Adrian JohnsonTLDR:
Accountancy, as highlighted by the International Federation of Accountants (IFAC), plays a crucial role in economic expansion and prosperity. Accountants provide assurance, tax compliance, and strategic advice, shaping policies that promote economic growth. They also contribute to the achievement of Sustainable Development Goals (SDGs) by helping organizations track their social, environmental, and economic impacts. With the rapid evolution of technology, accountants are expected to offer insights, identify trends, and manage risks while upholding transparency and integrity. Embracing Environmental, Social, and Governance (ESG) principles, accountants can create a sustainable future by measuring ESG performance, managing sustainability-related risks, and engaging stakeholders to communicate sustainability commitments.
Full Article:
The success of an economy often relies on the hard work of many unnamed and unrecognized people. At the core of any thriving economy lies the diligent work of various professionals, including accountants. Accounting is vital in managing personal finances, running corporations, and ensuring financial transparency for business growth and economic stability.
According to the International Federation of Accountants (IFAC), accountants support businesses in securing investment, accessing credit, and play a pivotal role in strengthening institutions for improved living standards, especially in developing economies.
Accountants in the Philippines, like Sharon G. Dayoan of KPMG, provide assurance on financial statements, assist in tax compliance, business transformation, sustainability reporting, and digital adoption to catalyze economic development. They help navigate regulatory environments, make informed investment decisions, and maintain competitiveness in the market.
The World Bank emphasizes the importance of public sector accounting in managing state assets, curbing illicit financial flows, and ensuring transparent and accountable governance. Accountants play a crucial role in achieving Sustainable Development Goals (SDGs) by tracking financial data and reporting impacts.
With advances in technology, accountants are evolving to provide strategic advice, identify trends, and manage risks while upholding transparency and integrity. They must balance leveraging technology for efficiency and accuracy while mitigating security risks.
Embracing Environmental, Social, and Governance (ESG) principles, accountants can contribute to creating a sustainable future by measuring ESG performance, managing risks, identifying cost-saving opportunities, and engaging with stakeholders to communicate sustainability commitments.
Continuous learning, adoption of new technologies, upskilling, and collaboration with professionals and stakeholders are vital for accountants to meet evolving demands and drive positive change in the business landscape.
