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Inside IMA

IMA at the IFAC PAIB Meeting

IMA® (Institute of Management Accountants) is an active member of the International Federation of Accountants (IFAC), which is composed of 175 member organizations from 130 countries. One of the IFAC committees of great interest to members is the Professional Accountants in Business (PAIB) Committee. A key focus of PAIB is ensuring that management accountants (more than 50% of accountants worldwide) have the skills needed to facilitate the success and sustainability of businesses and organizations.

The PAIB Committee holds live meetings in March and September each year, and the report of these meetings is an excellent way to monitor what is “hot” in the international management accounting profession. The March PAIB meeting focused on the following topic areas -

Digital disruption to work of professional accountants in business

Committee members discussed issues such as cognitive and artificial intelligence (AI), robotics (physical and software), and big data and analytics.

Continuing evolution of financial leadership in organizations
Which roles will grow and which will diminish? What new skills and knowledge are required for accountants and finance departments to grow and expand their relevance?

Risk management
How are accounting professionals engaging? How must the finance organization change to take a lead role in risk management?

Integrated Reporting (IR)
Assess IFAC’s contribution as an active supporter of IR. What is working and what is not working? Review some examples of where IR is making a difference.

Developments in Communications and the New Media Landscape

How is communication changing and what is its impact on the accounting profession? How can the accounting professionals and the profession adapt and leverage the changes?

Representing IMA on the PAIB Committee are Larry White, CMA, CFM, CPA, former IMA Chair; and Ella Suponitskiy, CMA, CPA, CAE, IMA director, CMA exam operations. White and Suponitskiy welcome thoughts and feedback from IMA members on the issues raised in the report. For more information, contact White via Linkup IMA or email at lrwhitecma@hotmail.com.