New Guidance for Accountants in Business
Williams, Kathy, Strategic Finance
The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued three new publications designed to help management accounting and finance professionals in their quest to drive business performance and deliver added value to their companies. They are The Crucial Roles of Professional Accountants in Business in Mid-Sized Enterprises, Preface to IFAC's International Good Practice Guidance, and Project Appraisal Using Discounted Cash Flow. You can download them from the IFAC online bookstore at www.ifac.org/store. Click on Professional Accountants in Business on the left-hand side of the page.
The Crucial Roles booklet features interviews with 10 senior-level professional accountants in business (one of whom is IMA Chair Emeritus John B. Pollara, CMA) about their experiences in mid-sized enterprises around the world. Each interview covers topics such as how the challenges of typical mid-sized enterprises affect their work as CFO, controller, advisor, or other job responsibility and how they apply their skills and expertise to identify and address these challenges. The articles also highlight practices that other management accounting and finance professionals would find helpful, and each interview ends with key lessons the interviewees want to convey.
Two key points to take away about these and other professional accountants in business, IFAC says, is that, first, they are "enablers" of their company's performance. "They provide crucial contributions to streamlining business plans, installing and improving management information systems, implementing process improvements, mitigating risks, strengthening relations with banks and investors, and attracting capital and other activities that enable the current and future success of their companies. …