IFAC’s Professional Accountants in Business (PAIB) Advisory Group has compiled insights on key global trends impacting the future readiness of the accountancy profession in a new report Enabling Purpose Driven Organizations: PAIBs Leading Sustainability and Digital Transformation.
This report includes highlights from the PAIB March 2021 meeting, focusing on:
Enabling value creation and sustainability
Delivering on climate change
How procurement and supply chain operating models are changing the role of finance functions
The changing nature of work and remote finance Gen Z and the future of accountancy
Public sector priorities to support COVID-19 recovery
IFAC PAIB Advisory Group Chair Sanjay Rughani says: “It is important we continue to drive forward the key areas of the PAIB agenda and share our learnings across the global accountancy profession. Together, we can enable a PAIB-relevant profession that is attractive to the new generation entering the workforce.”
Together with Chartered Professional Accountants of Canada (CPA Canada), today the International Federation of Accountants (IFAC) released The Professional Accountant’s Role in Data.
As economies digitize, the accountancy profession must adapt to contribute strategically. The Professional Accountant’s Role in Data outlines a new model, the data management value chain, in which accountants can, by building upon key competencies, reimagine their roles to meaningfully contribute to the digital economy.
Stathis Gould, director of advocacy at IFAC says: "This is an urgent and opportune moment for the accountancy profession to leverage the disruption of the expanding digital economy, embrace enhanced roles in the data management value chain, and guide businesses and organizations of all kinds into a sustainable and prosperous future."
About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
Amid a rapidly changing world, the first digital native generation is entering the workforce. This joint report from ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) draws upon the responses of 9,000+ 18-25 year olds to gain insights into how Generation Z’s top concerns may influence what they want from their careers, what attracts them to organizations, and their views on accountancy, business, and the impact of COVID-19.
A Guide for Professional Accountancy Organizations
A strong and well-governed professional accountancy organization (PAO) produces and sustains a strong accountancy profession that is able to serve the public interest and contribute to economic stability and growth. A successful PAO gains much of its strength from the sense of identity, benefits, and rights that members derive from membership; and from the contributions that individual members and firms make to the PAO in recognition of its public interest perspective.
The accountancy profession stands at a turning point with equally exciting opportunities and challenges. As Accountancy Europe and IFAC CEOs, we believe it is necessary to enhance cooperation for our members’ benefit. This partnership reflects our shared commitment to support our members and strengthen our profession.
As a culmination of previous engagement, we spent time together at Accountancy Europe’s office in Brussels and explored how to align our respective member value and identified four potential workstreams around:
Trust in sustainability disclosures: high-quality sustainability reporting is essential, especially in an ever-evolving landscape. Our profession will continue to guide companies towards reliable and comparable sustainability information for global investors and stakeholders, to serve as a catalyst for more sustainable business models, ensuring that ethics, independence as well as quality are not compromised.
Ethical technological transformation: technology and AI are transforming the way accountants work, offering new efficiencies and capabilities. Our profession must continue to embrace these advancements and leverage them to enhance services and deliver greater value.
The profession’s future: rapidly evolving markets bring unprecedented opportunities and challenges to our profession’s growth. Funding of professional practices, incorporation and networking cooperation are part of evolving organisational models.
Pathways to the profession: new pathways to attract diverse talent to the profession must be created to ensure future generations of accountants are well-equipped to meet evolving demands.
Through coordinated efforts on these key matters, we will provide stronger representation, better resources, and a clearer voice for our members.
Eelco van der Enden said: “In a time of global challenges and isolationism temptations, it is crucial to demonstrate that the accountancy profession is united. Regional and global efforts are not only complementary but essential. Global issues do not recognise regional borders, and neither should our response”.
“I am excited to work again with Eelco in his new role, and to innovate how we deliver greater cooperation and value for our members. There are multiple opportunities. I am also committed to strengthening our partnerships with regional network partners in Africa, Asia, and the Americas, ensuring that our members and the global accountancy profession is united and well-supported in every region of the world”, said Lee White.
Accountancy Europe unites 49 professional organizations from 35 countries that represent 1 million qualified accountants, auditors and advisors. As Accountancy Europe, we translate professional accountants’ daily experience from across Europe to inform the European policy debate. Accountancy Europe is in the EU Transparency Register (No 4713568401-18).
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
