What's Happening?
The International Federation of Accountants (IFAC) has unveiled a new set of principles aimed at expanding access to the accounting profession. These principles, titled 'Opening Doors: Six Principles of Best
Practice to Increase Access to Accountancy Qualifications,' are supported by the Global Public Policy Committee, which includes leaders from the six largest accounting firm networks: BDO, Deloitte, EY, Grant Thornton, KPMG, and PwC. The initiative seeks to attract talent from diverse backgrounds, remove barriers to entry, and adapt qualification pathways while maintaining high standards of integrity and quality. IFAC CEO Lee White emphasized the importance of these principles in engaging future talent and responding to the evolving workplace. The principles focus on encouraging diverse educational backgrounds, recognizing prior work experience, removing unnecessary barriers, offering flexible qualification formats, enabling career step-off points, and driving global reciprocity and mobility.
Why It's Important?
The introduction of these principles by IFAC is significant as it addresses the need for inclusivity and diversity within the accounting profession. By broadening access, the profession can attract a wider range of talent, which is crucial for innovation and maintaining public trust. This move is expected to benefit the accounting industry by creating a more dynamic and adaptable workforce, capable of meeting the challenges of a rapidly changing global economy. The principles also aim to ensure that the profession remains competitive and relevant by aligning with emerging best practices and adapting to local contexts and regulatory environments. This initiative could lead to increased global mobility and reciprocity, enhancing the profession's ability to deliver value to society, the economy, and the market.
What's Next?
IFAC plans to further promote these principles through a series of initiatives, starting with a panel discussion at an upcoming conference in November in Mexico City. This event will provide a platform for IFAC members to explore how these principles can be implemented in practice and discuss their potential impact on the profession. As more professional accounting organizations adopt these principles, it is expected that the pathways into the profession will become more inclusive and accessible, ensuring that the accounting field remains ready for future challenges and opportunities.
