ACCA hosts a Research and Insight session in Islamabad

Islamabad, 7^th September 2016: ACCA Pakistan hosted a research and insights event in Islamabad which was attended by representatives and heads of leading accounting bodies of the country, prominent development sector organizations as well as various public sector entities.

The discussion was moderated by ACCA Regional Head of Policy (MENASA), Arif Mirza and key participants included, Mr. Salman Amin, Executive Director – NEPRA, Syed Waseem Abbas Kazmi, Financial Management specialist – The World Bank, Ms. Qurat-ul-Ain Hadi, Financial management specialist – The World Bank, Mr. Tariq Javed, FCMA, Director Technical and Practice Development – ICMA Pakistan, Mr. Haider Abbas, FCMA, Additional Director Finance -Pakistan Institute for Parliamentary Services (PIPS), Mahmood Ahmad Khan, Director ( Accounts)- CGA.

Businesses and the accountancy profession will need to be better prepared to anticipate and respond to the unprecedented challenges of a volatile global economy while seeking and capitalising on opportunities, according to a survey of finance professionals around the world.

They were asked to identify the key factors they should be thinking about to prepare for in the next 5-10 years, with responses helping to create the new study, 100 Drivers of change for the global accountancy profession, by the ACCA’s Accountancy Futures Academy.

The study has developed 10 strategic imperatives for business and the accountancy profession based on insights from the members of the academy, as well as members of the IMA and ACCA’s other Global Forums and experts working in and close to the profession around the world.

The imperatives for business were discussed at length with the audience and included the need to assume and plan for volatility. With uncertainty as the new norm, businesses have to factor in turbulence as a very real possibility and develop strategies for a range of different economic and market conditions. At the same time, they will need to build a radar to prepare for a wide range of possibilities, tolerance of uncertainty and ‘seeing round corners’. At an operational level, development of a truly global model is becoming a priority which will require business to prepare for true globalisation. Leveraging technology effectively is of high importance as is developing the capability of management to work with, adapt to and get the best out of a multi-location, multicultural and age-diverse workforce. With this, business will undoubtedly need to pursue technology leadership, as developments in ICT have placed technology at the heart of strategy and operations of businesses across all sizes. Finally, companies will need to develop a curious, experimental and adaptable mindset which is a critical success factor in an increasingly complex and fast-changing environment.

The imperatives for the accounting profession included the need for accounting professionals to embrace an enlarged strategic and commercial role. As businesses adapt to a turbulent environment, opportunities are emerging for accountants to assume a far greater organisational remit across all aspects of corporate decision making, from strategy formulation through to defining new business models. The profession will also need to focus on a holistic view of complexity, risk and performance and establish trust and ethical leadership. There is growing consensus on the need for reporting to provide a firm-wide view of organisational health, performance and prospects. Such a holistic perspective must acknowledge the complexity of modern business and encompass financial and non-financial indicators of a firm’s status and potential.

It was concluded that it is now down to the profession to ensure it meets the public’s needs for the highest standards of integrity while taking a broader leadership role, both within business and the wider community.

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We support our 170,000 members and 436,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of 91 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.