Accounting Standards

IFAC publishes report into data in accountancy

Alongside CPA Canada, the professional association ‘The Professional Accountant’s Role in Data’ report

The International Federation of Accountants (IFAC), alongside CPA Canada, has published its report into data strategy in the accountancy sector.

Named ‘The Professional Accountant’s Role in Data’, the report outlines a new model for the data management value chain, in which accountants can “reimagine their roles” to meaningfully contribute to the digital economy.

Specifically, IFAC’s report explores four key roles professional accountants can occupy within it: data engineer, data controller, data scientist, and strategic advisor.

The report is available to be read and downloaded for free on both IFAC and CPA Canada’s respective websites.

In a statement, IFAC said: “Organizations are facing chronic skills shortages in these areas, and professional accountants have the opportunity to fill these roles.

“The report includes case studies highlighting how professional accountants in different roles, such as the CFO, can broaden their roles in driving data-driven decisions.”

Stathis Gould, director of advocacy at IFAC, said: “This is an urgent and opportune moment for the accountancy profession to leverage the disruption of the expanding digital economy, embrace enhanced roles in the data management value chain, and guide businesses and organizations of all kinds into a sustainable and prosperous future.”

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