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CFOs Face More Regulation and Risk Management: ACCA and IMA Report Outlines Future Roles of the CFO

  CFOs Face More Regulation and Risk Management: ACCA and IMA Report Outlines
  Future Roles of the CFO

Business Wire

NEW YORK & MONTVALE, N.J. -- November 13, 2012

According to a new report published by ACCA (the Association of Chartered
Certified Accountants) and IMA^® (the Institute of Management Accountants),
CFOs will face many challenges in the future, including global economic
uncertainty and volatility, fluctuating energy prices, and turbulent currency
markets, along with a shift in economic power.

“The Changing Role of the CFO” presents the future landscape for the CFO, and
it is available online at http://www.imanet.org/PDFs/changingrole.pdf

The report identifies emerging priorities that will impact the future role of
the CFO and cites nine future key issues that will shape the finance
function’s top job, including regulation, globalization, technology, risk
management, transforming finance, stakeholder engagement, strategy, integrated
reporting, and talent. Highlights include:

  *Stakeholder Management: Tomorrow’s CFOs will increasingly need to excel at
    dealing with the media and brokering external relationships that matter
    for the face of the business. In many senses they will be the face of the
    corporate brand
  *Reporting: The increased importance of corporate social responsibility
    will present additional challenges for the CFO moving forward

Jamie Lyon, Head of Corporate Sector at ACCA, says, “We see more pressure on
the CFO role than ever before. Apart from the sheer breadth of the role now,
it really is a question of having enough time in the day to prioritize and
deal with all the issues that need to be dealt with. Businesses are asking a
lot from their top finance leaders right now, and we don’t see this getting
any easier, particularly with the current level of volatility and business
uncertainty. It places the finance function and finance leaders under great
pressure and scrutiny, but it also continues to provide great opportunities
for finance to influence the organization. The CFO role of the future will be
unique, requiring a special blend of capabilities and skills.”

Raef Lawson, Ph.D., CMA^®, CPA, vice president of research at IMA, added:
“This comprehensive, global study highlights the challenges faced by today’s
CFOs. The results of this study will help shape our joint research agenda as
we provide thought leadership for finance and accounting professionals.”

This report reflects the perceptions of CFOs and finance leaders who
participated in an ongoing engagement program through ACCA’s Accountants for
Business Global Forum, in which IMA also takes part. Findings are based on
discussions with CFOs at roundtable events held in Shanghai, New York, Moscow,
and Zurich in late 2012.

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body
for professional accountants. We aim to offer business-relevant, first-choice
qualifications to people of application, ability and ambition around the world
who seek a rewarding career in accountancy, finance, and management.We
support our 154,000 members and 432,000 students in 170 countries, helping
them to develop successful careers in accounting and business, with the skills
required by employers. We work through a network of over 80 offices and
centres and 8,400 Approved Employers worldwide, who provide high standards of
employee learning and development. Through our public interest remit, we
promote appropriate regulation of accounting and conduct relevant research to
ensure accountancy continues to grow in reputation and influence.
www.accaglobal.com.

About IMA

IMA^®, the association of accountants and financial professionals in business,
is one of the largest and most respected associations focused exclusively on
advancing the management accounting profession. Globally, IMA supports the
profession through research, the CMA^® (Certified Management Accountant)
program, continuing education, networking, and advocacy of the highest ethical
business practices. IMA has a global network of more than 65,000 members in
120 countries and 200 local chapter communities. IMA provides localized
services through its offices in Montvale, N.J., USA; Zurich, Switzerland;
Dubai, UAE; and Beijing, China. For more information about IMA, please visit
http://www.imanet.org/.

Contact:

IMA
Marc Gerrone, 201-474-1502
mgerrone@imanet.org
or
Stern + Associates
Tara Baumgarten, 908-276-4344, x-219
tara@sternassociates.com
 
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