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PAIB eNews September 2011
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September 6, 2011
Welcome to IFAC's Professional Accountants in Business (PAIB) Committee eNews.
1. PAIB Committee Publishes Competent and Versatile to Highlight Relevance of Professional Accountants
Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success was published by the PAIB Committee last month to support the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promote 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. With this publication and the accompanying employer-focused brochure, the PAIB Committee is striving to support the global accountancy profession and help professional accountants and their organizations create long-term sustainable success.
Eight drivers of sustainable organizational success provide the basis for understanding how the global accountancy profession needs to support the development of professional accountants. The expected key areas of competency for professional accountants are broken down within each of these drivers:
• A customer and stakeholder focus;
• Effective leadership and strategy;
• Integrated governance and risk and control;
• Innovative and adaptive capability;
• Financial management;
• People and talent management;
• Operational excellence; and
• Effective and transparent communication.
The key areas of competency are also useful in helping professional accountants to determine relevant education and training to support their career aims.
Competent and Versatile is also a tool for promoting the diverse contributions of professional accountants as creators, enablers, preservers, and reporters of sustainable value in leadership, management, analyst, and controller roles. These roles go far beyond the stereotypical perceptions of accountants and demonstrate to employers how they can capitalize on professional accountants' training, knowledge, and skillsets.
2. Individualized Versions of Competent and Versatile Available for Professional Accountancy Organizations
In order to assist professional accountancy organizations to make the most of the employer-focused version of Competent and Versatile, the PAIB Committee is offering to work with IFAC members and associates to allow for local customization of the brochure.
For example, CPA Australia and the Institute of Chartered Accountants in Australia (ICAA) jointly branded the brochure and made it available at the Confederation of Asian and Pacific Accountants Conference in Brisbane, Australia this week.
If your organization is interested in taking advantage of this option, please visit the Translations and Permissions page of the IFAC website for a sample permission request, which will need to be completed and submitted to permissions@ifac.org. If you have any questions, please contact Stathis Gould.
3. Call for Case Studies Highlighting the Roles of Professional Accountants
Following the publication of Competent and Versatile, the PAIB Committee is in the process of bringing together some practical examples of how professional accountants are supporting their organizations in the eight drivers of sustainable organizational success listed above. If you have a recommendation for a brief case study, or would be interested in participating yourself, please
4. CMA Canada 2020 Vision Paper
CMA Canada recently released Forecasting the Future Role of the Management Accountant, its 2020 Vision paper. The paper identifies scenario planning as the defining organizational capability and a primary management accountant skill for the coming decade. The paper also explores the major activities seen as essential to the management accountant's role in 2020, including strategic risk management fueled by (a) technology-enabled data analysis applied to a broad collection of indicators; (b) increasingly agile forecasting and planning processes; and (c) fact-based decision making. The research methodology for this paper included scrutiny of recently published projections and analyses, interviews, and a roundtable discussion held in September 2010, in which IFAC participated.
5. Next PAIB Committee Meeting: Toronto, October 19-20, 2011
The PAIB Committee's next meeting will be hosted by Canadian Institute of Chartered Accountants and CMA Canada in Toronto, October 19-20. In 2012, the committee will meet in New Delhi,
To comment or inquire about any of the items mentioned above or for questions about the PAIB Committee, please contact communications@ifac.org.
About the PAIB Committee and IFAC
The PAIB Committee serves IFAC member bodies and the more than one million 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.
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. It 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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