Ukraine roundtable considers growing role of CFO
Event analyses findings of ACCA global survey
17 Jul 2009
The findings of ACCA's global survey, The CFO's new environment, formed the main topic of discussion at ACCA's roundtable event in Kiev, Ukraine, on 10 July.
Taking its cue from ACCA's new global theme for 2009-10, the roundtable - entitled Accountants for business: the golden age of the profession? - considered the increasing roles CFOs are playing in strategy development and prioritising risk management, and the growing demand for professional training and education.
Natalya Vovchuk, head of ACCA Ukraine, Baltic and Caucasus States, outlined the results of ACCA's survey, which polled 450 CFOs around the world. 'Currently, 83% of CFOs think that their role has become more important, and 70% think that the finance team is getting more boardroom backing than a year ago,' she said.
'About 80% of those polled stated that they are playing a bigger role in risk management, and 72% thought that finance departments are working more closely with business units in strategic planning. We can see that the role of the professional accountant and the CFO is decisive for business today, for optimisation of expenses and cash flows.'
The roundtable also heard a presentation by Andrei Busuioc ACCA, of the Centre for Financial Reporting Reform, on the issues and prospects facing the Ukrainian profession.
He discussed the findings of the World Bank's ROSC (Report on the Observance of Standards and Codes) for Ukraine and highlighted the policy recommendations for Ukrainian decision makers on the legislative framework for accountancy and audit, increasing institutional capacity and professional education and development.