Accountants traditionally have been historians, recording what the company did and then comparing it to previous years. Now the Internet and the new economy are transitioning business into real time. It is more important for them to know what will happen tomorrow than it is for them to know what happened yesterday. Today accountants are asked to consider past company performance alongside the continuous changes of the economy and marketplace to strategically position the company for success tomorrow.
             - Olivia Kirtley, former chair, American Institute of Certified Public Accountants
             (Next Generation Accountant Research by RHI Inc., 2003)
             As organisations continue their businesses in the new millennium, they will have to make significant changes to the way they operate because of increasing globalisation and the rapid advancement in technology. Corporations of various sizes are inevitably brought together in the global market. To survive in a more globally competitive environment, companies have to test themselves for radical changes in their business operations. This paper describes the changes taking place in organisations regarding their business operations and the challenges accountants and students will have to face as a result of those changes. In addition, we will look at the skills and knowledge accountants will have to acquire and be equipped with to remain relevant within the organization and to prepare themselves for even more challenges in the years ahead.
             In recent years, a number of reports have been commissioned by the various accounting bodies to determine how today's trends will shape the future of accounting and finance professions, and identify the skills which future accountants will need to be successful. The most influential papers in this area are The Added Value Professionals - Chartered Accountants in 2005 by the Institute of Chartered Accountants of England and Wales and the research Next Generatio...