December 18, 2018
By: Bhumi Jariwala, Editor, IFAC Global Knowledge Gataway
For the accountancy profession, 2018 was a future-focused year. The need to embrace rapidly emerging technologies, attract and retain top talent, enhance audit quality, leadership in ethics and demonstrating how the accountancy profession is playing a wider role in society were among the key themes we saw in our bi-weekly newsletter, The Latest.
The profession is redefining itself in many different ways, which was reflected in the views of the expert contributors and thought leaders, who illustrated the message that future opportunities should not only be welcomed but embraced. In this article, we take a look back at a few of the articles and videos highlighted on the Gateway in 2018.
· Building a Culture of Innovation: Take Risks! Innovation has to take place throughout the culture of an organization—it must permeate an organization, according to Marc Randolph, Co-Founder of Netflix.
· What Top Skills Do Professional Accountants Need for the Future? Professional accountants can use their unique skills to anticipate the future.
· 4 Key Steps for CFOs to Instill Integrated Thinking and Reporting Four key actions CFOs and their finance teams can consider to enable integrated reporting in their organizations.
· Why Accountants Must Embrace Machine Learning The real value of accountants is our ability to help organizations and clients ensure the quality of the design of AI solutions, draw insights from AI-produced analyses to drive strategic advantage, and address the governance and internal control implications of AI.
· How Management Contributes to Audit Quality What is management’s role in the audit process? Can managers do more to influence audit quality? CPA Canada and FEI Canada examine.
· The Public Needs a Better Understanding of Public Sector Debt With the reversal of quantitative easing and interest rates beginning to rise, there are real questions about whether governments will be able to manage their public debts.
· Know Your Blockchain to Re-Imagine Business, Finance and Accounting At a conceptual level, blockchain is fairly straightforward but how it can deliver return on investment, particularly in relation to existing processes and systems, is more complex.
· The International Code of Ethics for Professional Accountants: Key Areas of Focus for SMEs and SMPs The revised and restructured Code of Ethics will come into effect in June 2019; the IFAC SMP Committee has actively monitored and engaged on each aspect of the project to provide input and suggestions with a focus on matters that impact SME and SMPs constituents.
· The Practice of Tomorrow–How to Remain Relevant For small practices to transform and remain relevant they should focus on professionalism, their business model and providing advisory services, together with leveraging technology tools.
· Searching for Stars: Youth & Talent Management Tips and good practice recommendations on how smaller practices can both attract and retain talent.
What’s Ahead in 2019?
Although the future may seem uncertain, it also presents an abundance of opportunities. Limitless possibilities will be laid out before us to drive our industry forward and as the old adage goes, change is the only constant—so the sooner we start to embrace it, the better off we will be. A more agile profession will anticipate and respond to emerging trends that can change rapidly and continually impact the operating environment. Exciting times are ahead!
The IFAC Global Knowledge Gateway provides a global forum to share, synthesize, and create knowledge to support professional accountancy organizations and all accountants in their activities around the globe.
On behalf of IFAC, thank you for helping us build the Gateway community in 2018. We invite you to share your views with us in 2019.