7 January 2011
Professor Alnoor Bhimani delivered the annual dinner speech at CIMA in Nairobi. He discussed Kenya's economic growth and accounting challenges in his address entitled 'globalisation and management accounting'. He noted the impact of the information growth arising from global forces and the need for accountants to understand the value of data which traditionally has not been captured by accounting systems. He noted Kenya's growing investments in IT and the abilities required of its accountants to develop new modes of dealing with emerging organizational information forms.
Professor Bhimani noted that the finance function must today develop ways of appealing to information platforms, sources and architectures relating to information output, channels, structures and modes of assessment in a manner not inimical to the managerial style and preferences of the users served. He cautioned against the wholesale adoption of systems currently in use in foreign business environments. He noted that the novel global economy is affected by macro and micro level changes yielding accounting changes that are as multifaceted as are their effects. This impacts the manner in which enterprises access finance, make use of it, report it and monitor the risks of their economic activities. The management accounting body of expertise which has over the past two decades undergone significant changes is again at the brink of seeing immense shifts in content, structure, mode of delivery and approach to usage. Kenyan accountants must be adept in recognIsing the implications of these changes.