Academic accounting research: ERA needs to measure impact

I read with great interest in The Australian Higher Education pages recently about how 19 of our universities made it onto the Academic Rankings of World Universities. While this is certainly good news for Research Minister Kim Carr, it’s important he now turns his attention to the impact and quality of research.

Currently the Excellence in Research for Australia (ERA) 2012 draft guidelines set by Senator Carr do not refer to measuring the impact or the relevance of academic research. This needs to be addressed otherwise what is the point of producing research if it’s not going to have some impact to the business or policy worlds?

Research must align with not just academia careers or university rankings, but the needs of policy makers and practitioners. Our recent academic thought-leadership publication, Bridging the Gap between Academic Accounting Research and Professional Practice, provides examples where accounting research has impacted policy, provided social goods and improved professional practice.

An understanding of research impact needs to apply not only to accounting, but all other professional disciplines. A shift should occur whereby we talk about research in terms of quality and outcomes. Is it relevant to the profession? How does it impact policy and society?

Understanding the impact of research needs to be a must-have deliverable. What we need is collaboration between policy, practice and academia, with defined roles and responsibilities agreed. That way all parties are on the same page and the end result is clear. Do you agree, or am I expecting too much?

I also sent a letter to the editor of The Australian Higher Education pages discussing these points, which is now on their website.

Meanwhile, the Institute is helping to link research and the industry by supporting quality research into accounting and related fields through its 2012 Research Program. (Academics wishing to apply for a research grant are required to outline in their application the possible impact of their research.)

Professor James Guthrie is Head of Academic Relations at the Institute of Chartered Accountants in Australia. His role involves engaging with accounting academics and stakeholders in the Australian higher education system, and providing thought leadership to benefit the wider accounting profession. He has more than 35 years experience in accounting education, and extensive academic and research experience having worked in universities in both Australia and overseas, across the fields of business and accounting.