3rd CFO Summit
Driving global standards
18 Jul 2008
The 3rd CFO Summit, which took place in June 2008, demonstrated that CFOs can equip themselves with the appropriate skills, attributes and knowledge to provide the leadership to drive global standards for business benefits.
Among those addressing the 150 delegates at the event in Malaysia, which was organised by ACCA and the Asian Strategy and Leadership Institute (ASLI), were YB Dato' Kong Cho Ha, Malaysia's Deputy Finance Minister, and Helen Brand, ACCA's chief executive designate, who said: 'Over the last decade, we have seen a rapid acceleration in the development and adoption of a wide range of global standards - from financial reporting to ethics, and from governance to sustainability reporting. What hasn't been looked at in so much detail is the tangible effect global standards have on business activity.'
She added: 'ACCA has been a pioneer in championing global standards in its qualifications, technical agenda and positioning in employment markets over many years. Given the large investment in these standards, it is important that ACCA, and the rest of the global profession, assesses the benefits to business and other stakeholders. Accountancy cannot be a disconnected technical discipline - it needs to be supporting the wider needs of business and the investors who support it.'
Brand argued that the days of simply reporting on financials are over - today's CFO needs to be a risk manager, governance expert and an ethical champion; an invaluable partner to a CEO. 'CFOs are no longer just the guardian of the financial situation, but cover a wider area - the reputation of the company,' she said.
During 2008, ACCA is holding a global series of events around the theme of global standards: the business benefits, seeking to build up a comprehensive picture of the business view of international standards.
The Summit was sponsored by Oracle, Accenture, SAP and Shell.