IFAC Envisions ‘Integrated Thinking’ for Accountants

The International Federation of Accountants has published a paper calling for more “integrated thinking” by accountants.

The thought paper, “Creating Value with Integrated Thinking: The Role of Professional Accountants,” discusses what accountants who work in the public and private sectors can do in practical terms to facilitate integrated reporting in their organizations. That’s regardless of whether their organization is planning to publish an integrated report.

The document identifies five key elements, which, if implemented, can lead to more effective organizations and enable them to transition from financially oriented reporting to integrated reporting.

[IMGCAP(1)]“Integrated reporting continues to gain global momentum and help change the way businesses think about creating value over time,” said IFAC CEO Fayez Choudhury in a statement. “But it is integrated thinking that will ultimately change corporate behavior and lead to more resilient organizations and greater trust in business and government. Professional accountants—as business partners involved in organizational leadership and decision support—can use integrated thinking as a means of engaging those beyond the finance and accounting departments to facilitate resilient organizations that create value over the short, medium, and long term.”

The publication discusses how integrated reporting both improves and is improved by integrated thinking.