november 2008 examination - The Malaysian Institute Of Certified ...

More documents

Recommendations

Info

PROFESSIONAL NEWSIFAC UpdateNew IFAC Guidance SupportsProfessional Accountants in Businessin Promoting Better InvestmentDecisionsRecognising that professional accountants in business playan important role in helping their organisations deliverlong-term value, the International Federation ofAccountants (IFAC) Professional Accountants in Business(PAIB) Committee has released new guidance on the use ofdiscounted cash flow analysis and net present value inevaluating investments. Entitled Project Appraisal UsingDiscounted Cash Flow, this guidance was released as partof the PAIB Committee's new program to developInternational Good Practice Guidance on financial andmanagement accounting topics.Discounted cash flow analysis and estimating the netpresent value of cash flows involve fundamental principlesof finance that support disciplined financial managementin organisations. Professional accountants in businesshave a role in promoting and explaining the importanceof these principles in their organisations, particularlywhere the connections between the application of financialprinciples and related financial theory are not easilyunderstood or accepted."This new guidance will help professionalaccountants in business to promote the importance ofgenerating long-term value in their organisations," statesEdward Chow, Chair of the PAIB Committee. "Professionalaccountants have a significant role in ensuring that theirorganisations focus on decisions that maximize expectedvalue, rather than on their short-term impact on reportedearnings. Companies with good records of value creationgenerally have better shareholder and investoracceptance."Final Preface to International Good Practice GuidanceTogether with the guidance, the PAIB Committee hasreleased the final Preface to IFAC's International GoodPractice Guidance. The Preface sets out the scope, purpose,and due process of the committee's new International GoodPractice Guidance, which cover management accounting,financial management, and broader topics in whichprofessional accountants in business are engaged.Project Appraisal Using Discounted Cash Flow andthe Preface can be downloaded free-of-charge from theIFAC online bookstore at http://www.ifac.org/store. ThePAIB Committee welcomes feedback on both documents,which can be emailed to stathisgould@ifac.org.(Source: www.ifac.org)IFAC Appoints Alta Prinsloo Directorof OperationsAlta Prinsloo, CA (SA) has been named Director ofOperations of the IFAC, with effect from, January 1, 2009.Ms. Prinsloo is currently Deputy Director of the InternationalAuditing and Assurance Standards Board (IAASB), anindependent standard-setting board under the auspices ofIFAC. She joined the organisation as an IAASB SeniorTechnical Manager in September 2002.As Director of Operations, Ms. Prinsloo will overseeIFAC's planning, budgeting, and financial managementand accounting processes, including supporting theactivities of IFAC's Planning and Finance Committee andAudit Committee. She will direct the organisation's day-todayoperations, play a key role in the strategic planningprocess, oversee its human resources and informationtechnology activities, and manage preparations for IFACBoard and Council meetings."Alta's strong international experience, together withthe leadership and management skills she has demonstratedwith the IAASB, will be of great value to IFAC as she assumesthe role of Director of Operations," states Ian Ball, IFAC ChiefExecutive Officer. "In that capacity, Alta will play a centralrole in the effective management and operations of a globalorganisation with more than 150 member organisationsworldwide."Prior to joining IFAC, Ms. Prinsloo was TechnicalDirector of the South African Institute of CharteredAccountants, an IFAC member body, where she managedthe Technical Department and oversaw the convergence ofSouth African accounting and auditing standards withinternational standards. She also served as a technicaladvisor to the South African member of the IAASB fromJanuary 2001 to March 2002.Alta Prinsloo will assume the position later this year,after she has completed her obligations with respect to workon the IAASB Clarity project. She will take over from StephenWalker, who has served as IFAC Director of Operations sinceSeptember 2002 and will be returning to his home countryof New Zealand."Stephen has played a very significant role instrengthening IFAC's strategic planning and financefunctions and improving our organisation's efficiency. Weare grateful for his many contributions to IFAC, and we wishhim all the best for the future," states Mr. Ball.(Source: www.ifac.org)30 | The Malaysian Accountant | August 2008 www.micpa.com.my
IFAC Proposes Principles-BasedGuidance on Governance and Costingto Drive Organisational PerformanceAs part of its ongoing commitment to support professionalaccountants in business and their organisations inenhancing governance and in assessing and deliveringorganisational performance, the IFAC’s ProfessionalAccountants in Business (PAIB) Committee has released twonew proposed International Good Practice Guidancedocuments for public comment. The proposed guidanceaddresses evaluating and improving governance structuresand use of costing to support effective decision making.GovernanceThe newly released exposure draft, Evaluating and ImprovingGovernance in Organisations, sets out a framework, a series offundamental principles, practical guidance, and referenceson how to evaluate and improve governance inorganisations. The purpose of this guidance is to assistprofessional accountants and their organisations in creatinga balance between conformance with rules and regulationsand organisational performance.CostingThe second proposed International Good Practice Guidance,Costing to Drive Organisational Performance, is designed toassist professional accountants in business in deliveringuseful cost information to support effective decision makingand organisational performance. The proposed guidancesets out eight fundamental principles of costing thatencourage a performance-based view of costing to helpprofessional accountants in business to ensure that costinginformation supports forward-looking strategic andoperational decisions."This principles-based good practice guidance addresses keystrategic and financial management issues that manyprofessional accountants in business address in their dailywork," states Edward Chow, Chair of the PAIB Committee."Our goal is to develop principles-based guidance that offersa global perspective and places professional accountants inbusiness at the heart of driving organisational performance."How to CommentComments on the two proposed guidance documents arerequested by September 23, 2008. They may be viewed bygoing to http://www.ifac.org/EDs. Comments may besubmitted by email to EDComments@ifac.org.As part of a pilot project to further encourage userinvolvement in the development of good practice guidance,the PAIB Committee is inviting all those who are interestedto provide comments on the proposed document, Evaluatingand Improving Governance in Organisations, via an onlinefeedback form, which can be accessed at http://www.ifac.org/governanceED.All comments will be considered a matter of publicrecord and will ultimately be posted on the IFAC website. Asummary of online feedback on the proposed governanceguidance will also be posted on the IFAC website.(Source: www.ifac.org)IFAC’s International AccountingEducation Standards Board AddressesMeasurement of ContinuingProfessional DevelopmentThe International Accounting Education Standards Board(IAESB), an independent standard-setting board within theIFAC, has released a new information paper to assist IFACmember bodies and other stakeholders in developingeffective continuing professional development (CPD)programs for professional accountants. EntitledApproaches to Continuing Professional Development(CPD) Measurement, the paper explains the elements of aneffective CPD program, examines current practices byaccountancy and other professional associations, anddiscusses approaches to measure a program's effectiveness."The paper is the result of a wide-ranging internationalresearch project into continuing professional developmentacross a number of professions, and it is intended tostimulate discussion and debate on the subject ofmeasuring CPD," states IAESB Chairman Henry Saville. " Inaddition to IFAC member bodies, the findings in the paperwill be of interest to current and future professionalaccountants, regulators, educators, CPD providers, andemployers seeking to implement CPD programs forprofessional accountants."The IAESB commissioned the Professional AssociationsResearch Network to conduct research on measuring CPDand to prepare this information paper. The paperintroduces a four-phase CPD model - covering planning,action, results, and reflection - that IFAC member bodiesand other professional associations may use to improve theeffectiveness of their CPD programs. Case studies andprofiles are included to provide practical examples, andrecommendations are provided that may assist IFACmember bodies and others in evaluating variousapproaches to measuring CPD.The information paper can be downloaded freeof-chargefrom the IFAC online bookstore athttp://www.ifac.org/store. For more information on thework of the IAESB, visit its home page at http://www.ifac.org/education.(Source: www.ifac.org)www.micpa.com.myAugust 2008 | The Malaysian Accountant |31
Page 1: August 2008 www.micpa.com.my KDNPP
Page 4: PERSPECTIVEIt was a significant nig
Page 7 and 8: should be noted that hand phones wi
Page 9 and 10: FEATURECorporate Governance Analysi
Page 11 and 12: a company’s audit, remuneration a
Page 13 and 14: Muslim jurists are of the opinionth
Page 15 and 16: governance.The Takaful industry is
Page 17 and 18: occasion of the Institute’s 50th
Page 19 and 20: accountancy profession. This is cle
Page 21 and 22: Session three was on “Working Abr
Page 23 and 24: MAY 2008 EXAMINATION RESULTSCPA STU
Page 25 and 26: Career Fairs and ExhibitionsThe Ins
Page 28 and 29: PROFESSIONAL NEWSMASB UpdateMalaysi
Page 30 and 31: currently accounted for in accordan
Page 34 and 35: Arnold Schilder Named to Lead IFAC'
Page 36 and 37: visit its home page at http://www.i
Page 38 and 39: GLOBAL INSIGHTNEWSfrom Down UnderA
Page 40 and 41: GLOBAL INSIGHTWORLDNEWSEUROPEAN COM
Page 42: The unusual rainfall in Taiping has

november 2008 examination - The Malaysian Institute Of Certified ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?