IFAC FOCUS AREAS
- Accountability. Now.
- Adoption of International Standards
- Developing the Global Profession
- Global Representation and Advocacy
- Professional Accountants in Business
- Small and Medium Practices
Independent Standard-Setting Boards
The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.
The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements.
The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.
|Global Knowledge Gateway||
The Rapid Pace of Change
“The strongest force propelling human progress has been the swift advance and wide diffusion of technology.” — The Economist
After 600 years of a two-ledger bookkeeping practice and 30 years of Excel spreadsheets, businesses are moving quickly toward the use of automation to account for daily transactions. This seismic shift will not only impact the way business operates, but also the day-to-day role of accountants.
Technological developments continue to significantly impact nearly every aspect of business across all organizations regardless of size or sector. Rapid transformation continues to challenge the status quo and change thinking. From social media to self-driving cars, the last decade alone has seen ground breaking technological advancements in all industries. Accountancy—the language of business—is no exception.
Role in the Global Accountancy Profession Today, and in the Future
The importance of professional accountants monitoring and adapting to changes driven by technology is clear. Doing so will enable us to continue to support organizations and help us remain relevant as the marketplace and society undergo rapid change.
The introduction of emerging technologies brings new opportunities for both how professional accountants operate and the nature of our roles. This includes the impact of automation on transactional tasks, cloud computing and new emerging areas, such as cybersecurity and predictive analytics, together with a focus on providing valuable insights. Looking forward, blockchain, artificial intelligence and advancements in robotics are expected to further transform business models and change workforces skills and competencies.
The future is bright for accountants. We can prepare for the new technological age by updating the way accountants are educated and trained. We need to address an ongoing skills gap in the profession by emphasizing strategic thinking and, above all, leadership. Together, we can create new and innovative ways for smart humans and intelligent machines to complement each other to provide clients with the very best of these functions.
This Gateway section will help those who want to better understand how technology is driving transformation and embrace accounting’s evolving future.