Supporting the profession in the digital transition
A rapid digital transformation is having an impact on every business in every industry. The finance function of any organisation is certainly no exception. In this context, the MIA Digital Committee has been actively working on identifying and addressing responses for the digital era of the finance function.
The overarching role of the Committee is to keep the profession abreast with all things digital including cloud, cyber security, technology assurance, data analytics/automation and other technological developments, whilst ensuring that the new skillsets are identified to ensure relevance of our profession.
The Committee’s work revolves primarily around three areas.
The first stream is the agenda of cloud accounting. The Committee has been engaged on developing an open framework for the finance profession to better embrace the technology deployment of cloud computing in the accounting world. The framework identifies core elements for consideration and evaluation when deploying cloud accounting technologies. The open framework will deliver a core set of information that is technology/vendor agnostic, and caters for contributions provided by professionals from time to time.
The second stream relates to the new skill sets and competencies for the digital era of the profession at large to be embraced and invested in to ensure the profession remains relevant. Aspects of big data, digital technologies, such as robotic process automation, artificial intelligence and predictive analytics drive the agenda in creating business value. The technology enabled skill sets focus on the six principles of strategy and risk, analytics and reporting, technology deployment, business operations, digital leadership, and ethics and values. The development of this framework will lead to the possibility for members to benchmark the competencies and identify paths to enhance the skillsets for the digital era.
The third stream involves a direct and active participation in discussions held with the Office of the Commissioner for Revenue (OCfR) on the point-of-sale exemption/certification processes in order to reflect the digital platform realities and operating models that businesses operate today and tomorrow. Recently, the Committee also held discussions with the OCfR to ensure a consistent application of VAT rules on the soon to be introduced Beverage Container Refund Scheme (BCRS) across retailers, restaurants and so forth.
The Committee has also been actively involved and supporting the Institute through the organisation of events for members revolving around the agendas of cyber security, digital skill sets, data and automation, and to provide awareness of digital technology trends and assessment on how they affect members. The Committee also backs other committees on digital agenda aspects such as ESEF reporting, participates in webinars and conferences organised by the MIA and supports students in addressing queries in relation to the digital topic in their dissertations.
Written by Chairperson of the MIA Digital Committee, Gordon Micallef.
Furthermore, the Committee, led by Mr Gordon Micallef, is organising a session dealing with matters impacting the work of accountancy professionals. Don't miss this opportunity. Register here.