IFAC and The Banker magazine conducted a global survey of banks on lending to small and medium-sized enterprises (SMEs) in order to better understand the needs of lenders and SMEs' access to financing, as well as how the accountancy profession can best support both SMEs and lenders.

It is a great pleasure to participate in this Roundtable. As the co-owner of an SME the subject matter is of both personal and professional interest to me. Before I take you through the results of our April SMP Quick Poll I’d like to reiterate, though I’m sure we need no convincing, the importance of SMEs, the vital role the accountancy profession plays in supporting SMEs, and what the SMP Committee that I chair is doing to help.

In 2006, the International Federation of Accountants (IFAC) issued seven statements of membership obligations (SMOs) to assist ‘high quality performance by professional accountants’. The member bodies of IFAC, which includes national accountancy bodies from most of the countries in the world, were required to give their best efforts to abide by the SMOs, and failure to do such without satisfactory explanations would result in suspension or removal of membership. The seven SMOs issued by the IFAC covered areas such as audit quality, audit education, code of ethics for professional auditors, disciplinary procedures to be adopted by national auditing bodies, adoption of ISAs and IFRS, and accountability and auditing in the public sector.

Like many other researchers and academics in this area, I was also initially skeptical of the applicability of these SMOs in a less developed country (LDCs) such as Bangladesh, given that that these mechanisms, developed in the context of developed economies, would only work under assumptions of an efficient capital market, higher investor sophistication, and presence of effective second order institutions (such as efficient regulators, judiciary etc) that would complement such governance schemes. However, a few years down the line, it appears that some of these globalization attempts are actually producing results that might change the image of the accountancy profession in this impoverished yet economically promising nation.

This article was originally published in Business & Economy - Banking, Finance, Markets on August 1, 2011.

High-quality business reporting lies at the heart of strong capital markets and sustainable economic growth. All those involved in the business reporting supply chain play a critical role in making business reports more relevant, understandable, and reliable. This will enable the various stakeholders who use those reports to make informed decisions with respect to an organization’s social, environmental, and economic performance.

Professional accountants in business play key roles in organizations—roles that often go far beyond the stereotypical perceptions of accountants. It may not be readily apparent to all employers and business owners, but they can capitalize on professional accountants’ training, knowledge, and skillsets to help guide their organizations toward long-term sustainable success.

The Professional Accountants in Business (PAIB) Committee published this paper to support the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations. Since organizational needs are evolving faster than ever, professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust.

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) today published Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success, which supports the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations.

Organizational needs are evolving faster than ever, and professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust. With this new publication, the PAIB Committee is striving to support the global accountancy profession and help its members guide their organizations to create sustainable value.

"In today's tough global economic climate, organizations can fail because their drive for short-term success causes them to overlook factors vital for their long-term survival,” commented Roger Tabor, IFAC PAIB Committee chair. “So, in Competent and Versatile, we focus on achieving success that can be sustained. Professional accountants have the right instincts and tools to help their organizations maintain the right balance to do this. But they must—and can—be adaptable to new challenges and supported in this by their professional associations."

This publication identifies eight drivers of sustainable organizational success—what organizations need to do to achieve and sustain success in light of opportunities and challenges in the business environment. These drivers are the focus of organizations striving to achieve lasting success, and, therefore, provide a basis for determining the expected key areas of competency for professional accountants in business.

This employer-driven approach is aimed at helping the global accountancy profession facilitate sustainable organizational success through the education, training, and development of professional accountants. The publication, and accompanying employer-focused brochure, is intended to support IFAC members and associates in understanding and promoting the diverse contribution of professional accountants in business as creators, enablers, preservers, and reporters of sustainable value.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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