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5 Synthesis: The putting together of elements and parts so as to form a whole. This
involves the process of working with pieces, parts, elements, etc., and arranging and
combining them in such a way as to constitute a pattern or structure not clearly there
before.
6 Evaluation: Judgments about the value of material and methods of given purposes.
Quantitative and qualitative judgments about the extent to which material and
methods satisfy criteria. Use of a standard of appraisal. The criteria may be those
determined by the student or those which are given to him.
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AACSB: Derived from the AACSB website “The Assurance of Learning
Standards. 15. Management of Curricula”
AACSB Tags Skills
Communication • Communication abilities.
Ethics • Ethical understanding and reasoning abilities.
Analytic • Analytic skills.
Technology • Use of information technology.
Diversity • Multicultural and diversity understanding.
Reflective Thinking • Reflective thinking skills.
Broad Business Perspective Competencies
Broad business perspective competencies relate to the context in which accounting professionals perform their
services. Individuals preparing to enter the accounting profession should consider both the internal and
external business environments and how their interactions determine success or failure. They must be
conversant with the overall realities of the business environment.
Strategic/Critical Thinking
Critical thinking encompasses the ability to link data, knowledge, and insight together from
various disciplines to provide information for decision-making. Being in tune with the "big
picture" perspective is a necessary component for success. Individuals entering the
accounting profession should be able to communicate to others the vision, strategy, goals,
and culture of organizations.
Industry/Sector Perspective
Individuals entering the accounting profession should be able to identify (through research
and analysis) the economics accounting and broad business financial risks and
opportunities of the industry and economic sector in which a given organization operates.
Identification of these risks and opportunities should include both issues specific to the
enterprise, as well as those pervasive throughout the industry/sector.
International/Global Perspective
Individuals entering the accounting profession should be able to identify and communicate
the variety of threats and opportunities of doing business in a borderless world. The
accounting professional of the future must provide services to support and facilitate
commerce in the global marketplace.
Resource Management
The ability to appreciate the importance of all resources (human, financial, physical,
environmental, etc.) is critical for success. Individuals entering the accounting profession
should be able to apply management and human resources development theories to human
resource issues and organizational problems. Individuals preparing to enter the accounting
profession should be able to identify sources of capital, and analyze the impact of
participation in the global capital markets.
Legal/Regulatory Perspective
Regulatory forces are being shaped by collaboration, migration, and reform as the various
stakeholders globalize, share information, and force their particular needs and viewpoints
onto political agendas. Individuals preparing to enter the accounting profession need to be
capable of describing the legal and regulatory environment and analyzing the impact of
changes in relevant requirements, constraints, and competitive practices.
Marketing/Client Focus
Individuals who are marketing- and client- focused are better able to anticipate and meet
the changing needs of clients, employers, customers, and markets. This involves both the
ability to recognize market needs and the ability to develop new markets.
Individuals who are marketing- and client- focused are better able to anticipate and meet
the changing needs of clients, employers, customers, and markets. This involves both the
ability to recognize market needs and the ability to develop new markets.
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Decision Modeling
Individuals preparing to enter the accounting profession must be able to use strategic and
critical approaches to decision-making. They must objectively consider issues, identify
alternatives, and choose and implement solution approaches in order to deliver services and
provide value.
Risk Analysis
Risk analysis and control is fundamental to professional service delivery. The identification
and management of audit risk (that is, the risk that the auditor will fail to detect a
misstatement, caused by inadvertent error or fraud, that is, material to financial statements)
is the basis for the conduct of a GAAS audit. The understanding of business risk (that is,
the risk that an entity—either a client or the prospective accounting professional's employer
—will fail to achieve its objectives) affects how business strategy is created and
implemented.
Measurement
Measures used should be both relevant (that is, bear on the decision to be made) and
reliable (consistently measure what they purport to measure). Various measurement and
disclosure criteria used by accounting professionals—such as GAAP, OCBOA (Other
Comprehensive Basis of Accounting) and tax reporting—have been codified to some
degree. Other performance measures (such as Economic Value Added) or stated criteria (for
example, investment performance) are used for special purposes. Some measurement
criteria (such as effectiveness of internal control) are measured qualitatively, rather than
quantitatively.
Reporting
Communicating the scope of work and findings or recommendations is an integral part of a
professional service. An accounting professional in public practice might issue an audit or
attestation report, recommendations for improved services, or tax or financial planning
advice. An accounting professional in business, industry, or government might analyze
operations or provide communications to the board of directors. Communicating clearly
and objectively the work done and the resulting findings is critical to the value of the
professional service. Some forms of communication are governed by professional
standards (such as the form and content of the standard auditor's report or the required
communications to audit committees) or law. Others are based on the service applied and
the needs of those to whom the accounting professional reports.
Research
Although accounting professionals need a foundation in standards and other relevant rules,
such guidance is constantly evolving. Many accounting profession functions depend on
obtaining information from within and outside of an entity. Accordingly, the individual
preparing to enter the accounting profession needs to have strong research skills to access
relevant guidance or other information, understand it, and apply it.
Although accounting professionals need a foundation in standards and other relevant rules,
such guidance is constantly evolving. Many accounting profession functions depend on
obtaining information from within and outside of an entity. Accordingly, the individual
preparing to enter the accounting profession needs to have strong research skills to access
relevant guidance or other information, understand it, and apply it.
Professional Demeanor
The accounting profession is committed to maintaining a public reputation for excellence
in the performance of important roles in business and society. Individuals entering the
accounting profession should behave in a manner that is consistent with the character and
standards of the discipline of accounting, as well as the norms of the environment in which
they interact. This competency involves demonstrating objectivity, integrity, and ethical
behavior. It also includes a commitment to stable work performance, as well as a
commitment to continuously acquire new skills and knowledge.
Interaction
Accounting professionals must be able to work with others to accomplish objectives. This
requires them to act as valuable business partners within organizations and markets and
work in teams to provide business solutions. Thus, individuals entering the accounting
profession should demonstrate an ability to work productively with individuals in a
diversity of roles and with varying interests in the outcome.
Leadership
Individuals entering the accounting profession should be able to effectively lead in
appropriate circumstances. This involves acquiring the skills needs to influence, inspire,
and motivate individuals and groups to achieve results.
Communication
Accounting professionals are called upon to communicate financial and non-financial
information so that it is understood by individuals with diverse capabilities and interests.
Individuals entering the accounting profession should have the skills necessary to give and
exchange information within a meaningful context and with appropriate delivery. They
should have the ability to listen, deliver powerful presentations and produce examples of
effective business writing.
Project Management
Accounting professionals must successfully manage a diversity of projects throughout their
career. Individuals entering the accounting profession should demonstrate the ability to
effectively control the course of a multi-dimensional, multi-step undertaking. This includes
managing project assets, including human, financial, property, and technical resources.
Accounting professionals must successfully manage a diversity of projects throughout their
career. Individuals entering the accounting profession should demonstrate the ability to
effectively control the course of a multi-dimensional, multi-step undertaking. This includes
managing project assets, including human, financial, property, and technical resources.
The candidate should be able to identify and understand pure competition, monopoly, monopolistic
competition, and oligopoly. The candidate will be able to explain resource planning and the cost of
resources.
The candidate should be knowledgeable of macro economics and should be able to demonstrate an
understanding of inflation, unemployment and economic growth. The candidate should be define
and calculate Gross Domestic Product (GDP). The candidate will be knowledgeable of the
business cycle and demonstrate an understanding of fiscal monetary policies.
Global Business
The candidate should be able to define terms associated with global trade, including net exports
and net imports. The candidate should be knowledgeable of foreign currency terms and policies
and be able to apply calculations relevant to foreign monetary exchanges.
The candidate should be aware of the functions of the World Bank and International Monetary
Fund and be able to identify legal and ethical issues in conducting business worldwide.
Internal Controls
The candidate should be able to demonstrate an understanding of risk assessment and the
management of risk and be able to define inherent risk, control risk, and detection risk. The
candidate should be able to define and give examples of segregation of duties.
The candidate should be able to define the internal audit function and recognize that the internal
audit function provides information concerning activities reviewed to assist management.
The candidate should be able to identify threats to information systems and be knowledgeable of
controls to limit the threats. The candidate should understand and be capable of implementing a
disaster recovery plan.
Quantitative Methods
The candidate should be able to show an understanding of the regression equation and identifying
assumptions of simple regression analysis. The candidate should be able to demonstrate an
understanding of the objectives of linear programming and demonstrate the mathematical
formulation of a constraint.
FSA
The candidate should be able to demonstrate an understanding of the development of U.S.
accounting standards and the distinct responsibilities of management and of auditors for the
financial statements.
The candidate should be able to identify related provisions of the Sarbanes-Oxley Act of 2002 and
the related rulings of the Public Company Accounting Oversight Board (PCAOB).
The candidate should be able to calculate financial ratios and use the information to measure the
organization's financial performance.
Budget Preparation
The candidate should understand budgeting concepts and should be familiar with budgeting
systems. The candidate should be able to use the knowledge of budgeting concepts and budgeting
systems to prepare operational, financial, and capital budgets and pro forma financial statements.
Cost Management
The candidate should know and be able to apply terminology related to cost principles. The
candidate should demonstrate an understanding of cost behavior cost drivers. The candidate should
be able to apply this knowledge to inventorialable costs, cost of goods sold and other cost
applications.
The candidate should be able to implement various cost accumulation systems, including job,
process, activity, lifecycle and other costing methods. The candidate should understand the nature
of overhead expenses; the nature of cost drivers and other relevant principles applicable to
overhead.
Information Management
The candidate should be able to identify the different types of business information processing
systems and recognize that information systems support the business functions of accounting,
finance, marketing, operations management, and human resources.
Performance Measurement
The candidate should be able to design procedures for measuring operational goals through a
variety of methods and be able to apply analysis of variances is using standard cost techniques.
The candidate should be able to recognize responsibility centers and reporting segments. The
candidate should understand and be able to apply transfer pricing to organizational segments.
The candidate should be able to apply the concepts and applications related to balanced scorecard.
Reporting
The candidate should be able to identify the objectives of external financial reporting; identify and
demonstrate an understanding of basic accounting assumptions and conventions; identify financial
statement elements for each of the financial statements and be knowledgeable of special accounting
topics.
The candidate should be able to identify the two major Acts establishing the SEC and its powers;
and demonstrate knowledge of the major provisions of each Act; identify and explain the major
provisions of the Sarbanes-Oxley Act of 2002; and be identify the functions and responsibilities of
the Public Company Accounting Oversight Board (PCAOB).
The candidate should be able to identify the basic components of the annual report; demonstrate an
awareness of the Audit Committee’s level of responsibility for the integrity of the financial
information presented in the annual reports; and identify and describe the other sections in the
annual report.
Strategic Planning
The candidate must be knowledgeable of various manufacturing paradigms including just-in-time
manufacturing, MRP, theory of constraints, and capacity management. The candidate must be able
to assess business process performance.
The candidate will be familiar with value chain analysis; understand value added concepts; process
analysis; benchmarking; activity based management; and continuous improvement concepts.
Strategic Marketing
The candidate should be able to identify the interrelationships between strategy and marketing and
recognize the critical importance of customer value and customer satisfaction. The candidate
should be able to identify marketing information needs.
The candidate should be able to distinguish between products and services; classify products and
services; demonstrate an understanding of product line decisions and product mix decisions;
demonstrate an understanding of new product development strategy and product life-cycle
strategies.
The candidate should be able to identify internal and external factors affecting pricing decisions;
demonstrate an understanding of general pricing approaches; demonstrate an understanding of
product mix pricing strategies; and recognize that public policy can influence pricing decisions.
Corporate Finance
The candidate should be able to calculate rates of return ; demonstrate an understanding of the
different types of risk; and define hedging and demonstrate how hedging can be used to manage
financial risk.
The candidate should be able to define and identify the characteristics of various financial
instruments; value bonds, common stock, and preferred stock using discounted cash flow methods;
and recognize how income taxes impact financing decisions.
The candidate should be able to define and identify the characteristics of various financial
instruments; value bonds, common stock, and preferred stock using discounted cash flow methods;
and recognize how income taxes impact financing decisions.
The candidate should be able to define the cost of capital and demonstrate an understanding of its
applications in capital structure decisions.
Decision Analysis
The candidate should identify and demonstrate an understanding of the steps needed to reach a
decision. The candidate should be able to identify and apply concepts relevant to decision analysis,
including sunk costs and opportunity costs.
The candidate will be able to apply marginal analysis for making decisions related to special orders
and pricing; make versus buying decisions; sale or process further decisions; and to determine if a
segment should be added or dropped. Finally, the candidate will be able to apply concepts and
knowledge related to setting prices and target costing.
Investment Decisions
The candidate must be able to develop information to assist management in making investment
decisions. In order to do this in candidate must be knowledgeable of capital budgeting; discounted
cash flow analysis; payback and discounted payback; and ranking of investment projects.
Business Applications
The candidate will be familiar with the provisions of "Standards of Ethical Conduct for IMA
Members" in the evaluation and resolution of relevant ethical issues.
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