Accounting for the Future

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image09 Jul 2019

“What’s measured improves”, wrote management guru Peter F. Drucker.  This observation underscores the point that if China and other countries are to be successful in achieving improvements in air and water quality, living standards, probity and, then business and government reporting has to do a better job of measuring and reporting progress and value creation in relation to all aspects of these matters.

Peter Drucker also noted that while the modern corporation is the greatest vehicle ever invented to maximize profit and wealth, its Achilles heel is that it lacks moral authority.  In a world where pollution is having a dramatic negative effect on the daily lives of citizens and even threatening our survival, making profits alone is no longer enough.  Thus the call is for corporations and business to protect the environment rather than being a ‘free rider’ polluting our air and water and paying nothing.  Similarly, society and regulators are increasingly calling for corporations to be mindful of the reality that they are part of society and have a responsibility to more than shareholders, but also to employees and other stakeholders, including society in general. 
This goal will not be achieved, however, unless the full extent of the problem is measured, made transparent and acted upon.  A vital starting point is to have businesses in their strategies and reporting to account for progress made in achieving not only financial goals but also other important values such as protecting the environment and being socially responsible. This is the theme of Jane Gleason-White, Six Capitals: the Revolution Capitalism has to Have or Can Accountants Save the Planet?[i]

Gleason-White argues that we are now experiencing the beginning of a second revolution in accounting, the first being the invention of double entry accounting centuries ago.  While traditional accounting was highly efficient in helping us to measure capital in terms of finances and manufacturing, it has not sufficiently accounted for new forms of wealth that have come about with the shift form an Industrial to an Information Society.  In this environment, accounting methods and reporting must also account for two new capitals--human capital and software—nerds and intellectual property—ie the new forms of wealth. 

In addition, in the 21st Century and with our growing realization of the fragility of our environment and the inter-connectedness of society, Gleason White argues our business reporting and accounting systems must also find ways to measure and account for the impact of business on the environment and the value the business adds to society. 
It is argued we require a new form of business reporting or accounting that accounts for these six forms of capital rather than merely the traditional two related to manufacturing and financial capital. Businesses in this new environment need a reporting system that enables a business to report and shareholders and stakeholder able to understand the value that the enterprise adds to shareholders and stakeholders. 
Significant moves toward this new form of accounting is seen in the notion of ‘triple bottom line’, and calls for business reports to reflect values related to: profit, people and planet. Similar notions are captured in a ‘balanced scorecard’ approach.  In the US, there is the Sustainability Accounting Standards Board (www.sasb.org/ ) which is developing non-financial reporting standards for 89 industries.

As stated on their website:
 “Sustainability accounting standards are intended as a complement to financial accounting standards, such that financial fundamentals and sustainability fundamentals can be evaluated side by side to provide a complete view of a corporation’s performance.”

Perhaps of greatest impact is the formation of the International Integrated Reporting Committee (IIRC)  (now Integrated Reporting Council: http://www.iasplus.com/en/resources/sustainability/iirc). Since 2012 an international movement to transform corporate accounting, and the rise of natural capital accounting for nations and the global economy.  The IIRC brings together a cross-section of representatives from corporate, investment, accounting, securities, regulatory, academic and standard-setting sectors as well as civil society. It comprises a Steering Committee, a Working Group and three taskforces working on content development, engagement and communications, and governance.

On July 3, 2014 the International Federation of Accountants (IFAC) and the Chartered Institute of Public Finance and Accountancy (CIPFA) released an international framework on governance in the public sector and the IIRC released the International Integrated Reporting Framework in December 2013.
As articulated in the Framework: 
“The IIRC's vision is a world in which integrated thinking is embedded within mainstream business practice in the public and private sectors, facilitated by Integrated Reporting as the corporate reporting norm. The cycle of integrated thinking and reporting, resulting in efficient and productive capital allocation, will act as a force for financial stability and sustainability.”

The purpose of establishing IR Framework is stated as:
“…..is to explain to providers of financial capital how an organisation creates value over time. An integrated report benefits all stakeholders interested in an organisation’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators, and policy-makers.”
Conceptually, the IR Framework is based on the notion of value creation by a firm, taking into account the six capitals and developing a process by which such value creation can be achieved, demonstrated, understood and reported in terms that shareholders, stakeholders and the public can understand.

Conclusion
While the move to integrated reporting is in its early stages it offers our best hope yet of developing a way to measure value in a way that accounts for and integrates these values into one metric based system.  While few would argue with the need for integrated reporting, putting it into practice with reliable and understandable metrics has a long way to go.  Perhaps even greater is the challenge to achieve buy-in from governments, business and the general public.  Yet, there is a case for optimism as the public, business and regulators become increasingly aware of both the need for and importance of such a mechanism to the future of the global economy and our fragile planet.
 

Recent Blog

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image 08 Nov 2024

NAPS International Student Caps and Updates

Overview

In response to proposed legislation that would limit international student enrolments, NAPS is carefully evaluating how such changes might impact our institution and community. NAPS remains firmly opposed to these caps, recognising the invaluable contributions international students make to the social, intellectual, and cultural vibrancy of our campuses and cities. Our commitment to welcoming international students and providing a world-class education remains steadfast. We will continue to seek and support talented students from around the globe and encourage prospective international students to apply.

Importantly, these proposed caps do not currently affect students already enrolled in our graduate programmes or those pursuing an undergraduate degree who plan to continue directly into our graduate programmes..

We will keep this page updated with the latest developments regarding the proposed legislation. Please check back regularly for new information.

 

Frequently Asked Questions (FAQs)

 1. What is the international student cap at NAPS, and why has it been implemented?

 An international student cap is a limit on the number of international students that can enrol in a higher education institution. In Australia, the government has announced that the cap for 2025 will be 270,000 for all new international students except for a few exempt cases.

 NAPS aims to maintain a balanced, high-quality learning environment. By implementing the caps on international student enrolments, we will ensure access to resources and support services for all students, fostering a diverse and sustainable academic community.

 

2. How will these changes impact my application to NAPS?

 While NAPS remains open to international applications, students may experience increased competitiveness during the admissions process. We encourage applicants to complete their applications early to secure a spot in NAPS.

 

3. Are there any priority admissions criteria for international students?

 NAPS assesses all applicants holistically, but students with higher academic achievements, English proficiency, and alignment with NAPS’s values may have an advantage. Specific guidelines can be found on our admissions page.

 

4. How will current students be affected by the cap?

 The cap will not affect current NAPS students’ status. However, some adjustments in class sizes and availability of elective courses may occur. NAPS remains dedicated to offering all students a robust educational experience.

 

5. What support services are available for international students impacted by these changes?

 NAPS offers a wide range of support services, including academic counselling, and mental health resources, to ensure that all students can thrive in their academic journey.

 

6. I have an offer to NAPS for 2025. What should I do?

If you have an unconditional offer for Semester 1, 2025, we strongly encourage you to accept it to secure your place. For students with a conditional offer for Semester 1, 2025, we recommend meeting any outstanding conditions as soon as possible and then proceeding to accept the offer.

 

For additional support, please contact usadmissions@naps.edu.au

 

Updates and Important Notices

NAPS will continue monitoring government policies and the needs of our student body. We encourage students and agents to refer to this page regularly for the latest updates.

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What and How Professionals Perform

Towards Continuous Improvement Along Your Professional Journey 

The act of being a ‘professional’ is not and endpoint, but a lifelong journey on which you continue to learn, unlearn as you consider new evidence, and then learn again.  This view is supported by research in education as well as other branches of science, including psychology. Building one’s repertoire of professional skills involves constantly strengthening of existing connections and the generation of new ones.  

 

Importance of testing  

In converting study into mastering new knowledge perhaps the single most important strategy is to regularly ‘test’ yourself as you go.  Reading and re-reading is not nearly as effective as testing yourself.  Taking tests on the new material multiple times will result in neuro-coding, i.e. locking it into your mind.  So, the pattern should be study, then test. Study some more, test again.   

It is important that you see testing in a positive light. Recognise that emotion plays an important role in learning and motivation to learn.  See testing as ‘learning’ not ‘evaluation’ 

 

Focus / alertness / motivation   

Attention and focus are vital. Applying our attention and focus turns on the nervous system.  Be honest with yourself.  Focus and attention involve commitment and hard work.  Successful students can force themselves to focus. They commit to put in the hard work. They understand that learning is meant to feel difficult.  It requires effort. You can do hard things.  Moreover, doing hard things is vital for personal and professional growth.   

 

As philosopher Will Durant argues: 

 “The golden mean, however, is not, like the mathematical mean, an exact average of two precisely calculable extremes; it fluctuates with the collateral circumstances of each situation, and discovers itself only to mature and flexible reason. Excellence is an art won by training and habituation: we do not act rightly because we have virtue or excellence, but we rather have these because we have acted rightly; “these virtues are formed in man by his doing the actions” we are what we repeatedly do. Excellence, then, is not an act but a habit: “the good of man is a working of the soul in the way of excellence in a complete life;... for as it is not one swallow or one find day that makes a spring, so it is not one day or a short time that makes a man blessed and happy.”

Don’t make excuses.  Don’t wait till you get motivated.  Action precedes  motivation. As H. Jackson Brown Jr. noted: 

“Don’t say you don’t have enough time. You have the same amount of hours per day that were given to… Michelangelo, Mother Teresa, Leonardo Di Vinci… and Albert Einstein.”   

 

Seek feedback 

Learners should actively seek feedback from their teachers, peers and other stakeholders. Constructive feedback helps identify areas of improvement and provides an opportunity for growth. Actively engaging in discussions and collaborating with others can foster creativity and lead to deeper knowledge and better learning strategies. 

 

Use all your senses 

Memory, learning and focus are also enhanced when one uses all your senses.  See it, hear it, write it down and then test yourself on it to determine what you know, how well you know it, and what you don’t know.   

 

Power of story

Another powerful strategy involves the interleaving of information.  This is especially true in relation to the power of story to help you link elements together and trigger your mind and aiding recall and deeper synthesis of the information 

 

Power of sleep

There is also a strong link between one’s physical and mental health.  A good night’s sleep is vital for learning.  Actual changes that come about in the learning process do not occur during focus, but during sleep, especially during rapid eye movement which tends to occur near end of first night following learning. 

 

Nutrition and Exercise 

Two other vital components of physical health that play a significant role in effective learning are nutrition and exercise.  Good food and regular exercise increase your energy level and enable all biological systems (including the brain) to function at their best. 

 

Mindfulness, meditation, posture and deep breathing 

Focus is also assisted by mindfulness and meditation.  Ten minutes a day, focused on good posture, breathing and regular meditation and reflection on your professional growth will pay big dividends when it comes to learning.  (See e.g.’ Non-sleep deep rest (NSDR): https://www.sleepfoundation.org/meditation-for-sleep/what-is-non-sleep-deep-rest ). 

 

Structure and plan your study  

Learning will also be optimised if you schedule your day so that it supports optimal learning.  Successful students schedule their study as definite period of day.  They tend to have a definite period when they study alone and without distractions, including no phone or surfing the web.  It is important to choose times when you know you are alert.  Tell your friends-- no interruption!” –and enforce it.  Our brains get used to being focused on a particular time.  Developing and strengthening such a habit is a vital professional skill that will serve you well throughout life.1  

 

Invest in yourself and commit to continuous improvement 

Continuous improvement is the key to staying relevant in the ever-changing world of all professionals. It involves constantly learning new methodologies, tools, and techniques to enhance productivity and efficiency. By embracing a mindset of continuous improvement, successful professionals can keep up with industry trends and deliver better results. 

Successful professionals should invest time and effort in training and upskilling themselves. Continuous learning and professional development enable testers to acquire new skills and stay competitive in the industry. By regularly updating their knowledge and skill set, learners can improve their ability to tackle complex challenges. 

Continuous improvement is not a one-time activity but a lifelong commitment. It requires dedication, perseverance, and an eagerness to grow. By making continuous improvement a part of their professional journey, you can become more effective, efficient, and valuable contributors to your profession and wider community. Also, be curious.  Know that there is always something new to learn.  Know also that previous and current views must always be tested to ensure that current knowledge still applies to new situations.  Curiosity is the fuel that drives continuous improvement. As continuous learners, we must always keep our minds open, stay curious, and embrace new challenges. Only by questioning, exploring, and experimenting can we truly develop new skills and uncover the hidden flaws and vulnerabilities in our current knowledge. 

 

Take time to celebrate achievements 

Professionals should acknowledge and celebrate their achievements at every significant step. Recognising the progress made, boosts morale and motivates learners to keep pushing forward. Celebrating achievements also fosters a culture of appreciation and collaboration with other members of your learning and professional community.

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image 09 Aug 2024

Social Work: Many Career Paths to Choose From

Emeritus Professor Eugene Clark

Graduates with a social work degree have many pathways leading to a variety of professional careers in public or private sectors.

 

Examples include: 

  • Medical Care Delivery Settings:An important and popular setting for social workers is in the health care field.  The need for social workers in the health care ssector will increase substantially as governments cope with ageing populations.  
  • Community Health Settings act as intermediaries between communities and social and health services. Their goal is to facilitate people’s access to these services, to improve their overall quality, and to inform the community members about available programmes, rights, etc. 
  • Education Settings:Another important context in which social workers play a vital role is providing support in education settings, especially serving to promote productive family/school/community relationships.  They also play a support role for children with disabilities and child protection. They work in coordinating government and community support in crisis situations.   
  • Case Managers:Social workers as case managers support people in need by directing them to the appropriate government, community or private sector providers of services.  They assist in helping clients to develop a plan of action and guide and work with clients as they progression the road to recovery.   
  • Mental Health Care Contexts:Other social workers focus on mental health services.  This involves offering psychological care to people dealing with a wide range of problems, for example drug addiction, depression, stress,  or abusive relationships.  
  • Pairing with other Professionals: Social workers often work with other professionals from such fields as education, human resources and work with professionals from other fields, like education, law and healthcare. In the case of law, for example, social workers play support and investigative roles dealing with such issues as anti-discrimination, human rights, child abuse, domestic violence and more.  
  • Substance Abuse Counsellors help people who struggle with alcohol or drug addiction, food disorders, and other behavioural problems. Substance abuse counsellors strive to teach people and help them change. 
  • Social Work in the Workplace: The concept of workplace safety in modern societies has increasingly expanded to include duties on employers and management to ensure a safe psycho-social environment.  Thus, employers will increasingly look for employees and leaders who have the appropriate ‘soft-skills’ to ensure a safe and productive work environment for all. See:  https://www.safework.nsw.gov.au/resource-library/list-of-all-codes-of-practice/codes-of-practice/managing-psychosocial-hazards-at-work
  • Social workers in Government: Other social work graduates are engaged in government roles such as public policy analysis, policy development and program delivery design. 
  • Other Roles: Graduates with social work degrees also find jobs in such areas as: behavioural management aide, case management aide, community outreach worker, eligibility worker, human services specialist, etc.  

In short, you will find opportunities for social work wherever people need assistance in negotiating the complex and challenging transitions that occur in life. 

The Future is Bright 

As shown by the examples above, the hard and soft skills learned in a Social Work degree are highly transferable and predicted to be in high demand leading to a challenging yet fulfilling career.

“There is no greater joy nor greater reward than to make a fundamental difference in someone’s life.” – Mary Rose McGeady

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The Importance of ‘Soft-Skills’ for Professional Practice in the 21st Century

Emeritus Professor Eugene Clark 

Educators today distinguish between “hard” and “soft skills.”  Hard skills are the technical skills required for a job and learned through formal education and experience. These skills are specific and typically can be quantified or evidenced by experience or a certification showing you have completed a particular course or gained a qualification.  Examples of hard skills include: computer programming, data analysis, copywriting, foreign language ability, marketing, etc.   

Soft skills, in contrast, are more behavioural. Examples are communication skills, conflict resolution skills, the ability to relate to people, ability to engage in effective teamwork, etc.  These soft skills typically are measured qualitatively.   

While employers want, and successful professionals need, employees with both hard and soft skills, it is the soft skills that will in the future be increasingly valued and in short supply. This is the finding of the World Economic Forum Report which found that nine of the top 10 skill gaps required of todays leaders involve the acquisition and application of “soft skills”. 

According to the Report, these high demand soft skills include: 

  • Analytical thinking 
  • Creative thinking 
  • Resilience 
  • Flexibility 
  • Agility 
  • Motivation 
  • Self-awareness 
  • Curiosity 
  • Lifelong learning 


At the National Academy of Professional Studies the development of soft skills as well as hard skills is stressed in each of our professional courses and qualifications. In addition, We conduct a series of workshops designed to guide students towards helping them to develop and enhance both their technical hard skills and soft skills." 

While our first courses have focused on traditional, more technical’ degrees related to business, we are also developing additional courses which also provide students with the option to pursue a career that has a greater focus on these soft skills.  We believe, as does the World Economic Forum Report mentioned above, that such soft skills will be increasingly important. We are committed to working on developing creative ways to integrate these soft skills into the student experience so that students, in turn, will transfer and build upon these soft skills throughout the life of their future career. 

The National Academy of Professional Studies (NAPS) has recently been approved to offer the world a degree in Social Work.  This for many reasons is an important milestone. 

Looking more broadly and to the future, all professions, indeed the world, urgently need to adopt the attribute and valus underlying the “soft skills” involved with social work: service to community, compassion, dedication, care, problem solving, hard work, optimism, motivation, resilience and more.  

These values and soft skills will enable future graduates to play leading roles in their chosen profession.  This in turn will enable society to preserve our professions, re-invigorate our institutions, build a strong economy, promote responsible government, rekindle personal autonomy and responsibility, renew enthusiasm for public service, protect the environment and enhance the social capital that comes when professions do their part in  supporting families and communities.

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It’s All In The Behaviour Because Education Trains The Mind

Career Professionals are better humans through practice in training the mind.

NAPS Students in their Bachelor of Business Accounting and B. Islamic Accounting are expected to put a bit of thought into their student behaviors both inside and outside the classroom. Taking a leaf from Krsihnamurthi’s – Education and Significance of Life – students are encouraged to recognize the function of education is to bring about the heightened capability for dealing with their professional life not just their chosen career paths. NAPS students are taught to be conscious of their professional and personal behaviors.

One of the many functions of education is to ‘create’ new values. The new value creation needs much work, and NAPS students currently have three years to pursue it. NAPS students have a great opportunity to choose what is suitable for them so that they can consciously exercise their student engagement strategy at NAPS. They commence their professional studies either as an extension of the past (as a school leaver) or as a preparation to train as a career-ready professional. NAPS's three-year program of study provides the student with ample opportunity to be comfortable with any of these options.

Please click here for more information on NAPS vision.

The strategies adopted, and the way academic success is achieved depends on the way the students spend the following years of education in the setting of an Australian Higher Education Provider. Student behaviors in their academic activities have a lasting influence on their personal and professional life.

Training the mind and the opportunity to exercise choice in the practice of business education starts with understanding one’s behavior in an organizational setting.

Here are some of the useful pointers about the behavioral practice I have compiled of student activities outside and inside the classroom we are encouraging students to adopt at NAPS. These have been compiled with the assistance of the NAPS Student Admin Team & the Learning and Academic Support Manager.

  • When entering the NAPS venue, say words of greeting such as: ‘Good morning, or Hello’.
  • When calling NAPS, please introduce yourself. Please prepare for the conversation by having your ID number and the topic of conversation. It may help you if you write it down.
  • When you come to the Front Desk wait for your turn. Please do not butt in and talk over top of the other. It is professional to not only wait for your turn but also make sure you acknowledge who was there before you.
  • Respect the space. It is not very professional to enter the side of the desk where the staff member is sitting or standing over the staff member who is attending to the needs of the others.
  • Seek permission to enter an office. Do not barge in unannounced.
  • Seek permission to use NAPS resources including pen and other objects. It is not your property.
  • Be polite to others. Avoid talking in a language that others are not familiar with.
  • Read and understand the email before wanting to inquire with the staff. Take charge of your actions. If you need help, make sure you realise you are at the receiving end of generosity and behave professionally and with ethics.
  • If you are late to class, do not disturb the rest. Professional ethics requires you to switch off the phone and not interrupt the flow of the session.
  • Avoid disruptive behavior, particularly in Campus Venues
  • Read and carefully consider the Student Codes of Conduct contained in the Student Handbook. This activity is a precursor of a code of conduct in the workplace.
  • Organise your finances responsibly to avoid undue stress and acting unprofessionally.
  • Learn to use the technology provided for your use.
  • Be a leader and manager by contributing to voluntary Organizations and Clubs including opting to become student representatives:
  • Learn time management and best practices for enhanced Time Management and Academic and non-academic success.
  • Seek help and assistance promptly for dealing with stress. mental health, Academic pressure, financial concerns, etc.
  • Take every opportunity in class to express opinions on different topics and ask questions to generate good discussion.
  • Work hard to maintain a healthy study-work-life balance but this requires good time management and a positive attitude.
  • Maintain the focus on the end goal – GRADUATE and ask what is next after graduation and lifestyle.
  • Prepare to attend all lectures and tutorials on time fully prepared for professional discussion and use of time effectively to maximize learning experiences.

Just remember cultivating professional attitudes is achieved by integrating daily rituals and practices with knowledge and training is achievable by gradually achieving changes in behaviors. One step at a time in all we think and do!


Prof. Sivaram (Ram) Vemuri
Dean
NAPS
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