ACCA’s Chief Executive meets members and students in Paris to discuss the impact of digital technologies on the role of professional accountants and the corporate finance functions

Technology is transforming our lives.  There’s no denying that the pace of change is increasing and the accountancy and finance profession is far from immune to this rapidly evolving digital ecosystem.  But it is important to continue raising awareness about technology developments to be able to make the most of its opportunities.

With this in mind, ACCA, the Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC) and the Compagnie Nationale des Commissaires aux Comptes (CNCC) joined forces to organise the first ever joint members event in Paris.

Around 70 members of ACCA and of the French bodies attended the end-of-year networking reception, which started with speeches from Charles-René Tandé, President of CSOEC and Jean-Bouquot, President of CNCC, Philippe Arraou, Président d’honneur du CSOEC and Membre du Conseil de l’IFAC,  Helen Brand, OBE, Chief Executive of ACCA , and Roxana Damianov, Corporate Finance and Reporting Leader at the  European Securities and Markets Agency (ESMA). The aim of the event was to discuss the challenges and opportunities of digital for the profession, but also  to create networking opportunities for our members and students, discovering new opportunities and shared connections.

Helen Brand, OBE, ACCA”s Chief Executive said: “As new paradigms are emerging in accounting and finance, it is our duty – as a professional body -  to lead the way and ensure our members and students are equipped with the skills they need for the future.  ACCA has just unveiled a brand new study called The Race for  relevance, which encapsulates the opportunities finance functions now have because of the emergence of technologies that improve data quality, efficiency and reduce costs.

At ACCA, we know that accountancy and auditing are vital for economies to grow and prosper. This means that the role of professional accountants and auditors has never been more exciting, more challenging or more important.’

Roxana Damianov, leader of corporate finance and reporting with the ESMA and ACCA member said: “Digitalisation has increasingly impacted our day to day life, as well as generated opportunities in creating business and solving various issues, whether in the area of industry, banking, medicine or education. The corporate reporting area is no exception to that and has arrived at a stage where transformation needs to take place”. 

Following examples from the US, where digital financial reports submission was introduced some 10 years ago, the European Union has included in the Transparency Directive a requirement for companies to prepare annual financial reports in a single European electronic format from 2020.

ESMA had the task to analyse the relevant technologies and to choose the most appropriate one to deliver the objectives and, after three years, has finalised the technical standard to be used as a basis for the new European Single Electronic Format (ESEF), by around 5 000 companies across Europe. The final draft Regulatory Technical Standards (RTS) , setting out the ESEF, unveiled on 18  December, represent a significant step forward in the digitalisation of financial information from European issuers. The introduction of the new reporting format in 2020 will make financial statements more accessible and more easily comparable for investors across the EU, facilitating progress towards a single capital market and contributing to increased investor protection.

Philippe Arraou, Honorary President of CSOEC, and Member of the IFAC board, recalled the urgency for the accountants and finance professionals to embrace the challenge of digital. He concluded that  it is vital to encourage the profession to become the connection between the opportunities of the digital transformation and their clients, especially SMES. Accountants are already professionals of dematerialisation, and SMEs count on them to accompany them in their digital transition.

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Notes to Editors

Contact: Cecile Bonino, head of EU Affairs, cecile.bonino@accaglobal.com or +32 (0) 2 286 11 37

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering 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.

ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,200 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com