What does the future professional accountant look like? If we don’t have a vision in mind, how can professional accountancy organizations (PAOs) be prepared to support these professionals?

This report encompasses insight from the recent Professional Accountancy Organization Development Committee meeting to identify how PAOs can future-ready their operations to support the accountancy profession of the future.

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 
• The four key enablers of EPM

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).

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Integrated reporting is critical to long term value creation. 

The International Federation of Accountants (IFAC) has released a new publication, Focusing on Performance, which is designed to raise awareness of the importance among PAOs to consider the suggested best governance practices and principles while reflecting on their current governance arrangements. The publication also features a self-assessment tool that PAOs can repeatedly utilize when reviewing the principles and their governance framework.

Designed for use by small- and medium-sized practices (SMPs), this brochure explains and differentiates the range of audit, review, compilation, and agreed-upon procedures services SMPs can provide and tailor to meet the needs of their small- and medium-sized entity (SME) clients. It can help current and prospective clients understand the range of services available, as well as their benefits. 

A healthy economy needs a well-functioning accountancy profession, one supplying high-quality financial information produced by skilled professionals. These professionals are best supported by strong professional accountancy organizations (PAOs). A key success factor in achieving this is enhanced collaboration across the global, regional, and national levels of the accountancy profession and the involvement of the entire international development community.

Given the essential role of professional accountants in business in strong and sustainable organizations, financial markets, and economies, this guidance assists professional accountancy organizations (PAOs) in strengthening engagement with accountants in business, the public sector, and academia as a means to expand their reach, influence, and contribution.

The Guide aims first and foremost to help IFAC member organizations and their members in practice, especially SMPs, with the implementation of ISRS™ 4410 (Revised), Compilation Engagements, which is one of the International Standards on Related Services™ developed exclusively by the International Auditing and Assurance Standards Board (IAASB).