The Malta Institute of Accountants held the New Members Ceremony for accountancy students who completed their studies in 2019/2020.

The event was moved from last year due to Covid-19 restrictions and was the first in-person event organised by the Institute since the start of the virus outbreak. Nearly 200 students graduated from the study paths offered by the University of Malta and ACCA to join the Institute as full members.

The President of the MIA, Fabio Axisa, commended the attendees on their accomplishments in an extraordinary year, extending his thanks to the graduates’ families who supported them throughout their study journeys. He said that accountancy is a dynamic field and encouraged them to do their part in strengthening the profession as members of the MIA: “You are the backbone of the profession, and this is your Institute.”

Mr Axisa offered the young members practical advice on making the most of their careers to benefit the profession and communities. “There are no shortcuts to success and no short-term gains in this profession,” said the President, “Protect our jurisdiction and strive to make a difference for the better”.

MIA CEO Maria Cauchi Delia welcomed the new members and urged them to keep developing both as professionals and as individuals. She said that an exciting and rewarding career awaits them and that the MIA will assist them in reaching their goal.

As members, Ms Cauchi Delia told the graduates, they have the opportunity to shape the profession: “As the youngest generation in the profession, the Institute counts on you to continue the transformation in the accountancy profession.”

The event was also addressed by the Dean of the Faculty of Economics, Management, and Accountancy, Prof. Frank Bezzina and the President of ACCA Global Mark Millar.

Prof. Frank Bezzina congratulated the young members on their accomplishments and encouraged them to continue developing their skills. He said that the profession as a whole appears to have managed the effects of the pandemic successfully but warned that other obstacles lie ahead.

The Dean said that the profession is becoming increasingly pivotal in the life of businesses and that stakeholders hold accountants in high esteem: “You represent the moral compass of the organisation and I urge you to exercise sound judgment and uphold high standards of integrity throughout your careers.”

Mr Millar told participants that they did the right choice in persevering in this study path and promised a fulfilling career in a fast-changing landscape. “Accountancy is a forward-thinking profession and, when the pandemic subsides, industries will need agile, creative, and highly-skilled specialists like yourselves.”

The ACCA President praised the Institute of Accountants for its dedication to the profession, highlighting a unity of purpose between the two bodies that, he said, is expected to play an increasingly important role in the geographic region.

During the ceremony, four graduates received accolades for distinguishing themselves in their studies. Enrica Maria Debono accepted the University of Malta Best Student Award; Marica Xuereb accepted the MIA-ACCA Top Affiliate Award for September 2019, Leanne Barry accepted the MIA-ACCA Top Affiliate Award for March 2020; and Aaron Grech accepted the MIA-ACCA Top Affiliate Award for September 2020. Johann D’Amato, in absentia, was congratulated for his award as MIA-ACCA Top Affiliate for December 2019.

The Institute also conferred the Kevin Mahoney Award to Mr Brian Ferrante for his selfless support to parents with children diagnosed with autism. The award recognises accountancy professionals who distinguish themselves for altruism in the community.

The New Members’ Ceremony was held in accordance with the latest safety protocols issued by the health authorities.

The Malta Institute of Accountants approved statutory amendments during an Extraordinary General Meeting to reinforce the Institute’s governance structure and internal disciplinary procedures. Members voted on a series of resolutions that refine the mechanisms governing the Institute’s preventative and corrective measures.

In his introduction, President Fabio Axisa said that the proposed changes to the Statute and Bye-laws reflected other transformations both within the profession as well as outside of it. He said that the Institute always had robust procedures in place to deal with member misconduct, adding that the amendments on this matter were being introduced to further refine the disciplinary process.
“The vast majority of members are exemplary professionals who carry out their roles with integrity and a sense of duty,” said the President. “It is clear, however, that the broader regulatory infrastructure needs enhancement, and the Institute is doing its part to improve the situation.”

The statutory changes presented by the Institute’s CEO, Maria Cauchi Delia and the Institute’s President, were all overwhelmingly passed by the members in a round of electronic voting. The amendments fell under one of three categories: areas related to the governance of the Institute, definitions and consolidation of existing statute articles, and updates to reflect the current circumstances that the Institute is operating in.

Participants also approved a resolution to increase the members of the Institute’s Disciplinary Appeals Pool from three to ten and endorsed the Council’s nominees for the organ’s chair, Mr Anthony Zarb, and deputy chair, Mr Paul Mercieca.

Malta Institute of Accountant and Malta Bankers’ Association hold webinar on issues affecting banks and practitioners

Representatives from the Malta Institute of Accountants and the Malta Banking Association highlighted the main concerns encountered by Corporate Services Providers acting on behalf of clients, in on online discussion held on February 1.

The webinar explored the theme of “Topical Issues affecting Banks and Practitioners” and identified the major stumbling blocks that often lead to a longer process following requests to open a new bank account.

The event provided a platform for members of the MBA and the MIA to bridge information gaps between banks and Corporate Services Providers on matters such as risk appetite, new banking relationships, and trust between actors.

The exchange of experiences gave members of both organisations a better understanding of key issues and offered general guidance on the procedures adopted by the financial services sector in relation to bank account opening. It also provided a clearer indication of the type of business and characteristics of structures banks are willing to accept, on a sector basis.

The MBA was represented by Maruska Buttigieg Gili (BNF), Kenneth Farrugia, Martin Xerri and Dr. Therisa Borg (BOV), Suzanne Stafrace (HSBC), Ray Formosa (Lombard) and Simon Micallef (APS). They replied to questions from MIA members. The session was moderated by Fabio Axisa, MIA President and Karol Gabarretta, MBA Secretary General.

In a joint statement, the MIA President and the MBA’s Secretary General said: “There is a fundamental need for the MBA and MIA to continue the useful dialogue between banks and practitioners initiated through this webinar. Both of us see and welcome, the possibility that the partnership between the MIA and MBA could extend to the organisation of other events to ensure more comprehensive coverage of some of the key issues identified during this webinar. We also believe that the participants will have found this event to be useful and fruitful.”

Mr Gabarretta added: “I wish to emphasise that the association strongly believes in such events as they provide a very good platform for stakeholders, to discuss and share experiences. The MBA thus looks forward to further collaboration with MIA amongst others, to explore other areas of mutual interest.
Mr Axisa confirmed this and thanked everyone involved in the event. He added that “as the recognised professional accountancy body in Malta, the MIA will continue working closely with the MBA to discuss issues of concern to their respective members and find workable solutions, whilst taking cognisance of any prevailing restrictions.”

Foreign accountants working and residing in Malta can now form part of the Malta Institute of Accountants as International Associate Members or Associate Members.

The Institute has launched the International Associate membership class while widening the criteria for Associate members.

The International Associate Membership programme allows foreign accountancy professionals practicing in Malta who have obtained their warrants from any another country to join the Institute for the first time as International Associates.

Foreign accountancy professionals who have a qualification equivalent to the University of Malta’s Masters degree which is also recognised by the Accountancy Board for the purpose of obtaining the local warrant can join the Institute as Associate members subject that they are members of a professional accountancy/audit body in their country of origin.

More information can be obtained via the following link.

Institute members are entitled to a range of privileges including information services, technical support, discounted fees for CPE events organised by the Institute as well as other discounts and offers available through the MIA Privilege Scheme.

On the 14 Dec 2020 MIA participated in the Anti-tax Avoidance Directive (ATAD) seminar organised jointly by the IFSP, the MIT and the MIA. This saw leading tax practitioners Mr John Ellul Sullivan, Mr Steve Gingell and Mr Craig Schembri discuss the way in which the provisions of the EU’s ATAD are being implemented in a Maltese context.

The virtual 2 hour seminar saw over 200 members from the 3 institutions participate in this interactive webinar, which allowed for participants to ask questions both in advance of the session and during the session.

The EU’s ATAD is part of an international drive towards greater transparency in tax matters. The provisions of the Directive are transposed into local legislation pursuant to S.L. 123.187. The focus of the seminar was on the three specific aspects on the ATAD implementation being the CFC, Exit Taxation and Interest Deduction Limitation rules.

The Malta Institute of Accountants visited PN Leader Bernard Grech to discuss issues of national concern and actions to address them. This was the first meeting between the Institute and the PN since the election of Bernard Grech at its helm.

MIA President Fabio Axisa said that Malta’s reputation is the major challenge the country and the accountancy profession is facing right now, and accountancy professionals are at the forefront to repair it.  Mr Axisa highlighted the Institute’s initiatives in this respect.

“The Institute is not satisfied with the current regulatory infrastructure,” said Mr Axisa, explaining proposals made by the MIA to strengthen the infrastructure surrounding the Accountancy Board. “As the voice of the biggest profession in Malta, we insist on the application of highest standards and expect all regulatory bodies to function effectively, and fairly, with complete autonomy.”

The two delegations discussed the threat of losing USD correspondent banking for our financial services sector and agreed on the pressing need of a national strategic financial services plan that goes beyond the outcome of the Moneyval assessment.

“Malta’s financial market risks becoming isolated in the event of an unsatisfactory Moneyval outcome and without USD correspondent banking,” warned Mr Axisa. “The country’s economy might be severely impacted and the Institute urges the political class to show maturity in building a common front and consensus with respect to the financial services strategy.”

Bernard Grech said that the Nationalist Party has an obligation to hold the government to account, but it wants to work towards a national consensus on the financial services agenda. He said that a common strategy must not stop with political parties and the Institute of Accountants has a key role to play in shaping it.

Fabio Axisa pointed out that the MIA conducts programmes to keep raising the quality of the profession and that action will always be taken against members who misbehave. He said that the absolute majority of its members uphold the highest standards and practitioners are, many times, disproportionately targeted in view of a minor section of the profession.

“We welcome stricter regulations to help restore Malta’s reputation, but all professions, regulatory bodies and authorities need to raise the bar,” said the MIA President. “Ultimately, standards need to be enforced by all concerned and the tone at the top within the governing and regulatory authorities makes a major difference.”

Mr Axisa was accompanied by MIA Vice President David Delicata, Secretary Noel Mizzi, and CEO Maria Cauchi Delia. PN spokesperson for the economy Claudio Grech, spokesperson for financial services Kristy Debono, and general election candidate Graham Bencini also joined the meeting.

The Institute of Accountants adopts a zero-tolerance policy for misconduct by professional accountants. Allegations of improper behaviour, whether through direct or indirect involvement, are immediately investigated by the MIA and disciplinary actions are taken according to the seriousness of the offence. Read more...

In the midst of the COVID-19 pandemic, the Malta Institute of Accountants (the Institute) collaborated with the Association of Chartered Certified Accountants (ACCA) through the Joint Scheme agreement, to deliver a series of two webinars aimed at inspiring students who are on the journey to become professional accountants. Read More...

As part of ongoing collaboration with the different national competent authorities, a meeting was recently held between the Malta Institute of Accountants (MIA) and the Malta Business Registry (MBR). Read More...

The introduction of the Consolidated Group (Income Tax) Rules poses a number of questions to preparers of financial statements, auditors, and other stakeholders. On behalf of its members, the Institute's Financial Reporting Committee, Direct Tax Committee, and Audit & Assurance Committee have been following and contributing to the developments as they emerge. Amongst others, these committees have been coordinating with the CfR on various matters and assessing the accounting implications at both the fiscal unit's consolidated level, as well as at the individual fiscal unit members' level. The Institute is preparing a guidance note that will address:

• the scope of the fiscal unit's consolidated financial statements, setting out what statements and other disclosure notes need to be included within a fiscal unit's special purpose consolidated financial statements (where the fiscal unit is required to prepare special purpose consolidated financial statements because the unit's members differ from the IFRS or GAPSME group for statutory purposes);

• considerations relevant to the recognition, measurement, presentation and disclosure of income tax charges (income) and balances in the fiscal unit's consolidated financial statements, as well as in the parent company's and the other fiscal unit's members' statutory financial statements; and

• the contents of the auditor's report on those special purpose consolidated financial statements, where such consolidated financial statements are prepared.