In the last 30 years, the globalization of businesses, coupled with technological advancements, has brought about many changes in the way accountants carry out their tasks. They are asked to work in a very complex, demanding, and everchanging environment. The profession itself creates challenges for accountants to put their skills to new uses (Holtzman, 2004; Emsley, 2005). Accounting education has a major role to play in the professional development of accountants and even more in the improvement of their professional skills. The present study introduces the conceptual dimensions of skills and competences and traces the criticisms and the reforms in accounting education, mostly in Anglo-Saxon countries, and in relation to the skills development of future accountants.