This article first appeared in The Edge Malaysia Weekly, on October 26 - November 1, 2015.

The Malaysian Institute of Accountants (MIA) International Accountants Conference 2015, which is anticipated to be one of the largest gatherings of accountants in the world, is set to take on today’s most pressing issues as well as challenges and opportunities in the accounting and business world.

The conference, to be held on Oct 26 and 27, has received a confirmed attendance of 2,800 delegates from commerce and industry, the public sector, public practice and academia, and will be opened by Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah.

It will feature 60 renowned local and international speakers across 16 networking sessions, such as AirAsia X Bhd chairman Tan Sri Rafidah Aziz, Royal Malaysian Customs Department deputy director general of customs (customs/GST) Datuk Subromaniam Tholasy and Season 1 winner of The Apprentice Asia Jonathan Yabut.

The main sponsors of the MIA International Accountants Conference 2015 are the Chartered Institute of Management Accountants (diamond sponsor), the Association of Chartered Certified Accountants (titanium sponsor) and Salihin Consulting Group (platinum sponsor).

The theme of this year’s conference is “Today’s Synergy, Tomorrow’s Reality” and in a recent email interview with The Edge, MIA president Datuk Mohammad Faiz Azmi shared his insights into the conference and the evolution of the accountancy profession. The following are excerpts from the interview.

The Edge: What are your thoughts of the MIA International Accountants Conference 2015?

Datuk Mohammad Faiz Azmi: The theme of the conference is apt as it reflects the realisation of the Asean Economic Community (AEC), which is expected [to be established] by the end of this year.

Accountants need to update themselves on the opportunities and challenges presented by the AEC and consider building resources and talent to provide new offerings or move existing ones into new jurisdictions and work environments.

This will not be easy for some, without a rethink of how to work with other cultures and environments and be able to draw on different types of people to get a result.

[Thus], the need to work collaboratively, synergistically, becomes important. To succeed, one can no longer work in silos.

I believe the conference is an excellent way to provide some ideas and solutions as well as to provide participants with a way of networking and finding people with relevant experiences, to help them succeed.

What would be the key takeaways from the conference for participants?

The MIA conference is regarded as one of the largest gatherings of accountants in the world. The conference has received a confirmed attendance of 2,800 local and international delegates from commerce and industry, the public sector, public practice and academia.

With the theme reflecting the AEC, accountants will be pivotal in ensuring that the AEC takes off. At this conference, accountants will be able to steer their organisations to bring the AEC to realisation.

The conference seeks to incorporate topics that are of interest to our members, both in terms of awareness and technical aspects.

On the technical side, the main takeaways for preparers and auditors are the implementation of a new accounting framework for non-public interest entities next year, the Malaysian Private Entities Reporting Standard (MPERS). This is being brought in by the Malaysian Accounting Standards Board (MASB) and is based on an international standard used by small and medium enterprises globally. We will also touch on new accounting standards such as Malaysian Financial Reporting Standards (MFRS) 15 on accounting for revenue that is coming into force as well as the recent changes to the International Financial Reporting Standards (IFRS)/MFRS.

In terms of general awareness, we will also update our members on what is happening in Malaysia and regionally on a range of topics, such as integrated reporting, the impact of the AEC, the use of social media, taxation matters such as the Goods and Services Tax (GST), new audit methods such as big data analytics and the New Auditor’s Report.

Finally, we have a few topics that seek to provoke discussion, such as the role of accountants in government, the need for a common tax approach in the AEC as well as the topic of gender diversity in the profession.

Overall, it is a good balance of topics, which we believe will be of interest to members and will keep them abreast of things.

What are MIA’s aspirations and plans for the accountancy profession in Malaysia?

[Our] key aspiration is to discharge the overarching mandate of developing the accountancy profession to support nation building and good governance in the public interest.

Currently, there are more than 32,000 accountants registered with MIA and there are estimates that the nation needs 60,000 accountants to meet market demand by 2020.

MIA’s key short-term objective is to address this talent gap and build up the supply and quality of professional accountants to fulfil Malaysia’s development needs.

The mandate to achieve the 60,000 target is not an easy task and we are working closely with the relevant agencies, educational institutions and associations to achieve the required supply of accountants needed by 2020.

We have already started and intend to intensify our efforts to engage with schools and institutions of higher learning to attract young talent to the profession. Given the importance of this area, the vice-president of MIA, Datuk Zaiton Mohd Hassan, has been focusing most of her efforts to this end. We all share the objective to promote and train fit-for-purpose accountants.

Beyond this goal, we will continue to push the agenda for the profession forward on other fronts.

The 2015 milestone of the AEC and the signing of the Asean Mutual Recognition Arrangement for professional accountancy services will be the game changers for the profession. With a projected annual gross domestic product growth of 5.4% over the next six years, the region is poised to reach an economic size of about US$3.7 trillion by 2020 — four times its size a decade ago, according to Bank Negara Malaysia recently.

The opening up of Asean is expected to increase the demand for accountants and other professionals. Indeed, there is an opportunity for Malaysia to position itself as a hub for Asean accountancy development, based on our talent pool and adoption of international standards issued by bodies such as the International Federation of Accountants (IFAC) and International Accounting Standards Board.

The other area of opportunity that Malaysian accountants can add value to is Islamic finance. Our members can explore opportunities in shariah governance and audit that utilise existing skill sets in audit and assurance. They can also play a role in the many types and varieties of shariah-compliant institutions that service this area.

Towards this end, MIA has been collaborating with the relevant agencies such as Islamic Banking and Finance Institute Malaysia on Islamic finance courses and is assisting the MASB in helping to apply international standards to Islamic finance products.

What is the importance of keeping abreast of Continuing Professional Education (CPE) programmes?

CPE programmes ensure that accountants are kept abreast of the latest developments and changes affecting the accountancy profession. These programmes help accountants to perform competently within professional environments, maintain higher standards and public confidence in the profession.

The programmes are offered in various forms and formats such as workshops, seminars, short courses, forums and conferences as well as online and customised in-house training.

In the last financial year ended June 30, MIA successfully delivered about 800 CPE programmes. The bulk of these programmes focused on the GST, accounting and financial reporting, auditing and taxation. During the same period, MIA recorded a total of 35,263 participants in the CPE programmes, of which more than half were MIA members.

MIA will continue to identify new programmes, such as those on accrual-based accounting for public sector finance, integrated reporting, post-implementation GST work, MPERS and IFRS accounting updates and data analytics, to name but a few.

Seeing that chief financial officers (CFOs) of companies are now transcending into CEO roles, how is MIA grooming its members to go from a mere bookkeeper to holding a more managerial position?

MIA is aware of the competency skill sets that CFOs need to possess. Consistently, MIA offers thought-leadership programmes on strategic management and business intelligence as well as provides global updates on trends that are taking place in the business world to prepare CFOs for the leadership role.

One such initiative is the CFO Dialogue, a joint initiative between MIA and the Chartered Institute of Management Accountants that brings together C-Suite finance professionals from various industries on a common platform to discuss the trends and challenges in the business environment.

We are also exploring the development of a competency framework for accountants in business to ensure their skill sets are being constantly updated and that they are armed with up-to-date knowledge in order to do their job better.

Is it vital for accountants nowadays to have professional certification, besides holding a degree? How much value can an MIA membership add to an accountant?

Competency is a core attribute of any professional. As economies develop and the market becomes more sophisticated, accountants need to be able to adapt to these changes. It is clear the accountants of tomorrow will need to do more and be expected to deal with new products, standards and be able to deal with new situations.

As a minimum, the education of professional accountants is guided by the International Education Standards issued by IFAC. Accountancy bodies around the world, including those in Asean, are revamping their education framework to meet IFAC’s evolving standards.

To remain competitive regionally and globally, Malaysian accountants need to embrace change. Accountants with both professional qualifications and specialised skill sets will be able to enhance their career development significantly if they regard education as a lifelong goal. Asians are famous for collecting bits of paper to proclaim their knowledge, so why not continue to do so by seeking a professional qualification on top of your degree or master’s. It will certainly look good on your curriculum vitae to have more letters after your name.

Another reason for us to evolve is the implementation of the AEC. We are opening our doors to more foreign accountants to come and work in Malaysia and vice versa. Accountants with the right skills, attitude, qualifications and work experience will be able to work in any of the Asean countries, subject to their domestic regulations.

MIA’s value proposition to Malaysian accountants is that we are the only body recognised by the government that has the resources and the mandate to develop the training, quality and work scope of accountants and to seek out new services and areas of work for them. Why would you not want to be a member and to be among your peers?

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