IFAC PAIB

I’m guessing a lot of you are saying IFAC PAIB.  What is that? The answer is The International Federation of Accountants (IFAC) Professional Accountants In Business (PAIB) Committee.  IFAC is a confederation of 267 professional accounting bodies from around the world.  Its members include the AICPA, CIMA, ACCA, CPA Australia, ICAEW, and ICAI (you can look up the ones you don’t know on your own) among many others.  IFAC’s mission is to promote the profession of accounting across the world and support that profession through leading in setting standards for audits, ethics and education.  

The PAIB supports that mission for accountants in business by seeking global recognition of professional accountants as business leaders and strategic partners in building long-term sustainable organizational success.  PAIB work includes International Good Practice Guides (IGPG), other informational or discussion papers on emerging topics that do not yet have defined good practices, web based resources and forums and roundtables.

One of the defining IGPG’s is Competent and Versatile How Professional Accountants in Business Drive Sustainable Success can be found at https://www.ifac.org/publications-resources/competent-and-versatile-how-professional-accountants-business-drive-sustainab. This document outlines what makes professional accountants different from all of the non-professionals out there as well as showing how having the right professionals help businesses be more successful.

Last year I was honored with an appointment to a three year term on the PAIB and I attended my first meeting in New Delhi, India last week.  We did all of the things you would expect the committee to do including updating the strategic plan, reviewing new guides being produced and setting the near term agenda for additional guides and efforts to be undertaken.  In addition, I got to experience for the first time the worldwide impact of the profession of accounting. 

I met members from the Pakistan, India and Hong Kong and seeing and hearing how much businesses need true professionals to support them and make them a success was enlightening.  We are very fortunate to have a large and talented pool of professional accountants that work in business to ensure the success of companies across the country.  The U.S. is the model of success that much of the world would like to replicate, and many see the core of professional accountants available to U.S. businesses as one of the key pieces to our formula for success.  It makes me proud to be able to say I am part of that.   Thanks to all of you for making that possible.

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