Convening virtually over two days, IFAC’s Professional Accountants in Business (PAIB) Advisory Group, a dynamic global group of business and finance leaders, shared their insights on key global trends impacting the future readiness of the accountancy profession.
This is the third installment of a 6-month publication series titled Anti-Money Laundering, The Basics.
The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.
This report highlights takeaways from the September 2019 Professional Accountants in Business (PAIB) Committee meeting, and outlines key priorities for accountants in business.
The report specifically focuses on:
Integrated value creation;
The value of data;
Action on the SDGs;
Opportunities and challenges for accountants in SMEs; and
This report, capturing conversations and takeaways from the IFAC Professional Accountants in Business Committee meeting in September 2018, provides insight into finance function transformation, including opportunities and challenges facing the profession.
For finance professionals to be viewed as business partners, they must contribute effectively to enterprise performance management (EPM) beyond traditional financial reporting and financial systems.
This resource identifies why and how the finance function must evolve to support EPM, including:
Why EPM is critical to the future of the profession
How accountants in business and the finance function can drive effective EPM; and
Developing a vision and roadmap for the finance professional and finance function is a journey requiring an iterative and experimental approach, supported by a development plan that incorporates significant thinking on a variety of topics.
In an iterative workshop, the Professional Accountants in Business Committee explored how to develop a vision for the finance function and provided updates on current initiatives, including:
This self-assessment evaluation tool is available for professional accountancy organizations (PAOs) to help take a strategic and practical approach to enhancing relevance for professional accountants in business (PAIB).
This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.
Alongside IFAC’s recent Professional Accountants in Business (PAIB) Advisory Group meeting, we co-hosted a special side event in collaboration with Chartered Accountants Worldwide (CAW) Network USA at Fordham University.
This joint engagement brought together perspectives from practice, industry, technology, and academia, enabling an insightful exchange on the real-world impacts of AI on business and the accountancy profession, how our work is evolving, and what we need to do to remain relevant in the future. It featured practical observations, real examples, and candid reflections from a panel of global experts leading AI-enabled change within their organizations and with clients.
We have compiled five short videos that capture the key themes from the panel discussion. These digestible clips reflect on how AI is influencing the pace of change, the evolving role of accountants, the importance of trust and design, and emerging leadership responsibilities.
These informed reflections and perspectives come from leaders immersed in digital and business-model transformation. Their views provide a timely snapshot of the current AI landscape and the urgent considerations shaping the profession’s future.
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.
