14 November 2022

World Congress of Accountants 2022 – Everything You Need to Know

The World Congress of Accountants, which focuses on thought leadership and the global exchange of ideas, is regarded as the premier event for the accounting profession worldwide. The 21st World Congress of Accountants (WCOA), which will be held in Mumbai, India, from 18th to 21st November, will focus on significant global developments like

  • the establishment of the International Sustainability Standards Board
  • the promotion of innovation and Fintech (financial technology)
  • the growing significance of digital technologies.

Here is all about The WCOA 2022:

Under the direction of the International Federation of Accountants (IFAC), the Institute of Chartered Accountants of India (ICAI) is in charge of hosting WCOA 2022. ICAI is also a CA ANZ designated overseas member body and a fellow member of the Chartered Accountants Worldwide (CAW). The delegates at WCOA not only get to meet new people and improve their skills, but they also learn about upcoming industry trends.

History about WCOA

More than 118 years ago, at the beginning of the 20th century, the World Congress of Accountants was held for the first time. Since then, major global events like the Great Depression and two World Wars have been woven with each other. Held every four years, like the Olympic Games, the World Congress of Accountants is a large, international event. As part of its selection process, the team looks for a candidate who will be able to run a successful World Congress in a financial and other sense. The abilities and experience of the member body and professional conference organizers in organizing such events are among the selection criteria.

Theme of The WCOA 2022

Building Trust Enabling Sustainability – This theme has been developed keeping in mind the continuous engagement and role of accountancy professionals in building trust and supporting communities, businesses  and to build sustainable, resilient economies that world needs. Sustainable businesses consider a wide array of environmental, economical, and social factors when making business decisions. It is these accounting professionals that help in monitoring the impact of their client‘s operations, to ensure that short-term profits don’t turn into long-term liabilities. Analyzing how accountants can help clients create long-term value by considering the ecological, social, and economical environment in which they operate. 

WCOA 2022 Agenda

Role of accounting profession in enabling sustainability – Accountants are familiar with sustainability and prudence as a concept via a long history of dealing with capital maintenance. A conceptual foundation for sustainability reporting and verification has been developed as a result of the profession’s contribution. However, there are still challenges in engaging the interest of business, the capital markets and standard setters in these issues.

Global collaboration for inclusive growth – In today’s globally interconnected world, a company must create value for and be valued by all of its stakeholders in order to deliver long-term value for its shareholders.

Growing Importance of Digital Technologies – In the financial sector, digital transformation was merely a concept that has evolved into an effective business strategy. By introducing robust digital strategies, digital technology aids in compliance management, financial management, and accounting while minimizing human errors, manual errors, and risk in the financial sector.

Integrity, Ethical Leadership & Trust – The accounting profession has the potential to play a significant part in promoting a values-based organization, driving and sustaining organizational ethics. Ethical leadership sits at the heart of the CA’s professional responsibilities, allowing them to shape the culture and values of the organizations in which they work. There is a vast challenge of how an accounting professional can seek to establish ethics at the core of business practices and helping to re-build public trust in business.

Global trends in Accounting, Auditing and Corporate Governance – The accounting profession as we know it today is shaped by developments and responses to shifting landscapes, technological advancements, and other market forces. Accounting profession has changed significantly and this change is rapid and driven largely by lightning-fast advances in technology. Also the pandemic has accelerated the adoption of these technological changes in many ways.

Nurturing innovation Fintech & Startups – Innovative digital technologies & Start-ups are challenging the fundamentals of the highly regulated financial sector, leading to the emergence of non-traditional payment systems, peer-to-peer money exchanges and increased turbulence in currency markets. Time has come for the accounting professional to nurture these changes and participate in building up startups.

Future Ready Profession – The future of finance encourages organizations to embrace change not just by implementing advanced technologies, but also through elevating its professionals to stay relevant. A team with analytical and technological skills, as well as business acumen, is necessary for a digital finance function that is ready for the future. Finance will need to close the skill gap by making investments in education and adapting to the technologies of the future as analytics and insights become more and more essential to traditional accounting competencies.

Strengthening public financial management –  Public  financial  management  (PFM)  systems  are  a  core  area  for reform  in  many  developing countries. PFM   systems   support   decision   making   on   fiscal   policy, underpin   budget   implementation and reporting. It’s common for such systems to have shortcomings, including lack of fiscal discipline, macro-economic instability, improper allocation of resources, and ineffective public service delivery.

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