ACCA Pakistan hosted a research and insights event 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.
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