NEW YORK & MONTVALE, N.J.--(ACCA (the Association of Chartered Certified Accountants) and IMA® (the Institute of Management Accountants), CFOs will face many challenges in the future, including global economic uncertainty and volatility, fluctuating energy prices, and turbulent currency markets, along with a shift in economic power.)--According to a new report published by
“This comprehensive, global study highlights the challenges faced by today’s CFOs. The results of this study will help shape our joint research agenda as we provide thought leadership for finance and accounting professionals.”
“The Changing Role of the CFO” presents the future landscape for the CFO, and it is available online at http://www.imanet.org/PDFs/changingrole.pdf
The report identifies emerging priorities that will impact the future role of the CFO and cites nine future key issues that will shape the finance function’s top job, including regulation, globalization, technology, risk management, transforming finance, stakeholder engagement, strategy, integrated reporting, and talent. Highlights include:
- Stakeholder Management: Tomorrow’s CFOs will increasingly need to excel at dealing with the media and brokering external relationships that matter for the face of the business. In many senses they will be the face of the corporate brand
- Reporting: The increased importance of corporate social responsibility will present additional challenges for the CFO moving forward
Jamie Lyon, Head of Corporate Sector at ACCA, says, “We see more pressure on the CFO role than ever before. Apart from the sheer breadth of the role now, it really is a question of having enough time in the day to prioritize and deal with all the issues that need to be dealt with. Businesses are asking a lot from their top finance leaders right now, and we don’t see this getting any easier, particularly with the current level of volatility and business uncertainty. It places the finance function and finance leaders under great pressure and scrutiny, but it also continues to provide great opportunities for finance to influence the organization. The CFO role of the future will be unique, requiring a special blend of capabilities and skills.”
Raef Lawson, Ph.D., CMA®, CPA, vice president of research at IMA, added: “This comprehensive, global study highlights the challenges faced by today’s CFOs. The results of this study will help shape our joint research agenda as we provide thought leadership for finance and accounting professionals.”
This report reflects the perceptions of CFOs and finance leaders who participated in an ongoing engagement program through ACCA’s Accountants for Business Global Forum, in which IMA also takes part. Findings are based on discussions with CFOs at roundtable events held in Shanghai, New York, Moscow, and Zurich in late 2012.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance, and management. We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence. www.accaglobal.com.
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit http://www.imanet.org/.