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Philippine Institute of Certified Public Accountants

The National Organization of Certified Public Accountants





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Tel. Nos. 8723-0691 to 93



info@picpa.com.ph

ACCA

ACCA

Report Title:  Invisible Threads: Communicating Integrated Thinking
Summary of the Report: Well-embedded integrated thinking can make organizations more resilient in the face of challenges, like those that arose from the COVID-19 pandemic.

The integrated reporting process can kick-start integrated thinking, by bringing people from across the organization together through the reporting cycle. At the same time, for organizations to obtain the full benefits, the reports need to communicate this to investors and other external stakeholders.

Key Highlights: This report looks at three key ways in which integrated thinking is communicated in the annual integrated report:

  • clear communication of strategy,
  • pertinent discussions about non-financial value drivers that form the basis of the multi-capitals model, and
  • consistency between the narrative report and the financial statements.

ACCA reviewed fourteen 2019/2020 integrated reports of companies in the IIRC’s Business Network. The reviews and interviews with some of these companies revealed:

  • Divided views about the purpose of an integrated report, with nearly half of the companies positioning their integrated reports as sustainability reports
  • Strategy and strategic goals are not always communicated coherently: reporting on governance, business model and outlook are often divorced from strategy, and lack consideration of future horizons
  • Despite the increased focus on sustainability, sustainability objectives are not yet fully connected to the overarching corporate strategy
  • Multi-capitals thinking is yet to take root: at present, key value drivers are not discussed consistently through integrated reports, and this may indicate that there is not yet consensus across the business about what the key value drivers are
  • The integrated report is not always consistent or connected with the financial statements, and vice versa: impairments recorded in the financial statements are almost never referenced in integrated reports.

Enhance your integrated thinking and integrated reporting journey with best practice examples and practical tips in the report.

Link to the full report:
Click here to read the report.
Report Title:  Professional accountants at the heart of sustainable organizations
Summary of the Report: This report explores the future of the accountancy profession, examining the drivers of change shaping sustainable organizations as they look ahead, and the next decade of work for finance professionals as well as the capabilities that are most prized. Building on ACCA’s global research program over the past two years it also includes a survey of over 2,000 responses of finance professionals further enriched by a wide ranging and extensive engagement program of roundtables, interviews and focus groups across the globe which explored further the drivers of change, as well as informing the core capabilities needed in the future for professional accountants in whatever role they perform. In the decade ahead, this is the professional accountant playing an integral role at the heart of sustainable organizations of the future as the sustainable business and finance professional.

Key Highlights: Key messages from this research are:

  • Professional accountants are at the heart of the sustainable organization of the future as sustainable business and finance professionals
  • They play a key role in helping organizations create, protect, and report sustainable value.
  • The research sees 5 broad drivers of change impacting sustainable organizations and the role of professional accountants of the future from changes in the global economy, environmental change, technology change, societal change, and workforce change
  • The research identifies 4 emerging career pathways of opportunity in the face of these changes over the decade ahead
  • The research also presents ACCA’s new capability framework and career navigator tool, identifying the 7 core capabilities needed across all roles in the profession in the future.

Explore new career opportunities and the core capabilities needed in the future for professional accountants.

Link to the full report:
Click here to read the report.
Report Title:  Climate action and the accountancy profession: building a sustainable future.
Summary of the Report: This report considers just how accountancy and finance professionals can provide leadership – and what needs to change within organizations for them to achieve carbon emission reductions at the pace and scale that is required.

A survey of the global ACCA community spread across the corporate, public, financial, and non-profit sectors and a series of regional roundtables around the world were commissioned to provide context on the major climate risk themes being considered globally.

These findings and discussions emphasize an appetite for fully embracing climate considerations at the very core of business strategy. The research also shows an understanding and desire among accountancy and finance professionals to play a central role in shaping this strategy and leading organizations into the future. However, the findings and opinions also reveal just how disconnected the good intentions are from the urgency of climate action that is needed.

Key Highlights: Some headline findings are:

  • 75% say it’s important that accountancy and finance teams are involved in supporting their organizations to tackle climate change.
  • 29% say that climate change considerations play a significant or central role in financial decision making.
  • Just 15% say their organizations have set targets to be net zero compliant by 2050 (the internationally agreed goal for mitigating global warming – whereby greenhouse gases entering the atmosphere are balanced by their removal from the atmosphere).
  • Only 23% integrate climate key performance indicators (KPIs) into their business strategy and/or risk frameworks.
  • 52% believe climate change regulation will impact their organization over the next five years.
  • Only 38% feel that their organization will be willing to invest much more than today in addressing climate change over the next three to five years.
  • 73% say it’s important that their future career involves taking action on climate change

The time to act is now. Take the next steps in helping organisations build their net zero transition plans.

Link to the full report:
Click here to read the report.
Report Title:  The challenges for medium sized businesses post Covid-19.
Summary of the Report: The purpose of this series of publications and podcasts is to look at some of those issues facing this undervalued sector and reflect on how they could be addressed. A very important question is the role of accountancy and finance professionals in supporting the sector. The strategic role of the finance function has proved to be growing in organizations of all sizes, but what is the specific angle for medium-sized businesses?

Each piece in the series of publications will provide a deeper dive into some of the specific issues identified and will tell the stories of mid-tier organizations finding their way through the challenges of the recovery, putting sectoral and geographic issues in the spotlight.

Research findings are based on a range of interviews with medium-sized sector representatives and roundtables held in different countries.

Key Highlights: The mid-tier has the potential to emerge from Covid as not just a stronger sector but also a more visible one. What support does this sector need to do that? The first article in the series presents a tentative definition of the sector and a high-level overview of the challenges facing medium-sized businesses following the outbreak of the pandemic.

  • What is a ‘medium-sized’ organisation?
  • Long-existent challenges exacerbated by Covid-19
  • The challenges of the medium-sized organisation
  • The future of the finance function

Find out how accountancy and finance professionals can support medium sized businesses in the article.

Link to the full report:
Click here to read the report.
Report Title:  Invisible threads: communicating integrated thinking
Summary of the Report: Well-embedded integrated thinking can make organizations more resilient in the face of challenges, like those that arose from the COVID-19 pandemic.

The integrated reporting process can kick-start integrated thinking, by bringing people from across the organization together through the reporting cycle. At the same time, for organizations to obtain the full benefits, the reports need to communicate this to investors and other external stakeholders.

Key Highlights: This report looks at three key ways in which integrated thinking is communicated in the annual integrated report:

  • clear communication of strategy,
  • pertinent discussions about non-financial value drivers that form the basis of the multi-capitals model, and
  • consistency between the narrative report and the financial statements.

ACCA reviewed fourteen 2019/2020 integrated reports of companies in the IIRC’s <IR> Business Network. The reviews and interviews with some of these companies revealed:

  • Divided views about the purpose of an integrated report, with nearly half of the companies positioning their integrated reports as sustainability reports
  • Strategy and strategic goals are not always communicated coherently: reporting on governance, business model and outlook are often divorced from strategy, and lack consideration of future horizons
  • Despite the increased focus on sustainability, sustainability objectives are not yet fully connected to the overarching corporate strategy
  • Multi-capitals thinking is yet to take root: at present, key value drivers are not discussed consistently through integrated reports, and this may indicate that there is not yet consensus across the business about what the key value drivers are
  • The integrated report is not always consistent or connected with the financial statements, and vice versa: impairments recorded in the financial statements are almost never referenced in integrated reports.

Enhance your integrated thinking and integrated reporting journey with best practice examples and practical tips in the report.

Link to the full report:
Click here to read the report.
Report Title:  ACCOUNTING FOR A BETTER WORLD: Priorities for a transforming profession
Summary of the Report: The accountancy profession can play an essential role in transforming the world to deliver a more equitable, green and inclusive future. This latest report from ACCA identifies seven key priorities for the future of the profession, where accountancy will play an indelible role looking ahead. Using case studies and personal stories to bring to life this emerging opportunity, the report outlines why the profession is central to building a more prosperous global economy and business environment.

Key Highlights: Now, more than ever, we need to look forward and consider our responsibility to future generations. We need a better, fairer world that works for everyone. We need to reset for sustainable growth and shape a new relationship between business, policymakers, the public sector and wider society, learning the lessons of the past few years and embracing the positives. A relationship that drives forward the critical changes the planet needs. And a relationship that leverages technology and new ways of working. The accountancy profession is critical to achieving this vision. From helping develop global standards of governance and regulations that underpin the workings of the modern economy, through to delivering assurance and financial management practices that drive trust at the heart of sustainable organisations, the profession is a cornerstone of economic and societal progress. Fundamental to this mandate is a global profession that must always operate with ethics at its core and in the public interest, wherever it discharges its responsibilities across the world.

Seven priorities for the profession include:

  1. ECONOMY: Building resilient economies
  2. TALENT: Developing the talent of tomorrow
  3. SUSTAINABILITY: Driving sustainable business
  4. REGULATION: Advancing standards and regulation
  5. PUBLIC SECTOR: Transforming the public sector
  6. SMALL BUSINESS: Supporting entrepreneurial growth
  7. TRUST: Strengthening ethics and trust

Find out why the accountancy profession matters, and why it remains integral in helping economies and wider society to advance in the future in the report.

Link to the full report:
Click here to read the report.