NEWS

 

TITLE: MIA International Accountants Conference 2018

DATE: 09/10/2018

“Riding the Digital Wave, Leading Transformation”

The MIA International Accountants Conference 2018 drove home the message that accountants must take the lead in technological transformation, and that their decisions and actions must be backed by good governance and accountability.

At the MIA International Accountants Conference 2018 (MIA Conference 2018), accountants were urged to embrace technology to transform the profession and make it more business relevant, while upholding the Government-endorsed values of Competency, Accountability and Trust in order to protect the public interest and build the nation.

MIA’s flagship Conference, which is certified as the largest gathering of accountants in Malaysia by the Malaysia Book of Records, took place on the 9 – 10 October at the Kuala Lumpur Convention Centre. MIA Conference 2018 set fresh attendance records, drawing close to 3,100 delegates compared to 2,980 delegates who turned up for MIA Conference 2017.

In the same vein, guest of honour Deputy Finance Minister YB Dato’ IR Haji Amiruddin Hamzah exhorted accountants to be “competent, professional and accountable for the monies under their scrutiny”, referring to accountants as “guardians and representatives of the public interest.”

Dato’ Amiruddin also touched on the progress of the Accountant General’s Department of Malaysia, Ministry of Finance in its transformation to implement accrual accounting from modified cash based to accrual based. “The integrated Government Financial & Management Accounting System (iGFMAS) has been “Live” effective 1 January 2018 in all ministries and agencies. The system has the facility to produce dual ledger reporting both in modified cash and accrual based.”

“Assets and liabilities information in accrual based will subsequently allow ministries and agencies to be financially accountable for their respective revenues and expenditure. This will add depth to the accountability and transparency of the management of the public sector resources.”

Further, he thanked MIA for its support for the implementation of public sector accrual accounting, which includes technical support, support for public financial management enhancement, support of compliance with international standards specifically the Malaysian Public Sector Accounting Standards (MPSAS), and capacity-building for accountants in the public sector.

Commending MIA for strengthening its enforcement in order to enhance regulation, Dato’ Amiruddin said that, “The Government believes that more can be done to strengthen MIA’s powers and we are looking into enhancing and refining the Accountants Act 1967 to further empower regulation and enforcement of the profession.”

In his Conference remarks, MIA President Encik Salihin Abang explained that MIA chose the theme of “Riding the Digital Wave, Leading Transformation” in order to expose MIA members and delegates to the current potentials and challenges faced by the profession, especially those caused by digital disruption and changing regulations.

“We are advocating for faster and better technology adoption among our members and the profession – for example, robotics process automation, artificial intelligence, and big data analytics – so that you can become more effective and relevant business partners who create value for your customers,” said Salihin.

Earlier in her welcoming remarks, MIA CEO Dr. Nurmazilah Dato’ Mahzan had emphasised the statutory role of MIA as the regulator and developer of the accountancy profession in order to support nation building. She briefed delegates on MIA’s key advocacy and thought leadership, such as the MIA Digital Technology Blueprint.

Dr Nurmazilah stressed with the rise of the digital economy, we are witnessing today what many would call the “Fourth Industrial Revolution”, which is an age of digital disruption, through automation, the rise of the “sharing economy”, and other technology-driven innovations that will change the world—in fact, our lives—in ways we are only beginning to understand.