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August 18, 2011

Accountants drive sustainable organisational success

Professional accountants have the tools to help organisations attain sustainable success, according to a report by the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC).

However, the PAIB said that if accountants are to help businesses they must be adaptable to challenges in the business environment and supported in this by their professional organisations.

The PAIB IFAC’s report, Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organisational Success, promotes the contribution of professional accountants in business as creators, enablers, preservers, and reporters of sustainable value.

PAIB said it has identified eight drivers of sustainable organisational success – what organisations need to do to achieve and sustain success in light of opportunities and challenges in the business environment.

These drivers are the focus of organisations striving to achieve lasting success, and, therefore, provide a basis for determining the expected key areas of competency for professional accountants in business.

The reports recommended employer-driven approach is aimed at helping the global accountancy profession facilitate sustainable organisational success through the education, training, and development of professional accountants.

“In today’s tough global economic climate, organisations can fail because their drive for short-term success causes them to overlook factors vital for their long-term survival,” IFAC PAIB committee chair Roger Tabor said.

“So, in Competent and Versatile, we focus on achieving success that can be sustained. Professional accountants have the right instincts and tools to help their organisations maintain the right balance to do this. But they must—and can—be adaptable to new challenges and supported in this by their professional associations.”


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