The International Federation of Accountants’ Professional Accountants in Business Committee has published a new paper on the changing expectations of employers for professional accountants in the business world.

The new paper, Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success, discusses  the evolving expectations of accountants in society, financial markets, and organizations, along with the value of business accountants to their organizations.

Organizational needs are evolving faster than ever, the report noted, and professional accountants must adapt to the changes to serve their employers. Adaptation is also necessary for accountants to maintain relevance and public trust. With this new publication, IFAC’s PAIB Committee aims to support the global accountancy profession and help its members guide organizations to create sustainable value.

"In today's tough global economic climate, organizations can fail because their drive for short-term success causes them to overlook factors vital for their long-term survival,” IFAC PAIB Committee chair Roger Tabor said in a statement. “So, in Competent and Versatile, we focus on achieving success that can be sustained. Professional accountants have the right instincts and tools to help their organizations maintain the right balance to do this. But they must—and can—be adaptable to new challenges and supported in this by their professional associations."

The publication identifies eight drivers of sustainable organizational success that organizations can use to achieve and sustain success in light of the opportunities and challenges in the business environment. These factors can provide a basis for determining the expected key areas of competency that professional accountants in business should develop.

The employer-driven approach in the IFAC paper aims to help the global accountancy profession facilitate sustainable organizational success through education, training, and development of professional accountants. The publication, and an accompanying employer-focused brochure, can help IFAC members and associates understand and promote the contributions of professional accountants in business as creators, enablers, preservers, and reporters of sustainable value.

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