18th WCOA Co-Hosted by the International Federation of Accountants and the Malaysian Institute of Accountants
The 18th World Congress of Accountants (WCOA) opened today with the participation of 6,000 distinguished delegates from 134 countries, a record-breaking number.
The Congress, which originated in 1904 and has been held regularly since 1977, was jointly organised by the Malaysian Institute of Accountants (MIA) and the International Federation of Accountants (IFAC). It was officiated by the Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop on behalf of the Prime Minister Datuk Seri Najib Tun Razak.
Najib’s speech was delivered by Nor Mohamed Yakcop.
Themed “Accountants: Sustaining Value Creation,” the Congress, which is being held in Malaysia for the first time, will bring together 183 eminent speakers from over 40 countries.
“The theme of the Congress is consistent with the role of the accountants to add value to the performance of an organisation,” said MIA President Abdul Rahim Abdul Hamid at the opening of the Congress here today.
Abdul Rahim said as value creation becomes vital to the business agenda, more accountants are taking on strategic and leadership roles and increasingly being held accountable for the business performance of their organisations.
World-renowned speakers will explore the issues related to key areas that affect the accountancy profession now and in the future and provide concrete solutions to overcome the challenges faced by the industry in four plenary sessions and 35 concurrent sessions beginning tomorrow.
“The accountancy profession continues to evolve,” said IFAC Chief Executive Officer Ian Ball. “Years from now, the profession will be quite different, with different skills and competencies. At this Congress, we will explore new opportunities and potential challenges, and how we will meet them.”
The key issues that will be discussed include accounting ethics, governance, standards, and development of the accounting profession. Issues such as International Financial Reporting Standards (IFRS) convergence will also be deliberated upon.
Among the distinguished speakers are China’s Vice Minister of Finance Dr. Wang Jun; Chairman of the International Public Interest Oversight Board Prof. Stavros Thomadakis; Chairman of the International Accounting Standards Board Sir David Tweedie; Chairman of the International Valuation Standards Council Mr. Michel Prada; Bank Negara Malaysia Governor Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz; Securities Commission Chairman Tan Sri Zarinah Anwar; Khazanah Nasional Bhd’s Tan Sri Dato’ Sri Azman Mokhtar; and SME Corp Malaysia CEO Dato’ Hafsah Hashim.
“As we move forward, it is more important than ever that we continue to learn from each other, exchange ideas, and discuss best practices,” said Robert Bunting, President of IFAC. “I look forward to engaging discussions and debates in the days to come.”
Chief Executive Officer of MIA Rosli Abdullah said the Congress provides benefits to all participants. “The Congress gives insights on critical issues such as the development of global accounting standards and opportunities to network with business professionals and thought leaders worldwide,” Rosli added.
The World Congress of Accountants, also dubbed “the Olympics of the accountancy profession,” is the foremost international event for the accountancy profession. The Congress gathers influential communities, including leaders in accountancy, business, and regulation, to explore the latest issues and innovative ideas on a platform of international and regional interests.
The choice of Malaysia as the host for WCOA 2010 by IFAC reflects the trust and confidence of the global accountancy profession in the high professional standing of the Malaysian accountancy profession.
About the Malaysian Institute of Accountants (MIA)
MIA (www.mia.org.my) is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has close to 27,000 members. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.
In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as the International Federation of Accountants, the Confederation of Asian and Pacific Accountants (CAPA), and the Asean Federation of Accountants (AFA). MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.
About the International Federation of Accountants (IFAC)
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.