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A demand for more skills and collaboration with more teams means the role of the finance professional continues to evolve. A new report from AICPA & CIMA, together as the Association of International Certified Professional Accountants, takes a closer look at that evolution in a rapidly changing business environment.
The Changing Role and Mandate of Finance, a new report as part of AICPA & CIMA’s Future of Finance 2.0 research programme, incorporates the views of industry professionals obtained from roundtable discussions and interviews.
Rebecca McCaffry, FCMA, CGMA, associate technical director—Research and Development, Management Accounting at AICPA & CIMA, who talked about the Future of Finance research in a July FM podcast episode, said in a news release that finance professionals are breaking down traditional silos and becoming more influential players across their organisations.
“The focus of finance used to be on collecting and collating that data. But now the picture is so much more complex,” McCaffry said in an interview earlier this year.
Data and technology “go well beyond finance, impacting not only operational decision-making but also the organisation’s overall strategy”, the report said. “In its role as a business integrator, the finance team is uniquely positioned to produce and report information, as well as to provide insights, guidance, and leadership.”
A call for upskilling and ESG support in Africa
AICPA & CIMA is calling for action to upskill and educate accountants and other finance and business professionals on the opportunities that managing environment, social, and governance (ESG) presents in Africa, a news release said, following the Association’s participation in the recent ESG Africa Conference in Johannesburg.
Tariro Mutizwa, ACMA, CGMA, regional vice president—Africa at AICPA & CIMA, said in the release that adopting ESG practices will help Africa to attract investors to support its economic ambitions.
To support the education of the accounting and finance community, several resources to support professionals on their ESG journey are available, including:
- Fundamentals of ESG Certificate, to help accounting and finance professionals embrace ESG. The programme offers a first step in the learning around sustainability reporting and assurance.
CIMA proposals aim to foster growth in Hong Kong
It is vital that businesses in Hong Kong have some certainty about the environment in which they will operate to help scenario planning and investment decisions amidst tough economic circumstances and high inflation, a recent CIMA statement said.
The statement outlines key recommendations for the Hong Kong government ahead of Chief Executive John KC Lee’s policy address on 25 October to promote sustainable growth in the region.
According to a news release, CIMA’s proposal includes measures to:
- Strengthen the Hong Kong economy by continuing to develop policies to create a stable business environment, including providing certainty over the tax and regulatory landscape over the next few years, and developing multi-year investment-related policies for business planning.
- Nurture talent to support growth by introducing initiatives focused on skills and training, including skilled and professional apprenticeships and work placements, encouraging a commitment to lifelong learning, promoting talent retention through training-related tax incentives, and focusing on creating a culture of future skills.
- Enhance the recognition of management accounting to put greater focus on business value creation, integrated thinking, and sustainability reporting to support long-term business success, including through the launch of full- and part-time degree courses.
- Continue to build trust to meet evolving stakeholder demands, including by introducing a policy aligned with the global commitment to ESG and enhancement of corporate reporting to help organisations deliver on their ESG goals and boost business growth.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
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