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
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
“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.”