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GLOBAL INSIGHTWORLDNEWSEUROPEAN COMMISSIONINDIAHONG KONGEuropean CommissionThird Anti-Money LaunderingDirective: EC Takes Action Against 15Member StatesThe paper explores the possible development of a newfinancial reporting framework for large private companies,given the burden imposed on them by the application ofHong Kong Financial Reporting Standards.(Source: www.hkicpa.org.hk)The European Commission has decided to pursueinfringement procedures against 15 Member States forfailure to implement the Third Anti-Money LaunderingDirective into national law, which should have occurred byDecember 15, 2007. The Commission will send formalrequests to those Member States and, if there is no replywithin two months, the Commission may refer the matterto the European Court of Justice.(Source: www.europa.eu)Hong KongNew Paper Addresses Need forSimplified Financial Reporting forPrivate CompaniesThe Hong Kong Institute of Certified Public Accountants(HKICPA) is seeking comments on a recently releasedconsultation paper, Financial Reporting by Private Companies.IndiaIndian Institute Launches CertificateProgram in AccountingThe Institute of Cost and Works Accountants of India haslaunched a certificate program in accounting designed tohelp students living in rural areas who cannot afford theprofessional qualification develop accounting skills.Following the recommendation of the Union Ministry ofCorporate Affairs in India, the program is geared towardssmall and medium enterprises, the retail sector, knowledgeprocess outsourcing (KPO) and business processoutsourcing (BPO) sectors and Panchayats. Referred to asthe Certificate of Accounting Technician (CAT), theprogram will aid in addressing the expected shortage ofaccountants in India over the next ten years.(Source: www.myicwai.com)38 | The Malaysian Accountant | August 2008 www.micpa.com.my
LIFESTYLETaiping– A Town of Many FirstsBY KAVALYN KREERTaiping, the former state capital of Perak,has the distinction of achieving many‘firsts’ in the country. The TaipingMunicipal Council records a total of 40firsts, either in monuments or events,dating as early as 1844.These include the first open-tin mining activity in thepeninsula and the first hill resort in Maxwell Hill in 1844.The first mosque, the Masjid Tengku Menteri, was foundedin 1870 while the first Magistrate court was set upin 1874. The Taiping Lake Gardens are the oldestin the country while the Perak Museum is the firstto open its doors in 1883. The famous railwaytrack from Taiping to Port Weld commenced in1885 and the game of golf first began in Taipingat the Taiping New Club in 1885.Aside from these, there are many others andthey include newspapers, government offices,hospitals, a post office, a railway station, anairfield, the library, a college, the police forceteam, the fire brigade, a recreation park,schools, churches, associations and otherstructures that were established ‘first’ inTaiping.Taiping, the second largest town in Perakafter Ipoh, gets its name from the Chinese word‘Tai-Peng’ which means eternal peace. Thehistory of thistown began in the 19th century when tin was discovered in1848. The mines attracted large numbers of settlers,particularly Chinese who subsequently fought over the tinfields.The battle for power was so ferocious that the Britishhad to intervene and thus eventually took control of thetown.Being the British Administrative centre, the townthrived economically and its population rosetremendously. Interestingly, it also gained a reputation asa clean and cool city.Taiping, known for having the highest rainfall in thecountry, was attractive to the British as it reminded themof the English April weather, often dispelling homesickness.Until today, usually after a heavy downpour, the lushtropical jungle and lofty hills would be covered by the whitecushy blanket of heavy mist.This prompted William Edward Maxwell, theAssistant Resident of Perak then and a noted Malayscholar, to a look for a suitable spot for a hill station thatwould appeal to his countrymen. Thus the Maxwell Hillwas founded and it quickly became the favourite retreatof high-ranking British officers, their families and guests.www.micpa.com.myAugust 2008 | The Malaysian Accountant |39
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Page 38 and 39: GLOBAL INSIGHTNEWSfrom Down UnderA
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