The profession is to play a key role in helping businesses report on both financial and non-financial results in the future.
The conclusion came as the final session at the World Congress of Accountants discussed the profession’s future over the next decade.
Reporting that encompasses economic, social and environmental results will become “the norm”, according to IFAC chief executive Ian Ball.
“The profession will play a key role in providing assurance on non-financial results, as well as embedding these results into strategy and performance management,” said Ball.
“As we lead this transformation, we will need to enhance our collective skills and competencies. We expect these changes will increase the profile of the profession and help us continue to attract the best and brightest to the profession.”
Chaired by Ball, the plenary session panel also included Michael Izza, CEO, ICAEW; Helen Brand, ACCA chief executive; Charles Tilley, CEO, CIMA; Alex Malley, CEO, CPA Australia; and Barry Melancon, president & CEO, American Institute of Certified Public Accountants.
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