Big data has potential to "reshape" accounting and finance professions, says Director of Policy for ACCA

TORONTO, Feb. 18, 2014 /CNW/ - Big data, the vast amounts of information collected through devices and technologies, has the potential to "reshape" the accounting and finance professions by providing them with an opportunity to move into more strategic roles in business, says Ewan Willars, Director of Policy for ACCA (the Association of Chartered Certified Accountants).

The term big data is commonly used, but not commonly understood. It refers primarily to data continually collected through credit cards and customer loyalty cards, the internet and social media and, increasingly, WiFi sensors and electronic tags. Much of this data is 'unstructured' - data that doesn't conform to a specific, pre-defined data model.

"Big data offers accounting and finance professionals a stunning opportunity," says Willars. "However, in order to differentiate themselves in the marketplace and turn big data to their advantage, they will need to do three things: 1) develop methods and services for the valuation of data, 2) use big data to offer more specialized decision-making support and 3) employ it to evaluate the risks and rewards of long-term investment in new products and new markets."

Willars will share his insights on big data, which are featured in a recent ACCA and IMA report : http://www.accaglobal.com/content/dam/acca/global/PDF-technical/futures/pol-afa-bdpap.pdf at an event for senior finance professionals in Toronto on Wednesday, February 19^th.

WHO:			Ewan Willars, Director of Policy, ACCA, London, England
WHAT:			'Big Data' event hosted by ACCA (the Association of Chartered Certified Accountants)
WHEN:			Wednesday, February 19^th 6:00 pm to 7:30 pm (Registration begins at 5:30 pm)
WHERE:			ING Ivey Leadership Centre 130 King Street West, Toronto, Ontario

Note to Editors

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants with 162,000 members and 428,000 students in 170 countries worldwide. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

We work through a network of 89 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development.

www.accaglobal.com

ACCA Canada has 2,500 members and 1,200 students in Canada.

ACCA is not affiliated with any chartered accountant (CA) organization.

Twitter: @accacanada

Image with caption: "Association of Chartered Certified Accountants Logo (CNW Group/Association of Chartered Certified Accountants)". Image available at: http://photos.newswire.ca/images/download/20140218_C4473_PHOTO_EN_36788.jpg

SOURCE: Association of Chartered Certified Accountants

For further information:

Laura Fracassi  
Sussex Strategy Group  
647.984.6136
[e-mail]