The Institute of Singapore Chartered Accountants (ISCA) has released a framework to outline development priorities it considers essential for preparing the accountancy profession for the future business environment.

ISCA’s Professional Accountants in Business Framework (PAIB) was developed to provide finance professionals with an overview of five ‘DNAs’ that a finance professional should possess to stay relevant and competitive in a changing business environment.

The five ‘DNAs’ are:

  • Future Finance: professionals must be adaptable to emerging technologies as well as changing corporate reporting such as sustainability reporting.
  • Business Acumen: professionals are to be more business aware to take on a business partnering role.
  • Professional Values and Ethics: finance professionals must ethically at all times.
  • Technical excellence: to be proficient in the knowledge and application of accounting and other professional standards.
  • Leadership and Personal Empowerment: professionals must take ownership of their professional development through continued learning as well as developing leadership and management skills

The ISCA roadmap recommends relevant learning opportunities from its Continuing Professional Education courses which are relevant to the ‘DNAs’. The courses can be selected based on the accountant’s level of proficiency and experience level.

Employers and HR departments can then use the roadmap to chart the professional development programmes of their staff.

ISCA vice-president Yvonne Chan said: “In today’s world where new skills and job roles are continually being created, the only way to thrive is to embrace lifelong learning. ISCA developed the PAIB Framework and PAIB Learning Roadmap to equip finance professionals for the digital age and foster a mind-set of continuous learning.

“With the Learning Roadmap, finance professionals can now take charge of their professional development and career planning with a progressive learning plan.”

The PAIB framework and roadmap was developed by ISCA in consultation with its Continuing Professional Education Committee and CFO Committee, whose members comprise mainly of professionals in senior management positions from a variety of companies.