THE ACCOUNTANT_AUTUMN_2018_VER-7-L

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PRESIDENT’S ADDRESS WILLIAM SPITERI BAILEY PRESIDENT’S ADDRESS WILLIAM SPITERI BAILEY Dear Esteemed Members, When thinking about education and the Accountancy profession, many questions come to mind. Is today's education designed to meet the challenges of the future? What should be the common body of knowledge prescribed for career aspirations in professional accountancy? Can we define the skills of the future accountant? How should we embed professional scepticism in the education process? Is the importance of CPD recognised or is it seen as a burden? The accounting profession will face significant changes in the coming years, and professional organisations, their members, and educational institutions must respond accordingly. The evolving smart and digital technology, continued globalization of reporting and disclosure standards, and new forms of regulation are also major challenges for the profession. The future accountants will use increasingly sophisticated and smart technologies to enhance their traditional ways of working, and these technologies might even replace the traditional approach. Globalisation will create more opportunities and challenges to the accounting profession. It encourages the free flow of money from one capital market to another, enhances overseas outsourcing activities, as well as stimulate exchange of professional & technical skills. That said it will also compromise and curtail the ability to resolve local problems. Increased regulation, and the associated disclosure rules, will have the greatest impact on the profession for years to come. and the outsourcing of accounting services, evolving regulations vis a vis tax regulation, adopting new forms of corporate reporting as well as integrated reporting regulation. Adoption of technology and digital competence are the key areas creating the skills gap in the profession. At present, accountants lack knowledge in transformation of new disclosure regulations, new forms of disclosures, and awareness of the interconnectedness of financial and non-financial reporting. Professional accountants will need the skills to provide all-inclusive and holistic corporate reporting, which is less about the numbers and more about the narrative of the organisation. It cannot be stressed enough, that the future of the accounting profession in our rapidly changing society will be determined not only by the profession's adaptability and utilisation of the expanded opportunities, but also by the intellectual vigour, calibre, and skill of its members. There is no simple response to the various questions put forward, however it is an opportunity to think about the future and the role of education. In order to assist current and future professional accountants to retain their competitive edge, our aim as an Institute is to guide students and our members, the accountants in the right path, to achieve the required knowledge and skills in this ongoing educational journey. William Spiteri Bailey President Therefore, one cannot help but ask, do our current teaching methodologies prepare the young generations adequately for the skillset, which the future workforce will need? Education in digital technology has now become imperative. The future skills will focus, amongst others, on cloud computing, the use of big data, globalisation 04 Autumn <strong>2018</strong>
MIA NEWS 270 New Members join the Mia The Malta Institute of Accountants welcomed 270 New Members in a special ceremony held at Mediterranean Conference Centre on Thursday October 25. The new members were formally received into the Institute after graduating in accountancy programmes by the University of Malta, ACCA, or ICAEW. “The accounting profession in Malta is growing in size and, more importantly, in stature,” said MIA President William Spiteri Bailey in his address. “The Institute is committed to keep raising the standards of the profession and today we enjoy the respect of other professionals both in Malta and abroad.” The ceremony was attended by distinguished international and local guests including ACCA Global President Mr Leo Lee and Regional Head of Policy Mr Nick Jeffrey, ICAEW Regional Director Dr Martin Manuzi, FEMA Dean Prof. Frank Bezzina, and former MIA President Mr Frederick Mifsud Bonnici. High achievers in the three streams of study, were presented with an award by the respective guests on behalf of the University of Malta, ICAEW, and ACCA. MIA CEO Maria Cauchi Delia said that the Institute currently represents more than 3,000 accounting professionals in Malta: “The Malta Institute of Accountants is a force of change and development. Through its work and strategic partnerships, the accounting profession in Malta keeps ahead of the curve in transformations affecting global business and finance.” During the New Members ceremony, the Kevin Mahoney Award for Altruism was presented to Malcom Custó by Ryan Mahoney, the son of the late Kevin Mahoney, for his work with Puttinu Cares Foundation. Now in its third year, the award gives recognition to MIA members who demonstrate the values of the Institute beyond their professional life. Maltese students celebrate ACA success The Institute of Chartered Accountants in England and Wales (ICAEW) ACA graduation ceremony took place recently. The ceremony celebrated the success of 7 graduates and welcomed one in to ICAEW membership. theaccountant.org.mt 05
Page 1 and 2: NEWSPAPER POST 17. KEY TRENDS SHAPI
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