How We Create Value

Our pivotal role in representing the interests and voice of the CFO profession necessitates strategic engagement with key international regulators, agencies, standard-setting bodies, and industry groups. This engagement is vital to ensure that the perspectives and expertise of CFOs are effectively communicated and considered in the global financial landscape.

Guidelines for Stakeholder Engagement

We use the following principles to guide our interactions with stakeholders, ensuring that we present the collective views of our member associations in a fair, balanced and effective manner:

Influencing Standards for Financial Reporting and Management
Contributing to the development of standards that affect financial reporting, management, and sustainability reporting practices.
Harmonizing Professional Standards
Engaging in the harmonization of professional standards across member countries, which is vital for CFOs operating in multi-national environments.
Advocacy for CFO Profession
Representing the interests of CFOs in the standard-setting process, ensuring that the standards developed are practical, comprehensive, and beneficial for the financial management community.
Participation in Technical Committees
Actively participating in relevant technical committees or working groups that deal with financial management, reporting, or related areas.
Promoting Best Practices
Sharing and promoting best practices and innovations in financial management and sustainability globally.

List of Stakeholders

Our list of stakeholders represent a comprehensive analysis of important role players within the CFO ecosystem. We allocate our resources to areas that we collectively deem to represent the most immediate and important areas for intervention.

Regulatory Authorities and Industry Bodies

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These engagements can provide the ICFOA with a platform to influence global financial regulations, standards, and practices, ensuring the voice of CFOs is heard in important financial discussions and decision-making processes.

International Monetary Fund (IMF): For insights on global financial stability and economic policies.
World Bank: To discuss financial strategies and policies that impact global finance and development.
European Central Bank (ECB): Particularly relevant for financial matters within the European Union.
Financial Stability Board (FSB): For discussions on global financial system stability.
Organisation for Economic Co-operation and Development (OECD): Engaging in dialogue on economic policies and international tax matters.
International Accounting Standards Board (IASB): For matters related to financial reporting and accounting standards.
Securities and Exchange Commission (SEC), European Securities and Markets Authority (ESMA), and similar bourses in local jurisdictions: For regulations on securities and financial markets.
World Federation of Exchanges (WFE): Engaging in discussions about global finance and stock exchange practices.
Basel Committee on Banking Supervision: For banking regulatory matters.
United Nations Environment Programme Finance Initiative (UNEP FI): For sustainable finance and environmental initiatives.
United Nations Commission for Trade and Development: To engage in initiatives promoting international trade and development, providing key insights into global economic trends and policies relevant to CFOs
European Commission: Especially departments dealing with financial regulation, economic and monetary affairs, and internal market and services. The European Commission plays a key role in proposing and enforcing legislation that affects the accounting and finance professions across the EU.

Standard-setting Authorities for Qualifications, Skills and Occupations

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By engaging with these authorities the ICFOA can ensure that the standards affecting the CFO profession are well-aligned with current practices and future trends, and that they adequately address the challenges and opportunities faced by financial leaders in the Americas, Europe and Africa:

Quality Councils and Quality Assurance Organisations (European Association for Quality Assurance in Higher Education (ENQA), USA Council for Higher Education Accreditation (CHEA). African Quality Assurance Network (AfriQAN): An umbrella organization representing quality assurance organizations from the European Higher Education Area (EHEA) member states.
EU’s Expert Groups on Financial Services: These groups provide advice and expertise to the European Commission and can be a key platform for influencing policy and regulation affecting the finance profession.
European Committee for Standardization (CEN), United States: American National Standards Institute (ANSI), Brazil: Associação Brasileira de Normas Técnicas (ABNT), Africa: African Organization for Standardization (ARSO): Each of these organizations plays a significant role in their respective regions in establishing and harmonizing standards across various sectors, including finance.
Sector-specific Professional Organizations: Various professional sectors in a country or union jurisdiction, like accounting, engineering, and healthcare, have their own organizations that serve as quality councils, setting standards and ensuring quality within their respective fields.

Standard-setting Authorities for Financial Reporting and Governance

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International Accounting Standards Board (IASB): For collaboration on global financial reporting and accounting standards, ensuring CFO practices align with international norms.
International Sustainability Standards Board (ISSB): To engage in shaping sustainability reporting standards, integrating environmental, social, and governance (ESG) aspects into financial strategies.
International Auditing and Assurance Standards Board (IAASB): For insights and input on auditing and assurance practices, enhancing the reliability and integrity of financial reporting.
Institutes of Directors: To connect with corporate leaders, sharing insights on governance and strategic financial management in boardroom contexts.