Accountancy is vital for global economies to advance into the future

The accountancy profession can play a role in shaping a better world for the future.

These are turbulent times and society’s expectations of governments, policymakers and business have shifted with speed and intensity. The devastating impact of war and conflict heightens the challenges the global economy is already facing from the impact of the Covid-19 pandemic and the climate crisis.

While no one profession can solve all the challenges global society faces, they can each play their part and contribute to helping make the world a better place for the future in different ways.

ACCA (the Association of Chartered Certified Accountants) has released a new report Accounting for a better world providing an overview of the contribution the profession could make in transforming the world for the better. It identifies seven core areas of focus, as well as sharing case studies and stories – bringing to life why the accountancy profession matters, and why it remains 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 to 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.

Head of ACCA Cymru/Wales, Lloyd Powell, said: “In these difficult times, this report looks ahead and considers the priorities facing the accountancy profession in helping create a better tomorrow. By sharing stories and examples across the profession, we also seek to strike a cautious yet prevailing note of hope for the future, showcasing the role of accountancy, and the positive contribution accountants can make in forging a new path to a better destination for global society.”

Jamie Lyon, report author and Head of Business Management at ACCA, said: “We have a responsibility to future generations to ensure they inherit a better world. As this report demonstrates, the accountancy profession can play a vital role in this, helping deliver a more equitable, green and inclusive world for the future.”