The first digital native generation entering the workforce is being shaped by the unique world catastrophes they’ve lived through in their young lives, finds a global report from ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants).

The views of 9,000 18 to 25-year-olds are published in Groundbreakers: Gen Z and the future of accountancy and reveal their primary concerns are around job security, well-being and mental health, offering a wakeup call to employers who need to show they care.

While survey respondents are broadly convinced that businesses have a positive impact on wider society (69%), they think there is significant room for improvement from business leaders. They see accountancy as an attractive career – providing long term prospects and portability with access to jobs that span internationally and across industries – but it’s also clear this generation questions business’ integrity.

They believe businesses continue to prioritize the maximization of returns to investors (66%) over taking care of customers (53%) and employees (47%). They are also less convinced that business leaders have integrity and do what they say (41%) and fewer of them believe businesses are currently pulling their weight in fighting climate change (39%).

ACCA and IFAC say the findings of this global research are very relevant for employers regardless of the sector, and that meeting this generation’s needs and addressing their concerns will be essential to thrive. For the accountancy profession specifically, its central purpose to create sustainable value for organizations while acting in the public interest places it in a unique position to harness this opportunity.

“This 18 – 25-year-old age group of Gen Z is smart, connected, ambitious yet realistic – but they have concerns about the future and how business operates,” said Helen Brand, chief executive of ACCA. “What we see from this research is young people at the outset of their accountancy careers keen to play their part in economic renewal. They’ll bring their talents and aspirations into the workplace and, through them, transform the future of accountancy for the modern world. Employers of all sizes need to be aware of this generation’s hopes and ambitions and the value they can bring.”

“Shaped by economic crises, the current climate emergency, and most recently the global pandemic, Generation Z is coming of age during a very difficult and challenging period in global history,” said Kevin Dancey, chief executive officer of IFAC. “Leaders of Professional Accountancy Organizations (PAOs), global network firms, and industry, not only have an opportunity to welcome this new generation of accountancy leaders into our organizations, but to actively learn from them. Although no one knows exactly what the future may hold, one thing is for certain: Generation Z accountancy professionals have a critical role to play in our future.”

Groundbreakers: Gen Z and the future of accountancy offers employers 10 ways to harness the potential of Gen Z:

1. Tap into Gen Z’s digital mastery: Astute enterprises are seeing Gen Z as fantastic ambassadors and early adopters to encourage the rest of the business to digitally transform.
2. Think “intrapreneurship”: Create a culture where young people can bring their entrepreneurial thinking and capabilities to fruition within the relative safety of an organization.
3. Use social to recruit and recognize the power of peers: Beyond social media, activities such as using Gen Z ‘brand ambassadors’ who are authentic and believable on university campuses to encourage peers to be interested in organizations can pay dividends.
4. Be authentic and listen to Gen Z: Gen Z values authenticity and sees it as a key factor in making initial decisions about joining an organization.
5. Focus on well-being: Gen Z is concerned about their well-being, so employers need to support this.
6. Align organization purpose with individual development needs: Organizations need to articulate what they stand for, their purpose and impact on wider society. Gen Z is keen to understand how the organization makes a difference and what their contribution could be to the vision of the enterprise.
7. Create collaboration opportunities across the workforce: To help Gen Z progress, make them part of the bigger picture.
8. Reward on outcomes not inputs: Employers need to focus on outcomes and the results achieved, rather than hours spent on a task.
9. Give continual feedback: Create a culture of continual feedback and acknowledgement -this is essential in engaging Gen Z as they’ve grown up in a world of instant communication and rating opportunities through digital.
10. Rethink learning: Make it short and visual to encourage Gen Z’s learning.

The full report can be downloaded here.

The Western Balkan professional accountancy organizations (PAOs)—a group of PAOs comprising both IFAC members and non-members—have expressed interest in furthering their regional cooperation in the area of accountancy education and professional development in order to accelerate the development of the accountancy profession in the region.

Both IFAC and the World Bank Centre for Financial Reporting Reform (CFRR) have been working with the PAOs through their respective programming. In April 2018, the two organizations joined together to host a joint one-day Education Community of Practice workshop. Over 60 participants, including the leadership of PAOs from all over Europe, international experts, and members of IFAC’s Compliance Advisory Panel and PAO Development Committee participated in the event.

The workshop hosted panel sessions and open discussions where participants exchanged experiences, best practice examples, and the vision for the future.  

IFAC staff presented its recent International Standards: 2017 Global Status Report and the opportunities and challenges that lie ahead for the accountancy profession at both a global level and for the Western Balkan region in particular. The report also highlights available resources, guidance, examples of best practice, and observations, including the need for multi-stakeholder collaboration and support from national, regional and global organizations to maintain the progress made thus far in the adoption and implementation of international standards.

Further details and materials from the workshop are available on the CFRR’s website.

Highlights from the IESBA's December 4 - 8, 2017 meeting in Livingstone, Zambia.

• 00:13 - Introduction: Ken Siong, IESBA Technical Director
• 00:50 - Highlights & Key Developments: Stavros Thomadakis, IESBA Chairman
• 03:07 - Part C of the IESBA Code: Helene Agelii, IESBA Member 
• 05:04 - Professional Skepticism – Richard Fleck, IESBA Deputy Chair 
• 08:08 - Safeguards: Gary Hannaford, IESBA Member 
• 12:11 - Structure of the IESBA Code, Don Thomson, Task Force Chair and former IESBA Member 
• 14:26 - Closing Remarks: Ken Siong, IESBA Technical Director

Leaders from the public sector and professional accountancy organizations from throughout the Caribbean met Nassau April 12-14, 2016, to revitalize efforts to improve public sector financial management and support the region’s economic growth.

Hosted by the Institute of Chartered Accountants of the Caribbean (ICAC), the International Federation of Accountants (IFAC), and the World Bank, Strengthening Public Financial Reporting and Accountability explored the Caribbean social-economic situation and how better public financial management, especially improved financial accounting and reporting, can support sustainable development.

International and regional experts shared their experiences of overcoming challenge and realizing the benefits of public sector financial management reform. Forward-looking sessions discussed how stakeholders can make public financial accounting and reporting reform a success. The roundtable concluded by summarizing the actions that governments and stakeholders can take toward strengthening public financial reporting and accountability.

This invitation-only event covered regional economic, social, and business imperatives; public financial reporting reforms (regional and international perspectives); engaging stakeholders; challenges of the accountancy profession in the Caribbean and capacity-building strategies; and technical training on latest developments in International Public Sector Accounting Standards.

The event opened on Tuesday 12th April by the The Hon. Michael Halkitis, MP, Minister of State for Finance, Government of The Bahamas.

For more information, please contact Jasmine Davis, ICAC President, president@icacorg.com, Misha Lobban Clarke, ICAC CEO, ceo@icacorg.com or Vincent Tophoff, Senior Technical Manager, Accountability. Now.

Las dos publicaciones están diseñadas para apoyar a las Organizaciones Profesionales de Contabilidad (PAOs) en la ampliación y fortalecimiento de su papel y establece las responsabilidades en la representación de la profesión contable. Establecimiento y Desarrollo de una Organización Profesional de Contabilidad cubre las funciones y responsabilidades de una PAO, educación y exámenes y el desarrollo de capacidades. Recursos y Herramientas de Apoyo para el Desarrollo de la Profesión Contable incluye estudios de casos, ejemplos prácticos y orientación complementaria.

The 3rd Africa Congress of Accountants (ACOA), held by the Pan African Federation of Accountants (PAFA) and the Mauritius Institute of Professional Accountants (MIPA), will be held May 12-14, 2015 in Mauritius. Rising Africa: Partnering for Results will include sessions on partnerships between the public and private sectors, professional accountancy organization development, women and accountancy, and public sector accountancy, among other topics. Full details are available on the ACOA website.