Kathmandu, January 31

The South Asian Federation of Accountants (SAFA) International Chief Financial Officer (CFO) Conference kicked off here today, with experts on accountancy pointing out the risks and challenges posed by the new information and technology in public finance and accountancy.

Stakeholders have said that the growing use of new information and technology has made the role of CFOs

more challenging.

“The role of technology is always useful, but turns riskier when it becomes the boss in any enterprise. The growing use of technology in the world has posed new challenges to the CFOs,” said Adrian Perera, a council member of The Institute of Certified Management Accountants of Sri Lanka, (CMA Sri Lanka), speaking at a session titled ‘Role of CFOs in technological transformation’.

As per Perera, the use of more than 900 crypto currencies, rising cyber crimes and use of robots are all posing challenges to financial management.

Other experts and stakeholders speaking in other technical sessions also echoed Perera. They also worry about technology threatening jobs of CFOs.

“The job of chief financial officers who prepare financial reports and maintain data are also at stake due to artificial

intelligence and technology,” said Manil Jayasinge, vice president of the Institute of Chartered Accountants of Sri Lanka, speaking at a technical session titled ‘Are CFOs future ready?’

Fifteen renowned international professionals and leaders of accountancy sector addressed three different technical sessions held throughout the day.

Coinciding with the Institute of Chartered Accountants of Nepal (ICAN)’s 21st anniversary, the autonomous regulatory body of the accountancy profession in Nepal is organising various events for four days until Friday, including the SAFA International CFO Conference.

The conference, under the theme of ‘Evolving economic environment — challenges and way forward’ was inaugurated by Vice President Nanda Kishor Pun.

Over 100 participants from foreign countries and more than 300 from Nepal are participating in the conference, as per ICAN. The conference has brought together directors, CEOs, CFOs, managers, professionals, consultants, members and students from various South Asian countries.