How accountancy can help advance the global economies of tomorrow
Society’s expectations of business and governments have shifted with speed and intensity. This has been driven by the profound impacts of Covid-19, compounded by deeply alarming threats to peace and prosperity from the war in Ukraine and conflict elsewhere. The humanitarian cost is devastating, while economic growth, public debt and wellbeing have all been adversely impacted, diverting attention from the urgency of the climate crisis.
More than ever, we must look forward and consider our responsibility to future generations. We need a better, fairer world that works for everyone. We need to reset for sustainable growth and shape a new relationship between business, policymakers, the public sector and wider society, learning the lessons of the past few years and embracing the positives. A relationship that drives forward the critical changes the planet needs. And a relationship that leverages technology and new ways of working.
While no single profession can solve all these challenges, they can each play their part and contribute to helping make the world a better place in different ways.
The accountancy profession is uniquely placed to help drive the changes people want to see in the world with skills, knowledge, and experience that transcends sectors and geographies, and influence that touches all aspects of society.
By inspiring and developing the best global talent, and through our work with governments, regulators and the donor community, we’re strengthening a profession that has a pivotal role to play in the world.
Why is accountancy important for the future?
At ACCA, we believe accountancy is vital for economies to grow and prosper, which is why we work all over the world to build the profession and make society fairer and more transparent.
Guided by ethics, integrity and transparency, accountants have in depth knowledge and experience of the inner workings and strategies of organisations – insights that cross regions, borders and industries.
It is these perspectives that ensure the decisions leaders make in the private, public and not-for-profit sectors, are anchored in an organisation’s core purpose, have a positive impact on stakeholders and ultimately shape a path towards a sustainable and equitable future for all.
Recent events have highlighted the intrinsic value of the profession with accountants taking a leading role in navigating their organisations through a global pandemic and helping them adapt to today’s new context. If we are to forge a new path to a better destination, we need to recognise this value and harness the important contribution the profession can make.
A recent report published by ACCA – Accounting for a better world – priorities for a transforming profession – identified seven core areas where the accountancy profession is making a difference, and why it’s integral in helping economies and wider society to advance in the future.
- Building resilient economies for the future including the role of accountancy in emerging economies, capacity building, driving financial literacy and helping address corruption.
- Developing the talent of tomorrow helping cultivate a new generation with financial skills in the workplace, delivering world class business and financial education and contributing to diversity and equality.
- Driving sustainable business with professional accountants in whatever role they perform as being essential in helping organisations create long term value and delivering accountability and transparency across business.
- Advancing standards and regulation – the role the profession plays in future regulatory reform, working to develop regulation and standards that are the bedrock of trust in capital markets and that help the world respond to major societal and environmental challenges.
- Transforming the public sector – accountancy at the centre of public sector change, helping deliver the right sorts of policy and spending decisions and transforming public financial management to create a more digital, green and inclusive future across global society.
- Supporting entrepreneurial growth with accountancy as a foundational pillar at the heart of the future entrepreneurial economy, with smaller accountancy firms as the trusted advisers offering innovative and technology-led services to support local business growth.
- Strengthening ethics and trust with the profession helping restore and strengthen trust in business, government and other institutions. Serving the public interest and driving enhanced corporate governance standards to increase stakeholder confidence in organisations.
Future generations must inherit a better world. Accountancy can play a critical role in this, helping deliver a more equitable, green and inclusive world of tomorrow.