Year-end provides a unique opportunity to reflect on where we were, where we are, and where we’re going. Reviewing achievements, challenges, and lessons learned empowers us to refine strategies and set new goals. It’s a pivotal juncture to celebrate successes, recalibrate priorities, and envision aspirations for the upcoming year. Ultimately, these reflections can become a catalyst for growth, not only for IMA® (Institute of Management Accountants) but also for the broader accounting and finance profession.
The year 2023 witnessed a blend of promising economic growth and persistent challenges across the global financial landscape. In the wake of the COVID-19 pandemic’s lingering effects, economies showed signs of recovery but faced hurdles like inflationary pressures, talent shortages, and geopolitical tensions. Businesses continued to accelerate digital and financial transformation, adapting swiftly to hybrid work and customer needs. There was a surge in AI integration, sustainability initiatives, and blockchain advancements. Supply chain disruptions persisted, leading organizations to prioritize resilience and accounting and finance professionals to embrace enterprise risk management.
IMA also displayed agility and resilience in the face of a changing accounting and finance profession. We said farewell to Jeff Thompson, who served for nearly 15 years as IMA’s president and CEO. During Jeff’s tenure, IMA truly became a global accounting and finance professional association, growing to nearly 140,000 members in 150 countries and recognized as one of the largest and most respected associations focused on advancing management accounting in business. This past spring, we welcomed our new president and CEO, Mike DePrisco, who brings nearly 30 years of expertise in association management and education to IMA. In his first six months, Mike and the IMA staff have conducted a complete strategic review, focusing on IMA’s winning aspiration to serve the broader business professional community in the future.
As we look to 2024, a number of anticipated drivers and events may significantly shape the accounting and finance landscape, emphasizing the importance of adaptability and strategic planning for businesses and financial professionals. The economic recovery from the COVID-19 pandemic is likely to remain a significant driver, requiring governments and central banks worldwide to maintain a delicate balance between stimulating growth and managing inflation. Fintech innovations, particularly in areas such as digital banking, cryptocurrencies, blockchain applications, and AI-driven solutions, will likely reshape the financial services landscape. Coming off the successful 2023 United Nations Climate Change Conference (COP28), the focus on sustainable business management practices also will likely intensify. Strengthening environment, social, and governance (ESG) frameworks, reporting transparency, and integrating sustainable practices into business strategies will remain a critical trend. Finally, potential regulatory mandates and changes to accounting standards will lead to discussions and implementations regarding lease accounting, revenue recognition, financial instruments, and Generally Accepted Auditing Standards (GAAS).
Regardless of what 2024 brings, IMA remains pivotal to shaping the accounting and finance landscape and enabling business growth. It will continue to provide cutting-edge resources, professional development, and certifications, empowering professionals to navigate evolving geopolitical, regulatory, and competitive environments. As a global advocate for ethical practices and innovation, IMA fosters a community that thrives on knowledge sharing and collaboration, ensuring its members are equipped with the skills and insights crucial to excel in an ever-changing profession for years to come.
December 2023
