The Professional Accountants in Business (PAIB) Advisory Group of the International Federation of Accountants (IFAC) has published a new report, The Role of Accountants in Mainstreaming Sustainability in Business, that examines how accountants are contributing to value creation and sustainability in their organizations, both public and private.

The 17-page report summarizes insights and learnings from the PAIB’s October 2021 virtual meeting, at which this global group of business and finance leaders considered the key worldwide trends impacting the future readiness of the accountancy profession. 

Topics addressed in the report include:

  • Achieving sustainability and decarbonization under the stewardship of CFOs and accountants 
  • Navigating potentially disruptive transitions by investing in technology, innovation, talent, and partnerships  
  • Optimizing and capturing value for a range of stakeholders 
  • PAIB’s perspective on digital assets and cryptocurrencies 

As a member of IFAC, IMA® (Institute of Management Accountants) contributes to IFAC’s mission of strengthening the accounting profession through global initiatives, including the PAIB Advisory Group. IFAC is composed of 180 members and associate organizations in 135 countries and jurisdictions, representing nearly three million accountants in public practice, education, government service, industry, and commerce. The PAIB Advisory Group provides leadership and guidance on relevant issues pertaining to professional accountants in business and the business environments in which they work.

IMA is represented on the PAIB Advisory Group by Esteban Quiros, CMA, finance and accounting director at Procter & Gamble and an IMA Global Board member.

“It’s a privilege to represent IMA on this Advisory Group, which provides a forum for global finance and accounting leaders to examine some of the critical issues facing management accountants,” said Quiros. “This most recent report takes a deep dive into the topic of sustainability, which is an issue many IMA members are addressing in their role as business partners with their organizations. In its recent research on this subject, IMA has advanced the idea that good sustainability is good business. And so, I appreciate the opportunity to share this perspective as well my own experience at Procter & Gamble to help shape the dialog on this important subject.”

The report includes links to two extensive case studies—of a private sector company in India and a bank based in the U.K. It also contains a one-page feature on IMA, its Sustainable Business Management Global Task Force, and its recent Statement of Position on Sustainable Business Information and Management, which outlines nine key principles that are fundamental to building a successful and sustainable accounting ecosystem within an ever-changing landscape.

In a press release announcing the PAIB report, Sanjay Rughani, chair of the IFAC PAIB Advisory Group, said, “The need for CFOs and finance functions to contribute strategically as value partners is increasing to advance sustainability. By sharing our learnings as a profession, we can continue to elevate our focus and actions on higher value activities to support and empower professional accountants to take on increasingly strategic roles.” 

For more information, please visit PAIB Advisory Group