ACCA hosts a Research and Insight session in Islamabad

Islamabad, 5 th September 2016: ACCA Pakistan hosted a research and insights event in

Islamabad 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.