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The purpose of this study is to determine whether Hong Kong is ready for accounting
education reform.
Accounting Research Journal
Is Hong Kong ready for accounting education reform: an analysis of tri-partite views
Theodore T.Y. Chen
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Theodore T.Y. Chen , (2014),"Is Hong Kong ready for accounting education reform: an analysis of tri-partite
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Is Hong Kong ready for
accounting education reform: an
analysis of tri-partite views
Theodore T.Y. Chen
Department of Accounting, Hong Kong Shue Yan University,
Hong Kong, China
Abstract
Purpose – The purpose of this study is to determine whether Hong Kong is ready for accounting
education reform.
Design/methodology/approach – The approach for this study is using a Likert-scale questionnaire
for the academic institutions, the Hong Kong Institute of Certifed Public Accountants and the big four
accounting frms, followed by detailed follow-up interviews with each.
Findings – There is general agreement among accounting academics and the profession that the
Accounting Education Change Commission initiatives should be adopted in Hong Kong. Hong Kong
accounting academics in public institutions do not oppose to a balance between teaching and research,
but would oppose to an emphasis of teaching over research. This is important as an overemphasis on
research could mean less time for teaching and curriculumdevelopment. The big four accounting frms
are either happy with the way Hong Kong universities have been educating the accounting graduates or
have no complaints against them. This is also important as an urge for accounting education reform
usually comes from the practitioners as in the USA.
Originality/value – The USAwas the frst country that sawthe need for accounting education reform
as accounting practitioners felt that curriculumand pedagogical considerations placed heavy emphasis
on the technical aspects of accounting at the expense of a general, broad-based education. Similar needs
for change were also found in the UKand Australia. As Hong Kong is one of the world’s major fnancial
centres with a large securities exchange, there is a great deal of emphasis on accounting standards,
fnancial reporting, corporate governance, etc., and hence the importance of accounting education. Is
Hong Kong ready for the change?
Keywords Accounting profession, Accounting academics,
Accounting education change commission initiatives, Accounting education reform,
Accounting practitioners
Paper type Research paper
1. Introduction and purpose of this study
1.1 Introduction
The USA was the frst country that saw the need for accounting education reform as
accounting practitioners felt that curriculum and pedagogical considerations placed
heavy emphasis on the technical aspects of accounting at the expense of a general,
broad-based education. Hence, accounting graduates lacked the critical thinking,
problem-solving, communication and many other generic skills deemed essential for
entry-level accountants. The Accounting Education Change Commission (AECC) was
formed in 1989 with a mandate of resolving this problem. The aforementioned situation
was mentioned by numerous authors in the USAfromthe 1980s to the 1990s, including
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1030-9616.htm
Is Hong Kong
ready for
accounting
education reform
249
Accounting Research Journal
Vol. 27 No. 3, 2014
pp. 249-265
©Emerald Group Publishing Limited
1030-9616
DOI 10.1108/ARJ-11-2013-0078
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Nelson (1995), Subotnik (1987), Zeff (1989) and Langenderfer (1987). Even after the
implementation of the 150-semester-hour requirement of the American Institute of
Certifed Public Accountants (AICPA) in 2000, the problemof practitioners’ complaint of
universities’ accounting curricula drilled students in rote technical memorization at the
expense of the broader business, communication and analytical skills they needed in a
real world, continued (Myers, 2005).
1.2 Purpose of this study and research questions
1.2.1 Purpose of this study and research questions. The purpose of this study is to
determine whether Hong Kong, like the USA, is ready for accounting education reform.
Hong Kong accounting academics focus primarily on mainstreamaccounting areas, and
hence accounting education has been somewhat neglected with very few individuals
publishing in this area. Teaching in accounting has been traditional as lecturers are not
rewarded for excellence in teaching and curriculum development. The initiatives of the
AECC are used rather than the more recent recommendations of the Pathway
Commission of 2012. The former focuses more on the details of curriculum and
innovative teaching strategies. Answers to the following three research questions would
help to determine Hong Kong’s readiness for accounting education reform:
(1) Should each of the eight AECC initiatives be considered for implementation in
Hong Kong?
(2) Should there be a greater emphasis on teaching skills and a better balance
between teaching and research? This question is important, as an overemphasis
on research could mean less time for teaching and curriculum development.
(3) In general, is the present accounting education provided by Hong Kong
universities satisfactory and why? This question is also important, as an
impetus for accountingeducationreformusuallycomes fromthe practitioners as
in the USA.
1.2.2 Background of Hong Kong. The locality is situated in another part of the world, i.e.
in the Asia Pacifc region and is populated by both Asians and Caucasians alike. As one
of the world’s major fnancial centres and with a large securities exchange, there is a
great deal of emphasis on accounting standards, fnancial reporting, corporate
governance, etc., and hence the importance of accounting education.
Since January 2005, Hong Kong and China’s accounting and auditing standards have
converged with international accounting and auditing standards. Thus, the reporting
standards are consistent with all western developed countries that chose to converge.
Most Hong Kong universities work with mainland universities in providing accounting
and business education to mainland students.
1.2.3 Accounting education in Hong Kong. Hong Kong possesses the highest
potential in developing accounting education in China. Chau and Chan (2001) identifed
two dominant factors that will likely infuence accounting education in Hong Kong
beyond the 1997 takeover. These are:
(1) The progress of accounting reforms in China.
(2) Hong Kong’s continual ability to lend its expertise to China in terms of
developing a modern accounting framework.
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As members of the accounting faculty at the Hong Kong Polytechnic University (PolyU)
reported, their institution recognized the importance of the AECC initiatives; PolyU’s
emphasis was on preparing graduates for a life-long career in accounting, in which
critical thinking skills and understanding of business are necessary and essential. Their
programme emphasizes the China factor, international knowledge of business,
management and communication skills, awareness of ethical issues and a basic
knowledge of information technology and its application to the accounting discipline.
Chen (2006) provided evidence on how the frst private university in Hong Kong,
Hong Kong Shue Yan University (HKSYU), successfully implemented all eight AECC
initiatives in their four-year honours accounting degree programme. However, eight of
the nine universities currently operating in Hong Kong are public universities, with
seven funded by the University Grants Commission (UGC). These universities may have
different emphasis with respect to teaching versus research compared with private ones,
and may be less fexible with their operations.
2. Overview of research method
2.1 Participants in this study
The participants are:
• the nine institutions in Hong Kong representing the accounting academics;
• the HKICPA representing the accounting profession; and
• the big four accounting frms representing the accounting practitioners.
In the case of equation (i), the nine institutions include eight public universities, one of
which is not funded by the UGC and a private degree-granting college. The eight
universities represent the entire population of universities in Hong Kong, with the
exception of the author’s home university, which is not included in this survey. The nine
institutions are:
(1) The University of Hong Kong (HKU).
(2) The Chinese University of Hong Kong (CUHK).
(3) Hong Kong University of Science and Technology.
(4) PolyU.
(5) City University of Hong Kong.
(6) Hong Kong Baptist University (HKBU).
(7) Lingnan University (LN).
(8) The Open University of Hong Kong.
(9) Chu Hai College of Higher Education (Chu Hai).
The Hong Kong Institute of Certifed Public Accountants (HKICPA) is the only statutory
body that regulates the accounting profession in Hong Kong, and therefore it is selected
to represent the profession. Because the big four frms recruited 55.4 per cent of all
accounting graduates in Hong Kong of the over 1,600 accounting frms operating in this
locality (Chen, 2013), they are chosen to represent the practitioners.
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2.2 Tools and approaches used
The study is conducted within the past two years. Thus its currency is assured. A
detailed Likert-scale questionnaire of 22 questions (fve ratings ranging from strongly
agree to strongly disagree) to the Heads of the Department of Accounting (HoDs) at the
eight universities and one degree-granting college. See Appendix 1 for the completed
questionnaire. The number indicated for each rated item is the number of institutions
giving that rating with a total of nine for each item. The “X” represents the rating of the
HKICPA. For example, question one shows four institutions rating the item as “4”
(agree) as well as the HKICPA, while fve institutions rating as “5” (strongly agree). The
HoD of each institution is asked to conduct a departmental meeting and to go over the
questionnaire with departmental colleagues. It was indicated to the HoDs that majority
consensus must be reached for views presented on each itemin the questionnaire at each
institution or else a mean score should be given. The responses are then discussed with
each HoDand recorded during a 90-minute interview. The same questionnaire was sent
to the Director of Education and Training at the HKICPAand the exercise was repeated
with colleagues in his department followed by an interview. Twenty-one questions in
this questionnaire were related to the three research questions, while the last question
was only designed for the last section of this paper on “Future Research”.
An abridged questionnaire of 14 questions was sent to the Human Resources (HR)
Partner of each big four accounting frm. See Appendix 2 for the completed
questionnaire. Not all questions in the detailed questionnaire are applicable to
practitioners. The HRPartner of each frmthen coordinated the survey within his or her
frm and computed the mean score for each item rated. Follow-up interviews clarifying
the philosophy behind the ratings were conducted with each frm.
3. Findings and discussion
Tri-partite responses to each of the three research questions are indicated below:
RQ1. Should each of the eight AECC initiatives be considered for implementation in
Hong Kong?
With the exception of minor variations, there was general agreement among Hong Kong
accounting academics and the accounting profession that the AECC initiatives should
be adopted in Hong Kong. This viewwas supported by the big four accounting frms on
initiatives that were not curriculum-related and where they cared to express an opinion.
Tri-partite’s evidences (institutions, the HKICPA and the frms) through questionnaire
responses and interviews are provided under parts (a) through (h) of this topic area.
(a) Should the emphasis be on a conceptual, broad-based, general education rather than
technical knowledge?
The institutions and the HKICPA responses clearly indicated that in Hong Kong, an
emphasis on a conceptual, broad-based general education was supported over technical
knowledge in accounting, just like in the USA (Langenderfer, 1987; Nelson, 1995;
Albrecht and Sack, 2000; Myers, 2005), where employers focused on overall ability
rather than just technical ability. HKUis one of the many that provided a good example.
“The additional year commencing 2012, would be devoted strictly to general education
courses rather than using it to add any specialized accounting courses”, said the HKU
representative. Prior to 2012, Hong Kong public universities were on a three-year system
as in the UK.
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Of the big four accounting frms, three were neutral in their responses to the
questionnaire and one agreed to the conceptualized, broad-based education. As this
AECC initiative is curriculum-related, the three frms indicated through the interviews
that they did not wish to express any strong views as the issue is an academic one.
However, none disagreed with the concept. On the other hand, the big four frms do hire
a signifcant percentage of non-accounting or even non-business graduates as these
graduates provide a much broader perspective than accounting graduates (HR
representatives of frms Aand C). This practice of recruiting non-accounting graduates
with a broader educational perspective provided conclusive evidence that practitioners
support a conceptual, broad-based general education.
(b) Should all aspects of the accounting discipline be integrated throughout the curriculum
to more accurately refect practice?
There was general support from the institutions and the HKICPA for integrating all
aspects of the accounting discipline throughout the curriculum to more accurately
refect practice. This is in line with the views in the USAas in the real world, accounting
problems that practitioners face are multi-disciplinary in nature (Williams, 1993; Jervis
and Hartley, 2005; Boyce et al., 2001; Ammons and Mills, 2005; Burns, 2006, Hanno and
Turner, 1996). However, CUHK is of a different opinion:
Faculty members do not possess the capability to do this as PhDs in accounting may not have
the practical experience or knowledge in all aspects of accounting, e.g. taxation and audit, to do
this.
The researcher suggests that the LN model be adopted. “We require all accounting
faculty members possess professional certifcation”, said the LN representative.
Some support also came fromthe big four accounting frms through the interviews in
that two of the frms agreed (integration of topical areas refects real-world practice)
while one was neutral (did not wish to express views on academic matters) and one
disagreed “from the preparer’s point of view at the basic level and not from an
educational point of view” (National Learning Partner of frm D). This, in the
researcher’s view, should be discounted as we were not asking from the preparer’s
point of view at the basic level. In addition, the big four frms indicated that ethics
should be integrated within all accounting courses and that case studies were by far
the most effective tool in teaching ethics. This further suggests that integration is
warranted.
(c) Should accounting educators avoid the one-right-answer syndrome?
There is unanimous agreement among the institutions and the HKICPA that in Hong
Kong, the one-right-answer syndrome should be avoided, while there is general
agreement among the big fours as well. “We are using case studies in examinations as
opposed to the AICPA using multiple choice questions”, as indicated by the HKICPA.
FirmAreported that case studies were used during interviews to determine applicants’
leadership and team-building skills. The case study approach has been endorsed by
Simmons and Williams (1996) in remedying the inadequacies of what practitioners
wanted, by Scofeld (2005) in adapting cases for a team approach in all functional areas
of business and by Boyce et al. (2001) on using cases to develop students’ deep and
elaborative learning skills and generic skills.
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(d) Should accounting students acquire creative thinking skills and learn how to learn?
There was general tri-partite agreement that accounting students should acquire
creative thinking skills and learn how to learn. While Hong Kong institutions and the
HKICPA tended to agree with the situation in the USA that the theoretical approach
inviting debates and controversies was more diffcult to use, they believed that
accounting students should acquire creative thinking skills and learn how to learn, as
several authors there came up with ways that this ability may be developed, e.g. Still and
Clayton (2004) on the use of service-learning in accounting programmes, Davidson and
Baldwin (2005) on the application of Bloom’s taxonomy in analyzing the end-of-chapter
material and Brown (2005) on the use of meta programmes. The institutions and the
HKICPAalso agreed on the ways to acquire creative thinking skills which are essential
in learning how to learn.
In terms of the big four, the interviews revealed that two strongly agree that
accounting students should focus on learning how to learn, while two did not express
any opinion as they did not wish to infuence the academics on pedagogy. On the four
critical qualifcations needed by accounting students in learning howto learn (thinking,
listening, problem-solving and writing skills) (Novin and Pearson, 1989), three were
agreeable and one did not express an opinion for the same reason. In terms of offering
the broadest and most useful learning experience for students as compared to teaching
every rule, topic and exception to the rule, the same three agreed while one did not
express an opinion. This shows that learning how to learn is important for accounting
students to those big four frms that cared to express an opinion.
(e) Should public Certifed Public Accountant (CPA) exams be de-emphasized in shaping
accounting courses?
With the exception of the HKICPA, the institutions in general (with the exception of
CUHK) were inclined to agree with this AECC initiative in de-emphasizing the public
CPAexaminations in shaping accounting courses (Williams, 1993), based on their usage
of the US CPA exam as a frame of reference. Support, in general, also came from the
frms.
“The HKICPA exams emphasize analytical skills and subjectivity”, said the CUHK
representative. Indeed, this is true, as unlike the USA CPA exams that are primarily
multiple-choice in nature, all the HKICPA module and fnal public exams are
“application”-based, using case studies:
We are unique in that the Qualifcation Programme (QP) modules should be linked to the
undergraduate programmes and therefore, public CPA examinations should not be
de-emphasized in shaping accounting courses, said the HKICPA representative.
The researcher feels that both the HKICPA and CUHK do have a case here in that the
HKICPA exams emphasize analytical skills and subjectivity, as opposed to the
multiple-choice format of USA exams that do not test writing and interpersonal skills
(Nelson, 1995 quoting Perspectives on Education 1989), and that the other institutions
may have rated this item using the US CPA exam as a benchmark.
Among the big four, two agreed that public CPA exams should be de-emphasized in
shaping accounting courses, one did not express an opinion, while one disagreed. The
latter (Firm B) indicated during the interview that she misunderstood the question and
that accounting education was more than just an exam. “I believe that accounting
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courses should drive the exams and not the other way around”, said the representatives
of the two frms that agreed.
(f) Are communication and interpersonal skills important for successful accounting
practitioners?
There was general tri-partite agreement that communication and interpersonal skills
are important for successful accounting practitioners. Employers in the USAlooked for
well-rounded communicators when recruiting (Anonymous, 1999 quoting Stunda and
Klersey; Nelson, 1995). In addition, Lau and Rans (1993) reported that a group of
California State University accounting alumni ranked communication as the most
important of several skills to succeed in their careers.
The institutions and the HKICPA also agreed that business communication
should be made part of the accounting curriculum. Further evidence is provided
through the HKICPA’s questionnaire used for accrediting the institutions (See
Appendix 3). Of the 38 items on technical and generic competencies in the
questionnaire, 27 relate to generic skills. Of the 27, 13 relate to communication and
behavioural skills.
From the point of view of the big four, accounting students’ communication and
interpersonal skills were also important as two strongly agreed and two agreed fromthe
abridged questionnaire. Further evidence was provided through the interviews in that
frms A, B and C only consider these types of generic skills for recruiting graduates,
while frmDconsiders some technical aspects along with generic skills. In addition, they
all felt that business communication should be part of an accounting curriculum. Three
felt that the course could be taught by either business school faculty or by
communication faculty, while one did not express an opinion.
(g) Should accounting educators ensure that accounting students are active participants
in the learning process?
There was unanimous agreement from the institutions, the HKICPA and the frms on
the importance of having accounting educators ensure that accounting students
participate actively in the learning process, and that the majority agreed on the
employment of innovative and more interactive teaching methods that would help in
developing students’ analytical, communications and creative thinking skills. Avariety
of approaches were promoted in the USA to encourage active student participation in
class, and hence effective learning, including the use of co-operative learning (Hwang
et al., 2005; Metrejean et al., 2002), case studies (Scofeld, 2005; Boyce et al., 2001), service-
learning (Still and Clayton, 2004), videotape (Peek et al., 1992) and beginning the lecture
with a mini case or cartoon (Godwin et al., 1991).
Through interviews, all institutions agreed that the use of complicated case
discussions in class would help to nurture the generic skills required of graduates, such
as critical thinking skills, communication skills and team-building skills, while the
HKICPA’s module courses are extensively based on case discussions with all their
exams focusing on application.
Fromthe big four’s point of view, case discussions are used for recruitment purpose.
“We use several cases to be discussed in small groups of candidates for observing their
leadership, team-building and communication skills” said the frm A’s HR
representative.
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(h) Should the latest information technology be integrated throughout the accounting
curriculum?
All institutions and the HKICPAagreed that the latest information technology should be
integrated throughout the curriculumand that advances in information technology and
the increase in availability of information would be benefcial for accountants. The
former was also supported by three of the big four frms, while one was neutral on the
integration of technology. This agreement stemmed from the fact that all parties
realized that using existing and new technology interactively including the integration
of standalone systems was a key competence required under the new knowledge
economy and that the integration of the latest information technology throughout the
accounting curriculumwould help in achieving this goal. These views support the view
in the USAthat the rapid changes of today’s technologies have a profound impact on the
integration of technologies into the accounting curriculum. Most accounting
programmes included an accounting information course, but with little time devoted to
specifc application issues (Mackie, 1997) and the gap between information technology
education and practice was an international problem (Anonymous, 1996).
It is the researcher’s view, that with tri-partite’s consensus on all AECC initiatives,
there should not be anything major in the way that would prevent Hong Kong university
accounting programmes from following AECC initiatives in terms of curriculum and
pedagogical considerations. The only conceivable hurdle is public universities’
emphasis on research that might have an impact on teaching and is addressed in
question RQ2:
RQ2. Should there be a greater emphasis on teaching skills and a better balance
between teaching and research?
Hong Kong accounting academics in general did not oppose to a balance between teaching
and research, whereas public institutions would oppose an emphasis of teaching over
research, especiallyinregardto facultyrewardsystems andtenure decisions. This supports
what most academics felt in the USA (Fay et al., 1993; Bell et al., 1993; Demski and
Zimmerman, 2000), as teaching and research complement one another and are not mutually
exclusive. The only exceptions came from a private teaching institution (Chu Hai) and the
HKICPA. They supported teaching skills over research and that more rewards should be
given to effective teaching as opposed to research, as well as more resources should be
allocated to undergraduate studies as opposed to the doctoral programme only. This view
was also shared by a smaller number of academics in the USA (Porter, 1992; Swain and
Stout, 2000) in that teaching and research are substitutes as there are only so many hours in
a day, and that those that are not teaching graduate studies or are teaching only at the
professional level, would feel that research would be taking up their valuable time in course
preparation. Onthe other hand, withthe exceptionof the teachinginstitution, all institutions
would not be opposed to a balance between teaching and research, as seen fromthe normal
and even distribution of many of the responses on this topic and fromdiscussions with the
institutions (e.g. HKU, HKBUand LN). Most institutions also disagreed that the pressure to
publish reduces the quality of teaching and that requiring academic staff to have the
doctorate in accounting would place too little emphasis on teaching:
• “Good teachers will not sacrifce teaching”, said the LN representative.
• “The best teachers are the best researchers”, said the CUHK representative.
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• “Research does affect teaching, but it also leads to good teaching”, said the HKBU
representative.
In terms of the allocation of faculty resources between undergraduate and doctoral
programmes, there is clearly a split situation among the institutions. Disagreeing on
having more resources allocated to undergraduate programmes, HKU had this to say:
“Doctoral teaching is not recognized at HKU. Therefore, more resources should be
allocated to doctoral teaching”. “This should be left with administration and equally
allocated”, said the CUHK representative. From the researcher’s point of view, a more
balanced approach between teaching and research, as well as funding of resources,
would be most appropriate as this is the viewshared by most institutions today. In this
regard, Porter (1992) suggested that Schools of Accounting should work towards a
balance among teaching, research and service within the school rather than leaving the
balancing task to individuals. Even the only private university in Hong Kong (HKSYU),
primarily a teaching institution, recognized the importance of research and has a slogan
“teaching led, research active”.
In terms of the practitioners, the majority of the frms felt that more rewards should
be given to faculty for effective teaching and curriculum development as opposed to
doing strictly research as per the completed abridged questionnaire:
RQ3. In general, is the present accounting education provided by Hong Kong
universities satisfactory and why?
Two of the four frms were happy with the present accounting education provided by
the Hong Kong universities and two were neutral. The former two frms have frequent
contacts with the universities in Hong Kong and feel that little needs to be done in
orienting the graduates to get them going. Of the latter two frms, one interviewee is
stationed in Shanghai having jurisdiction over Hong Kong (may not have adequate
contacts with local universities) and the other is comparing Hong Kong universities with
their Australian counterparts (the case of comparing apples with oranges). However,
both appreciate that Hong Kong universities have done their part in terms of their
limited time and resources, and therefore have no complaints against them.
4. Implications of fndings
Two of the three implications show that Hong Kong is ready for accounting education
change while the third implication indicates that its accounting academics are not under
pressure to do so:
(1) As the AECC initiatives are accepted by the Hong Kong accounting academics
and the accounting profession without opposition from the accounting
practitioners, it appears that Hong Kong is ready for accounting education
reform in terms of curriculum and pedagogical considerations within the spirit
of AECC.
(2) The acceptance of a balance between teaching and research by the public
institutions and with the profession and the practitioners placing more emphasis
on teaching over research, also paves the way for a greater emphasis on
teaching. UGC institutions traditionally placed more emphasis on research
because of the research funding. Furthermore, with the adoption of
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Outcomes-Based Teaching and Learning (OBTL) at all tertiary institutions (both
public and private), teaching and learning have been greatly emphasized.
(3) On the other hand, there is no pressure on the institutions and the profession to
initiate a reform as the big four accounting frms are either happy with the way
that accounting graduates have been trained or have no complaints against
them. In contrast, AECC in the USA was formed as a result of dissatisfaction
from the practitioners.
5. Implementation concerns
From the study, the HKICPA and the majority of the Hong Kong universities (fve) felt
that it would be viable to implement the 150-semester hour requirement here in Hong
Kong. Afewuniversities felt that froma practical sense, such implementation would not
take place in the near term as all UGC institutions converted from a three-year
programme to a four-year one in 2012. Moving from a four-year programme to a
fve-year one will take some time. At a round-table discussion on 28 March 2009, chaired
by the then legislative Councilor Paul Chan, there was unanimous agreement among the
heads of department of accounting of the various universities that accounting should be
a fve-year programme in Hong Kong. The implication here is that accounting, being a
respectable profession, should not be different from medicine or architecture. However,
not discussed at the round-table was the fact that there was some resistance from
industrial employers in the USAat the time the 150-hour was proposed, as they felt that
this would only be applicable to public practitioners (Ethridge and Heminway, 1993). In
addition, before rushing into such a scheme, one needs to consider the impact on
enrolment of a longer programme and whether employers could cope with higher
expected starting salaries. The HKICPA felt that graduates will expect higher salaries,
but much of the payroll increases could be recouped with increased productivity and
reduction of costs with increased use of paraprofessionals as viewed by Sharp and
Stephens (1994). The institutions agreed with the former and most also agreed with the
latter. Those who did not express an opinion, indicated that they did not know enough
about public practice.
Despite the implementation concerns experienced by Hong Kong, many
English-speaking countries are followers of AECC initiatives. A large number of
authors in the UK, Australia and New Zealand cited the use of AECC initiatives and
referred to a long list of related articles written by accounting academics in the USA,
particularly the Albrecht and Sack (2000 and 2001) publications on the perilous future of
the accounting profession. For literature in the UK, these authors include Byrne and
Flood (2003 and 2005), Lyall (1985), Gray and Collison (2002), Dewing and Russell (1998)
and Hill and Milner (2005). For literature in Australia and New Zealand, the authors
include Subramaniam (2003), Tippett (1992), Cable et al. (2007), Mathews (1990),
Mathews (1994, and 2001), Carr and Mathews (2004), Wolnizer (2004) and Henderson
(2001). These authors have identifed the need for accounting education change in the
three English-speaking countries. Having identifed the need for change in Hong Kong,
the study may provide further incentive for change in the region.
6. Future research
There can be some stumbling blocks towards the implementation of any type of
accounting education reform. Eleven such factors were identifed and listed as question
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22 in the detailed questionnaire for the academics and the profession. The ratings
provided for each factor while not used in this study, may help other researchers decide
whether or not to pursue further research into the viability of accounting education
reform in Hong Kong or elsewhere.
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About the author
Theodore T.Y. Chen is Professor and Head of Department of Accounting at Hong Kong Shue Yan
University. He is a member of the Institute of Chartered Professional Accountants of Canada, the
Certifed Management Accountants Society of British Columbia, Canada, the Certifed
Management Accountants Institute of Australia and a Fellowmember of the Hong Kong Institute
of Directors. In 2003, he was honoured with the Fellow member of the Certifed Management
Accountants of Canada and an Honorary Fellow Member of the Association of International
Accountants of the UK for his international contribution to the accounting profession.
Theodore T. Y. Chen can be contacted at: [email protected]
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Appendix 1
Table A1.
Detailed survey
questionnaire for
institutions and the
HKICPA
Detailed Survey Questionnaire for Institutions and the HKICPA
Name of your institution: (Consolidated)
[9 institutions plus the HKICPA (X)]
Please tick in the boxes beside each question in accordance with the following ratings:
(1) strongly disagree (2) disagree (3) neither disagree nor agree (4) agree (5) strongly
agree
1 2 3 4 5
To what extent do you agree with the following questions 1
through 22?
1. Accounting education curriculum should emphasize a
conceptual, broad-based, general education.
4X 5
2 All aspects of the accounting discipline should be integrated
throughout the curriculum to more accurately reflect practice.
1 1 3X 4
3. Public CPA examinations should be de-emphasized in shaping
accounting courses.
1X 2 4 2
4. It is important to develop accounting students’ communication
and interpersonal skills.
2 7X
5. Latest information technology should be integrated throughout
the accounting curriculum.
4X 5
6. Accounting educators must ensure that accounting students are
active participants in the learning process.
2 7X
7. Accounting educators should avoid the one-right-answer
syndrome.
3X 6
8. Accounting students should focus on learning how to learn. 2 7X
9. PhD education in accounting
(i) stressed academic research publications needed for
promotion and tenure,
(ii) did not include active learning strategies,
(iii) did not include methods for enhancing student
communication and team-building skills and,
(iv) did not include relating classroom accounting to
accounting practice.
i 4X 5
ii 2 4X 2 1
iii 1 2X 5 1
iv 3 1X 3 2
10. More rewards should be given to faculty for effective teaching
and curriculum development as opposed to doing strictly
research.
2 1 2 3 1X
11. More faculty resources should be recommended towards
undergraduate as opposed to doctoral programmes.
12. There is a strong influence of the CPA exam on university
accounting curricula.
13. Teaching should be the primary concern for promotion of faculty. 5
14. Thinking skills, listening skills, problem-solving skills, and
writing skills are the 4 critical qualifications needed by
accounting students.
15 The pressure to publish reduces the quality of teaching at
universities.
16. Adopting the 150-credit hour requirement in Hong Kong would
be viable.
17. In the design of any accounting course, offering the broadest and
most useful learning experience for students is preferable to
teaching every rule, topic and exception to the rule
indiscriminately.
18. A greater emphasis on teaching skills is preferable to research. 3
2
2
1 4 1 X
4 3X
1 4X 1 1
1 2 1X 3 2
2X 7
2 1X 1
1 1 1 4X 2
2 4 3X
(continued)
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Table A1.
(iii) Increasing volume and complexity of the common body
of knowledge and constraints on CPA exam content and
structure make reform difficult.
(iv) Accounting professors as a group fail to truly recognize
the value of a liberal education and tend to specialize in a
few narrow areas.
(v) Technical training is relatively easier to do as teachers
are more comfortable in lecturing on how to than assigning
a student group to debate why.
(vi) Teaching evaluations suffer as a result of change.
(vii) Faculty members have not been adequately prepared to
teach in a non-technical manner as the vast majority of
accounting PhDs have received little or no formal training
in how to teach in any manner.
(viii) Accounting faculty are not prepared to develop and
implement a technological appropriate accounting
curriculum.
(ix) Institutions in general are not prepared to make the
financial investment required to assure student access to
technology.
(x) Implementation of the 150-credit hour requirement
would bring about an articulation problem as some
institutions would choose not to participate.
(xi) Industry executives would likely resist the 150-credit
hour requirement, causing a decrease in the number of
students selecting accounting as a major if a fifth year is
added.
vi 2 1X 1 4 1
vii 2 1 1 4X 1
viii 2 1 2X 3 1
ix 4 2 2X 1
x 1 2 5X 1
xi 1 4 1X
In some cases, a follow-up interview in person or by phone may be necessary for clarification.
Would you agree to this? Agree ( ) Disagree ( )
19. Ethics:
(i) should be integrated into all accounting courses,
(ii) taught by business faculty primarily,
(iii) emphasizing ethical values but avoiding personal
indoctrination.
(iv) Case studies are by far the most effective tool in
teaching ethics.
i 1 1 3 4X
ii 1 2 3 2X 1
iii 1 7 1X
iv 1 2 2 4X
20. There should be more emphasis on teaching as opposed to
research, especially in regard to faculty reward systems and
tenure decisions.
3 2 3 1X
21. Business communication:
(i) should be part of an accounting curriculum.
(ii) Could be taught by either business school faculty or by
communication faculty.
i 1 4 4X
ii 1 3 3 2X
22. It is foreseeable that there can be some stumbling blocks towards
the implementation of any type of accounting education reform.
Please rate the following:
(i) Change is expensive both in terms of dollars and faculty
time.
(ii) University-wide reward structures and increased research
expectations do not support endeavours in curriculum
changes.
i 1 5 3X
ii 1 1 4X 3
iii 1 3 1 2X 2
iv 1 1 6X 1
v 1 7X 1
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Table A2.
Abridged survey
questionnaire for the big
four frms
Abridged Survey Questionnaire for the Big Four Firms
Name of your firm: Consolidated for All Firms
Please tick in the boxes beside each question in accordance with the following
ratings:
(1) strongly disagree (2) disagree (3) neither disagree nor agree (4) agree
(5) strongly agree
To what extent do you agree with the following questions 1 through 14? 1 2 3 4 5
1. Accounting education curriculum should emphasize a conceptual, broad-based,
general education.
3 1
2. All aspects of the accounting discipline should be integrated throughout the
curriculum to more accurately reflect practice.
1 1 2
3. Public CPA examinations should be de-emphasized in shaping accounting
courses.
1 1 2
4. It is important to develop accounting students’ communication and interpersonal
skills.
2 2
5. Latest information technology should be integrated throughout the accounting
curriculum.
1 2 1
6. Accounting educators must ensure that accounting students are active participants
in the learning process.
2 2
7. Accounting educators should avoid the one-right-answer syndrome. 1 1 2
8. Accounting students should focus on learning how to learn. 2 2
9. More rewards should be given to faculty for effective teaching and curriculum
development as opposed to doing strictly research.
1 1 2
10. Thinking skills, listening skills, problem-solving skills, and writing skills are the
4 critical qualifications needed by accounting students.
1 1 2
11. In the design of any accounting course, offering the broadest and most useful
learning experience for students is preferable to teaching every rule, topic and
exception to the rule indiscriminately.
1 3
12. The present accounting education provided by Hong Kong universities is
satisfactory.
2 2
13. Ethics:
(i)should be integrated into all accounting courses,
(ii)taught by business faculty primarily,
(iii)emphasizing ethical values but avoiding personal indoctrination.
(iv)Case studies are by far the most effective tool in teaching ethics.
i 3 1
ii 1 3
iii 1 3
iv 3 1
14. Business communication:
(i)should be part of an accounting curriculum.
(ii)Could be taught by either business school faculty or by communication
faculty.
i 2 2
ii 1 1 2
A follow-up interview in person or by phone would usually be necessary for
clarification.
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Appendix 3
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Table A3.
HKICPA required generic
and technical
competencies for
accrediting academic
institutions
Cognitive or Intellectual Skills
1. creative thinking and ability to deal with unstructured and unfamiliar problems
and situations.
2. logical reasoning – inductive and deductive.
3. critical analysis.
4. conceptualization of issues.
5. Identification and structuring of key problems and issues.
6. ability to research and to access and analyze relevant information.
7. evaluation of evidence in context
8. recognition and use of value judgments and ethical standards.
9. use of modeling and quantitative analysis techniques.
10. ability to integrate knowledge from different areas
11. recognition of historical, social and political perspectives and constraints.
12. ability to forecast, initiate and manage the process of change.
Behavioural Skills
13. personal integrity and ethical conduct.
14. motivation and persistence.
15. Independence of mind and capacity for inquiry.
16. commitment to life-long learning.
17. sensitivity and professional approach to personal and social responsibilities.
18. organization of time and priorities.
19. reasonableness and adaptability.
20. capacity for leadership and team-work.
21. capacity for and understanding of negotiation processes.
Language Skills
22. adequate level of English competency in both written and spoken communication
23. use of Chinese language to a level required to cope with the local working
environment.
Communication Skills
24. ability to communicate clearly and effectively, using diverse written, verbal and
visual methods as appropriate.
25. read, critique and judge the value and contribution of written work.
26. ability to listen effectively.
27. effective interaction with culturally and intellectually diverse people or groups in
a global environment.
Technical Skills
28. business and organizational understandings.
29. business environment in the PRC.
30. information management and understandings.
31. General knowledge and understandings.
32. Generic accounting skills
33. auditing.
34. ethics.
35. external reporting.
36. financial management.
37. management accounting.
38. taxation and tax planning.
HKICPA Required Generic and Technical Competencies for
Accrediting Academic Institutions
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doc_354910642.pdf
The purpose of this study is to determine whether Hong Kong is ready for accounting
education reform.
Accounting Research Journal
Is Hong Kong ready for accounting education reform: an analysis of tri-partite views
Theodore T.Y. Chen
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Is Hong Kong ready for
accounting education reform: an
analysis of tri-partite views
Theodore T.Y. Chen
Department of Accounting, Hong Kong Shue Yan University,
Hong Kong, China
Abstract
Purpose – The purpose of this study is to determine whether Hong Kong is ready for accounting
education reform.
Design/methodology/approach – The approach for this study is using a Likert-scale questionnaire
for the academic institutions, the Hong Kong Institute of Certifed Public Accountants and the big four
accounting frms, followed by detailed follow-up interviews with each.
Findings – There is general agreement among accounting academics and the profession that the
Accounting Education Change Commission initiatives should be adopted in Hong Kong. Hong Kong
accounting academics in public institutions do not oppose to a balance between teaching and research,
but would oppose to an emphasis of teaching over research. This is important as an overemphasis on
research could mean less time for teaching and curriculumdevelopment. The big four accounting frms
are either happy with the way Hong Kong universities have been educating the accounting graduates or
have no complaints against them. This is also important as an urge for accounting education reform
usually comes from the practitioners as in the USA.
Originality/value – The USAwas the frst country that sawthe need for accounting education reform
as accounting practitioners felt that curriculumand pedagogical considerations placed heavy emphasis
on the technical aspects of accounting at the expense of a general, broad-based education. Similar needs
for change were also found in the UKand Australia. As Hong Kong is one of the world’s major fnancial
centres with a large securities exchange, there is a great deal of emphasis on accounting standards,
fnancial reporting, corporate governance, etc., and hence the importance of accounting education. Is
Hong Kong ready for the change?
Keywords Accounting profession, Accounting academics,
Accounting education change commission initiatives, Accounting education reform,
Accounting practitioners
Paper type Research paper
1. Introduction and purpose of this study
1.1 Introduction
The USA was the frst country that saw the need for accounting education reform as
accounting practitioners felt that curriculum and pedagogical considerations placed
heavy emphasis on the technical aspects of accounting at the expense of a general,
broad-based education. Hence, accounting graduates lacked the critical thinking,
problem-solving, communication and many other generic skills deemed essential for
entry-level accountants. The Accounting Education Change Commission (AECC) was
formed in 1989 with a mandate of resolving this problem. The aforementioned situation
was mentioned by numerous authors in the USAfromthe 1980s to the 1990s, including
The current issue and full text archive of this journal is available at
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Is Hong Kong
ready for
accounting
education reform
249
Accounting Research Journal
Vol. 27 No. 3, 2014
pp. 249-265
©Emerald Group Publishing Limited
1030-9616
DOI 10.1108/ARJ-11-2013-0078
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Nelson (1995), Subotnik (1987), Zeff (1989) and Langenderfer (1987). Even after the
implementation of the 150-semester-hour requirement of the American Institute of
Certifed Public Accountants (AICPA) in 2000, the problemof practitioners’ complaint of
universities’ accounting curricula drilled students in rote technical memorization at the
expense of the broader business, communication and analytical skills they needed in a
real world, continued (Myers, 2005).
1.2 Purpose of this study and research questions
1.2.1 Purpose of this study and research questions. The purpose of this study is to
determine whether Hong Kong, like the USA, is ready for accounting education reform.
Hong Kong accounting academics focus primarily on mainstreamaccounting areas, and
hence accounting education has been somewhat neglected with very few individuals
publishing in this area. Teaching in accounting has been traditional as lecturers are not
rewarded for excellence in teaching and curriculum development. The initiatives of the
AECC are used rather than the more recent recommendations of the Pathway
Commission of 2012. The former focuses more on the details of curriculum and
innovative teaching strategies. Answers to the following three research questions would
help to determine Hong Kong’s readiness for accounting education reform:
(1) Should each of the eight AECC initiatives be considered for implementation in
Hong Kong?
(2) Should there be a greater emphasis on teaching skills and a better balance
between teaching and research? This question is important, as an overemphasis
on research could mean less time for teaching and curriculum development.
(3) In general, is the present accounting education provided by Hong Kong
universities satisfactory and why? This question is also important, as an
impetus for accountingeducationreformusuallycomes fromthe practitioners as
in the USA.
1.2.2 Background of Hong Kong. The locality is situated in another part of the world, i.e.
in the Asia Pacifc region and is populated by both Asians and Caucasians alike. As one
of the world’s major fnancial centres and with a large securities exchange, there is a
great deal of emphasis on accounting standards, fnancial reporting, corporate
governance, etc., and hence the importance of accounting education.
Since January 2005, Hong Kong and China’s accounting and auditing standards have
converged with international accounting and auditing standards. Thus, the reporting
standards are consistent with all western developed countries that chose to converge.
Most Hong Kong universities work with mainland universities in providing accounting
and business education to mainland students.
1.2.3 Accounting education in Hong Kong. Hong Kong possesses the highest
potential in developing accounting education in China. Chau and Chan (2001) identifed
two dominant factors that will likely infuence accounting education in Hong Kong
beyond the 1997 takeover. These are:
(1) The progress of accounting reforms in China.
(2) Hong Kong’s continual ability to lend its expertise to China in terms of
developing a modern accounting framework.
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As members of the accounting faculty at the Hong Kong Polytechnic University (PolyU)
reported, their institution recognized the importance of the AECC initiatives; PolyU’s
emphasis was on preparing graduates for a life-long career in accounting, in which
critical thinking skills and understanding of business are necessary and essential. Their
programme emphasizes the China factor, international knowledge of business,
management and communication skills, awareness of ethical issues and a basic
knowledge of information technology and its application to the accounting discipline.
Chen (2006) provided evidence on how the frst private university in Hong Kong,
Hong Kong Shue Yan University (HKSYU), successfully implemented all eight AECC
initiatives in their four-year honours accounting degree programme. However, eight of
the nine universities currently operating in Hong Kong are public universities, with
seven funded by the University Grants Commission (UGC). These universities may have
different emphasis with respect to teaching versus research compared with private ones,
and may be less fexible with their operations.
2. Overview of research method
2.1 Participants in this study
The participants are:
• the nine institutions in Hong Kong representing the accounting academics;
• the HKICPA representing the accounting profession; and
• the big four accounting frms representing the accounting practitioners.
In the case of equation (i), the nine institutions include eight public universities, one of
which is not funded by the UGC and a private degree-granting college. The eight
universities represent the entire population of universities in Hong Kong, with the
exception of the author’s home university, which is not included in this survey. The nine
institutions are:
(1) The University of Hong Kong (HKU).
(2) The Chinese University of Hong Kong (CUHK).
(3) Hong Kong University of Science and Technology.
(4) PolyU.
(5) City University of Hong Kong.
(6) Hong Kong Baptist University (HKBU).
(7) Lingnan University (LN).
(8) The Open University of Hong Kong.
(9) Chu Hai College of Higher Education (Chu Hai).
The Hong Kong Institute of Certifed Public Accountants (HKICPA) is the only statutory
body that regulates the accounting profession in Hong Kong, and therefore it is selected
to represent the profession. Because the big four frms recruited 55.4 per cent of all
accounting graduates in Hong Kong of the over 1,600 accounting frms operating in this
locality (Chen, 2013), they are chosen to represent the practitioners.
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2.2 Tools and approaches used
The study is conducted within the past two years. Thus its currency is assured. A
detailed Likert-scale questionnaire of 22 questions (fve ratings ranging from strongly
agree to strongly disagree) to the Heads of the Department of Accounting (HoDs) at the
eight universities and one degree-granting college. See Appendix 1 for the completed
questionnaire. The number indicated for each rated item is the number of institutions
giving that rating with a total of nine for each item. The “X” represents the rating of the
HKICPA. For example, question one shows four institutions rating the item as “4”
(agree) as well as the HKICPA, while fve institutions rating as “5” (strongly agree). The
HoD of each institution is asked to conduct a departmental meeting and to go over the
questionnaire with departmental colleagues. It was indicated to the HoDs that majority
consensus must be reached for views presented on each itemin the questionnaire at each
institution or else a mean score should be given. The responses are then discussed with
each HoDand recorded during a 90-minute interview. The same questionnaire was sent
to the Director of Education and Training at the HKICPAand the exercise was repeated
with colleagues in his department followed by an interview. Twenty-one questions in
this questionnaire were related to the three research questions, while the last question
was only designed for the last section of this paper on “Future Research”.
An abridged questionnaire of 14 questions was sent to the Human Resources (HR)
Partner of each big four accounting frm. See Appendix 2 for the completed
questionnaire. Not all questions in the detailed questionnaire are applicable to
practitioners. The HRPartner of each frmthen coordinated the survey within his or her
frm and computed the mean score for each item rated. Follow-up interviews clarifying
the philosophy behind the ratings were conducted with each frm.
3. Findings and discussion
Tri-partite responses to each of the three research questions are indicated below:
RQ1. Should each of the eight AECC initiatives be considered for implementation in
Hong Kong?
With the exception of minor variations, there was general agreement among Hong Kong
accounting academics and the accounting profession that the AECC initiatives should
be adopted in Hong Kong. This viewwas supported by the big four accounting frms on
initiatives that were not curriculum-related and where they cared to express an opinion.
Tri-partite’s evidences (institutions, the HKICPA and the frms) through questionnaire
responses and interviews are provided under parts (a) through (h) of this topic area.
(a) Should the emphasis be on a conceptual, broad-based, general education rather than
technical knowledge?
The institutions and the HKICPA responses clearly indicated that in Hong Kong, an
emphasis on a conceptual, broad-based general education was supported over technical
knowledge in accounting, just like in the USA (Langenderfer, 1987; Nelson, 1995;
Albrecht and Sack, 2000; Myers, 2005), where employers focused on overall ability
rather than just technical ability. HKUis one of the many that provided a good example.
“The additional year commencing 2012, would be devoted strictly to general education
courses rather than using it to add any specialized accounting courses”, said the HKU
representative. Prior to 2012, Hong Kong public universities were on a three-year system
as in the UK.
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Of the big four accounting frms, three were neutral in their responses to the
questionnaire and one agreed to the conceptualized, broad-based education. As this
AECC initiative is curriculum-related, the three frms indicated through the interviews
that they did not wish to express any strong views as the issue is an academic one.
However, none disagreed with the concept. On the other hand, the big four frms do hire
a signifcant percentage of non-accounting or even non-business graduates as these
graduates provide a much broader perspective than accounting graduates (HR
representatives of frms Aand C). This practice of recruiting non-accounting graduates
with a broader educational perspective provided conclusive evidence that practitioners
support a conceptual, broad-based general education.
(b) Should all aspects of the accounting discipline be integrated throughout the curriculum
to more accurately refect practice?
There was general support from the institutions and the HKICPA for integrating all
aspects of the accounting discipline throughout the curriculum to more accurately
refect practice. This is in line with the views in the USAas in the real world, accounting
problems that practitioners face are multi-disciplinary in nature (Williams, 1993; Jervis
and Hartley, 2005; Boyce et al., 2001; Ammons and Mills, 2005; Burns, 2006, Hanno and
Turner, 1996). However, CUHK is of a different opinion:
Faculty members do not possess the capability to do this as PhDs in accounting may not have
the practical experience or knowledge in all aspects of accounting, e.g. taxation and audit, to do
this.
The researcher suggests that the LN model be adopted. “We require all accounting
faculty members possess professional certifcation”, said the LN representative.
Some support also came fromthe big four accounting frms through the interviews in
that two of the frms agreed (integration of topical areas refects real-world practice)
while one was neutral (did not wish to express views on academic matters) and one
disagreed “from the preparer’s point of view at the basic level and not from an
educational point of view” (National Learning Partner of frm D). This, in the
researcher’s view, should be discounted as we were not asking from the preparer’s
point of view at the basic level. In addition, the big four frms indicated that ethics
should be integrated within all accounting courses and that case studies were by far
the most effective tool in teaching ethics. This further suggests that integration is
warranted.
(c) Should accounting educators avoid the one-right-answer syndrome?
There is unanimous agreement among the institutions and the HKICPA that in Hong
Kong, the one-right-answer syndrome should be avoided, while there is general
agreement among the big fours as well. “We are using case studies in examinations as
opposed to the AICPA using multiple choice questions”, as indicated by the HKICPA.
FirmAreported that case studies were used during interviews to determine applicants’
leadership and team-building skills. The case study approach has been endorsed by
Simmons and Williams (1996) in remedying the inadequacies of what practitioners
wanted, by Scofeld (2005) in adapting cases for a team approach in all functional areas
of business and by Boyce et al. (2001) on using cases to develop students’ deep and
elaborative learning skills and generic skills.
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(d) Should accounting students acquire creative thinking skills and learn how to learn?
There was general tri-partite agreement that accounting students should acquire
creative thinking skills and learn how to learn. While Hong Kong institutions and the
HKICPA tended to agree with the situation in the USA that the theoretical approach
inviting debates and controversies was more diffcult to use, they believed that
accounting students should acquire creative thinking skills and learn how to learn, as
several authors there came up with ways that this ability may be developed, e.g. Still and
Clayton (2004) on the use of service-learning in accounting programmes, Davidson and
Baldwin (2005) on the application of Bloom’s taxonomy in analyzing the end-of-chapter
material and Brown (2005) on the use of meta programmes. The institutions and the
HKICPAalso agreed on the ways to acquire creative thinking skills which are essential
in learning how to learn.
In terms of the big four, the interviews revealed that two strongly agree that
accounting students should focus on learning how to learn, while two did not express
any opinion as they did not wish to infuence the academics on pedagogy. On the four
critical qualifcations needed by accounting students in learning howto learn (thinking,
listening, problem-solving and writing skills) (Novin and Pearson, 1989), three were
agreeable and one did not express an opinion for the same reason. In terms of offering
the broadest and most useful learning experience for students as compared to teaching
every rule, topic and exception to the rule, the same three agreed while one did not
express an opinion. This shows that learning how to learn is important for accounting
students to those big four frms that cared to express an opinion.
(e) Should public Certifed Public Accountant (CPA) exams be de-emphasized in shaping
accounting courses?
With the exception of the HKICPA, the institutions in general (with the exception of
CUHK) were inclined to agree with this AECC initiative in de-emphasizing the public
CPAexaminations in shaping accounting courses (Williams, 1993), based on their usage
of the US CPA exam as a frame of reference. Support, in general, also came from the
frms.
“The HKICPA exams emphasize analytical skills and subjectivity”, said the CUHK
representative. Indeed, this is true, as unlike the USA CPA exams that are primarily
multiple-choice in nature, all the HKICPA module and fnal public exams are
“application”-based, using case studies:
We are unique in that the Qualifcation Programme (QP) modules should be linked to the
undergraduate programmes and therefore, public CPA examinations should not be
de-emphasized in shaping accounting courses, said the HKICPA representative.
The researcher feels that both the HKICPA and CUHK do have a case here in that the
HKICPA exams emphasize analytical skills and subjectivity, as opposed to the
multiple-choice format of USA exams that do not test writing and interpersonal skills
(Nelson, 1995 quoting Perspectives on Education 1989), and that the other institutions
may have rated this item using the US CPA exam as a benchmark.
Among the big four, two agreed that public CPA exams should be de-emphasized in
shaping accounting courses, one did not express an opinion, while one disagreed. The
latter (Firm B) indicated during the interview that she misunderstood the question and
that accounting education was more than just an exam. “I believe that accounting
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courses should drive the exams and not the other way around”, said the representatives
of the two frms that agreed.
(f) Are communication and interpersonal skills important for successful accounting
practitioners?
There was general tri-partite agreement that communication and interpersonal skills
are important for successful accounting practitioners. Employers in the USAlooked for
well-rounded communicators when recruiting (Anonymous, 1999 quoting Stunda and
Klersey; Nelson, 1995). In addition, Lau and Rans (1993) reported that a group of
California State University accounting alumni ranked communication as the most
important of several skills to succeed in their careers.
The institutions and the HKICPA also agreed that business communication
should be made part of the accounting curriculum. Further evidence is provided
through the HKICPA’s questionnaire used for accrediting the institutions (See
Appendix 3). Of the 38 items on technical and generic competencies in the
questionnaire, 27 relate to generic skills. Of the 27, 13 relate to communication and
behavioural skills.
From the point of view of the big four, accounting students’ communication and
interpersonal skills were also important as two strongly agreed and two agreed fromthe
abridged questionnaire. Further evidence was provided through the interviews in that
frms A, B and C only consider these types of generic skills for recruiting graduates,
while frmDconsiders some technical aspects along with generic skills. In addition, they
all felt that business communication should be part of an accounting curriculum. Three
felt that the course could be taught by either business school faculty or by
communication faculty, while one did not express an opinion.
(g) Should accounting educators ensure that accounting students are active participants
in the learning process?
There was unanimous agreement from the institutions, the HKICPA and the frms on
the importance of having accounting educators ensure that accounting students
participate actively in the learning process, and that the majority agreed on the
employment of innovative and more interactive teaching methods that would help in
developing students’ analytical, communications and creative thinking skills. Avariety
of approaches were promoted in the USA to encourage active student participation in
class, and hence effective learning, including the use of co-operative learning (Hwang
et al., 2005; Metrejean et al., 2002), case studies (Scofeld, 2005; Boyce et al., 2001), service-
learning (Still and Clayton, 2004), videotape (Peek et al., 1992) and beginning the lecture
with a mini case or cartoon (Godwin et al., 1991).
Through interviews, all institutions agreed that the use of complicated case
discussions in class would help to nurture the generic skills required of graduates, such
as critical thinking skills, communication skills and team-building skills, while the
HKICPA’s module courses are extensively based on case discussions with all their
exams focusing on application.
Fromthe big four’s point of view, case discussions are used for recruitment purpose.
“We use several cases to be discussed in small groups of candidates for observing their
leadership, team-building and communication skills” said the frm A’s HR
representative.
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(h) Should the latest information technology be integrated throughout the accounting
curriculum?
All institutions and the HKICPAagreed that the latest information technology should be
integrated throughout the curriculumand that advances in information technology and
the increase in availability of information would be benefcial for accountants. The
former was also supported by three of the big four frms, while one was neutral on the
integration of technology. This agreement stemmed from the fact that all parties
realized that using existing and new technology interactively including the integration
of standalone systems was a key competence required under the new knowledge
economy and that the integration of the latest information technology throughout the
accounting curriculumwould help in achieving this goal. These views support the view
in the USAthat the rapid changes of today’s technologies have a profound impact on the
integration of technologies into the accounting curriculum. Most accounting
programmes included an accounting information course, but with little time devoted to
specifc application issues (Mackie, 1997) and the gap between information technology
education and practice was an international problem (Anonymous, 1996).
It is the researcher’s view, that with tri-partite’s consensus on all AECC initiatives,
there should not be anything major in the way that would prevent Hong Kong university
accounting programmes from following AECC initiatives in terms of curriculum and
pedagogical considerations. The only conceivable hurdle is public universities’
emphasis on research that might have an impact on teaching and is addressed in
question RQ2:
RQ2. Should there be a greater emphasis on teaching skills and a better balance
between teaching and research?
Hong Kong accounting academics in general did not oppose to a balance between teaching
and research, whereas public institutions would oppose an emphasis of teaching over
research, especiallyinregardto facultyrewardsystems andtenure decisions. This supports
what most academics felt in the USA (Fay et al., 1993; Bell et al., 1993; Demski and
Zimmerman, 2000), as teaching and research complement one another and are not mutually
exclusive. The only exceptions came from a private teaching institution (Chu Hai) and the
HKICPA. They supported teaching skills over research and that more rewards should be
given to effective teaching as opposed to research, as well as more resources should be
allocated to undergraduate studies as opposed to the doctoral programme only. This view
was also shared by a smaller number of academics in the USA (Porter, 1992; Swain and
Stout, 2000) in that teaching and research are substitutes as there are only so many hours in
a day, and that those that are not teaching graduate studies or are teaching only at the
professional level, would feel that research would be taking up their valuable time in course
preparation. Onthe other hand, withthe exceptionof the teachinginstitution, all institutions
would not be opposed to a balance between teaching and research, as seen fromthe normal
and even distribution of many of the responses on this topic and fromdiscussions with the
institutions (e.g. HKU, HKBUand LN). Most institutions also disagreed that the pressure to
publish reduces the quality of teaching and that requiring academic staff to have the
doctorate in accounting would place too little emphasis on teaching:
• “Good teachers will not sacrifce teaching”, said the LN representative.
• “The best teachers are the best researchers”, said the CUHK representative.
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• “Research does affect teaching, but it also leads to good teaching”, said the HKBU
representative.
In terms of the allocation of faculty resources between undergraduate and doctoral
programmes, there is clearly a split situation among the institutions. Disagreeing on
having more resources allocated to undergraduate programmes, HKU had this to say:
“Doctoral teaching is not recognized at HKU. Therefore, more resources should be
allocated to doctoral teaching”. “This should be left with administration and equally
allocated”, said the CUHK representative. From the researcher’s point of view, a more
balanced approach between teaching and research, as well as funding of resources,
would be most appropriate as this is the viewshared by most institutions today. In this
regard, Porter (1992) suggested that Schools of Accounting should work towards a
balance among teaching, research and service within the school rather than leaving the
balancing task to individuals. Even the only private university in Hong Kong (HKSYU),
primarily a teaching institution, recognized the importance of research and has a slogan
“teaching led, research active”.
In terms of the practitioners, the majority of the frms felt that more rewards should
be given to faculty for effective teaching and curriculum development as opposed to
doing strictly research as per the completed abridged questionnaire:
RQ3. In general, is the present accounting education provided by Hong Kong
universities satisfactory and why?
Two of the four frms were happy with the present accounting education provided by
the Hong Kong universities and two were neutral. The former two frms have frequent
contacts with the universities in Hong Kong and feel that little needs to be done in
orienting the graduates to get them going. Of the latter two frms, one interviewee is
stationed in Shanghai having jurisdiction over Hong Kong (may not have adequate
contacts with local universities) and the other is comparing Hong Kong universities with
their Australian counterparts (the case of comparing apples with oranges). However,
both appreciate that Hong Kong universities have done their part in terms of their
limited time and resources, and therefore have no complaints against them.
4. Implications of fndings
Two of the three implications show that Hong Kong is ready for accounting education
change while the third implication indicates that its accounting academics are not under
pressure to do so:
(1) As the AECC initiatives are accepted by the Hong Kong accounting academics
and the accounting profession without opposition from the accounting
practitioners, it appears that Hong Kong is ready for accounting education
reform in terms of curriculum and pedagogical considerations within the spirit
of AECC.
(2) The acceptance of a balance between teaching and research by the public
institutions and with the profession and the practitioners placing more emphasis
on teaching over research, also paves the way for a greater emphasis on
teaching. UGC institutions traditionally placed more emphasis on research
because of the research funding. Furthermore, with the adoption of
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Outcomes-Based Teaching and Learning (OBTL) at all tertiary institutions (both
public and private), teaching and learning have been greatly emphasized.
(3) On the other hand, there is no pressure on the institutions and the profession to
initiate a reform as the big four accounting frms are either happy with the way
that accounting graduates have been trained or have no complaints against
them. In contrast, AECC in the USA was formed as a result of dissatisfaction
from the practitioners.
5. Implementation concerns
From the study, the HKICPA and the majority of the Hong Kong universities (fve) felt
that it would be viable to implement the 150-semester hour requirement here in Hong
Kong. Afewuniversities felt that froma practical sense, such implementation would not
take place in the near term as all UGC institutions converted from a three-year
programme to a four-year one in 2012. Moving from a four-year programme to a
fve-year one will take some time. At a round-table discussion on 28 March 2009, chaired
by the then legislative Councilor Paul Chan, there was unanimous agreement among the
heads of department of accounting of the various universities that accounting should be
a fve-year programme in Hong Kong. The implication here is that accounting, being a
respectable profession, should not be different from medicine or architecture. However,
not discussed at the round-table was the fact that there was some resistance from
industrial employers in the USAat the time the 150-hour was proposed, as they felt that
this would only be applicable to public practitioners (Ethridge and Heminway, 1993). In
addition, before rushing into such a scheme, one needs to consider the impact on
enrolment of a longer programme and whether employers could cope with higher
expected starting salaries. The HKICPA felt that graduates will expect higher salaries,
but much of the payroll increases could be recouped with increased productivity and
reduction of costs with increased use of paraprofessionals as viewed by Sharp and
Stephens (1994). The institutions agreed with the former and most also agreed with the
latter. Those who did not express an opinion, indicated that they did not know enough
about public practice.
Despite the implementation concerns experienced by Hong Kong, many
English-speaking countries are followers of AECC initiatives. A large number of
authors in the UK, Australia and New Zealand cited the use of AECC initiatives and
referred to a long list of related articles written by accounting academics in the USA,
particularly the Albrecht and Sack (2000 and 2001) publications on the perilous future of
the accounting profession. For literature in the UK, these authors include Byrne and
Flood (2003 and 2005), Lyall (1985), Gray and Collison (2002), Dewing and Russell (1998)
and Hill and Milner (2005). For literature in Australia and New Zealand, the authors
include Subramaniam (2003), Tippett (1992), Cable et al. (2007), Mathews (1990),
Mathews (1994, and 2001), Carr and Mathews (2004), Wolnizer (2004) and Henderson
(2001). These authors have identifed the need for accounting education change in the
three English-speaking countries. Having identifed the need for change in Hong Kong,
the study may provide further incentive for change in the region.
6. Future research
There can be some stumbling blocks towards the implementation of any type of
accounting education reform. Eleven such factors were identifed and listed as question
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22 in the detailed questionnaire for the academics and the profession. The ratings
provided for each factor while not used in this study, may help other researchers decide
whether or not to pursue further research into the viability of accounting education
reform in Hong Kong or elsewhere.
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About the author
Theodore T.Y. Chen is Professor and Head of Department of Accounting at Hong Kong Shue Yan
University. He is a member of the Institute of Chartered Professional Accountants of Canada, the
Certifed Management Accountants Society of British Columbia, Canada, the Certifed
Management Accountants Institute of Australia and a Fellowmember of the Hong Kong Institute
of Directors. In 2003, he was honoured with the Fellow member of the Certifed Management
Accountants of Canada and an Honorary Fellow Member of the Association of International
Accountants of the UK for his international contribution to the accounting profession.
Theodore T. Y. Chen can be contacted at: [email protected]
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Appendix 1
Table A1.
Detailed survey
questionnaire for
institutions and the
HKICPA
Detailed Survey Questionnaire for Institutions and the HKICPA
Name of your institution: (Consolidated)
[9 institutions plus the HKICPA (X)]
Please tick in the boxes beside each question in accordance with the following ratings:
(1) strongly disagree (2) disagree (3) neither disagree nor agree (4) agree (5) strongly
agree
1 2 3 4 5
To what extent do you agree with the following questions 1
through 22?
1. Accounting education curriculum should emphasize a
conceptual, broad-based, general education.
4X 5
2 All aspects of the accounting discipline should be integrated
throughout the curriculum to more accurately reflect practice.
1 1 3X 4
3. Public CPA examinations should be de-emphasized in shaping
accounting courses.
1X 2 4 2
4. It is important to develop accounting students’ communication
and interpersonal skills.
2 7X
5. Latest information technology should be integrated throughout
the accounting curriculum.
4X 5
6. Accounting educators must ensure that accounting students are
active participants in the learning process.
2 7X
7. Accounting educators should avoid the one-right-answer
syndrome.
3X 6
8. Accounting students should focus on learning how to learn. 2 7X
9. PhD education in accounting
(i) stressed academic research publications needed for
promotion and tenure,
(ii) did not include active learning strategies,
(iii) did not include methods for enhancing student
communication and team-building skills and,
(iv) did not include relating classroom accounting to
accounting practice.
i 4X 5
ii 2 4X 2 1
iii 1 2X 5 1
iv 3 1X 3 2
10. More rewards should be given to faculty for effective teaching
and curriculum development as opposed to doing strictly
research.
2 1 2 3 1X
11. More faculty resources should be recommended towards
undergraduate as opposed to doctoral programmes.
12. There is a strong influence of the CPA exam on university
accounting curricula.
13. Teaching should be the primary concern for promotion of faculty. 5
14. Thinking skills, listening skills, problem-solving skills, and
writing skills are the 4 critical qualifications needed by
accounting students.
15 The pressure to publish reduces the quality of teaching at
universities.
16. Adopting the 150-credit hour requirement in Hong Kong would
be viable.
17. In the design of any accounting course, offering the broadest and
most useful learning experience for students is preferable to
teaching every rule, topic and exception to the rule
indiscriminately.
18. A greater emphasis on teaching skills is preferable to research. 3
2
2
1 4 1 X
4 3X
1 4X 1 1
1 2 1X 3 2
2X 7
2 1X 1
1 1 1 4X 2
2 4 3X
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Table A1.
(iii) Increasing volume and complexity of the common body
of knowledge and constraints on CPA exam content and
structure make reform difficult.
(iv) Accounting professors as a group fail to truly recognize
the value of a liberal education and tend to specialize in a
few narrow areas.
(v) Technical training is relatively easier to do as teachers
are more comfortable in lecturing on how to than assigning
a student group to debate why.
(vi) Teaching evaluations suffer as a result of change.
(vii) Faculty members have not been adequately prepared to
teach in a non-technical manner as the vast majority of
accounting PhDs have received little or no formal training
in how to teach in any manner.
(viii) Accounting faculty are not prepared to develop and
implement a technological appropriate accounting
curriculum.
(ix) Institutions in general are not prepared to make the
financial investment required to assure student access to
technology.
(x) Implementation of the 150-credit hour requirement
would bring about an articulation problem as some
institutions would choose not to participate.
(xi) Industry executives would likely resist the 150-credit
hour requirement, causing a decrease in the number of
students selecting accounting as a major if a fifth year is
added.
vi 2 1X 1 4 1
vii 2 1 1 4X 1
viii 2 1 2X 3 1
ix 4 2 2X 1
x 1 2 5X 1
xi 1 4 1X
In some cases, a follow-up interview in person or by phone may be necessary for clarification.
Would you agree to this? Agree ( ) Disagree ( )
19. Ethics:
(i) should be integrated into all accounting courses,
(ii) taught by business faculty primarily,
(iii) emphasizing ethical values but avoiding personal
indoctrination.
(iv) Case studies are by far the most effective tool in
teaching ethics.
i 1 1 3 4X
ii 1 2 3 2X 1
iii 1 7 1X
iv 1 2 2 4X
20. There should be more emphasis on teaching as opposed to
research, especially in regard to faculty reward systems and
tenure decisions.
3 2 3 1X
21. Business communication:
(i) should be part of an accounting curriculum.
(ii) Could be taught by either business school faculty or by
communication faculty.
i 1 4 4X
ii 1 3 3 2X
22. It is foreseeable that there can be some stumbling blocks towards
the implementation of any type of accounting education reform.
Please rate the following:
(i) Change is expensive both in terms of dollars and faculty
time.
(ii) University-wide reward structures and increased research
expectations do not support endeavours in curriculum
changes.
i 1 5 3X
ii 1 1 4X 3
iii 1 3 1 2X 2
iv 1 1 6X 1
v 1 7X 1
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Table A2.
Abridged survey
questionnaire for the big
four frms
Abridged Survey Questionnaire for the Big Four Firms
Name of your firm: Consolidated for All Firms
Please tick in the boxes beside each question in accordance with the following
ratings:
(1) strongly disagree (2) disagree (3) neither disagree nor agree (4) agree
(5) strongly agree
To what extent do you agree with the following questions 1 through 14? 1 2 3 4 5
1. Accounting education curriculum should emphasize a conceptual, broad-based,
general education.
3 1
2. All aspects of the accounting discipline should be integrated throughout the
curriculum to more accurately reflect practice.
1 1 2
3. Public CPA examinations should be de-emphasized in shaping accounting
courses.
1 1 2
4. It is important to develop accounting students’ communication and interpersonal
skills.
2 2
5. Latest information technology should be integrated throughout the accounting
curriculum.
1 2 1
6. Accounting educators must ensure that accounting students are active participants
in the learning process.
2 2
7. Accounting educators should avoid the one-right-answer syndrome. 1 1 2
8. Accounting students should focus on learning how to learn. 2 2
9. More rewards should be given to faculty for effective teaching and curriculum
development as opposed to doing strictly research.
1 1 2
10. Thinking skills, listening skills, problem-solving skills, and writing skills are the
4 critical qualifications needed by accounting students.
1 1 2
11. In the design of any accounting course, offering the broadest and most useful
learning experience for students is preferable to teaching every rule, topic and
exception to the rule indiscriminately.
1 3
12. The present accounting education provided by Hong Kong universities is
satisfactory.
2 2
13. Ethics:
(i)should be integrated into all accounting courses,
(ii)taught by business faculty primarily,
(iii)emphasizing ethical values but avoiding personal indoctrination.
(iv)Case studies are by far the most effective tool in teaching ethics.
i 3 1
ii 1 3
iii 1 3
iv 3 1
14. Business communication:
(i)should be part of an accounting curriculum.
(ii)Could be taught by either business school faculty or by communication
faculty.
i 2 2
ii 1 1 2
A follow-up interview in person or by phone would usually be necessary for
clarification.
ARJ
27,3
264
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Appendix 3
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Table A3.
HKICPA required generic
and technical
competencies for
accrediting academic
institutions
Cognitive or Intellectual Skills
1. creative thinking and ability to deal with unstructured and unfamiliar problems
and situations.
2. logical reasoning – inductive and deductive.
3. critical analysis.
4. conceptualization of issues.
5. Identification and structuring of key problems and issues.
6. ability to research and to access and analyze relevant information.
7. evaluation of evidence in context
8. recognition and use of value judgments and ethical standards.
9. use of modeling and quantitative analysis techniques.
10. ability to integrate knowledge from different areas
11. recognition of historical, social and political perspectives and constraints.
12. ability to forecast, initiate and manage the process of change.
Behavioural Skills
13. personal integrity and ethical conduct.
14. motivation and persistence.
15. Independence of mind and capacity for inquiry.
16. commitment to life-long learning.
17. sensitivity and professional approach to personal and social responsibilities.
18. organization of time and priorities.
19. reasonableness and adaptability.
20. capacity for leadership and team-work.
21. capacity for and understanding of negotiation processes.
Language Skills
22. adequate level of English competency in both written and spoken communication
23. use of Chinese language to a level required to cope with the local working
environment.
Communication Skills
24. ability to communicate clearly and effectively, using diverse written, verbal and
visual methods as appropriate.
25. read, critique and judge the value and contribution of written work.
26. ability to listen effectively.
27. effective interaction with culturally and intellectually diverse people or groups in
a global environment.
Technical Skills
28. business and organizational understandings.
29. business environment in the PRC.
30. information management and understandings.
31. General knowledge and understandings.
32. Generic accounting skills
33. auditing.
34. ethics.
35. external reporting.
36. financial management.
37. management accounting.
38. taxation and tax planning.
HKICPA Required Generic and Technical Competencies for
Accrediting Academic Institutions
265
Is Hong Kong
ready for
accounting
education reform
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doc_354910642.pdf