In the aftermath of the financial crisis, the role of Chief Financial Officer (CFO) has become more important in recent years as a guardian of financial performance and a key player in creating long-term value.

The role that finance professionals can play in helping small, medium and large businesses grow, prosper and survive in India and around the world is to be championed in the coming year by the Association of Chartered Certified Accountants (ACCA), which has adopted the theme `Accountants for Business'.

In general, Indian business has weathered the global financial crisis relatively well. India's economy is one of the fastest growing in the world, with the Finance Ministry estimating that economic growth in 2009 will be around 7%. If this is achieved, India will become the fifth largest consumer market in the world within the next two decades.

There remain challenges, however. The monsoon failure has resulted in a marked decline in agricultural output, which in turn has resulted in high inflation, now spreading to non-food products, and these will remain important issues to be dealt with.

Importantly for business, the Indian government is determined to move to International Financial Reporting Standards (IFRS) in 2011. If adopted, this will mean that Indian businesses will be reporting their financial performance in the same way as many businesses around the world, and will put them on a level playing field with global corporate rivals.

The Analyst Magazine, Chief Financial Officer, CFO, Association of Chartered Certified Accountants, ACCA, Global Financial Crisis, International Financial Reporting Standards, IFRS, Global Corporate Rivals, Decision Making, Risk Management, Financial Management, Economic Growth.