Smarter cities, simpler cities Accounting for the city of the future Spotlight on India This report reflects on how professional accountants can support urbanisation in a way that creates a positive impact. In doing so, it addresses two headline areas:
smart cities, to increase awareness among the accountancy community about this concept to examine a specific scenario where the accountancy community can be part of the solution in simplifying the move towards smart cities. December 2016 About ACCA ACCA (the Association of Chartered Certifed Accountants) is the global body for professional accountants. It offers business relevant, frst-choice qualifcations to people of application, ability and ambition around the world who seek a rewarding career in accountancy, fnance and management. ACCA supports its 188,000 members and 480,000 students in 178 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 100 offces and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and infuence. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that, through its range of qualifcations, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artifcial barriers, innovating its qualifcations and delivery to meet the diverse needs of trainee professionals and their employers. In June 2016 ACCA formed a strategic alliance with Chartered Accountants Australia and New Zealand (CA ANZ). The alliance represents the voice of 788,000 members and future professional accountants around the world, who share the commitment to uphold the highest ethical, professional and technical standards. More information is available at: accaglobal ABOUT THE AUTHOR Narayanan Vaidyanathan develops ACCA’s research and insights programme with a focus on the future direction of business and the accountancy profession. His experience covers strategy, research and product development in a range of sectors. Contents Foreword ........4 Acknowledgments ....6 Executive summary ... 8Introduction 15 Report structure .....16 1. The global case for smart cities .........17 Smart cities as an approach to urban planning 17 Key drivers for adoption .1 8Current adoption around the world ......21 Trends shaping smart cities ........25 Relevance to the professional accountant ........27 2. Spotlight on India .........2 8Government of India Smart Cities Mission .......29 Municipal accounting in India – evolution of policy .....30 Key challenges – from policy to execution .......31 Smart Cities Mission –‘view on the ground’.....35 Charting the path ahead 44 Conclusion ...49 References ...50 Across the world, more of us now live in cities than ever before. This is a long-term global trend that is expected to shape the way our societies will operate in the future. Making communities work for the people living in them is a complex task – one which will become increasingly important in the future as the number of urban residents is set to increase by two billion (a 50% increase) over the next thirty years. Smart cities offer a promising alternative that aims to combine the best of what technology can offer with a best-practice approach to structuring effcient and effective processes that maximise the limited resources available to a city. Put differently, this involves ‘professionalising’ the approach to managing a city. And key players in delivering this approach are professional accountants. At ACCA, we defne this as an individual who possesses the core technical and numeric skills required of accountants, but also much more. In particular, it refers to those who can combine core skills with effective stakeholder partnering based on a strong understanding of how the organisation operates (so accountants are not just record keepers of past performance, but infuencers of future performance), a strong ethical compass and excellent communication skills. ACCA is delighted to be partnering with the Institute of Cost Accountants of India (ICAI) in delivering this report on Smart Cities, which has a particular focus on the Smart Cities Mission in India. As referred to in the report, skills building in the accountancy profession is a key enabler for the success of this mission, and ACCA looks forward to deepening its engagement in India to contribute to this important goal. Helen Brand OBE Chief executive ACCA Foreword4 The Institute of Cost Accountants of India (ICAI) has since its inception in 1959, maintained an on-going focus on contributing to the growth of the industrial and economic climate of the country. As the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy, we continue to play a key role in championing the importance of cost accounting, and related priorities such as effective forecasting and budgeting. These priorities have a special signifcance in the context of the Smart Cities Mission in India, where an ambitious multi-year programme will see the allocation of funds across several layers of government (from central to state to municipal level) and across all parts of country. Such a large-scale endeavour will place new responsibilities on municipalities to manage funds effectively – which in turn will place important added responsibilities on the accountants working within these municipalities. A lot of the Smart Cities related discussion in India has referred extensively to the role of government and of the technology providers, who would be responsible for installing ‘smart’ solutions. We believe that there is an important third leg in this matrix – the accounting community. This community will ultimately be relied on heavily to ensure promised funds are delivered for the stated projects, and importantly will have the responsibility to track funds usage and impact over the coming 4-5 years that are crucial for achieving Smart City objectives. We would like to place on record the contribution of CMA Sanjay Gupta, Former Chairman, WTO and International Affairs Committee of the Institute in this regard. This report is one step towards building capacity within the accountancy community to support the Smart Cities Mission and we are pleased to work with ACCA on this important initiative. CMA Manas Kumar Thakur President ICAI 5Smarter cities, simpler cities Accounting for the city of the future Foreword
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