Accountants Assisted by IFAC in Preparing Their Future Roles

Kimberly Watson, Editor in Chief
September 10, 2010 /

A consultation paper was released by the Professional Accountants in Business (PAIB) Committee stating the importance of professional accountants. It is reported that the paper stressed on the fact that the employers were looking for accountants who were aware of the trends of the global market.

It was pointed out by the Committee that the accountants needed to be prepared for their future roles in a scientific manner. With the changing international business scenario it is very important for the accountants to be aware of the impact of important factors like technology, globalization and its complexities on various organizations. In order to understand these factors they need to be trained properly.

IFAC has taken up the task of preparing accountants to become more professional and to assist them in carrying out their future roles efficiently. IFAC is an international organization for accountancy and functions in 124 countries of the world. It has approximately 159 members who work towards promoting and encouraging highly professional accounting services. It represents around 2.5 million accountants who work for different business organizations, academia, commerce, and government.

IFAC in its proposed paper ‘PAIB Strategy and Work Plan 2010-12’ has outlined the key activities which the professional accountants are required to perform. These four roles which comprise the services of an accountant are that of preservers, creators, enablers, and reporters. These roles are widely acclaimed and now the focus is on to make these roles more professional and in line with the changing trends of the international economy.

The future role of accountants would be to adapt themselves to the needs of the organizations they are working for and to use their skills to get optimum results. Professional accountancy is not only the demand of today but is also indispensable for any organization which is seeking sustainable performance.

 

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