The past year has seen ISCA continue to deepen our engagement with our counterparts globally. In particular, our hosting of several high-profile events for the profession has elevated the Institute’s visibility, and the regional initiatives we organised have strengthened our position as a leading professional accountancy body in ASEAN.
International Standards of Accounting and Reporting Consultative Group meeting
In May, ISCA was invited by the UNCTAD to participate in the International Standards of Accounting and Reporting Consultative Group meeting on enterprise reporting and the Sustainable Development Goals (SDGs) at the Palais des Nations in Geneva, Switzerland, where then ISCA President Dr Gerard Ee and ISCA’s Director of Global Alliance, Strategy and Insights & Intelligence Ms Joyce Tang discussed and provided inputs on UNCTAD’s guidance on core indicators for enterprise reporting on the SDGs. In October, ISCA President Mr Kon Yin Tong and ISCA’s Deputy Director of Corporate Reporting & Ethics Ms Lim Ju May shared their views on enhancing comparability of sustainability reporting and issues of practical implementation of international standards in accounting and reporting.
Chartered Accountants Worldwide Board and CEO Meetings
We hosted the Chartered Accountants Worldwide Board and CEO meetings in Singapore on 30 August, attended by the CEOs of 11 member bodies, who shared ideas on how to promote the prestige and value of Chartered Accountants globally. They were joined by four representatives from the Big 4 firms and the Regional Director of the Institute of Chartered Accountants in England and Wales (ICAEW), Mr Mark Billington, for a roundtable discussion on the current issues impacting the profession, particularly in light of corporate failures in the United Kingdom (UK) and South Africa.
IFAC PAIB Committee Meeting
ISCA hosted more than 40 IFAC delegates over a two-day committee meeting in Singapore. Local CFOs, including ISCA Vice President Ms Yvonne Chan, were invited to share their respective finance function’s transformation journey. The meeting discussed key focus areas of the PAIB Committee including data analytics, data modelling, risk management, effective communication and storytelling, governance and professional ethics. The two-day meeting, held in conjunction with the SAAC PAIB Conference 2018, concluded with a closed-door dinner between the ISCA leadership and the IFAC delegates.
ISCA continues to share our expertise with our neighbours in emerging markets like Myanmar, Laos and Cambodia through training programmes and sharing best practices.
In October, Cambodia’s accounting standard-setting body, National Accounting Council (NAC), invited ISCA to participate in a public consultation with Cambodian stakeholders who wanted to better understand the Micro Accounting Model (MAM), and how it would help businesses in Cambodia comply with local statutory financial reporting requirements. The MAM was developed by ISCA to facilitate the adoption of accrual accounting by micro, small and medium businesses (MSMEs) operating in ASEAN. ISCA’s Deputy Director of Corporate Reporting & Ethics represented the Institute at the consultation session to address questions posed by Cambodian stakeholders. Following the consultation, the NAC expressed its intention to legislate the use of the MAM in Cambodia. The invitation, and Cambodia’s intention to adopt the MAM, affirmed ISCA’s role as a regional thought leader in accountancy.
Laos and Myanmar
ISCA conducted a two-week specialist workshop for 32 Lao government officials in early 2018, covering a broad overview of topics such as principles of accounting and public sector financial management. In December, we were given the opportunity to contribute towards the development of the accountancy sector in Myanmar by providing training on the overview of ISCA’s Audit Manual for Standalone Entities to 54 Burmese audit practitioners in Yangon, with an emphasis on the methodology and forms used.
World Congress of Accountants
Finally, ISCA President Mr Kon Yin Tong, in his capacity as the President of the ASEAN Federation of Accountants, shared ASEAN and Singapore perspectives at the World Congress of Accountants in Sydney, Australia in November, providing insights on doing business in Southeast Asia.