The latest report by the Professional Accountants in Business Committee (PAIB) of the International Federation of Accountants (IFAC) provides insight into how professional accountants in business and the public sector have important roles to play in leading their organizations through the current crisis and the challenging times ahead. The 20-page report, titled “Supporting Accountants in Business & Public Sector Through Uncertain Times,” includes highlights from a two-day virtual meeting of the PAIB Committee this spring, which focused on key topics of relevance to accountants in business, including:
  • Insights into value creation and integrated thinking
  • Latest recruitment trends, evolving accountancy careers and roles, and implications on learning and development
  • Key areas of data for PAIBs
  • Areas of innovation in public sector finance and accounting

Among those who contributed to the report’s development was Larry White, CMA, CFM, CSCA, CPA, former IMA Global Board Chair and current Global Board member. White is the executive director of the Resource Consumption Accounting (RCA) Institute.

The report also includes detailed case studies of ABM AMRO, the Dutch-based bank with approximately 20,000 employees; and Kenya Roads Board, which oversees, maintains, and develops the road network in Kenya.

In his opening remarks in the report, PAIB Committee Chair Sanjay Rughani said, “For professional accountants in business, myself included, we have to step up and play a leading role in supporting our organizations through this uncertain time, dealing with both short-term crisis management and the longer-term road to stability and recovery.

“Unchanged in these new times are our priorities to maintain an attractive profession, support more relevant and effective learning and development, and help professional accountants enable sustainable business. Now more than ever, across the profession, we must optimize our strength and resourcefulness and maximize collaboration.”

As a member of IFAC, IMA contributes to the organization’s mission of strengthening the accounting profession through global initiatives, including the PAIB Committee. IFAC is composed of over 175 members and associates in more than 130 countries and jurisdictions, representing almost three million accountants in public practice, education, government service, industry, and commerce. The PAIB Committee provides leadership and guidance on relevant issues pertaining to professional accountants in business and the business environments in which they work.