Globalization

Two significant global issues will impact organizations and markets and hence the role of professional accountants in business. The first is the diffusion of economic power in the global economy across a wider range of regions and countries, underpinned by the deployment of information technology, greater economic openness, and the growing size and reach of multinational companies. The second issue is sustainable development, and in particular climate change, which has now become a defining issue of our era. With this increased attention has come an increased demand for reliable decision-making information.

Complexity

... Regulators and standard setters will also have to accept their responsibility for tackling complexity. Shifting from more to better and evidence-based regulation and oversight would enable organizations to more effectively and efficiently create stakeholder value and to properly account for how they are doing so. In addition, global convergence of standards and regulation, as well as global coordination of oversight could also help reduce complexity and the cost of business.