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Changing Roles and Employer Expectations Define Areas of Competency for Professional Accountants in Business

Aug 9, 2011 | New York | English

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) today published Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success, which supports the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations.

Organizational needs are evolving faster than ever, and professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust. With this new publication, the PAIB Committee is striving to support the global accountancy profession and help its members guide their organizations to create sustainable value.

"In today's tough global economic climate, organizations can fail because their drive for short-term success causes them to overlook factors vital for their long-term survival,” commented Roger Tabor, IFAC PAIB Committee chair. “So, in Competent and Versatile, we focus on achieving success that can be sustained. Professional accountants have the right instincts and tools to help their organizations maintain the right balance to do this. But they must—and can—be adaptable to new challenges and supported in this by their professional associations."

This publication identifies eight drivers of sustainable organizational success—what organizations need to do to achieve and sustain success in light of opportunities and challenges in the business environment. These drivers are the focus of organizations striving to achieve lasting success, and, therefore, provide a basis for determining the expected key areas of competency for professional accountants in business.

This employer-driven approach is aimed at helping the global accountancy profession facilitate sustainable organizational success through the education, training, and development of professional accountants. The publication, and accompanying employer-focused brochure, is intended to support IFAC members and associates in understanding and promoting the diverse contribution of professional accountants in business as creators, enablers, preservers, and reporters of sustainable value.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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