This report highlights takeaways from the September 2019 Professional Accountants in Business (PAIB) Committee meeting, and outlines key priorities for accountants in business.
The report specifically focuses on:
Integrated value creation;
The value of data;
Action on the SDGs;
Opportunities and challenges for accountants in SMEs; and
This report, capturing conversations and takeaways from the IFAC Professional Accountants in Business Committee meeting in September 2018, provides insight into finance function transformation, including opportunities and challenges facing the profession.
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
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).
This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.
Professional accountants in business (PAIBs) play a crucial role in advancing sustainable business practices, promoting transparency, and enhancing the economic and social prosperity of communities across the globe.
In its final meeting of 2024, IFAC’s PAIB Advisory Group explored the transformative role of PAIBs in tackling global challenges and seizing new opportunities to strengthen the role of accountants in driving business success and resilience. Discussions focused on navigating systemic risks, fostering innovation, and advancing sustainability to position PAIBs as key enablers of transformational change.
Key themes included:
Embracing AI for Innovation: Generative AI is revolutionizing the work of PAIBs. A case study on internal audit highlighted its use, saving time and enhancing strategic insights.
Driving Climate Resilience: PAIBs are crucial in improving sustainability information and disclosure and mobilizing investments to support low-carbon transitions.
Integrated Thinking and Decision-Making: Breaking silos to enable holistic decision-making and creating long-term value requires integrated thinking capabilities which can vary by career stage or role.
Supply Chain Management and Procurement: PAIBs can partner with procurement, operations, and compliance teams to achieve ethical and sustainable procurement and supply chain management practices.
Sanjay Rughani, PAIB Chair, said: “In this era of transformation, professional accountants are uniquely positioned to drive change and create value across organizations. By embracing innovation and integrated thinking, PAIBs can lead the way in shaping a resilient, sustainable future.”
IFAC remains committed to equipping PAIBs with the tools and resources to thrive in a dynamic global landscape. The next PAIB Advisory Group meeting will take place in April 2025 in Tokyo, hosted by the Japanese Institute of Certified Public Accountants (JICPA).
Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership.
By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
Professional accountants in business (PAIBs) occupy a pivotal position in driving sustainable business practices, fostering transparency, and contributing to the economic and social well-being of communities worldwide. Recognizing that in an increasingly interconnected and rapidly changing global economy, the role of accountants is evolving, the theme of our last PAIB Advisory Group meeting was Accounting for a Better World. The event was hosted by IFAC Member SAICA (South African Institute of Accountants) in Cape Town, South Africa, and the theme was inspired by the ACCA’s agenda for action.
PAIBs comprise a significant part of the profession working in commerce, industry, financial services, education, and the public and not-for-profit sectors, and the PAIB Advisory Group focuses on ensuring these accountants meet the future needs of business and the public sector by convening leaders, sharing their knowledge and insights, and identifying trends globally.
Informed by IFAC’s PAIB Advisory Group’s last meeting, our new article, Accounting for a Better World, outlines multiple opportunities where professional accountants can have an impact, including:
Enabling Africa’s transformation
Diversifying entry into the accountancy profession and strengthening the talent pipeline
Ensuring sustainability and excellence as a CFO Driving integrated thinking through strong corporate governance
Harnessing the transformative opportunities of AI
Nature-related accounting and financial disclosure
Sanjay Rughani, PAIB Advisory Group Chair said: “To IFAC’s members worldwide, I urge you to seize the momentum generated by our discussions and embark on a journey of continuous learning, innovation, and collaboration. Our discussions were not merely exchanges of ideas but rather catalysts for action, igniting a sense of purpose and urgency. Professional accountants, now more than ever, have the opportunity to contribute to creating a better world.”
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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
About the PAIB Advisory Group
Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership.
