NEWS

 

TITLE: IFAC Launches Practice Transformation Action Plan

DATE: 07/05/2020

7 May 2020 Circular No. MF17/2020
 
DEAR MEMBER FIRMS
IFAC LAUNCHES PRACTICE TRANSFORMATION ACTION PLAN
On 2 May 2020, International Federation of Accountants (IFAC) published ‘Practice Transformation Action Plan – A Roadmap to the Future’ (the Plan), which covers four key focus areas for small- and medium-sized practices (SMPs):
• Embrace Change
• Leverage Technology
• Focus on Talent Management
• Evolve the Firm Operating Model and Build Advisory Services
The COVID-19 pandemic is an accelerator for the adoption of technology. Many firms are now operating virtually and supporting employees through flexible work arrangements. These extraordinary circumstances also offer practitioners significant opportunities to adapt and service a rapidly changing world. Effective transformation requires strong leadership, new approaches to training and continued learning, and an emphasis on providing relevant, value-added services.
The Plan was developed with advice and guidance from the IFAC SMP Committee and recognizes that every firm will be different. The actions taken will need to be tailored to each firm’s circumstances and objectives in order to be successful.
IFAC has also created a dedicated ‘practice transformation’ web page, featuring case studies, examples of how Member Organizations are supporting their firms to innovate and evolve, as well as additional tools and resources.
Please be guided accordingly.
 
Yours faithfully
MALAYSIAN INSTITUTE OF ACCOUNTANTS
 
 
DR. NURMAZILAH DATO’ MAHZAN
Chief Executive Officer