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The International Federation of Accountants (IFAC) has published a new thought paper in which it attempts to facilitate the contribution of professional accountants to integrated thinking.
The thought paper, entitled Creating Value with Integrated Thinking: The Role of Professional Accountants, sets out a vision “for integrated thinking” and explores practical steps that accountants can take to incorporate the concept into their organisation.
According to the paper, the means of implementing integrated thinking “ultimately provides the basis for shifting from today’s financially oriented reporting to integrated reporting”.
Fayez Choudhury, IFAC CEO, commented on the growing importance of integrated thinking within the accounting space.
“Integrated reporting continues to gain global momentum and help change the way businesses think about creating value over time.
“But it is integrated thinking that will ultimately change corporate behaviour and lead to more resilient organisations and greater trust in business in government,” he said.
Mr Choudhury emphasised the role of the accountant in the implementation of a new process to all reaches of a business.
“Professional accountants – as business partners involved in organisational leadership and decision support – can use integrated thinking as a means of engaging those beyond the finance and accounting departments to facilitate resilient organisations that create value over the short, medium and long term,” he concluded.