ACCA – Page 3 – Newswire Pakistan

July 6, 2022July 7, 2022

ACCA’s new report highlights the lessons learned from the pandemic in public sector finance

Islamabad, July 06, 2022 (PPI-OT):The realities of senior public sector finance leaders’ management of the COVID-19 pandemic are shared in a new report from ACCA (the Association of Chartered Certified Accountants) and CA ANZ (Chartered Accountants Australia and New Zealand).

Published in Leading recovery: the evolving role of senior finance leadership in the public sector, attendees at various global roundtables identified three major areas where the public sector faces difficulties in the years ahead: recruiting and retaining finance professionals, preparing for reducing budgets for public services and adapting to wider societal changes.

Looking back, they reveal how professional accountants led with agility to enable their organisations to support governments’ aims of saving lives and protecting livelihoods. Increased spending, streamlined decision-making processes and better integration of the finance function epitomised the work of senior finance leaders and their teams during this time.

Building on the experience of the pandemic, ACCA and CA ANZ say there are six key lessons for public sector finance leaders to focus on. They need to transform systems to build organisational resilience and make better use of data. They must rethink leadership approaches, to empower staff and provide visible leadership. And they need to ensure their organisations adapt to new ways of working to focus on purpose, then place and break down barriers.

ACCA and CA ANZ have also identified an ‘ABCD’ of skills which public sector finance leaders of the future will need to develop: adaptability, business sense, communication, and determination.

Commenting on the report, ACCA’s head of Pakistan, Assad Hameed Khan says: ‘It’s crucial to reflect on what senior public sector finance leaders, working at different levels in different countries, have learnt from the crisis and how those lessons can be applied in the future. This timely new report looks ahead to the future challenges public sector finance leaders will face and the key future skills required to succeed. Public financial management reforms in Pakistan, of which ACCA continues to be part, have been gaining momentum both in terms of existing and future public financial management systems as well as human capital development and capacity building. This report is definitely a must-read for public sector finance leader and professionals in Pakistan.’

Helen Brand OBE, chief executive of ACCA says: ‘It’s very heartening to read the recollections of these public sector finance leaders who remained so dedicated to their organisations, their customers and clients during the pandemic’s turbulence. They are well prepared for the future, but they are also not complacent and see the clear need to learn continuously.’

Ainslie van Onselen, Chief Executive of CA ANZ adds: ‘Our report’s ABCD framework can help aspiring finance leaders in the public sector to ensure they broaden their horizons, from the traditional tasks of a finance professional to a wider organisational perspective. This breadth and depth helped leaders during the pandemic and prepares for future resilience too.’

At the roundtables, members of ACCA and CA ANZ also commented on the value of their professional bodies to help them understand the ‘basics’ and develop their knowledge in their careers through continuing professional development (CPD).

Helen and Ainslie jointly conclude: ‘Professional accountants have a wider set of skills beyond technical knowledge, and bring strong strategic advice to support the organisations they serve; these skills can be developed and refined through experience and reflection.

‘Given the immense test of the pandemic, it’s wonderful to hear agreement from finance leaders and their teams that they were able to demonstrate their worth to the organisations and public they ultimately serve. We agree with this too.’

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

July 5, 2022July 6, 2022

Practical toolkits for smaller businesses working towards a sustainable future

Islamabad, July 05, 2022 (PPI-OT):On the day the United Nations marks Micro, Small and Medium-sized Enterprises (MSMEs) Day on 27 June ACCA (the Association of Chartered Certified Accountants) and business management consultancy Profit Impact publishes the latest in their series of practical sustainability toolkits for SMEs.

The just-published free-of-charge toolkits cover:

Supply chain code of conduct

Demystifying environment systems for SMPs (small and medium sized practices)

Mapping your business goals to the relevant UN SDGs.

The toolkits offer concise practical ways that all MSMEs can start their sustainability journey.

Aleksandra Zaronina-Kirillova, Head of SME Professional Insights, ACCA, who is overseeing the publication of the toolkits, says: ‘Small and medium-sized enterprises (SMEs) represent about 90% of businesses and more than 50% of employment worldwide. Global environmental and social challenges can only be addressed appropriately if the SME sector is fully involved. Larger companies are already required to take specific steps and report on their non-financial performance. And those requirements are gradually cascading to SMEs.’

Accountancy and finance professionals will play a leading role in guiding small businesses through the individual needs of their sustainability journey. ACCA has almost 50,000 members working in public practice with a majority of those working in small and medium sized practices and they will be key to embed the SME sustainability journey.

Assad Hameed Khan, Head of ACCA Pakistan, says: ‘Embracing our sustainable future creates significant opportunities for SMEs to build resilience for themselves, our society, our planet, and our economy. Often this will lead to a reduction of costs, increased talent attraction, and favourable investment rates to develop business. As well as providing a point of differentiation, and improvement of their brand reputation these are all important reasons for SMEs to understand and engage with our sustainable future.’

To download or share the free guides see https://www.accaglobal.com/gb/en/professional-insights/global-profession/practical-toolkits-SMEs-SMPs.html

For more on United Nations Small and Medium-sized Enterprises Day 27 June, see https://www.un.org/en/observances/micro-small-medium-businesses-day

June 22, 2022June 23, 2022

Befiler Becomes an ACCA Approved Employer under Trainee Development – Gold Category

Islamabad, June 22, 2022 (PPI-OT):Befiler (Pvt.) Ltd is pleased to announce its inclusion to the panel of ACCA’s Approved Employer Network under the Trainee Development – Gold Category. The Association of Chartered Certified Accountants (ACCA) is one of the world’s leading professional accountancy body, and Befiler’s inclusion to the panel reflects its commitment to providing the right combination of technical, professional, and ethical skills to the students, affiliates, and members of ACCA.

The ACCA Approved Employer Program recognizes and rewards employers’ quality staff training and development, and ensures the highest professional standards for both the employers and the students/employees. Befiler is proud to have a substantial representation of ACCA students, affiliates, and members working with it under various departments including leadership positions.

Befiler hosted a ceremony at its Head Office in Karachi to commemorate the milestone, which was attended by the leadership of Befiler and ACCA. Speaking at the occasion, Syed Asad Ali Shah, Chairman – Befiler, said “The success of Befiler was dependent on the quality of technical and professional resources and recognized the contribution of ACCA in providing business-relevant qualification, which enabled them in building the ability and ambition in them that eventually lead to their success”.

Akbar Tejani, CEO – Befiler, said “The partnership with ACCA would help Befiler in attracting and retaining the best available talent in the field of Accounting, Finance, and Taxation. At Befiler, we have a strategic mindset for developing our accounting and business capabilities which benefits our customers, team members, and other related communities.”

Assad Hameed Khan, Head of ACCA Pakistan, shared his thoughts “It is exciting to see startups such as Befiler that are impact driven. ACCA is looking forward to all the opportunities that will come into inception as a result of this partnership”.

Mr. Taimur Beiram Khan, Head of Business Development South – ACCA Pakistan, speaking at the occasion said that he was excited to welcome Befiler (Pvt.) Limited to its global network of approved employers. He added that, “ACCA was proud to have partnered with Befiler and we are fully committed to support Befiler in promoting the national cause by promoting tax filing awareness in Pakistan, and more particularly among the ACCA fraternity.”

June 15, 2022June 27, 2022

Learners and employers are calling out for innovation in learning and development for the accountancy profession

Islamabad, June 15, 2022 (PPI-OT):Global analysis from ACCA (the Association of Chartered Certified Accountants) reveals that educators are not fully meeting the needs of learners or employers when it comes to professional education for accountants and finance professionals.

A good learning and development programme needs to put learners’ characteristics and needs central to its design. But ACCA’s research finds that while educators recognise the importance of this, they struggle to reflect them in their programmes, with 39% saying the characteristics of their learners are too diverse for common principles to be included.

A surprising finding in the report Developing the skills of the sustainable business and finance professional is the role of Artificial Intelligence (AI) and gamification in L and D, with both learners and educators across all age ranges giving a low positive response rate to these as a way to develop a broad range of capabilities. This will, in part, be due to a lack of understanding of what gamification and AI are, and what they can achieve; as well as a fear among tutors that the technology will be complex or that it will make the tutor role redundant.

Sharon Machado, head of business reporting at ACCA and the report’s author comments: ‘The World Economic Forum estimates that by 2030, 90% of jobs will demand digital skills. So, educators need to make data and digital central to their L and D programmes. Alongside this, Pearson has estimated that the total market for professional education is expected to grow to £7 trillion by 2030, again reflecting that demand will increase.

‘Opportunities therefore abound and that’s why we provide a six-point L and D model to help educators flourish and work with professional bodies to create the professionals of the future.’

As part of this research, ACCA asked learners and educators to identify the features of a good L and D system, resulting in six clear and interconnected themes:

Relevance: meeting learner and stakeholder needs

Reliability: delivering learning outcomes that are trusted irrespective of different learning approaches for a given capability or learner

Motivation: driving the achievement of the learning purpose and supporting lifelong learning

Person and people: placing learners and their tutors at the heart of learning and the learning approach, at an individual, cohort and community level

Digital and data: supporting the development of L and D strategy and its implementation across content, production, delivery and monitoring

Sustainability: business models employ an integrated approach to environmental, social and financial matters

Sharon Machado adds: ‘Learners should be seeking these six features and qualities in their L and D, and equally educators should be applying them too in developing, implementing, and monitoring their strategies. If educators do, they’ll be well placed to realise the economic opportunities associated with a growing education market and to respond to the vast amounts of regulation that applies to them and the accountancy profession.’

The research also asked educators and learners the best ways to develop core competencies and capabilities. For ethics, 61% of educators and 65% said work experience or simulations were most appropriate, with gamification seen as the least appropriate. For collaboration, learning from peers and those with more advanced skills was seen as most important, at 77% for educators and 74% for learners.

Ways of learning were also analysed, with 58% of educators and learners saying online learning is at least as good as in-person. Nigeria (56%), India (46%), and Pakistan (46%) rated online as better than in-person, compared to just 23% and 25% in China and the UK.

Sharon Machado concludes: ‘As a result of Covid-19, there’s an even stronger expectation that learning is a 24-hour business. This is a challenge for educators, with the need for continuous innovation to be core to their business strategies. Professional bodies like ACCA are part of this innovation too, and that’s why it is one of our values that drive all we do as an organisation to support educators and learners too.’

The report Developing the skills of the sustainable business and finance professional can be accessed here:

https://www.accaglobal.com/my/en/professional-insights/pro-accountants-the-future/developing-skills-sustainable-business-finance-professional.html

May 11, 2022May 12, 2022

Pakistani students smash ACCA global records yet again securing 10 Global Positions

Karachi, May 11, 2022 (PPI-OT):The Association of Chartered Certified Accountants (ACCA), on Tuesday 18th April 2022, announced the results of students who sat exams in the March 2022 session. A whopping 10 Pakistani students scored the highest marks globally outperforming exam sitters worldwide.

Ghaus Ullah, Sara Yousuf, Muhammad Usama Khan, Shafaq Zeeshan, Zainab Bibi, Eman Siddique, Mahed Muhammad, Ume Rumma, and Fatima Shahid (with 2 positions) scored the highest marks in the world in Recording Financial Transactions, Maintaining Financial Records exam and Management Information.

These global prize winners were commended by Assad Hameed Khan, Head of ACCA Pakistan. He said, ‘Our youth continues to set a precedent of high performance further cementing their commitment to the global profession as well as the betterment of Pakistan. Their achievements help us in establishing Pakistan as a global hub for world-class talent in accounting and finance.’

The ACCA degree is widely regarded as the gold standard in accountancy, with recognition and presence in over 178 countries worldwide, providing access to highly respected and rewarding career opportunities.

April 14, 2022April 15, 2022

Accountancy is vital for global economies to advance into the future

Islamabad, April 14, 2022 (PPI-OT):These are turbulent times and society’s expectations of governments, policymakers and business have shifted with speed and intensity. The devastating impact of war and conflict heightens the challenges the global economy is already facing from the impact of the Covid-19 pandemic and the climate crisis.

While no one profession can solve all the challenges global society faces, they can each play their part and contribute to helping make the world a better place for the future in different ways.

ACCA (the Association of Chartered Certified Accountants) has released a new report providing an overview of the contribution the profession could make in transforming the world for the better. It identifies seven core areas of focus, as well as sharing case studies and stories – bringing to life why the accountancy profession matters, and why it remains integral in helping economies and wider society to advance in the future.

Building resilient economies for the future including the role of accountancy in emerging economies, capacity building, driving financial literacy and helping address corruption.

Developing the talent of tomorrow helping cultivate a new generation with financial skills in the workplace, delivering world class business and financial education and contributing to diversity and equality.

Driving sustainable business with professional accountants in whatever role they perform as being essential in helping organisations create long term value and delivering accountability and transparency across business.

Advancing standards and regulation – the role the profession plays in future regulatory reform, working to develop regulation and standards that are the bedrock of trust in capital markets and that help the world respond to major societal and environmental challenges.

Transforming the public sector – accountancy at the centre of public sector change, helping deliver the right sorts of policy and spending decisions and transforming public financial management to create a more digital, green and inclusive future across global society.

Supporting entrepreneurial growth with accountancy as a foundational pillar at the heart of the future entrepreneurial economy, with smaller accountancy firms as the trusted advisers offering innovative and technology-led services to support local business growth.

Strengthening ethics and trust with the profession helping restore and strengthen trust in business, government and other institutions. Serving the public interest and driving enhanced corporate governance standards to increase stakeholder confidence in organisations.

ACCA’s chief executive, Helen Brand, says:

‘In these difficult times, this report looks ahead and considers the priorities facing the accountancy profession in helping create a better tomorrow. By sharing stories and examples across the profession, we also seek to strike a cautious yet prevailing note of hope for the future, showcasing the role of accountancy, and the positive contribution accountants can make in forging a new path to a better destination for global society’.

Jamie Lyon, report author and head of business management at ACCA says:

‘We have a responsibility to future generations to ensure they inherit a better world. As this report demonstrates, the accountancy profession can play a vital role in this, helping deliver a more equitable, green and inclusive world for the future.’