LIZ FISHER
After two years of covid19, the threat of climate change, and political and economic uncertainty a constant presence, the world feels like a precarious place. But what can we do to make things better? Collective action is a powerful force, and the collective power of the accountancy profession worldwide can make a significant difference.
That is the positive central message in a new report from ACCA, Accounting for a Better World – priorities for transforming the profession. The profession, it argues, has always sought to play its part in making the world a better place – and by focusing on key priorities, it has the power to support the rebuilding of resilient economies.
The report identifies seven key priorities for the global profession.
Resilient economies
The report argues that the accountancy profession is "the super connector in the global economy," working with partners, regulators, governments and donor communities across the world to support trade, good governance and sustainable infrastructure development.
This role will be particularly important in the coming years. The report stresses that the profession needs to focus in particular on driving financial literacy worldwide (which will be essential in underpinning the sustainable development of emerging markets) and leading the fight against corruption.
Its role in promoting trade and collaboration – while also contributing to the development of governance and regulatory frameworks – is also key, and the report argues that the profession can help to unlock growth and job creation by advocating the greater participation of small and medium-sized businesses in international commerce.
Tomorrow’s talent
The accountancy profession offers a lifelong career and vocations with purpose. Its world-class global education and learning programmes have already helped to improve social mobility and expand access to good quality jobs.
The report argues that professional bodies will play a pivotal role in developing the talent of tomorrow – a diverse workforce equipped with the behaviours and mindsets to build a sustainable future – and providing the vital financial and business skills that will be needed across economies.
Digital skills are especially important as technology continues to transform work. "Professional accountants must be equipped with the right digital skills in response," says the report. "Deep skills in areas such as data analytics, business insight, automation and machine learning are becoming ever more relevant to the work of accountants, leveraging technologies to increase business value in their organisations."
Sustainable business
As businesses across the globe strive to create long-term value that benefits all stakeholders, professional accountants will play a key role. "There is no greater opportunity for the profession than helping businesses respond to the environmental emergency, as well as helping them achieve the broader, desired social outcomes at the heart of a fair and inclusive economy," says the r
