IFAC Seeks Comments on its Proposed Strategy for Accountants

Friday, November 9, 2012 Print Email

The IFAC is seeking comments on a strategy proposed by it for the projects that the body is planning to roll out in the next 4 years. These projects will focus on addressing the requirements of the accountants working within entities or as business advisors.

The work plan of the International Federation of Accountants for 2013-16 consists of particular initiatives that aim at improvising recognition of the varied roles performed by the accountants in business and the manner in which they must be positioned so that they are able to drive sustainable and successful organizations. Given that many accountants across the world work in public, non for profit and business sectors, it is important for IFAC as well as international accountancy organizations that hold memberships with IFAC to address their requirements.

IFAC also pointed out that accountants working in the field of business hold senior positions as advisors or employees like the position of controller or CFO. Collectively they possess the power to influence and have their own impact on their organizations as far as implementing strong governance as well as ethical environment supported by internal control and integrated risk management, management of performance, effective and efficient reporting and sustainable leadership is concerned.

Roger Tabor of the Professional Accountants in Business Committee, IFAC stated that the work plan and strategy lays down a vision for recognizing the contributions made by the accountants (in the form of partners) in the area of business in sustaining organization’s success globally.

He further mentioned that the main theme that supports this particular aim is that accountants in the area of business must look at facilitating integrated thinking, management and governance in addition to reporting in entities. These are some of the important issues that entities are currently dealing with. The work plan and strategy consists of specific elements that will be included in projects and initiatives that have been planned. The member groups of the IFAC as well as other stakeholders have received invitations to offer feedback on these proposals. The last date for receiving comments on the draft is 31st January 2013. In order to give their comments members and stakeholders can visit at www.ifac.org/paib and register to leave their comments.

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