The International Federation of Accountants emphasized the importance of people to the profession in its
IFAC’s POV, “Embracing a People-Centered Profession,” discusses the importance of attracting, challenging and retaining talented people who embrace accounting’s core components of education, professional judgment, ethics and values. It also explains that the COVID-19 pandemic has made this human element of the profession even more critical, with a need to prioritize work-life balance, mental health and community outreach.
“Our new POV focuses on the human aspect of our profession,” said IFAC CEO Kevin Dancey in a statement. “Through this lens, we address issues such as gender equality, diversity (both of individuals and skills), work-life balance, mental health and lifelong learning. While many of the views expressed are not new, IFAC believes it is important to set out a clear message as the global voice of the accountancy profession.”
The POV stresses the need to achieve greater gender equality and a culture of diversity and inclusion, supporting the United Naton’s Sustainable Development Goals for empowering women and girls to have equal opportunities for leadership.
According to the POV, “IFAC calls on the global accountancy profession to make gender equality the reality — a given, not a goal. Importantly, there is no gender equality without compensation equality.”
IFAC also stated that diversity will not be successful without meaningful inclusion, calling for not only workforce diversity but a diversity of perspectives in better decision-making and firm management.
Additionally, IFAC’s POV advises accountants to take personal responsibility for their own lifelong learning and career development, with their firms serving as their key partners in these educational efforts. IFAC also emphasized ethics and continuing professional development as integral parts of this learning, recommending as a core resource the “International Code of Ethics for Professional Accountants (including International Independence Standards).”
“Events like the COVID-19 pandemic remind us that ours is a profession powered by individuals,” Dancey said in a statement. “Individuals with their own talents, backgrounds, aspirations and challenges. Recognizing and appreciating the individual characteristics of professional accountants helps foster an environment where trust and judgment can thrive, and it is fundamental to the continued relevancy of the profession.”
