BANGALORE: As India gears up to comply with the International Financial Reporting Standards (IFRS) in 2015, the need for attention towards ethics by students and business professionals has only gathered momentum. In an exclusive interview with Express, Gulzari Babber, deputy president, Chartered Institute of Management Accountants (CIMA) - the world’s largest professional body of management accountants- said that the declining ethical values was a concern in the backdrop of India’s compliance with IFRS.
“The lack of attention to ethical behaviour has been the cause of many downfalls, of businesses and governments, around the world in the recent past. This is however not a new phenomenon and many such occurrences can be found in history,” he said. Stressing the vitality of leading an organisation from the front to bring in ethics, he said, “Firstly, the ethical foundation has to be established and supported by leadership. Secondly, the business has to look beyond short-term success measures and set long term targets for growth.” He added that organisations with managements that act as the soul would guide business in the right direction towards sustainable ethical behaviour.
Babber opined that employability should be the focus of management institutes and other specialised financial institutes.
“We find that the gap between the competencies business firms seek from employees and the skill they possess is widening day-by-day. This is not just a problem confined to any one country, but is visible in many countries and businesses,” he said, adding that it was important to bridge the gap between what was being taught in universities and what the industry considers relevant.
Babber urged students and financial professionals to acquire skills as well as qualifications. “You will be hired and recognized for your competencies and your qualifications,” he said. For financial professionals, he said, “It is important to transform from being business partners rather than mere score keepers.”