Following on the fundamental reorientation the IFAC Professional Accountants in Business Committee made to its meetings and communications in 2016, this report shares the knowledge, ideas, and experience of the committee on developing a future-ready profession.

The main themes in the report, and in the meeting it flows from, are:

The 2016 IFAC Global SMP Survey asked practitioners operating in small- and medium-sized practices (SMPs) a number of questions about the challenges they face, the market factors most likely to affect them in the future, the consulting services they provide, and their performance, both in 2016 and projected for the year ahead. In addition, respondents were asked about their small- and medium-sized entity (SME) clients, including questions around the challenges they face and the extent of their engagement in international activities.

Organized by the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC, and the World Bank, a 2016 conference brought together representatives of Caribbean governments and the accountancy profession to discuss enhancements to public financial accounting and reporting, and to consider how to enhance collaboration between governments and the accountancy profession to improve public financial accounting and reporting in the region.

Conference participants completed a survey on the status of IPSAS adoption in their country, the findings of which are reported here. 

This study, jointly developed by IFAC and the International Organisation for Economic Co-operation and Development (OECD), looks at accounting and budgeting practices at the national government level in OECD countries. It discusses the challenges and benefits of accruals reforms and considers what steps countries are taking to make better use of accrual information in the future.

The IFAC Professional Accountants in Business (PAIB) Committee has made a fundamental change to how it conducts meetings. Gone is the static boardroom-style meeting; in its place are dynamic sessions involving small group discussions and interactive exercises to solicit the knowledge, experiences, and input of all our members and technical advisors from around the world.