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Innovation%20and%20Technology%20in%20the%20Knowledge-based%20Economy

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Hong Kong Productivity Council (HKPC) November 19, 2002. Key Drivers of Productivity Growth: ... Nurturing of an Innovative Culture and Incentive Programmes are ... – PowerPoint PPT presentation

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Title: Innovation%20and%20Technology%20in%20the%20Knowledge-based%20Economy


1
Innovation and Technology in the Knowledge-based
Economy
Thomas TANG
Executive Director, Hong Kong Productivity
Council Hong Kong
2
XVI World Congress of Accountants Workshop 2
3
Innovation and Technology in the Knowledge Based
Economy and their Implications for
Accountants THOMAS TANG Executive
Director Hong Kong Productivity Council
(HKPC) November 19, 2002
4
  • Key Drivers of Productivity Growth
  • Innovation
  • Technology

5
  • Enabler of Innovation and Technology Development
  • Information Technology
  • Applications for
  • Manufacturing
  • Service Processes
  • Communication and Information Systems

6
  • Why Innovative Accounting Techniques
  • To meet changing client needs particularly in
    Cost and Management Accounting

7
  • Innovative Accounting Techniques in Order of
    Popularity
  • Product Life Cycle Analysis
  • Activity Based Management
  • Activity Based Costing
  • Target Costing
  • (from Study by Askarany and Malcolm Smith)

8
  • Low Application Rate of Innovative Accounting
    Techniques, according to Recent Studies e.g.
    Activity Based Costing (ABC)
  • 14 in UK and Australia
  • 10 in USA
  • (from Innovation Diffusion by Malcolm Smith)

9
  • Reasons for Not Adopting Innovative Techniques
  • Lack of suitable software programs
  • Cost of system setup and its implementation
  • Cost of maintaining and collecting cost
    information
  • Lack of information on available costing
    techniques

10
  • Reasons for Not Adopting Innovative Techniques
  • Lack of appropriate accounting skills
  • Low benefit coupled with high cost
  • Lack of confidence in the ability of new
    accounting techniques
  • Employee resistance

11
  • Implementation Culture of Innovation
    Successful Diffusion
  • Education and Training to Establish the
    Credibility of Accounting Innovations
  • Breaking down the Barriers or Employee Resistance
    to Change
  • On all levels Individual, Group, Intergroup and
    Organizational
  • Empowerment of Employees

12
  • Implementation Culture of Innovation
    Successful Diffusion
  • Alignment of Incentives
  • Incentives Aligned with Programme Objectives
  • To Facilitate, Reward and Reinforce Effective
    Change

13
  • Implementation Culture of Innovation
    Successful Diffusion
  • Internal Sponsorship
  • Key Individuals within the organization to
    demonstrate the Managements Understanding and
    Commitment
  • Clear Communication of Goals and Strategies
  • Visionary Leadership

14
Chinas Accession to WTO
  • In its WTO accession, China made substantial
    concessions on foreign investment in the services
    economy, covering
  • Partnership limited to CPAs licensed by Chinese
    authorities
  • Affiliation between foreign and Chinese
    accounting firms
  • Recognition of foreigners CPA qualification
  • No mandatory localization requirement
  • Expansion of Services taxation and management
    consultancy

15
Chinas Accession to WTO
  • Capitalizing on these Opportunities
  • eXtensible Business Reporting Language (XBRL)
  • Automatic Exchange and Reliable Extraction of
    Financial Information
  • Across All Software Formats and Technologies
  • Internet

16
Chinas Accession to WTO
  • Capitalizing on these Opportunities
  • Online Experts and Virtual Teams
  • Chinas Geographical Spread
  • Cross-Border Business Activities
  • Internet

17
  • Conclusion
  • Innovative Accounting Techniques generally have
    Low Adoption Rates
  • The Nurturing of an Innovative Culture and
    Incentive Programmes are Means to Promote a Wider
    Adoption
  • Innovation and Technology are Productivity Tools
    for Accountants in Today's Knowledge Based
    Economy

18
THANK YOU !
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