Kuala Lumpur, 26 November – Accountants today are urged to lead in creating and managing organisational value. Their key function is to help their organisations deliver consistent, sustainable growth and shareholder value.
“Facing these pressures, accountants are expected to shoulder multiple roles beyond the finance and assurance function in this new economic era where turbulence and volatility are constants” , said Malaysian Institute of Accountants (MIA) President, Johan Idris at the opening ceremony of the MIA International Accountants Conference (MIA Conference) 2013.
The Conference which attracted more 2500 delegates from 24 countries was officiated by YB. Dato’ Seri Ahmad Husni Mohamad Hanadzlah, Minister of Finance II, Malaysia.
Themed, ‘Managing Value, Accelerating Growth‘ the conference is especially tailored to support accountants and financial business leaders to create and manage value and deliver growth in their primary roles as executives, key decision-makers and business support partners,” added Johan.
Echoing the same message, the MIA Conference Organising Committee Chairman, Datuk Mohd Nasir Ahmad said: “The theme of the Conference is consistent with the role of accountants to add value to performance of an organisation. As managing value becomes vital to the business agenda, more accountants are taking on strategic and leadership roles and increasingly being held accountable for the business performance of their organisations”.
During the two-day conference, 38 thought leaders explore issues related to key areas that affect the accountancy profession now and the future and provide concrete solutions to overcome the challenges faces by the industry in four (4) plenary sessions and 12 Concurrent Sessions.
Headlining the MIAC 2013 is Warren Allen, President of the International Federation of Accountants (IFAC) and an influential global business leader who is speaking on the latest developments in business and the profession and how these will affect accountants in his keynote address during the first plenary session.
Allen shares his thoughts on how accountants should capitalise on the latest developments and trends in the profession – such as integrated reporting, IFRS convergence, the drive for quality, ongoing reforms, embracing and embedding a culture of risk management, ethics and good governance, etc. – to catalyse business growth and make an impact in a challenging and borderless world.
The second Plenary session focuses on integrated reporting, which enables better decision-making and governance and indelibly change the historical corporate reporting model as we know it today.
Plenary 3 presents an outlook of the risks and potentials of the global economy for near future, with an emphasis on the growth opportunities available in Asian markets. Meanwhile, Plenary 4 offers insights into creativity which is essential to driving innovation and competitiveness.
Meanwhile, the Conference concurrent sessions are tailored to help accountants and finance professionals advance in their particular domain, be it public practice, corporate or government. Topics include the developments in the area of tax legislations, risk management, and innovations among others to facilitate strategic planning and decision making, shared services and whistle blowing protocols to protect organisations against escalating fraud risks.
Recognising the emerging clout of SMEs and SMPs, the conference also places tremendous weight on internationalising SMEs and SMPs to help them scale up and prepare for the challenges of changing legislation and cross border economic integration. There are also heavy focuses on IFRS for SMEs; the route to internationalisation and expansion for SMEs and SMPs depends on the successful adoption of IFRS for SMEs for global comparability and competitiveness. Comply or languish is the message for small enterprises.
Indeed, it could be said that “learn, upskill or be left behind” is the key takeaway message for accountants and finance professionals at all levels.
“We believe that the content and knowledge on offer at the MIAC 2013 is well worth the price of admission. Only by learning constantly and keeping yourself up to date with the latest developments can you come closer to attaining your full potential as accountants of the 21st century,” urged Johan.
“We must bear in mind that all our strategies and plans can only be achieved with competent human capital. Therefore, it is imperative that Malaysia creates and maintains a first-class education system for accountancy training in order to produce trained accountancy graduates who are on par with those from other leading countries. I am confident that our educationists are ever ready to institute reforms for the sake of our future generations. To that extent, MIA pledges to cooperate with the institutions of higher education in the country as well as all other professional accountancy bodies to ensure that accountants trained in Malaysia will possess global competencies,” said Johan.
In line with this, during the opening ceremony, MIA hosted a special Document Exchange Ceremony between TalentCorp and professional Accounting Bodies. This Exchange is representative of the joining of forces of TalentCorp with five (5) Professional Accountancy Bodies to address the shortage of qualified professional accountants under what is known as the Upskilling Program for the finance shared services in Malaysia.
Johan said that MIA fervently supports relevant stakeholders especially from the institutes of higher learning and other developmental agencies in their endeavour to further propel the development of the accountancy profession in Malaysia.