The Malaysian Accountant - The Malaysian Institute Of Certified ...

INSTITUTE NEWSExtraordinaryGeneral MeetingAn extraordinary general meeting of the Institutewas held immediately after the AGM toconsider, and if thought fit, pass the resolutionsto the proposed fee payable on admission as aCertified Financial Accountant (CFiA) member and annualsubscription payable by each CFiA member.The Proposed Subscriptions and FeesThe Certified Financial Accountants (CFiA) qualification isintended as an alternative professional qualification forpersons who wish to build a career in commerce, industryor the public sector. Those who wish to engage in publicpractice will be encouraged to pursue the Certified PublicAccountants (CPA) qualification.The CFiA qualification is targeted mainly atgraduates of the Bachelor of Accountancy degree by assistingthese graduates to achieve a professional qualification thatmeets the requirements of the International EducationStandards for Professional Accountants. It is crucial that inthe face of increasing globalisation and cross-border tradein professional services, the qualification of Malaysianprofessional accountants meet the global benchmarks setby the International Federation of Accountants (IFAC).The Council believes that one of the key challengesfacing the Institute is its ability to ensure continuedmembership growth and strongly feels that theintroduction of the CFiA qualification will help to expandand strengthen the Institute’s membership base.Apart from providing a range of core services for thebenefit of members and students, the Council hasundertaken a number of initiatives to enhance the valueand recognition of the CPA and CFiA qualifications. Themajor initiatives are:• The Institute will continue to embark on a moreaggressive marketing strategy to position the CPA &CFiA as the designated choice. New marketingcollaterals including publicity leaflets, corporatebrochure, posters and display panels have beenproduced for use in career fairs and exhibitions.• The Institute continued in its effort to seek mutualrecognition of the CPA qualification with overseasprofessional accountancy bodies. This initiative willfurther enhance the career mobility of MalaysianCPAs across borders and enhance opportunities ofexporting professional services.• The Institute will need to invest in the development ofthe CFiA Professional Competency Programme. Newsyllabus, assessment process and study materials willbe developed for the programme.The above initiatives involve substantial costs. Inorder to meet these costs, the Council has proposed theannual subscriptions and fees payable by CFiA members,which were tabled for members’ consideration at this meeting.ResolutionsPassing of resolutionsThe resolutions proposed by the Council were passedby members.32 | The Malaysian Accountant | June/August 2007 www.micpa.com.my