The 2018 IFAC Global SMP Survey found that accountants working in small- and medium-sized practices (SMPs) are embracing technology to better serve clients and attract and retain top talent. The survey received more than 6,000 responses from SMPs, representing 150 countries, about their performance in 2018 and marketplace factors most likely to affect them in the future.

Effective governance involves many individuals throughout an organization, including internal audit and the finance function. IFAC and The Institute of Internal Auditors (IIA) have compiled insights from 11 governance experts to examine how the complementary roles of both functions drive sound governance. 

Interviewees identified several key requirements for effective governance, including:

For finance professionals to be viewed as business partners, they must contribute effectively to enterprise performance management (EPM) beyond traditional financial reporting and financial systems. 

This resource identifies why and how the finance function must evolve to support EPM, including:

• Why EPM is critical to the future of the profession
• How accountants in business and the finance function can drive effective EPM; and 
• The four key enablers of EPM

Developing a vision and roadmap for the finance professional and finance function is a journey requiring an iterative and experimental approach, supported by a development plan that incorporates significant thinking on a variety of topics.

In an iterative workshop, the Professional Accountants in Business Committee explored how to develop a vision for the finance function and provided updates on current initiatives, including:

This self-assessment evaluation tool is available for professional accountancy organizations (PAOs) to help take a strategic and practical approach to enhancing relevance for professional accountants in business (PAIB).

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Integrated reporting is critical to long term value creation. 

The International Federation of Accountants (IFAC) has released a new publication, Focusing on Performance, which is designed to raise awareness of the importance among PAOs to consider the suggested best governance practices and principles while reflecting on their current governance arrangements. The publication also features a self-assessment tool that PAOs can repeatedly utilize when reviewing the principles and their governance framework.

Global economic stability and transparency and the rebuilding of public trust will be greatly enhanced by a determined G20 push for stronger governance across all sectors. In advance of the G20 Summit 2017 in Hamburg, Germany on July 7-8, IFAC issued actionable recommendations for G20 countries that will support both the global economy and the G20’s 2017 objectives.

IFAC calls on the G20 and other key stakeholders in the global economy to collaborate on:

This report details the results of new study that surveyed citizens across the G20 on issues of trust and international taxation. Prepared by the Association of Chartered Certified Accountants, Chartered Accountants Australia and New Zealand, and IFAC, the study draws on the views of more than 7,600 people across G-20 countries.

Some of the key findings include: