“CFOs as Strategic Leaders”

…. Shaping Tomorrow’s Financial Landscape

By Francis Maingaila

Lusaka, Zambia24 – (14-06-2024) – The Zambia Institute of Chartered Accountants (ZICA) hosted a Chief Financial Officers (CFOs) workshop, highlighting the critical issue of delayed submission of International Financial Reporting Standards (IFRS) feedback.

Antony Bwembya, ZICA’s Executive Director, emphasized the need for proactive engagement by CFOs in the standard-setting process.

Bwembya said the workshop emphasized the expanded role of CFOs beyond financial oversight to strategic decision-making, influencing marketing, HR, and technological investments. CFOs were urged to leverage their influence across all facets of organizational strategy.

He stressed the effective leadership as pivotal in navigating economic uncertainties and technological disruptions.

He said CFOs need to stay abreast of contemporary leadership practices and challenges.

Amidst global economic volatility, Bwembya said CFOs must possess a nuanced understanding of local and global economic trends to make informed decisions.

He said the implementation of IFRS 16 poses challenges, particularly with licenses. Bwembya lamented late feedback from ZICA members, emphasizing the need for proactive input during standard formulation.

Upcoming events include the Annual General Meeting on July 19th, preceded by workshops on July 17th and 18th. CFOs were encouraged to attend and translate workshop insights into actionable strategies.

The workshop positioned CFOs as pivotal leaders in shaping financial reporting and organizational strategy.

By embracing their expanded roles and engaging proactively in global financial discourse, CFOs can drive sustainable growth and resilience in today’s competitive landscape.