Future Relevance of the Accountancy Profession (FRAP)

The Future Relevance of Accountancy Profession or FRAP initiative intends to address misperceptions about the future of the accountancy profession while equipping accountants with the skills to navigate the digital and sustainable economy.

In 2020, MIA engaged with the Minister of Human Resources Malaysia to counter the Ministry’s media statement that the accountancy profession may become irrelevant in the coming years, based on "The Future of Jobs Report 2018” issued by the World Economic Forum (WEF). The Institute’s advocacy with local and international stakeholders on the impact of technology on accountants successfully enhanced the profession’s perception since that watershed; under Malaysia’s Critical Occupational List 2018/2019, accountants and auditors were listed as the top 20 occupations most sought after in Malaysia.

Since 2016, MIA has embarked on targeted initiatives to enhance the future relevance of the accountancy profession by advocating for, among others:

  • Identify MIA’s key publics and establishing strategies for building and maintaining mutually beneficial relationships between MIA and the identified publics.
  • Develop long-term communication strategy for MIA, covering audiences in an integrated approach. This includes understanding issues and analysing public attitudes that may have an impact on MIA’s image and reputation.
  • Develop and support internal and external communication.
  • Position MIA positively in the market to raise its profile on par with other regulators and among its targeted stakeholders, members of the public, international audience and relevant others.
  • Takes ownership of MIA’s corporate branding and build brand awareness.

Here are some of MIA’s activities to promote the Future Relevance of the Accountancy Profession:

  • Participated in a webinar organised by the Ikatan Akuntan Indonesia (IAI) on the Future Relevance of the Accountancy Profession
  • Completed the Trust & Brand survey on MIA
  • Encouraged digital adoption for SMEs through various initiatives including Data Governance
  • Prepared the Malaysian Accountancy Profession for the Digital World: MIA Digital Technology Blueprint