News, opinion and member updates from the Asian edition of INTHEBLACK, November 2007.
CPA Forum makes a connection
August's two-day CPA Forum 2007 at the Raffles City Convention Centre in Singapore certainly lived up to its theme of 'Connecting Asian Economies'. More than 800 people attended, and 30 business experts were on hand to discuss the current trends and issues, from investment and risk to tax, talent management and accounting standards.
The welcome address was presented by Chaly Mah, CEO of Deloitte Asia Pacific, who told delegates: 'The Asia Pacific is the fastest growing economic region in the world.
Cooperation, not competition, with India and China is the secret to the region's success.' He also said that accountants have a part to play in this boom but their training needs to be broadened to 'extend beyond debits and credits' to understand wider business issues.
Lim Hwee Hua, Singapore's minister of state for finance and transport, gave the opening address. She drew upon an old Chinese saying when discussing opportunities presented by the introduction of international financial reporting standards. 'Currents have the capacity to capsize and carry a boat,' she said, pointing out that capital markets will benefit from global accounting standards because they will ultimately improve investor confidence in the markets.
The keynote address was given by Chua Sock Koong, SingTel's group chief executive officer, who outlined the transformation of SingTel from a government department to a large publicly listed corporation. She discussed the importance of finding the right people to propel the company forward, and how work/life balance will become increasingly important to the next generation of managers.
At the investment forum the US market upheavals and the knock-on potential for the Asian market was very much top of mind. 'The fear of the unknown is a problem,' Sanjeev Sanyal, chief economist, South East Asia Deutsche Bank, told delegates. 'We don't know how far it [the market instability] will spread, or the knock-on effect, but the Asian system is very strong.'
KPMG's head of corporate finance Satyanarayan Ramamurthy commented on the difference between the US markets and Asia. 'The private equity boom has not hit Asia like it has in Europe and America,' he said.
'While we've not had significant amount of transactions here, they have been of a good quality.'
The human resources forum focused on the competition for talent, and underlined the need for wise management to retain good staff. This was succinctly summed up by Rosalind Tan, China Philips Electronics' director of management development finance/APAC strategic recruitment. She said: 'People join companies because of the companies and leave them because of their manager.'
The SME forum discussed the road to success and the benefits of regional expansion, as well as the opportunities and pitfalls along the way. Mohan Mulani, CEO of Harry's Holdings, a bar and restaurant group, gave a colourful account of his adventures in business.
The forum was jointly organised by CPA Australia and the Institute of Certified Public Accountants of Singapore (ICPAS).
To (career) market
The Hong Kong China division's annual career market day in Hong Kong will be held for the fourth time on Saturday 19 January 2008 from 11.00am to 3.00pm at the Grand Ballroom in the lower lobby of the Conrad Hong Kong Hotel.
Exhibitors from the major Hong Kong accounting firms, as well as other multinational corporations will be present to showcase their recruitment processes and answer any questions about finance careers at their respective companies.
The event will give attendees an opportunity to network with peers, human resource personnel and senior executives.
The 2007 Career Market Day was a great success, with over 800 participants attending. Many firms accepted CVs on the day for future consideration. Feedback from participants was extremely positive - not a single participant left the event empty-handed.
For attendee registration details or if you wish to become an exhibitor at the event, please contact Lillian Lee on (852) 2891 3312 or email her on lillian.lee@cpaaustralia.com.au.
Malaysia conference draws attention
Presented by CPA Australia and the Malaysian Institute of Accountants, the inaugural Malaysia Public Sector Conference was held in Kuala Lumpur in August.
The one-day conference brought together 210 public sector professionals from different countries to share their experiences of current challenges in their respective jurisdictions.
Several speeches delivered as part of the conference received coverage in the Malaysian media.
Nik Mohd Hasyudeen Yusoff, president of the Malaysian Institute of Accountants (MIA), was quoted urging the public sector to be responsive and adapt to the fast-paced changes in the way businesses were operated, resources managed and performance measured.
'Due to regional developments, such as the Iskandar Development Region, the public sector is expected to improve turn-around time and quality of services to impeccable standards,' he told reporters.
Tan Sri Bernard Dompok, a minister in the prime minister's department, was also quoted as saying an efficient public delivery system would attract investors into the country. Mohd Hairay Md Yusof, director of the treasury department of the Seberang Perai Municipal Council, called for public sector accounting in Malaysia to be reformed towards adopting accrual instead of cash accounting in preparing budgets and financial reports.
Under the theme 'Towards account-able, responsive and innovative financial management', the conference included sessions on the future of the public sector; government financial reporting; performance management in the public sector; federal, state and local government; and crisis management.
Masters' apprentices
As part of the effort to staunch the international finance skills shortage, CPA Australia has been endeavouring to help develop globally aware accounting professionals. The Meet the Masters career forum is a platform for young members and students to receive the latest industry updates and tips, and understand the requirements that are highly sought-after by employers.
Through an interactive panel discussion and question-and-answer session, candidates can network with business leaders, identify a career path and prepare for their future development. Sponsored by Ambition, the Meet the Masters career forum will be held at the CPA Australia Hong Kong China division office on Tuesday, 20 November 2007.
For more information, please contact Ivy Tang on (852) 2891 3312 or by email at hk@cpaaustralia.com.au.
More guidance needed on standards
The Singapore minister of state for finance and transport referred to CPA Australia's SME Accounting Standards Survey in a speech delivered at a PricewaterhouseCoopers event.
The survey, conducted by CPA Australia in conjunction with the corporate governance & financial reporting centre at the National University of Singapore, indicated that 37 per cent of respondents felt that more guidance should be given on the implementation of the proposed IFRS.
