measurement.
Similarly, tax accountants spend less time preparing tax returns and more time on developing tax
strategies to improve the organization’s financial performance. In this sense, the components of the
value proposition are integrative and strategic. This demand for integration is international and not
limited to the U.S. environment (IFAC 1998, 2000, 2002, 2004; CPA Canada 2012a, 2012b, 2012c;
CIMA 2011a, 2011b; ICAEW 2012). The demands of long-term careers call out for integrated
curricular change, which leads to the need for a new educational framework.
A PROPOSED EDUCATIONAL FRAMEWORK

The Pathways Commission (2012, 24) identified a need for a new model of education that is
better aligned with the contemporary environment and evolving demands on accounting
professionals. To address this, we provide the general Framework presented in Figure 1. This
Framework includes three interconnected components: (1) Foundational Competencies, (2) Broad
Management Competencies, and (3) Accounting Competencies. It assumes these competencies are
developed and integrated over time via a combination of education (including continuing
education), training, and work experience.
The focus of the Framework is on the development of competencies, not courses. It is
comprehensive, encompassing competencies from all accounting disciplines, including financial
and management accounting, taxation, information systems, and assurance, and focuses on the
educational needs of accounting students for their long-term careers. The Framework incorporates
the competencies identified by the Pathways Commission (2012) including technical knowledge,
professional skills and professional integrity, and responsibility and commitment. In the following
sections, the Task Force discusses each of the components of the Framework individually.

Volume 29, No. 2, 2014
FIGURE 1
Competency Integration
A Framework for Accounting Education
Foundational Competencies
Foundational competencies are those needed by all business school graduates. They support
other broad management and specialized accounting competencies and prepare students for life-long
careers. The Framework includes five foundational competencies: communication,5 quantitative
methods,6 analytical thinking and problem solving,7 human relations,8 and technology.9
Communication
Speaking and presenting effectively involves dialogue skills and requires the ability to
recognize and adapt to a specific audience, as well as the use of nonverbal skills such as posture and
mannerisms. Also important are effective listening, interviewing, use of electronic media software,
professional writing, and other qualitative tools in communication such as case studies, electronic
videos, audio, social media, and other emerging tools. Strong communication competencies are
especially critical in cross-cultural and global settings.
5
Ingram and Frazier (1980); Siegel and Sorensen (1994, 1999); Siegel et al. (1996); Albrecht and Sack (2000);
Bots, Groenland, and Swagerman (2009); AACSB (2013a, 2013b); and CPA Canada (2012b).
6
NAA (1988); Chow, Shields, and Wong-Boren (1988); Siegel and Sorensen (1994, 1999); Siegel et al. (1996);
Albrecht and Sack (2000); Garg, Ghosh, Hudick, and Nowacki (2003); Cooper (2006); and AACSB (2013a,
2013b).
7
Siegel and Sorensen (1994, 1999); Siegel et al. (1996); Albrecht and Sack (2000); Wolcott and Lynch (2002);
Wolcott, Baril, Cunningham, Fordham, and St. Pierre (2002); AACSB (2013a, 2013b); and CPA Canada
(2012b).
8
Siegel and Sorensen (1994, 1999); Siegel et al. (1996); Albrecht and Sack (2000); and AACSB (2013a, 2013b).
9
NAA (1988); Siegel and Sorensen (1994, 1999); Siegel et al. (1996); Albrecht and Sack (2000); Cooper (2006);
and AACSB (2013a, 2013b).

Volume 29, No. 2, 2014
Quantitative Methods
Quantitative method competencies include the ability to comprehend and use the time value of
money, mathematical methods including calculus, statistics, programming, constrained optimiza-
tion analysis, decision modeling, and simulation and risk-analysis techniques.
Analytical Thinking and Problem Solving

Analytical thinking and problem solving are competencies that enable accountants to conduct
research, identify alternatives, objectively and logically evaluate data-driven and qualitative
evidence related to specified options, and apply professional judgment. This competency requires
accountants to be able to define a broad range of alternatives including: stakeholder effects; to
provide objective evaluation of the strengths and weaknesses of evidence and the alternatives; to
incorporate risk and uncertainty; to evaluate decisions within the context of organizational
strategies; to remain open to constructive criticisms and minority viewpoints; and to do all of these
while incorporating professional values, ethics, and attitudes, and other accounting and
management competencies.
Human Relations
Human relations competencies are necessary for team-based interactions within the context of
gender, ethnic, and multicultural diversity. These competencies include developing and practicing
relationship-building skills, fostering and using team-based management skills, learning and
applying methods of negotiation, and developing and using ethical approaches to conflict
resolution. These competencies frequently suffer from underinvestment in education and training.
According to an Accountemps (2013) survey of 2,100 U.S. CFOs, the top reason for an employee
failing to advance in the respondent’s organization is ‘‘poor interpersonal skills.’’ While 30 percent
of respondents identified the critical nature of this skills deficiency, only 19 percent of these
executive respondents said their organization is likely to invest in soft skills training for accounting
and finance staff in the next two years.
Technology
Technology competencies include the use of software, including proficiency in the
development and use of spreadsheet models and the use of technology to enhance communication.
Also vital is knowledge of the purpose and design of information systems (IS), system architecture,
processing modes, network types, hardware components (including mobile devices), operating and
application software (including cloud computing), system security, and IS continuity.
The foundational competencies outlined above provide the base upon which other business-
related and accounting competencies are grounded. These competencies align with the
‘‘professional skills’’ identified by the Pathways Commission (2012, 132). Mastery of these
competencies is necessary for all accountants if they are to add value to their future organizations.
Broad Management Competencies

An education for business professionals, including accounting professionals, must help
students develop broad integrated management competencies. Possessing these competencies will
help accountants work jointly and effectively with all members of the organization to create value.
These competencies are essential, in fact, for those who aspire to become successful managers and
executives. The Framework presented in Figure 1 identifies five categories of broad management

Volume 29, No. 2, 2014
competencies: leadership,10 ethics and social responsibility,11 process management and improve-
ment,12 governance, risk management, and compliance (GRC), and additional core management
competencies.13
Leadership
Leadership involves developing and implementing a vision, values, and a mission for an
organization. Leadership creates a sustainable organization by focusing on performance
improvement, creating positive customer experiences, investing in workforce learning and
development, building leadership in others, and succession planning. Leaders must maintain an
awareness of responsibility to the community and the larger society.
Ethics and Social Responsibility

Ethical and social responsibilities extend beyond legal and regulatory requirements into
voluntary standards and activities for environmental stewardship, labor practices and conditions,
human rights, health and safety, community partnerships, and global citizenship, for example.
Relevant topics include the U.S. Foreign Corrupt Practices Act (FCPA); organizational
responsibilities for ethical conduct including the organizational Code of Conduct; the difference
between legal and ethical behavior; the relationship between leadership ability, organizational
culture, and ethical conduct to the organization’s internal control system (‘‘tone at the top’’); whistle
blowing; and regulatory requirements involving the ethics of senior officers.
Process Management and Improvement

Accounting and finance professionals must be able to use the organization’s value chain
effectively and efficiently to satisfy customer and other stakeholder requirements. These
competencies include management of organization value chains; the design, management, and
improvement of key processes; the development of customer relationships and customer
relationship management; and competence with process frameworks and certifications, such as
Six Sigma, Cost-of-Quality, ISO 9000, the Baldrige Performance Excellence Program, etc. This
competency is not unique to management accountants. External auditors must understand and
document how audit clients manage business processes. Internal audit departments increasingly add
value by focusing on business process improvement. Financial and tax accountants evaluate
business transactions within the context of the economic environment and entity operations to
comply with financial reporting standards and tax regulations. In addition, public accounting firms
have been called on to improve their internal business processes to achieve higher audit quality.
Governance, Risk Management, and Compliance (GRC)

An important broad management competency includes corporate governance, enterprise risk
management (ERM), and compliance with applicable laws, regulations, contracts, strategies, and
organizational policies. The Framework suggests mutual dependencies with these items and other
10
Siegel et al. (1996); Siegel and Sorensen (1999); Brewer (2000); Albrecht and Sack (2000); CPA Canada
(2012b); Brewer (2008); Bloch, Brewer, and Stout (2012); Baldrige Performance Excellence Program (2013);
AACSB (2013a, 2013b); and Norris and O’Dwyer (2004).
11
AACSB (2013a, 2013b); Baldrige Performance Excellence Program (2013); GRI (2011); and IMA (2010).
12
AACSB (2013a, 2013b); Shank and Govindarajan (1992); and Monden and Hamada (1991); Hadley (2004);
Davila and Wouters (2004); Ansari, Bell, and Okano (2006); Kennedy (2004); ASQ (2011a, 2011b); ISO
(2011a); Byrt (2013); CPA Canada (2012b); and U.S. Department of the Treasury (2008).
13
White (2013).

Volume 29, No. 2, 2014
core management responsibilities and practices. Risks to be managed include legal and regulatory
compliance risks, information security risks, reputational risk, technological risks, commercial/
financial risks, etc. Compliance and internal control may be viewed as part of an organization’s
ERM, which in turn is a key element of an organization’s overall governance process.14
Additional Core Management Competencies

Additional core management competencies include finance, investments, human resource
management, operations management, marketing, economics, business law, mergers and
acquisitions, and globalization. A global focus is especially important. The development of
intellectual, social, and psychological capabilities that allow a person to function anywhere in the
world is viewed as essential within the professional world of accounting and finance. Accounting
and finance professionals must be able to communicate and build relationships with people from
different backgrounds based on the history, culture, and language of these individuals. The import
of this element is highlighted by the student leadership initiatives of each of the Big 4 accounting
firms and the Pathways Commission (2012, 37, 73–75).
In summary, an education for business, including accounting, requires integrated broad
management competencies to assure effective organizational performance and productive careers.
The importance of these broad integrated management competencies is validated by their inclusion
as required curricula for accreditation by AACSB International for both business and accounting
programs (AACSB 2013a, 2013b).
Accounting Competencies
Accounting competencies enable accountants to integrate management and analytical methods,
supported by technology, to assist an enterprise to formulate and execute its strategy successfully.
The Framework groups accounting competencies into six categories: external reporting and analysis;
planning, analysis and control;15 taxation compliance and planning;16 information systems;17
assurance and internal control;18 and professional values, ethics, and attitudes.19
External Reporting and Analysis

External reporting (including related internal reports) is focused on conveying financial and
nonfinancial information primarily to various external stakeholders for private, governmental, and
14
Principles-based guidance and a framework for evaluating and improving governance in organizations, as well as
the role of the accountant in this process, is provided in IFAC (2009). Approaches to defining and implementing
ERM systems, with particular emphasis on the role of the accountant, are provided in IMA (2007, 2011b) and
COSO (2004). Other risk-management frameworks or regulations appear in the International Organization for
Standardization (ISO 2011b) and in the Basel Committee on Banking Supervision Basel III Accord (BCBS
2011). A review of these frameworks suggests a common element: all are designed to help ensure organizational
success by better managing the tension between an organization’s value-creating and value-protecting activities.
15
Chow et al. (1988); Garg et al. (2003); Davila and Wouters (2004); Cooper (2006); Ahadiat (2008); DeGeuser,
Mooraj, and Oyon (2009); AICPA (1988, 2011); AGA (2013); USAJobs (2013); Ross and Carberry (2010); and
Epstein and McFarlan (2011).
16
Dennis-Escoffier, Kern, and Rhoades-Catanach (2009).
17
Neely and Cook (2011); Sutton (2000); Holsapple and Sena (2003); Grabski, Leech, and Schmidt (2011); Basole,
Seuss, and Rouse (2013); Calderon, Cheh, and Kim (2003); Debreceny and Farewell (2010); Debreceny (2013);
Wilkin and Chenhall (2010); and Scapens and Jazayeri (2003).
18
Albrecht and Sack (2000); COSO (2013); and Kohn and Sutton (2010).
19
IFAC (2007, 2012, 2013); Pathways Commission (2012); IMA (2011a); AICPA (2013); IIA (2013); Ahadiat
(2008); Hermanson, D. Ivancevich, and S. Ivancevich (2008); and Bedford et al. (1986).

Volume 29, No. 2, 2014
not-for-profit entities in accordance with reporting standards.20 Accountants must be able to

prepare, analyze, and enhance the usefulness of external reports to users. Analysis includes the use
of judgment when applying accounting principles, assessment of both earnings quality and the
valuation methods used in the statements, risk analysis, financial ratio analysis, and forecasts of
profitability and future cash flows based on the information reported in external financial
statements. Analysis increasingly employs data from nonfinancial sources, such as the previously
referenced environmental and social responsibility reports.21
Planning, Analysis, and Control

Accountants must be able to aid the identification, evaluation, selection, and implementation of
choices that best support the organization’s strategic and operational goals for private,
governmental, and not-for-profit entities alike. Within this competency, accountants participate
with other functional area managers in management teams to inform the decision-making process
that advances the organization’s strategy. Planning is the process for defining the organization’s
strategic and operational goals and implementing decisions that support these goals. This includes
strategic planning, risk management, formulation of capital projects, and operational planning such
as budgeting and forecasting. Accountants support top-level planning through ‘‘What If’’ analysis of
competition, innovation, and environmental, political, and regulatory factors for products or
services, or of the business itself, and by designing cost systems for implementing strategy.
Planning also extends to accounting activities such as audit assignments and information systems
projects. Analysis is necessary for virtually all decisions involving resource allocation. These
include, but are not limited to, cash management, pricing, capital investment, product and customer
profitability, performance measurement, risk and uncertainty (e.g., sensitivity and real-options
analyses), opportunity costs, valuation (namely, cost or fair value), tax effects, financing costs, and
others. Activities included as part of this competency are the analysis of the cost, profitability, and
quality of audit engagements and of information systems projects.
Accountants uniquely support control through establishing, implementing, and improving
comprehensive management control systems. This involves establishing systems for aligning,
monitoring, and providing feedback on management-level goals, measures, and incentives with
strategic priorities, including the Balanced Scorecard, Six Sigma, ISO 9000, and similar systems.
These controls are essential for achieving strategic goals, and for improving product, service, and
process efficiency and effectiveness. These contributions are as relevant to public accounting
practices as they are to other types of business organizations, and are not limited to management
accounting careers; they are also vitally important for non-profit and governmental organizations.
Taxation Compliance and Planning

All accountants must understand the basics of taxation to be able to assess tax impacts of
decisions and to know to seek expert advice where appropriate. Accountants are also intimately
involved in calculating tax liabilities, as well as planning and advising on taxation issues including
assessment of the likelihood that the accounting for a transaction will be challenged by taxing
authorities and the likelihood of such accounting prevailing. Broad competencies in corporate and
personal tax are therefore essential for all accountants. Beyond this, tax specialists must be able to
20
These standards are promulgated by a variety of entities and include IFRS, U.S. GAAP, SEC regulations, GASB
standards, IRS code, and GRI guidelines, among others.
21
Standards for such reports include Sustainability Reporting Guidelines (GRI 2011), IMA’s (2008) Sustainability
Reporting Framework, and standards promulgated by the Sustainability Accounting Standards Board (SASB
2013).

Volume 29, No. 2, 2014
offer advice on tax planning and be able to compute tax liabilities in routine and nonroutine
situations in light of changing tax laws and a continuous stream of new court decisions. In addition
to tax planning, tax specialists must be able to analyze, assess, and advise on tax liabilities and
assets (including the financial statement effects of tax expense and deferred tax assets and
liabilities), tax consequences for complex corporate or partnership transactions, the assessment and
appeals processes, and international tax planning.
Information Systems
Internal and external reporting, including financial statements, management control, decision
support, and analytics, depend on the successful design and deployment of an information system
(IS). IS competencies involve gathering, validating, and analyzing data to enable cross-functional
and global cooperation and communication. Included here are data, transaction flow, data
organization and access, and database management. Strategic and operating decisions require
integrated information systems such as specialized software/reporting systems with decision
support, enterprise resource planning (ERP) systems, business intelligence, enterprise analytics
information search and retrieval, data mining, and familiarity with languages such as XBRL.
Accountants must also be able to design and evaluate IS controls and manage IS risks and
compliance, including overseeing fraud prevention, privacy safeguards, and data integrity.
Extensive technological knowledge and skills are required to assess system needs and investment,
procurement, and implementation, including oversight of vendors and service providers.
Maintaining close awareness of emerging technological trends (for example, the evolution of
descriptive and predictive analytics to what Davenport [2013] refers to as prescriptive analytics)
and risks is essential. Information systems competence is of primary importance for long-term
career success, adding value to an organization and supporting strategic and operating decision
making, regardless of the area of accounting specialization.
Assurance and Internal Control

Accounting and financial professionals in all types of organizations must understand the role of
assurance and apply the principles of internal control. Certified Public Accountants (CPAs) in
professional practice require extensive knowledge, expertise, and experience in assurance for
private, governmental, and not-for-profit entities. This expertise includes a range of accounting and
review services, such as fraud detection or forensic accounting, in addition to auditing. Accounting
and finance professionals outside of professional practice manage assurance services for their
organizations either through internal audit functions or with the organization’s external auditor, or
both. Internal control systems are an integral component of an organization’s ERM system,
discussed earlier under the ‘‘Broad Management Competencies’’ section. Internal controls provide
information about the effectiveness and efficiency of operations, the reliability of financial
reporting, and compliance with laws and regulations. The CPA in public practice requires extensive
knowledge of internal controls to effectively complete an audit and to comply with regulatory
requirements. The accounting professional outside of public practice also requires extensive
knowledge of internal control to ensure that the functions of the internal control system are not
compromised. Knowledge of internal controls is a key competency for all accounting graduates,
whether they enter the public accounting profession or join other organizations.
Professional Values, Ethics, and Attitudes

Professional values, ethics, and attitudes refer to the professional behavior and characteristics
that identify accountants as members of a profession. They include commitments to technical

Volume 29, No. 2, 2014
competence, ethical behavior, professional manner, pursuit of excellence, societal responsibility,

professional skepticism, objectivity, professional judgment, creativity, and innovation. Several
bodies, including the IMA, the AICPA, the IIA, and IFAC, provide ethical guidance for accounting
practitioners. Professional attitudes also include an understanding of the demands involved with
working with people from different cultures and backgrounds, as discussed above under the ‘‘Broad
Management Competencies’’ section. Effective leaders define, promote, and ensure ethical behavior
to develop an organizational culture of integrity—or tone at the top—as well as monitoring and
responding to breaches of ethical behavior and the profession’s ethical codes.
Competency Integration
The literature review shows that accountants need to be able to integrate their competencies.
This integration can take place within a single competency, across multiple competencies within the
same domain, and across domains. At all levels of integration, the foundational competencies
permeate all other competencies (IMA-MAS Curriculum Task Force 2013a). Mastery of accounting
competencies begins with the competency itself and then extends to integrations with other
competencies. For example, the competency focused on planning, analysis, and control should first
ensure internal integration—the ability to apply all of the concepts and techniques within the
competency as appropriate. Then it should address cross-functional integration with other
accounting, broad management, and foundational competencies. Cross-functional competency
gains are bi-directional, as accountants better understand context for applying the information they
create and managers in other functional areas learn to integrate financial performance with other
metrics such as time, quality, service levels, and capacity. Cross-functional competency promotes
discovery of the interrelationships among all of the accounting and managerial disciplines and
improves understanding of the contribution that accounting can make to the success of an
enterprise.
The need for competency integration increases with the increasing complexity of the field of
accounting. For example, the demands of integrated reporting (Busco, Frigo, Quattrone, and
Riccaboni 2013; IIRC 2013) require presenting accounting information about an organization’s
strategy, governance, performance, and prospects in a way that reflects its commercial, social, and
environmental context and that delivers sustainable value. Technological competencies with tools
such as XBRL are necessary to fulfill the need for this type of reporting. As portrayed in Figure 1,
the value proposition of accountants arises from the mastery and use of foundational, broad
management, and accounting competencies to obtain and analyze data, to integrate relevant
knowledge, to participate in decision making that supports the organization’s goals, and to monitor
results for a diverse set of stakeholders—in other words, it arises from the accountant’s ability to
integrate across competencies. Competency integration can occur throughout the curriculum, as
well as in a capstone experience or in clinical learning experiences such as internships (Pathways
Commission 2012, 72).
Table 1 provides a representation of the process of career-stage competency development for
the integration of formal coursework and professional development, the integration across
accounting competencies, the integration of accounting and broad management competencies, and
the integration of foundational competencies into the work that accountants perform. Competency
levels are differentiated by the extent and depth of integration. Integration is a continual process
requiring initial job preparation and immersion in a career, plus the additional life-long learning
(IMA-MAS Curriculum Task Force 2013b).
The cognitive development literature (Hoare 2006) suggests that thought processes develop in
hierarchical levels or stages, with each level laying the foundation for the next-higher level. Greater
competency requires students to achieve higher levels of cognitive development for thinking about

Volume 29, No. 2, 2014
TABLE 1
Continuum of Entry-Level and Long-Term Competency Development and Integration
Entry-Level Preparation
Initial Job Further Development of Life-Long Competencies
Competency Undergraduate Early Career and/or
Integration Education Additional Education Long-Term Career
Integration of Grounding in accounting Deeper expertise in area of Deeper integration across
Formal and business chosen career path; subject matters; greater
Coursework and knowledge and increasing integration focus on ability to gain
Professional foundational skills across subject matters and new knowledge and skills
Development focus on organizational over time to enhance
value organizational value
Integration across Limited integration by Considerable integration by Comprehensive integration of
Accounting being able to identify being able to analyze a accounting competencies
Competencies related accounting specific issue of strategy by being able to
competencies when implementation from holistically consider how
analyzing a specific several specialized accounting is implicated in
issue of strategy perspectives (accounting the implementation of
implementation from a competencies) and to strategy in highly
specialized perspective recognize many uncertain and evolving
relationships among these situations
competencies
Integration of Limited integration across Considerable integration of Integrate accounting and
Accounting and accounting and broad accounting and broad broad business knowledge
Broad business knowledge business knowledge in highly uncertain and
Management evolving situations;
Competencies develop new ways to
apply business knowledge
as an accounting
professional
Integration of Develop foundational Use foundational Use foundational
Foundational competencies for a competencies to enhance competencies effectively
Competencies business major cross-functional work to anticipate and adapt to
more complex business
situations
and using acquired knowledge (Wolcott 2011). This development moves from an accountant’s
formal education to short- and long-term work experience. As an example of this process, consider
the topic of the management and control of quality. The initial exposure focuses on skill mastery
with minimal integration, with a student taught to calculate and explain, for example, an efficiency
variance. The next step toward integration is taken by joining this technical skill with the planning,
analysis, and control competency of accounting through a discussion of nonfinancial performance
metrics related to quality. A subsequent developing of integration may incorporate the process
management and improvement competency through a discussion of Six Sigma, Cost-of-Quality
(COQ) reporting, the use of run charts, and lean accounting. A further step in the integration
process is taken when the professional applies these previously mastered competencies to novel
situations, such as sustainability accounting.

Volume 29, No. 2, 2014
Consider also the integration of foundational competencies. Students typically receive an

introduction to competencies, such as analytical thinking and problem solving, as part of their basic
undergraduate education. They may then—via additional education or experience early in their
careers—learn how to integrate those foundational competencies with other accounting and broad
management competencies. An example would be incorporation of statistical methods in the
analytical review process. Students may continue to learn how to further integrate foundational
competencies cross functionally to apply that knowledge effectively in tasks requiring them to
address realistic, complex business problems in areas such as enterprise risk, taxes, strategic fit,
financing alternatives, and social and environmental consequences.
COMPARISON WITH RELATED ACCOUNTING COMPETENCY FRAMEWORKS

This section discusses the incremental contribution of the proposed Framework with respect to
the existing frameworks in accounting education (Pathways Commission 2012; CPA Canada
2012b; ACCA 2013; ICAEW 2012).22 The discussion focuses on the major points of difference and
commonality.
Pathways Commission Compilation

The Pathways Commission (2012, 132) compiled the competencies developed by numerous
U.S. organizations, including NASBA, AICPA, IMA, IIA, CGFM, Robert Half, Grant Thornton,
and one international body, IFAC. The compilation summarizes recommended competencies into
three categories: technical knowledge; professional skills; and professional integrity, responsibility,
and commitment. The Framework encompasses virtually all of the competencies compiled by the
Pathways Commission. However, the Pathways Commission simply compiled existing frame-
works; the Framework, while based on existing frameworks, is expanded to include competencies
that are described in the literature but not currently addressed in other accounting education
frameworks. Further, the Pathways Commission compilation, as a collation, cannot be interpreted
as an educational framework, such as the Framework presented in Figure 1. The Pathways
Commission compilation does, however, provide more detail of individual competencies than the
descriptions presented in this paper. As such, the Pathways Commission report remains useful to
accounting educators as they implement the proposed Framework.
CPA Canada
In 2013, the Chartered Accountants (CAs), Certified Management Accountants (CMAs), and
Certified General Accountants (CGAs) in most Canadian provinces and territories joined together to
create CPA Canada as the national organization for a new Chartered Professional Accountant
(CPA) designation (CPA Canada 2012a). The competencies of the newly qualified Canadian
CPA—specified in the CPA Map and the CPA Competency Map Knowledge Supplement (CPA
22
Not covered in the comparison are any more focused or limited educational frameworks, such as the
competencies advanced by two continental European associations, Internationaler Controller Verein (ICV 2011)
and Dutch Association of Registered Controllers (also referred to as Vereniging voor Registercontrollers [VRC
2010]), or CIMA (Chartered Institute of Management Accountants). The first two associations offer descriptions
of accounting that are consistent with the Task Force members’ Framework, but they provide no detailed
competency descriptions, as these organizations do not conduct their own professional examinations. Compared
to the Task Force members’ Framework, CIMA’s descriptions are more detailed regarding broad management
competencies and particular management accounting competencies. However, CIMA does not focus on all
accounting competencies and not on foundational competencies. A new credential, Chartered Global
Management Accountant (CGMA), offered through a joint venture of CIMA and the AICPA, is more closely
related to the Task Force Framework, especially in terms of the use of EPM as a foundational principle.

Volume 29, No. 2, 2014
Canada 2012b, 2012c)—call for (1) technical competencies in financial reporting, strategy and
governance, management accounting, audit and assurance, finance, and taxation; and (2) enabling
competencies, including professional and ethical behavior, problem solving and decision making,
communication, self-management, and teamwork and leadership (CPA Canada 2012b). The CPA
Map describes the set of competencies to be developed in a graduate-level professional
precertification education program and, unlike the proposed Framework, is not a map of the full
set of competencies that an accountant might need for career-long competency.
Although some competencies in the proposed Framework do not explicitly appear in the CPA
Map, all of them are incorporated into the Supplement. The CPA Map also specifies proficiency
levels for each competency, including requirements for significant cross-competency integration.
As with the Framework presented in this paper, the CPA Map is designed for a broad range of
accounting careers.
Selected European Frameworks

The frameworks of the Association of Chartered Certified Accountants (ACCA 2013) and the
Institute of Chartered Accountants in England and Wales (ICAEW 2012) contain many accounting
competencies similar to those reflected in the proposed Framework, but they do not explicitly
include the foundational competencies, nor do they have an emphasis on the broad management
competency of process management and improvement. The ICAEW does not directly refer to
enterprise performance management, while the ACCA does incorporate that topic into the section
on ‘‘Advanced Performance Management.’’
Summary of Comparisons
In terms of topical content, the proposed Framework is consistent with other educational
frameworks in accounting, particularly when those frameworks are viewed collectively. The
commonalities with existing frameworks provide convergent validity to the Framework presented
in Figure 1. A close comparison, however, reveals three important differences between the
Framework and the alternatives. First, the frameworks from practice tend to focus on entry-level
requirements while the academic versions tend to emphasize both entry-level and long-term career
demands. Second, the Framework differs from some of the others because it applies to all
accounting students regardless of their specific short-term or long-term career aspirations. Third, the
Framework emphasizes competency integration. The Framework assumes a clear interconnection of
accounting competencies among themselves and with the accountant’s foundational and broad
management competencies. The Framework is, thus, more comprehensive and integrative than the
alternatives.
DISCUSSION
Any new paradigm or framework, including the educational Framework proposed in this paper,
should be evaluated on the basis of its anticipated costs and benefits. Key issues are identified and
discussed below.
Benefits and Costs

The proposed Framework is for individuals who wish to become value integrators, those who
provide essential inputs into enterprise strategy through their possession of broader and deeper
knowledge, which allows them to perform at a higher cognitive level (IBM 2010). In that context, the
Framework promotes long-term career development starting with the educational process. The broad
parameters of the Framework provide a solid foundation for career opportunities across a wide array

Volume 29, No. 2, 2014
of settings in accounting, not just in public accounting. Put another way, the proposed Framework
provides the foundation for life-long learning and career enhancement for the individual.
The Framework will also benefit the accounting profession and society as the profession
evolves and the boundaries between the profession and other disciplines become blurred.
Accounting education must develop professionals who can apply a broad range of integrated
competencies. A failure to do so will make accounting an increasingly insular and vocational field
(Demski 2007, 156), losing its relevance and eroding its value proposition over time.
The principal cost for implementing the Framework is faculty time and effort to develop
specific learning objectives based on the Framework, to integrate the competencies on a curriculum
level, to develop appropriate assessment mechanisms, and to perform these tasks at both the
graduate and undergraduate levels. These costs arise within the context of competing resource
demands. A discussion of each of these implementation costs follows.
Need for Detailed Learning Objectives

The proposed Framework is general and does not provide detailed guidance and
recommendations about how to develop competencies. This effort will involve specifying detailed
learning objectives and addressing other curriculum design issues. Follow-up work from functional
areas of accounting such as systems, auditing, etc. is needed to develop the specific learning
objectives required for implementation of the Framework. These learning objectives must be
integrated across competencies and developed in cooperation with both accounting and
nonaccounting faculty. An alternative strategy for setting learning objectives involves a macro
approach, possibly through extending Flaherty (1979) by commissioning an updated comprehen-
sive stakeholder survey based on the Framework’s competencies. Finally, successful implemen-
tation of the Framework will require attention to sequencing of material over a four-year (or longer)
period. Suitable approaches to this sequencing are discussed in IMA-MAS Curriculum Task Force
(2013b); alternatively, Bloom’s taxonomy (Bloom 1956) or the approach advocated by Pascarella
and Terenzini (1991, 2005) may be of use.
Curricular Integration
Another key implementation issue relates to curriculum integration, both in terms of what gets
integrated and how such integration occurs. Coordination between accounting and other
disciplinary areas is required by the competencies laid out within the Framework. The IMA-
MAS Curriculum Task Force (2013a) provides suggestions for how this integration might be
accomplished using (among others) capital asset management (capital budgeting), managing new
product development (target costing), and strategic performance measurement (balanced scorecard)
as examples. The issue of how the learning process is structured is also important. The use of
‘‘integrated learning cycles,’’ discussed in Needles (2014), is one approach that could be used to
guide curriculum integration efforts in accounting. An alternative is discussed in IMA-MAS
Curriculum Task Force (2013b), which provides guidance for development of the cognitive skills
needed for effective integration.
Assessment Mechanisms
Successful implementation of the Framework requires a comprehensive assessment plan. The
development of learning objectives associated with the Framework and the development of an
associated assessment plan should occur contemporaneously. The more highly integrated
competencies are likely to provide a significant challenge toward development of reliable and
cost-effective assessment methods.

Volume 29, No. 2, 2014
Graduate Education
While much of the preceding discussion was oriented at the development of students at the
undergraduate level, graduate education is also an important consideration. One recommendation is
that specializations such as tax, auditing, etc. should be reserved for master’s-level programs in
accounting (Taylor 1932; Bedford et al. 1986). The role of the Framework within graduate
accounting education has yet to be fully addressed. Regardless of the focus of graduate study in
accounting, it is imperative that the basic curriculum required of all accounting students be a broad
foundation that can be built upon through graduate study, continuing professional education, and
professional experience.
SUMMARY
The Pathways Commission (2012, 67) challenged the academy to define the supporting body
of knowledge for the practice of the future. The Joint IMA-MAS Curriculum Task Force’s
comprehensive, integrated educational Framework discussed in this paper is a response to this
challenge. The development of the proposed Framework was informed by a comprehensive review
of the professional and academic literatures. This review produced four fundamental
recommendations: first, the perspective of accounting education should be reoriented to focus on
curricular requirements for long-term career demands; second, the scope of accounting education
should be broadened to include organizational settings beyond public accounting; third, curriculum
recommendations should be based on an understanding of how accountants add value to their
organizations; and fourth, the professional competencies of an accounting education should be
developed within the curriculum as integrated competencies. The proposed educational Framework
is based on these four recommendations.
Despite repeated proposals that the goal of accounting education was to produce creative,
adaptive life-long learners, meager progress has been made in accomplishing these goals
(Trueblood 1963; Bedford et al. 1986; AAA 1989). The need for reform has only increased as the
field of accounting and societal expectations have evolved. The proposed Framework should help
accounting educators provide students with the competencies needed to succeed, thereby
empowering all accounting graduates to advance their profession, organizations, and society.
REFERENCES
Accountemps. 2013. Survey: Few CFOs Plan to Invest in Interpersonal Skills Development for Their
Teams. Available at: http://accountemps.rhi.mediaroom.com/2013-06-19-Survey-Few-CFOs-Plan-to-
Invest-in-Interpersonal-Skills-Development-for-Their-Teams
Ahadiat, N. 2008. In search of practice-based topics for management accounting education. Management
Accounting Quarterly 9 (4): 42–54.
Albrecht, W. S., and R. J. Sack. 2000. Accounting Education: Charting the Course through a Perilous
Future. Accounting Education Series, Volume 16. Available at: http://aaahq.org/pubs/AESv16/toc.
htm
American Accounting Association (AAA). 1989. Perspectives on Education: Capabilities for Success in the
Accounting Profession. Available at: http://aaahq.org/aecc/big8/cover.htm
American Accounting Association Committee to Compile a Revised Statement of Educational Policy
(AAA). 1968. A restatement of matters relating to educational policy. The Accounting Review 43
(Supplement): 51–124.
American Institute of Certified Public Accountants (AICPA). 1969. Report of the Committee on Education
and Education Requirements for CPAS. New York, NY: AICPA.

Volume 29, No. 2, 2014
American Institute of Certified Public Accountants (AICPA). 1988. The CPA Vision Project. Available at:
http://www.aicpa.org/research/cpahorizons2025/cpavisionproject/downloadabledocuments/
cpavisionproject_finalreport.pdf
American Institute of Certified Public Accountants (AICPA). 2003. Core Competency Framework &
Educational Competency Assessment. Available at: http://www.aicpa.org/interestareas/
accountingeducation/resources/pages/corecompetency.aspx
American Institute of Certified Public Accountants (AICPA). 2011. CPA Horizons 2025 Report. Available
at: http://www.aicpa.org/Research/CPAHorizons2025/DownloadableDocuments/cpa-horizons-
report-web.pdf
American Institute of Certified Public Accountants (AICPA). 2013. Exposure Draft: AICPA Professional
Ethics Division Proposed Revised AICPA Code of Professional Conduct. Available at: http://www.
aicpa.org/InterestAreas/ProfessionalEthics/Community/ExposureDrafts/DownloadableDocuments/
2013/2013April15ExposureDraft.pdf
American Society for Quality (ASQ). 2011a. Cost-of-Quality (COQ). Available at: http://asq.org/learn-
about-quality/cost-of-quality/overview/overview.html
American Society for Quality (ASQ). 2011b. Six Sigma Learning Resources & Information. Available at:
http://asq.org/learn-about-quality/six-sigma/overview/overview.html
Ansari, S., J. Bell, and H. Okano. 2006. Target costing: Uncharted research territory. In Handbooks of
Management Accounting Research, Vol. 2, edited by Chapman, C. S, A. G. Hopwood, M. D. and
Shields, 507–530. London, U.K.: Elsevier.
Association of Chartered Certified Accountants (ACCA). 2013. ACCA Competency Framework. Available
at: http://competencyframework.accaglobal.com/
Association of Government Accountants (AGA). 2013. Careers in Government Financial Management.
Available at: http://www.agacgfm.org/Case-Challenge/Careers-in-Government-Financial-
Management.aspx
Association to Advance Collegiate Schools of Business International (AACSB). 2013a. Eligibility
Procedures and Accreditation Standards for Business Accreditation. Available at: http://www.aacsb.
edu/accreditation/business/standards/2013/
Association to Advance Collegiate Schools of Business International (AACSB). 2013b. Eligibility
Procedures and Accreditation Standards for Accounting Accreditation. Available at: http://www.
aacsb.edu/accreditation/accounting/standards/2013/
Baldrige Performance Excellence Program. 2013. 2013–2014 Criteria for Performance Excellence.
Available at: http://www.nist.gov/baldrige
Basel Committee on Banking Supervision (BCBS). 2011. The Basel III Accord. Available at: http://www.
basel-iii-accord.com
Basole, R., C. D. Seuss, and W. B. Rouse. 2013. IT innovation adoption by enterprises: Knowledge
discovery through text analytics. Decision Support Systems 54 (2): 1044–1054.
Bedford, N., E. E. Bartholomew, C. A. Bowsher, A. L. Brown, S. Davidson, C. T. Horngren, H. C. Knortz,
M. M. Piser, W. G. Shenkir, J. K. Simmons, E. L. Summers, and J. T. Wheeler. 1986. Future
accounting education: Preparing for the expanding profession. Issues in Accounting Education 1 (1):
168–195.
Bloch, J., P. E. Brewer, and D. E. Stout. 2012. Responding to the leadership needs of the accounting
profession: A module for developing a leadership mindset in accounting students. Issues in
Accounting Education 27 (2): 525–554.
Bloom, B. S. 1956. Taxonomy of Educational Objectives, Handbook I: The Cognitive Domain. New York,
NY: David McKay Co., Inc.
Bots, J. M., E. Groenland, and D. M. Swagerman. 2009. An empirical test of Birkett’s competency model
for management accountants: Survey evidence from Dutch practitioners. Journal of Accounting
Education 27 (1): 1–13.

Volume 29, No. 2, 2014
Brewer, P. C. 2000. An approach to organizing a management accounting curriculum. Issues in Accounting

Education 15 (2): 211–235.
Brewer, P. C. 2008. Redefining management accounting—Promoting the four pillars of our profession.
Strategic Finance (March): 27–34.
Brown, J. F. 1986. How U.S. firms conduct strategic planning. Management Accounting 38: 40–44, 55.
Busco, C., M. L. Frigo, P. Quattrone, and A. Riccaboni. 2013. Redefining corporate accountability through
integrated reporting: What happens when values and value creation meet? Strategic Finance 95 (2):
33–41.
Byrt, F. 2013. Internal Auditors Finding New Ways to Add Value in Expanded Role. Available at: http://
www.accountingweb.com/article/internal-auditors-finding-new-ways-add-value-expanded-role/
221429
Calderon, T. G., J. J. Cheh, and I. Kim. 2003. How large corporations use data mining to create value.
Management Accounting Quarterly 4 (2): 1–11.
CFO Research Services. 2011. From Keeping Score to Adding Value. Boston, MA: CFO Publishing.
Chartered Institute of Management Accountants (CIMA). 2011a. Time for Business. London, U.K.: CIMA.
Chartered Institute of Management Accountants (CIMA). 2011b. Qualification Structure and Syllabus.
CIMA Chartered Management Accounting Qualification 2010. Available at: http://www.cimaglobal.
com/PageFiles/360026951/CIMA%20Syllabus.pdf
Chow, C. W., M. D. Shields, and A. Wong-Boren. 1988. A compilation of recent surveys and company-
specific descriptions of management accounting practices. Journal of Accounting Education 6 (2):
183–207.
Cokins, G. 2009. Performance Management: Integrating Strategy Execution, Methodologies, Risk, and
Analytics. Hoboken, NJ: John Wiley & Sons, Inc.
Committee of Sponsoring Organizations of the Treadway Commission (COSO). 2004. Enterprise Risk
Management—Integrated Framework. Available at: http://www.coso.org/ERM.htm
Committee of Sponsoring Organizations of the Treadway Commission (COSO). 2013. Internal Control—
Integrated Framework. Available at: http://www.coso.org/IC.htm
Cooper, P. 2006. Adapting management accounting knowledge needs to functional and economic change.
Accounting Education: An International Journal 13 (3): 287–300.
CPA Canada. 2012a. A Framework for Uniting the Canadian Accounting Profession. Available at: http://
cpacanada.ca/a-framework-for-uniting-the-canadian-accounting-profession
CPA Canada. 2012b. The CPA Competency Map: Understanding the Competencies a Candidate Must
Demonstrate to Become a CPA. Available at: http://cpacanada.ca/certification-program/the-
competencies-of-the-newly-qualified-canadian-cpa
CPA Canada. 2012c. The CPA Competency Map Knowledge Supplement. Available at: http://cpacanada.ca/
certification-program/the-competencies-of-the-newly-qualified-canadian-cpa
Davenport, T. H. 2006. Competing on analytics. Harvard Business Review 84 (1): 98–107.
Davenport, T. H. 2013. Analytics 3.0: In the new era, big data will power consumer products and services.
Harvard Business Review (December): 64–72.
Davila, T., and M. Wouters. 2004. Designing cost-competitive technology products: Improving product
development through cost management. Accounting Horizons 18 (1): 13–26.
Debreceny, R. 2013. Research on IT governance, risk, and value: Challenges and opportunities. Journal of
Information Systems 27 (1): 129–135.
Debreceny, R., and S. Farewell. 2010. XBRL in the accounting curriculum. Issues in Accounting Education
25 (3): 379–403.
DeGeuser, F., S. Mooraj, and D. Oyon. 2009. Does the balanced scorecard add value? Empirical evidence
on its effect on performance. European Accounting Review 18 (1): 93–122.
Demski, J. S. 2007. Is accounting an academic discipline? Accounting Horizons 21 (2): 153–157.
Dennis-Escoffier, S., B. H. Kern, and S. C. Rhoades-Catanach. 2009. The revised model tax curriculum.
Issues in Accounting Education 24 (2): 141–156.

Volume 29, No. 2, 2014
Epstein, M. J., and F. W. McFarlan. 2011. Measuring the efficiency and effectiveness of a nonprofit’s
performance. Strategic Finance 92 (10): 27–34.
Flaherty, R. E. 1979. The Core of the Curriculum for Accounting Majors. Sarasota, FL: American
Accounting Association.
Garg, A., D. Ghosh, J. Hudick, and C. Nowacki. 2003. Roles and practices in management accounting
today. Results from the 2003 IMA-E&Y survey. Strategic Finance 84 (7): 1–6.
Global Reporting Initiative (GRI). 2011. Sustainability Reporting Guidelines. Version 3.1. Available at:
https://www.globalreporting.org/reporting/g4/Pages/default.aspx
Gordon, R. A., and J. E. Howell. 1959. Higher Education for Business. New York, NY: Columbia
University Press.
Grabski, S. V., A. Leech, and P. J. Schmidt. 2011. A review of ERP research: A future agenda for
accounting information systems. Journal of Information Systems 25 (2): 37–78.
Groysberg, B., L. K. Kelly, and B. MacDonald. 2011. The new path to the C-suite. Harvard Business
Review (March): 60–68.
Hadley, S. 2004. Making the management supply chain business case. Strategic Finance 85 (10): 28–34.
Hermanson, D. R., D. M. Ivancevich, and S. H. Ivancevich. 2008. Tone at the top. Strategic Finance 90 (5):
39–45.
Hoare, C., ed. 2006. Handbook of Adult Development and Learning. New York, NY: Oxford University Press.
Holsapple, C. W., and M. P. Sena. 2003. The decision-support characteristics of ERP systems. International
Journal of Human Computer Interaction 16 (1): 101–123.
IBM. 2010. The New Value Integrator: Insights from the Global Chief Financial Officer Study, Executive
Summary. Available at: http://www.ibm.com/cfostudy
Ingram, R. W., and C. R. Frazier. 1980. Developing Communications Skills for the Accounting Profession.
Accounting Education Series Volume No. 5. Sarasota, FL: American Accounting Association.
Institute of Management Accountants and AAA Management Accounting Section (IMA-MAS) Curriculum
Task Force. 2013a. Preparing Accounting Students for Long-Run Career Curricular Requirements:
Recommendations on the Role of Management Accounting within an Integrated Competency-Based
Framework for Accounting Education. Working paper, IMA-MAS.
Institute of Management Accountants and AAA Management Accounting Section (IMA-MAS) Curriculum
Task Force. 2013b. A Cognitive Developmental Approach for Designing Learning Tasks: A
Management Accounting Example. Working paper, IMA-MAS.
Institute of Chartered Accountants in England and Wales (ICAEW). 2012. Framework. Available at: http://
www.icaew.com
Institute of Internal Auditors (IIA). 2013. Institute of Internal Auditors Code of Ethics. Available at: https://
na.theiia.org/standards-guidance/mandatory-guidance/Pages/Code-of-Ethics.aspx
Institute of Management Accountants (IMA). 2007. Enterprise Risk Management: Tools and Techniques
for Effective Implementation. Montvale, NJ: IMA.
Institute of Management Accountants (IMA). 2008. The Evolution of Accountability—Sustainability
Reporting for Accountants. Statements on Management Accounting 67. Montvale, NJ: IMA.
Institute of Management Accountants (IMA). 2010. Content Specification Outlines—Certified Management
Accountant (CMA) Examinations. Available at: http://www.imanet.org/cma_certification.aspx
Institute of Management Accountants (IMA). 2011a. IMA Statement of Ethical Professional Practice.
Montvale, NJ: IMA.
Institute of Management Accountants (IMA). 2011b. Enterprise Risk Management: Frameworks, Elements,
and Integration. Statements on Management Accounting. Montvale, NJ: IMA.
International Federation of Accountants (IFAC). 1998. Management Accounting Concepts. Statement 1.
New York, NY: IFAC.
International Federation of Accountants (IFAC). 2000. Perspectives on Cost Accounting for Government.
New York, NY: IFAC.

Volume 29, No. 2, 2014
International Federation of Accountants (IFAC). 2002. Competency Profiles for Management Accounting
Practice and Practitioners. Study 12. New York, NY: IFAC.
International Federation of Accountants (IFAC). 2004. The Diverse Roles of Professional Accountants in
Business. Available at: http://www.ifac.org/sites/default/files/publications/files/the-diverse-roles-of-
profe.pdf
International Federation of Accountants (IFAC). 2007. Defining and Developing an Effective Code of
Conduct for Organizations. Available at: http://www.ifac.org/sites/default/files/publications/files/
Defining-and-Developing-an-Effective-Code-of-Conduct-for-Orgs_0.pdf
International Federation of Accountants (IFAC). 2009. Evaluating and Improving Governance in
Organizations. Available at: https://www.ifac.org/publications-resources/evaluating-and-improving-
governance-organizations
International Federation of Accountants (IFAC). 2010. Handbook of International Education Pronounce-
ments. 2010 Edition. Available at: http://www.ifac.org/sites/default/files/publications/files/handbook-
of-international-e-2.pdf
International Federation of Accountants (IFAC). 2012. Professional Values, Ethics, and Attitudes (Revised).
Proposed International Accounting Education Standard IES 4. Available at: http://www.ifac.org/
publications-resources/ies-4-initial-professional-development-professional-values-ethics-and-attitud
International Federation of Accountants (IFAC). 2013. 2013 Handbook of the Code of Ethics for
Professional Accountants. Available at: http://www.ifac.org/publications-resources/2013-handbook-
code-ethics-professional-accountants
International Integrated Reporting Council (IIRC). 2013. Consultation Draft of the International Integrated
Reporting Framework. Available at: http://www.theiirc.org/consultationdraft2013
International Organization for Standardization (ISO). 2011a. Quality Management. ISO 9000. Available at:
http://www.iso.org/iso/
International Organization for Standardization (ISO). 2011b. 2009 Risk Management—Principles and
Guidelines. ISO 31000. Available at: http://www.iso.org/iso/catalogue_detail.htm?csnumber¼43170
Internationaler Controller Verein (ICV). 2011. Controlling–Shaping the Future. Available at: http://www.
controllerverein.com/Self_Image.121676.html
Kennedy, M. E. 2004. Using customer relationship management to increase profits. Strategic Finance 85
(9): 37–42.
Kohn, J. R., Jr., and S. G. Sutton. 2010. Continuous auditing in ERP system environments: The current state
and future directions. Journal of Information Systems 24 (1): 91–112.
Malina, M. A., and F. H. Selto. 2001. Communicating and controlling strategy: An empirical study of the
effectiveness of the balanced scorecard. Journal of Management Accounting Research 13 (1): 47–90.
Monden, Y., and K. Hamada. 1991. Target costing and kaizen costing in Japanese automobile companies.
Journal of Management Accounting Research 3 (Fall): 16–34.
National Association of Accountants (NAA). 1988. Education for Careers in Management Accounting.
Statements of Management Accounting: Statement 1E. New York, NY: McGraw-Hill.
Needles, B. E., Jr. 2014. Modeling accounting education. In The Routledge Companion to Accounting
Education, edited by R. M. S. Wilson, Chapter 2. Abingdon, U.K., and New York, NY: Routledge
(forthcoming).
Neely, M. P., and J. S. Cook. 2011. Fifteen years of data and information quality literature: Developing a
research agenda for accounting. Journal of Information Systems 25 (1): 79–108.
Nordman, C., S. Lin, and W. Fuessler. 2011. Journey to a Value Integrator. A Companion Study to the IBM
2010 Global Chief Financial Officer Study, ‘‘The New Value Integrator.’’ Available at: http://www-
935.ibm.com/services/us/gbs/thoughtleadership/ibv-journey-to-new-value-integrator.html
Norris, G., and B. O’Dwyer. 2004. Motivating socially response decision making: The operation of
management controls in a socially responsive organization. The British Accounting Review 36 (2):
173–196.

Volume 29, No. 2, 2014
Pascarella, E. T., and P. T. Terenzini. 1991. How College Affects Students: Findings and Insights from
Twenty Years of Research. San Francisco, CA: Jossey-Bass Publishers.
Pascarella, E. T., and P. T. Terenzini. 2005. How College Affects Students: Vol. 2—A Third Decade of
Research. Hoboken, NJ: John Wiley & Sons, Inc.
Pathways Commission. 2012. Charting a National Strategy for the Next Generation of Accountants.
Available at: http://commons.aaahq.org/files/0b14318188/Pathways_Commission_Final_Report_
Complete.pdf
Pierson, F. C. 1959. The Education of American Businessmen: A Study of University-College Programs in
Business Administration. New York, NY: McGraw-Hill.
Ross, S., and J. Carberry. 2010. The Inside Track to Careers in Accounting. New York, NY: AICPA.
Roy, R. H., and J. H. McNeill. 1967. The Common Body of Knowledge for Certified Public Accountants:
Horizons for a Profession. New York, NY: AICPA.
Scapens, R. W., and M. Jazayeri. 2003. ERP systems and management accounting change: Opportunities or
impacts? A research note. European Accounting Review 12 (1): 201–233.
Schultz, J. J., Jr., ed. 1989. Reorienting Accounting Education: Reports on the Environment, Professoriate,
and Curriculum of Accounting. Sarasota, FL: AAA.
Shank, J. K., and V. Govindarajan. 1992. Strategic cost management: The value chain perspective. Journal
of Management Accounting Research 4 (Fall): 179–197.
Siegel, G., and C. S. Kulesza. 1996. The practice analysis of management accounting. Management
Accounting 77 (10): 20–25.
Siegel, G., and J. E. Sorensen. 1994. What Corporate America Wants in Entry-Level Accountants: A Joint
Research Project of the Institute of Management Accountants and the Financial Executives Institute.
Montvale, NJ: IMA.
Siegel, G., and J. E. Sorensen. 1999. Counting More, Counting Less: The 1999 Practice Analysis of
Management Accounting. Montvale, NJ: IMA.
Siegel, G., and J. E. Sorensen. 2002. How to Become a Business Partner. Montvale, NJ: IMA.
Siegel, G., C. S. Kulesza, and J. E. Sorensen. 1997. Are you ready for the new accounting? Journal of
Accountancy 184 (2): 42–46.
Siegel, G., J. E. Sorensen, and S. B. Richtermeyer. 2003a. Are you a business partner? Strategic Finance 84
(9): 1–5.
Siegel, G., J. E. Sorensen, and S. B. Richtermeyer. 2003b. Becoming a business partner. Strategic Finance
84 (10): 1–5.
Siegel, G., J. E. Sorensen, T. Klammer, and S. B. Richtermeyer. 2010a. The ongoing preparation gap in
accounting education: A call to action. Management Accounting Quarterly 11 (3): 41–52.
Siegel, G., J. E. Sorensen, T. Klammer, and S. B. Richtermeyer. 2010b. The ongoing preparation gap in
accounting education: A guide for change. Management Accounting Quarterly 11 (4): 1–11.
Siegel, G., L. Appelbaum, G. A. Barnett, J. E. Sorensen, and S. Sudman. 1996. The Practice Analysis of
Management Accounting: Summary. Montvale, NJ: Institute of Management Accountants.
Skaerbaek, P., and K. Tryggestad. 2010. The role of accounting devices in performing corporate strategy.
Accounting, Organizations and Society 35 (1): 108–124.
Sopariwala, P. R., and R. Subramanian. 2004. Evaluating organizational strategy using accounting data: A
template for a fine-grained analysis. Journal of Corporate Accounting and Finance 15 (4): 71–84.
Sundem, G. L. 1999. The Accounting Education Change Commission: Its History and Impact. Accounting
Education Series, Volume No. 15. Available at: http://aaahq.org/AECC/history/cover.htm
Sustainability Accounting Standards Board (SASB). 2013. Sustainability Accounting Standards. Available
at: http://www.sasb.org
Sutton, S. G. 2000. The changing face of accounting in an information technology dominated world.
International Journal of Accounting Information Systems 1 (1): 1–8.
Taylor, J. H. 1932. A program for graduate study of accounting. The Accounting Review 7 (1): 42–47.
Trueblood, R. M. 1963. Education for a changing profession. Journal of Accounting Research 1 (1): 86–94.

Volume 29, No. 2, 2014
USAJobs. 2013. Resource Center. Available at: https://help.usajobs.gov/index.php/Main_Page

U.S. Department of the Treasury. 2008. Final Report of the Advisory Committee on the Auditing Profession
to the U.S. Department of the Treasury. Available at: http://www.treasury.gov/about/organizational-
structure/offices/Documents/final-report.pdf
Vereniging voor Registercontrollers (VRC). 2010. Accreditatie Statuut 2012—Visitatie Post-InitiËLe
Controllersopleidingen. (In Dutch). Amsterdam, The Netherlands, VCR.
Wheeler, J. 1991. Educating for the ‘‘profession’’ of accounting. In, Models of Accounting Education, edited
by Norgaard, C. C., and G. L. Sundem. Bainbridge Island, WA: Accounting Education Change
Commission.
White, D. C. 2013. EY College Summit Stresses Global Mind-Set. Available at: http://www.accountingweb.
com/article/ey-college-summit-stresses-global-mind-set/222023
Wilkin, C. L., and R. H. Chenhall. 2010. A review of IT governance: A taxonomy to inform accounting
information systems. Journal of Information Systems 24 (2): 107–146.
Wolcott, S. K. 2011. Professional attributes: Teaching the fine arts of being a professional accountant. In
Leveraging Change—The New Pillars of Accounting Education, edited by Wiecek, E. M., and G.
Beal, 58–86. Toronto, Canada: The Canadian Institute of Chartered Accountants and University of
Toronto.
Wolcott, S. K., and C. L. Lynch. 2002. Developing Critical Thinking Skills: The Key to Professional
Competencies. A Faculty Handbook. Sarasota, FL: American Accounting Association.
Wolcott, S. K., C. P. Baril, B. M. Cunningham, D. R. Fordham, and E. K. St. Pierre. 2002. Critical thought
on critical thinking research. Journal of Accounting Education 20 (2): 85–103.

Volume 29, No. 2, 2014

Iace 50673 Lawson PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Iace 50673 Lawson PDF

Uploaded by

Copyright:

Available Formats

ISSUES IN ACCOUNTING EDUCATION American Accounting Association

Vol. 29, No. 2 DOI: 10.2308/iace-50673

Focusing Accounting Curricula on Students’

Published Online: December 2013

dations lead to the competency-based educational Framework presented in this paper.

Keywords: professional competencies; curriculum recommendations; framework for

Issues in Accounting Education

The Need to Broaden the Scope of Accounting Education

Issues in Accounting Education

The Need for a Strategic Perspective on the Value Proposition of Accounting

Issues in Accounting Education

The Need for Competency Integration

A PROPOSED EDUCATIONAL FRAMEWORK

Issues in Accounting Education

Issues in Accounting Education

Analytical Thinking and Problem Solving

Broad Management Competencies

Issues in Accounting Education

Ethics and Social Responsibility

Process Management and Improvement

Governance, Risk Management, and Compliance (GRC)

Issues in Accounting Education

Additional Core Management Competencies

External Reporting and Analysis

Issues in Accounting Education

not-for-profit entities in accordance with reporting standards.20 Accountants must be able to

Planning, Analysis, and Control

Taxation Compliance and Planning

Issues in Accounting Education

Assurance and Internal Control

Professional Values, Ethics, and Attitudes

Issues in Accounting Education

competence, ethical behavior, professional manner, pursuit of excellence, societal responsibility,

Issues in Accounting Education

Issues in Accounting Education

Consider also the integration of foundational competencies. Students typically receive an

COMPARISON WITH RELATED ACCOUNTING COMPETENCY FRAMEWORKS

Pathways Commission Compilation

Issues in Accounting Education

Selected European Frameworks

Benefits and Costs

Issues in Accounting Education

Need for Detailed Learning Objectives

Issues in Accounting Education

Issues in Accounting Education

Issues in Accounting Education

Brewer, P. C. 2000. An approach to organizing a management accounting curriculum. Issues in Accounting

Issues in Accounting Education

Issues in Accounting Education

Issues in Accounting Education

Issues in Accounting Education

USAJobs. 2013. Resource Center. Available at: https://help.usajobs.gov/index.php/Main_Page

Issues in Accounting Education

You might also like