THE OFFICIAL NEWSLETTER OF THE WORLD CONGRESS OF ACCOUNTANTS 2010
AUGUST 2010
GOLD SPONSORS
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Striving for Sustainability The overriding theme of the WCOA 2010 is “Accountants: sustaining value creation”, which asks how accountants can create and sustain value for their organisations in order to remain relevant in a volatile post crisis environment. The sessions on sustainability reporting will consider how accountants can integrate financial and non-financial reporting seamlessly to move beyond historical disclosures into real-time reporting, qualitative analysis and forecasting to meet the strategic needs of business. “Some organisations adopt environmental-economic accounting that brings together economic and environmental information in a common framework to measure the contribution of the environment to the economy, and the impact of the economy on the environment,” says the WCOA 2010 organising chairman Dr Lee Yee Chong. This can include reporting on carbon footprints and health and safety issues such as waste disposal, spills and remediation, he explains. “Conceptually, sustainability has three important dimensions: environmental sustainability, economic sustainability and socio sustainability,” says Lee. “While pursuing the commercial imperative, mainstream economics often ignores the environmental and social dimensions of sustainability development. It is important to reconcile the economic, social and environmental aspects within a holistic and balanced sustainable development framework,” he adds in reference to the mega-trends of climate change, global population growth and urbanisation.
WCOA 2010 organising chairman Dr Lee Yee Chong. Dr Lee Yee Chong
WCOA 2010 Organising Chairman
Since these three elements are interdependent, best-practice disclosure recommends that organisations report on these in an integrated fashion, that is, connected reporting. The connected reporting framework will enable accountants to deliver more analytical and predictive reporting in addition to providing enhanced credibility and assurance to stakeholders. Other key sustainability issues include embedding sustainability principles in corporate governance, and governance and ethics, which encompasses human rights, child labour and corruption. Making the leap to sustainability will be challenging, and entails a mindset change. “Business today does not focus on long-term goals and objectives but rather on short term efforts,” says Lee. “There is resistance to change.” Change, however, is imperative as the global population expands towards nine billion people – the population estimate for 2050 contained the Vision 2050 report from the World Business Council for Sustainable Development. Part of this article is extracted from CPA Australia’s InTheBlack August 2010 issue.
ABOUT THE WORLD CONGRESS OF ACCOUNTANTS
CONGRESS THEME: ACCOUNTANTS: SUSTAINING VALUE CREATION
The WCOA is held under the auspices of the International Federation of Accountants (IFAC). Since its inception in 1904, the World Congress has been held every five years since 1977 and every four years since 2002. It is the foremost international event for the accountancy profession. This is a highly respected and well-attended global forum attracting influential communities to share and debate important issues affecting the accountancy profession now and into the future.
Professional accountants operate in all facets of the global economy creating value and upholding business integrity in both the private and public sectors. In a world demanding short term solutions, professional accountants are challenged to sustain long term growth. Accountants lead strategic teams and are charged with creating value and safeguarding assets. They are an important part of organisational governance, and provide regulators and society with assurance that business has operated to the highest standards. This World Congress will explore issues related to key areas that directly and indirectly affect the continued relevance of the professional accountant in the coming years.
AUGUST 2010
THE OFFICIAL NEWSLETTER OF THE WORLD CONGRESS OF ACCOUNTANTS 2010
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Technical Programme Highlights
Global Reach
Strong support from CPA Australia for WCOA 2010
China’s Finance Ministry and other accountancy bodies pledge their support
A strong contingent from CPA Australia will be in Kuala Lumpur to support the World Congress of Accountants 2010, of which it is a gold sponsor. Members of CPA Australia's Board of Directors, its International Advisory Committee and its Public Practice Advisory Committee will all be present.
China’s Vice Finance Minister, Dr Wang Jun, has assured the WCOA 2010 team led by Organising Chairman Dr YC Lee during their recent marketing trip to Beijing that his ministry will help boost the number of Chinese participants attending the World Congress.
Alex Malley,
CEO, CPA Australia
Chief Executive Officer Alex Malley is one of five speakers for the plenary session on Accountants in the Next Decade – Embracing Change and Seizing Opportunities. He is highly respected for his exceptional leadership and vision. President Richard Petty will address how financial reporting has changed radically over the past 10 years in the concurrent session on Corporate Reporting to Business Reporting - The Way Forward.
Professor Petty has published extensively in both academic and professional journals.
Wang Jun, who is one of the speakers at the plenary session 1 on Accountants: Sustaining Value Creation in the Borderless Economy, was presented ACCA's Outstanding Innovation and Leadership Award earlier this year for bringing the Chinese accountancy profession onto the global stage. He is recognised for this visionary leadership by the World Bank and International Federation of Accountants.
Professor Petty is an internationally recognised authority on corporate governance, specifically on the impact that voluntary disclosure of information to stakeholders has on the value of an entity. The managing director of an investment company, he is also the chairman of Hong Kong’s annual Best Reporting Awards, in which most of the listed companies in Hong Kong participate.
He will be working closely with the Chinese Institute of Certified Public Accountants (CICPA) to achieve that.
WCOA 2010 Organising Committee Chairman, Dr YC Lee with China’s Vice Finance Minister, Dr Wang Jun (left).
Prof Richard Petty,
President, CPA Australia
Shaping the next generation of accountants The importance of financial information in strategic decision making has increasingly taken centre stage, precipitating a marked change in the responsibilities of the finance professional whose role has evolved into one of stewardship, requiring a broad range of technical, strategic and managerial skills.
Dr YC Lee with Dr Chen, CICPA Secretary General.
Dr Nataliya Vovchuk, Head of ACCA Ukraine, Baltic and Caucasus States
In the concurrent session, Shaping the next generation of accountants, Dr Nataliya Vovchuk, head of ACCA Ukraine, Baltic and Caucasus States, will discuss how accountancy education is faced with myriad changes in the regulation of the profession and requirements of professional qualifications. “Globalisation has changed the way business is conducted and the accountancy profession has had to adapt to ensure the modern professional is adequately equipped,” said Vovchuk, who has over 15 years experience in accountancy education. She will be debating the impact of new guidance issued by the International Accounting Education Standards Board on implementing IES 6, Assessment of Professional Capabilities and Competence. Other panellists involved in this concurrent session include:
Exchange of memento with Malaysian ambassador to China Datuk Iskandar Sarifuddin.
During his two-day visit to Beijing, Lee also met up with CICPA Secretary General Dr Chen Yugui, who is encouraging the local CPAs to become more internationalised. The WCOA team paid a courtesy call to James Chang, a partner of PricewaterhouseCoopers’ Financial Risk Management, Advisory Practice, who will assist to disseminate the World Congress flyers to its audit staff and encourage them to attend. A meeting was held with the head of ACCA Beijing, Yao Zhi Jun, who linked up the WCOA team with the China Association of Chief Financial Officers who will help promote the event to their members.
Mark Spofforth,
Partner, Spofforths and Member of The International Accounting Education Standards Board (IAESB)
Saleem Kharwa,
Past President & Chairperosn of South African Institute of Professional Accountants (SAIPA) and Member of The International Accounting Education Standards Board (IAESB)
Dr Robert G Jelly,
Executive Director, CIMA
Malaysian ambassador to China Datuk Iskandar Sarifuddin will facilitate in the visa applications of the Chinese delegates attending the World Congress.
As at press time, delegates registration from China stands at 143.
AUGUST 2010
THE OFFICIAL NEWSLETTER OF THE WORLD CONGRESS OF ACCOUNTANTS 2010
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Global Reach
WCOA 2010 extensive roadshows in the Middle East and Gulf states
Incentives to increase number of Taiwanese delegates to Malaysia
As part of the ongoing initiatives to promote the World Congress of Accountants (WCOA) among the financial and business leaders in the Middle East and the Gulf States, Malaysia Institute of Accountants (MIA) President Abdul Rahim Abdul Hamid and WCOA 2010 manager Iszudin Mohd Amin embarked on a 16-day roadshow covering six countries.
With the World Congress of Accountants (WCOA) being held in Asia for the third time, Organising Chairman Dr YC Lee pushed for higher numbers of attendees coming from this region.
Between 25 June and 11 July 2010, the team visited Saudi Arabia, United Arab Emirates (UAE), Iran, Jordan, Lebanon and Egypt. The WCOA 2010 team is targeting 600 delegates from this region. One of the objectives of these roadshows is to promote Malaysia as a hub of Islamic finance. MIA will also be working closely with Malaysia Islamic Financial Centre to do that, its President Abdul Rahim told Khaleej Times and the Bernama national news agency.
Abdul Rahim updating the senior management team of the Saudi Arabia Capital Market Authority on the WCOA 2010
In his two-day marketing trip to Taipei which ended on 14 July 2010, one of his main objectives was to increase the participation of Taiwanese delegates to this event where Malaysia is the proud host this year.
Lee add ressing the Taiwanes e invitees during his presentati on
Lee met up with close to 20 Partners or Chair from the Big Five (Deloitte, PricewaterhouseCoopers, Ernst & Young, KPMG and Grant Thornton) and other medium-sized accounting firms. He also met up with the international committee from the National Federation of CPA Associations of the Republic of China (NFCPA).
MIA President presenting memento to Deepak Chainani, ACCA Country Manager for UAE and Qatar.
James Wu accepting the memento on behalf of the Chairwoman.
The NFCPA, together with Taiwan Provincial CPA Association, Taipei City CPA Association and Kaohsiung City CPA Association, are offering a subsidy programme which include travelling and registration expenses to their members and non-accountants. NFCPA is proud to have representatives from Taiwan involved in the WCOA’s technical programme. They are Dr Robert Sun-Quai Lai, Director General of Small and Medium Enterprise Administration from the Ministry of Economic Affairs and Dr Rong-Rue Duh, Professor of Accounting from the National Taiwan University.
MIA President meeting with President and High Council members of the Iranian Institute of Certified Accountants and the Iranian Association of Certified Public Accountants.
Building stronger ties with Jordanian Association of Certified Public Accountants (JACPA): Chairman Naim Saba Khoury (second from left) and council member Mousa Sindaha (far right)
Central Bank of Lebanon first Vice-Governor, Raed H Charafeddine, being briefed by MIA President on the WCOA 2010.
The former will be speaking at a concurrent session on Small and Medium Enterprise Financing in the Global Market – Is There Room for Improvements? while the latter will chair the session on The International Association for Accounting Education & Research – Promoting Excellence in Accounting Research.
WCOA 2010 in Egypt: MIA president (centre) flanked by two advisors to KPMG Chairman Hazem Hassan, Mohamed Yehia (left) and Mostafa Ragheb (right).
THE OFFICIAL NEWSLETTER OF THE WORLD CONGRESS OF ACCOUNTANTS 2010
AUGUST 2010
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WCOA 2010 Diary
Delegates’ registration reaches above 3,000 mark Delegates who have registered their interest to the World Congress of Accountants (WCOA) 2010 have reached above the 3,000 mark. As at 6 August, the figure stood at 3,327, with registration from Malaysians totalling 1,168 leading the way followed 724 delegates from Africa.
Calling all golfers! The WCOA team is organising a Golf Challenge at the Glenmarie Golf & Country Club (GGCC) in Selangor on 7 November, a day ahead of the World Congress opening. Considered as one of Malaysia’s top golf clubs, GGCC two 18-hole golf courses offer constrasting styles and breathtaking landscapes that are rich in flora and fauna. To play, per flight costs RM2,000 or USD600, inclusive of buffet breakfast and lunch, green fee, buggy and caddy charges and insurance. Each participant will also be given a goodie bag.
The WCOA 2010 organising team is giving a complimentary three day/two night stay at the Frangipani Langkawi Resort & Spa as prizes to every 1,000 delegate registered. The lucky 1,000th delegate is Kapambwe Doreen Chiwele from the National Pension Scheme Authority from Zambia. The 2,000th delegate is Ali Darwin from IAI, Indonesia while the 3,000th delegate is Robert Strachan from the Certified Management Accountants of Canada. Enjoy your holiday stay in Malaysia!
There will be lots of prizes to be won and lucky draws to be given away. They include: • • • •
Main prizes Nearest to the pin x 2 Nearest to the line x 2 Longest drive x 2
Discover Malaysia
Legendary island retreat Langkawi, comprising a group of 99 islands sited in the northernmost tip of Peninsular Malaysia, has white sandy beaches, limestone hills, natural landscape, corals and much more. This duty-free tropical paradise is famed for its folklores, myths, legends and romance.
Email vincent.lim@aosconventions.com to register your interest. Recently, 24 top government officials, corporate figures, heads of financial institutions, sponsors and media participated in the second series of the Golf Challenge organised by the Malaysian Institute of Accountants’ (MIA) World Congress of Accountants 2010 (WCOA) team at the Templar Park Country Club in Selangor. Targeted at enhancing ties between MIA and its strategic partners, the Golf Challenge proved to be a great time for networking and renewing of old ties. Maybank senior relationship manager Aiyub Aziz, who emerged the first prize winner, walked away with a Cleveland Monster XLS Driver. Lots of prizes, including novelties, were given away that Saturday.
yub Aziz, Memento to Ai nner of wi ize pr st fir e th at Templar Park Golf Challenge Selangor. in ub Cl Country
Langkawi derives its name from the Malay word “helang” which means eagle and “kawi” which describes the bird’s reddish brown hues. It is a place where you can appreciate Mother Nature’s handiwork as you do your sunset cruise, island hopping, jungle walks or cave tours. Filled with lush vegetation and exotic flora and fauna, Langkawi attracts nature lovers. One of the interesting activities here is to do a boat tour of its mangrove forest that takes you out to see Langkawi’s rugged coastline, limestone rock formation and rich bird life where you might get to view the rare brown wing stork-bill kingfisher. Watching the feeding of wild eagles at close range is one of the highlights of this tour, which is included in the three-day post-tour package to Langkawi for delegates of the World Congress of Accountants. Other activities that you must do while you are here is to take the cable car ride to Gunung Matcinchang. This mountain is testimony of the oldest geology found in Malaysia, consisting of 450 million years old of metamorphosed rock. Recognising Langkawi’s unique ecological habitat, Unesco bestowed it geopark status in 2007, making it the only geopark in Southeast Asia and the 52nd under Unesco Global Geoparks Network.