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During my early days as an ICAN student about two decades ago, when we were being taught about the membership of the International Accounting Standards Board (IASB), I used to be fascinated about what it feels like to get to that point — that is, a point where your opinion and experience become a barometer for global expertise in financial reporting topics. Not like I also didn’t have other aspirations, like someday becoming CFO at a global corporation and even becoming ICAN President (this latter one is no longer on the bucket list). Wink). Young adults have amazing dreams and aspirations when they are exposed to role models early enough. That is, by the way.
Young as I was then, my little understanding was (and still is) that being a technical board member at IASB, IFRIC, or even IFAC signifies a unique authority worth aspiring to. At that level, you are representing your country or an international body to directly shape trust and confidence in the global financial systems through your expertise. What a big feat, I dare say!
We are now in an age when financial systems are being rewritten by geopolitics, technology, and tax diplomacy, and the accounting profession sits at a quiet but powerful intersection of this. Over the last three decades, accountants have evolved into shaping the rules that govern global commerce. Through the International Federation of Accountants (IFAC) and standard-setting bodies like the International Ethics Standards Board for Accountants (IESBA) and the IFRS Foundation, the profession influences how trillions of dollars are reported, taxed, and disclosed.
The spread of International Financial Reporting Standards (IFRS) across more than 140 jurisdictions has given accountants an unprecedented role in shaping transparency norms. When investors, regulators, and even development partners debate what “true and fair view” means, they ultimately rely on accountants to operationalise those definitions in practice. In essence, global financial governance is only as strong as the accountants who interpret and apply it.
Perhaps the clearest example of this emerging role is the OECD’s global minimum tax, also known as Pillar Two rules. Designed to prevent profit shifting and ensure large multinationals pay at least 15% in each jurisdiction where they operate, this rule has created a new layer of reporting and assurance requirements. Accountants are critical to the rule’s implementation. We now must interpret unfamiliar rules, reconcile local GAAPs with OECD calculations, and advise boards on the potential reputational risks of non-compliance. What used to be a back-office compliance exercise has become a geopolitical function.
Read also: The global sustainability shift: A second chance for accountants?
What about enforcing anti-money laundering and anti-terrorism financing rules? The Financial Action Task Force (FATF) has, in recent years, widened its expectations of the accounting profession in anti-money laundering and counter-terrorist financing. More than ever before, we are now expected to identify suspicious transactions, verify beneficial ownership structures, and flag anomalies that could signal corruption or illicit flows.
This is no small responsibility. The accountant is now a first responder in the global fight against financial crime. In developing economies, like Nigeria, where public oversight may be weak, the accountant’s ethical compass often stands between the state and systemic leakage. Yet the question remains: are accountants adequately equipped for this gatekeeping role? Many jurisdictions still lack the institutional protection and regulatory capacity to support practitioners who raise red flags. The profession’s global and local leadership must therefore match expectations with empowerment.
Beyond compliance, there is the question of ethics. The accountant of the future must blend precision with principle, interpreting not only what the rules permit but also what the public interest demands. Big companies are increasingly being pressed to embed governance into their own cultures, ensuring that profit never eclipses purpose. The accountant’s oath, once recited at induction ceremonies, will always be tested in real time. Therefore, we must always stand tall if and when this happens.
Also in emerging markets, accountants are becoming reform agents within government treasuries and donor programmes. Through the adoption of accrual accounting, public sector accountants have helped improve transparency, fiscal discipline, and donor confidence. The World Bank and IMF’s governance initiatives often rely on professional accountants to translate budget promises into measurable fiscal outcomes. This is not just technical work; it’s nation-building.
Artificial intelligence, blockchain, and data analytics are changing how information moves through global systems. These tools can either enhance transparency or magnify manipulation. Accountants are uniquely positioned to ensure that algorithms don’t become the new black boxes of financial reporting. By asserting oversight over digital finance, accountants can preserve the credibility of numbers. The challenge before us is not to compete with machines but to govern them.
The aforementioned points, therefore, call for a recalibration of skills covering technical accounting, taxation, policy analysis, sustainability reporting, and digital assurance. Universities and professional bodies must always update their curricula to reflect these realities. Continuing professional education must expand beyond IFRS updates and other technical accounting topics to include governance, public policy, behavioural ethics, etc. I must confess, the Institute of Chartered Accountants of Nigeria (ICAN) has been very active in this regard.
The future of global financial governance will be written in the language of standards, ethics, and enforcement, and we as accountants hold the pen. Whether through implementing the global minimum tax, assuring sustainability disclosures, or uncovering illicit flows, our decisions ripple across economies. But this influence carries a duty: to act not just as technicians of finance but as custodians of public trust.
Sikiru Salami FCA is a Nigerian-based CFO, finance strategist, and business leader with finance leadership experience spanning multiple sectors. He can be contacted via goodsalam@gmail.com.
