Cost reduction, maintaining financial control and forecasting remain the three top priorities for finance leaders, according to a new report by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants).

The Finance Leaders Survey showed that whilst finance professionals need to continue to firmly control their cost base, they must also sustain their businesses’ growth strategies by providing business insight to support decision making. The biggest challenge for CFOs is coping with “too many finance priorities.” The report examines a number of key issues for CFOs including its key priorities and the effectiveness and challenges of the finance function.  It also looks at the importance of developing different skills, mapping key stakeholders and how finance leaders allocate their time.

Brian McGuire, ACCA Ulster Network said, “We are working closely with finance professionals on a range of CFO publications as their roles have become more complex than in the past. The CFO is being called upon to derive and improve business performance in a demanding business environment.

“In the present environment, there continues to be challenges on the cost base, but of course businesses are also trying to look to the future to find paths for growth. So there is a focus from the finance function to work with business to drive insight into the appropriate decisions. The survey also shows that finance leaders are involved with an increasing breadth of stakeholders. Some relationships with traditional stakeholders such as auditors and bankers remain high in importance, but increasingly, stakeholders like customers and suppliers are also becoming more relevant.”

Raef Lawson Ph.D., CMA, CPA, IMA vice president of research, observes, “Challenges for CFOs and other finance leaders centre on prioritising the demands on the finance function. This is top of their concerns, followed by poor finance IT capability to managing increasing demands from the organisation for management information. And the report poses a thought-provoking question for the global profession: because the finance function’s effectiveness is tested by so many priorities and challenges, do CFOs have the capacity or the capability to meet all the demands placed on them?”

Mr. McGuire adds, “The report asserts that there is a need for companies to focus on the evolving role of the finance function and develop broader skills among finance staff. Traditional skills, such as financial planning and analysis, are a must for finance leaders, but we know that they need to bring much more to the table, particularly capabilities such as communication skills, influencing skills, and a deep understanding of the business environment.”

The report is available online at: http://www.accaglobal.com/content/dam/acca/global/PDF-technical/finance-transformation/pol-afb-fls01.pdf

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For further information please contact Shane Finnegan or Katrina Frazer on 028 9066 3000

Notes to Editors

About ACCA (Association of Chartered Certified Accountants)

1. ACCA (Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer 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.

2. There are over 20,000 members and students in Ireland.

3. We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.

4. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for

About IMA® (Institute of Management Accountants)1. IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.