Accountants must adopt new tech for 4IR: Experts

Highlights:

• Annual global market of accounting services worth $1.3 trillion with 12.7% growth
• Countries like China have a demand for millions of accountants
• The entire service sector globally generates values worth some $6 trillion

Accountants must adapt to new technologies of the Fourth Industrial Revolution, also known as 4IR, as traditional accounting is set to be phased out soon, experts at a discussion in the capital yesterday said. 

"A great change is anticipated within just five years. Traditional accounting is unlikely to exist there. Hence, we must be ready for the new technologies such as blockchain," said Sharifa Khan, secretary of the Economic Relations Division.

"Those who will be fit for the new technologies will grow further as the demand for accounting has been on the rise," she said at the discussion arranged by the Institute of Chartered Accountants of Bangladesh on the occasion of 50 years of its founding anniversary at the CA Bhaban in the capital.

She noted that the annual global market of accounting services is worth $1.3 trillion with an average growth of 12.7%, while the entire service sector generates values of some $6 trillion. 

"Unfortunately, our accountants are far behind the global average. The contribution of our accounting and other auxiliary financial services remains below 0.2% although that of the whole service sector is 51%," added the secretary.  

Taking part at the event, Comptroller and Auditor General of Bangladesh Muslim Chowdhury said countries like China have a demand for millions of accountants. 

"Our demand is also increasing keeping pace with our economic growth. But the fact is that there will be many changes in the role of accountants in the next 10 years. Some regulatory frameworks will also be in place. So accountants need to be ready for the new future," he added.

Institute of Chartered Accountants of Bangladesh President Moniruzzaman said chartered accountants provide various statutory services in audits, taxation compliance, and attestation process, which not only bring economic discipline but also assist the government in various ways.

"In our continuous development, we have fully adopted the academic syllabus of The Institute of Chartered Accountants in England and Wales, which has enabled our members to practise in England directly," he added.

Earlier, Liberation War Minister AAM Mozammel Haque inaugurated a rally to mark the golden jubilee of the organisation. The institute also shot fireworks in the air on Thursday evening.