The International Ethics Standards Board for Accountants (IESBA) Technology Group Phase One Report explores the ethical implications of technology on the accounting, assurance, and finance functions.

The Report is the culmination of work the global ethics standards setting board initiated in recognition of the pace and magnitude of change caused by disruptive technological innovations.

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 
• Professional ethics.

This report provides insight into what it will take to prepare future-ready professional accountants. Capturing conversations from the IFAC Professional Accountants in Business Committee meeting in March 2019, the report focuses on:

• Finance function transformation, with a case study from Prudential Financial, Inc;
• Building data science and analytics capabilities;
• Supporting accountants in professional ethics;
• Effective risk management and internal control; and
• Examining the role of the audit committee.

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.

Key topics covered include:

What does the future professional accountant look like? If we don’t have a vision in mind, how can professional accountancy organizations (PAOs) be prepared to support these professionals?

This report encompasses insight from the recent Professional Accountancy Organization Development Committee meeting to identify how PAOs can future-ready their operations to support the accountancy profession of the future.

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 
• The four key enablers of EPM

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).

View Online Report

Integrated reporting is critical to long term value creation. 

The International Federation of Accountants (IFAC) has released a new publication, Focusing on Performance, which is designed to raise awareness of the importance among PAOs to consider the suggested best governance practices and principles while reflecting on their current governance arrangements. The publication also features a self-assessment tool that PAOs can repeatedly utilize when reviewing the principles and their governance framework.