IFAC sets new global principles for accountants

• What's at stake: Whether accounting organizations can successfully convince talented professionals to build long-term careers.
• Expert quote: "Continually asking how we can do better." — Lee White, CEO, IFAC
  

The International Federation of Accountants introduced a set of six global principles Tuesday to provide accounting organizations, leaders and individuals with a framework for creating healthy, sustainable professional environments.

The half-dozen principles reflect growing recognition across the accounting profession that wellbeing and professional capability are complementary. Supportive leadership, sustainable ways of working, opportunities for growth and environments built on respect and trust all influence whether people can perform at their best over time — and whether they choose to build long-term careers in the profession.

"Building a strong profession is about both attracting talented people and creating an environment where they want to stay, grow, and do their best work," said IFAC CEO Lee White in a statement. "Organizations thrive when their people thrive. These principles are about being proactive and building on what the profession is already doing well and continually asking how we can do better."

The six principles call on the profession to:

• Support fulfilling careers;
• Embed sustainable ways of working;
• Promote balance through healthy boundaries and prioritization;
• Build transparency and trust;
• Ensure all levels of leadership set and model culture; and,
• Empower your people.

Underpinning them is a shared responsibility, IFAC noted: Organizations create the environment and conditions for wellbeing; leaders at all levels shape expectations and culture; and individuals actively build and sustain practices that enable them to perform at their best.

The work builds on IFAC's Opening Doors: Six Principles of Best Practice to Increase Access to Accountancy Qualifications, but it extends the focus from how the profession attracts and welcomes talent to the experience people have throughout their careers.

The Thriving Together principles were developed by IFAC in collaboration with the Global Public Policy Committee, human capital professionals, professional accountancy organizations, educators, professional accountants in business, small and midsized practices, early-career professionals and firms from across the profession and around the world. They're designed to be practical and flexible, recognizing there's no single approach to wellbeing across different people, organizations, cultures and jurisdictions. Instead of prescribing a single model, they offer a common foundation for organizations and individuals to assess where they are today and identify opportunities to improve.

To help put the principles into action, IFAC has built a digital hub with wellbeing-focused resources from across the accounting profession. IFAC plans to continue to build on Thriving Together, expanding the resources available to help organizations and individuals assess where they are today, facilitate conversations, and identify practical opportunities for improvement.

Thriving Together will provide a starting point for continued progress — helping accountants build fulfilling careers, enabling organizations to sustain high performance and strengthening the resilience of the profession for the future.

Introductory bullet points created by AI with editorial review.