Professional accountants in business are diverse, working in commerce, industry, financial services, education, and the public and not-for-profit sectors as employees or advisers. Many are in a position of strategic or functional leadership or otherwise well-placed to collaborate with colleagues in other disciplines and help drive their organizations’ sustainable success.
Professional accountants support their organizations in a wide range of job functions, including leadership and management; operational; management accounting and control; and accounting and stakeholder communications.
The Professional Accountants in Business (PAIB) Committee provides leadership and guidance on relevant issues pertaining to professional accountants in business and the business environments in which they work. The PAIB Committee focuses on multiple topic areas: the roles, domain, and competencies of accountants in business; governance and ethics; sustainability and corporate responsibility; risk management and control; financial and performance management; and business reporting.
This report provides insight into what it will take to prepare future-ready professional accountants. Capturing conversations from the IFAC Professional Accountants in Business Committee meeting in March 2019, the report focuses on finance function transformation, building data science and analytics capabilities, supporting accountants in professional ethics, effective risk management and internal control, and examining the role of the audit committee.
Enterprise risk management (ERM) needs to be part of the professional accountant mindset and makeup. This report explores the contribution of professional accountants to effective ERM in their roles as chief financial officers (CFO) and within finance functions. To add value, accountants must be seen as risk experts who are outward-looking and provide valuable insights to help organizations manage risk, respond to uncertainty, and achieve their objectives.
The latest report from the PAIB Committee is now available, providing insights on finance function transformation, including opportunities and challenges facing the profession. Key topics covered include CFO perspectives on the finance function journey, the latest thinking on a vision and roadmap for the finance function, data analytics, professional ethics and more.
This resources provides an overview of the different types of data analytics and their applications to financial reporting and audit, as well as usage in business, to uncover valuable insights.
What is the impact of blockchain on accounting? This resource breaks down:
- The fundamental concepts in blockchain;
- A broad overview of developments in blockchain and how it can streamline processes and change business models; and
- The potential role of blockchain for finance and accounting professionals
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