Organisational needs are evolving faster than ever, and professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust.
To address this concern, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has published the Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success, which supports the global accountancy profession in responding to changing expectations of society, financial markets, and organisations, and promotes the value of professional accountants in business to their organisations.
With the new publication, the PAIB Committee is striving to support the global accountancy profession and help its members guide their organisations to create sustainable value.
"In today's tough global economic climate, organisations can fail because their drive for short-term success causes them to overlook factors vital for their long-term survival,” comments Roger Tabor, IFAC PAIB Committee chair.
“So, in Competent and Versatile, we focus on achieving success that can be sustained. Professional accountants have the right instincts and tools to help their organisations maintain the right balance to do this. But they must—and can—be adaptable to new challenges and supported in this by their professional associations."
The publication identifies eight drivers of sustainable organisational success—what organizations need to do to achieve and sustain success in light of opportunities and challenges in the business environment.
These drivers are the focus of organisations striving to achieve lasting success, and, therefore, provide a basis for determining the expected key areas of competency for professional accountants in business.
This employer-driven approach is aimed at helping the global accountancy profession facilitate sustainable organisational success through the education, training, and development of professional accountants.
The publication, and accompanying employer-focused brochure, is intended to support IFAC members and associates in understanding and promoting the diverse contribution of professional accountants in business as creators, enablers, preservers, and reporters of sustainable value.
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