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MIA News

10 Dec 2019 12:00 | Deleted user
The Accountant – The Future Professional Accountant in Business. Autumn 2019 (MIA Publication)
The Malta Institute of Accountants (MIA) welcomed 256 new members during an official ceremony at the Malta Conference Centre on October 24. The new members have acquired their ACCA qualification or ACA qualification or the University of Malta degree. 


Addressing the ceremony, the Institute President Mr Fabio Axisa congratulated the New Members on their success and encouraged them to keep improving the level of standards of the Accounting profession. Moreover, the MIA CEO Ms Maria Cauchi Delia said that the Institute promotes a culture of community engagement among professionals and urged new members to “make an impact on the community, to challenge problems and contribute actively to their solution.” 
The New Members’ Ceremony was attended by several distinguished guests, including ACCA Director of Professional Education, Mr Reza Ali; ACCA Head of Western Europe, Mr Abdul Goff ar; University of Malta Dean of the Faculty of Economics, Management & Accountancy, Prof. Frank Bezzina and ICAEW Head of Cyprus and Greece, Ms Christiana Diola. MIA Council members and former presidents were also among the special guests. In his address, Mr Ali welcomed the new members to “great profession” citing research showing that Accountancy has a history of more than six millennia. Meanwhile, Ms Diola said that the young professionals are crucial to Malta’s future, as Malta continues to grow into a financial centre.


Prof. Frank Bezzina encouraged new members to become ‘change agents’ who can improve the reputation of the profession by “standing tall and serving clients better.” He reminded the audience that the value that Accountants bring to society, goes beyond their core services. During the Ceremony, six new members were awarded individual awards for their achievements:

  

  • Julija Daubaraite received the Malta Overall Performance September 2018 ACCA Top Affiliate Award
  • Christopher Bugeja received the Malta Overall Performance December 2018 ACCA Top Affiliate Award
  • Joseph Falzon received the Malta Overall Performance March 2019 ACCA Top Affiliate Award
  • Dinah Lee Delceppo received the Malta Overall Performance June 2019 ACCA Top Affiliate Award
  • Janice Camilleri was the recipient of the Best University of Malta Accountancy Student Award 2019
  • Kostas Karagiannis received the ACA Best Student 2019 Award

  

  

Institute member Mr Christopher Cardona was awarded the Kevin Mahoney Award for Altruism for his selfless support to a colleague who was going through a difficult ti me. The annual prize recognises professionals who distinguish themselves for altruism in the community.
Following the ceremony, a reception was held for the new Members and their guests.


Conferences attended by the MIA Team
2019 World Standard Setters Conference
Every year, the IFRS Foundation organises the World Standard Setters Conference which brings together professionals from different jurisdictions to discuss the IFRS outlook for the following months, including the current exposure draft s and the upcoming consultations.
There were 160 delegates and observers from 70 diff erent jurisdictions at this year’s World Standard Setters Conference, that took place this October 2019 in London, UK. The Malta Institute of Accountants (MIA) was represented by Ms Pauline Micallef (MIA Technical Strategy Manager). The theme of this year’s conference was the preparation of the imminent consultations being issued in 2020.
Participants were encouraged to increase awareness among professionals of the online resources found on the IFRS Foundation website. The website includes different agenda decisions on various topics and current changes. Another item on the agenda was a discussion on the exposure draft  for the primary financial statements that is expected this December 2019. The accounting treatment of goodwill and impairment was also included: a complicated subject that poses a risk of misreporting and interpretation. Hence, how we can meet the needs of users, that is the need of correct financial information. How important is the value of goodwill on the Balance sheet?
The MIA representative participated in the IFRS Taxonomy breakout session. IFRS Taxonomy is the electronic submission of the financial statements that gives a very efficient way of comparing data and also gathering them. The other breakout session attended by the MIA was about disclosure initiatives. Typically, preparers of financial statements tend to go through a checklist simply to get disclosures done rather than make disclosures to add value. Hence, the board has identified that this information is not relevant and better disclosures are required in order to add value to the users of financial statements.
It was also noted that professionals worldwide need to “work together” and take part in consultations by giving feedback required on ti me and by supporting the implementation of changes in the respective regions.


Accountancy Europe Members’ Engagement Day
The MIA attended the Accountancy Europe members assembly held on the 2nd of October and was represented by CEO, Ms Maria Cauchi Delia. This was the first members’ engagement day organised by Accountancy Europe attended by 120 professionals representing various accountancy bodies within the EU. Several areas were discussed, and many speakers highlighted the current challenges being faced by Accountants and Auditors on a daily basis.
It was highlighted that the EU is putting pressure to move towards sustainable finance. The definition of growth needs to be widened to include ESG criteria. The problems faced in this area go beyond the environment, and better reliable corporate information is required to sustain finances.
Each jurisdiction must follow a certain criterion when it comes to tax advice, in order to counteract tax avoidance and tax evasion. An interesting discussion was included in terms of Taxation and Ethics, that is: Where is the ethical bar on tax services? Should there be relevant ethical guidance specifically to control tax advisors and Accountants? The working group suggested several ways on how to mitigate this through the code.
There is a current debate on the responsibility of the auditor on an audit engagement. The existing auditor expectation gap; that is the gap between what the general public expects the auditor’s role to be and what the auditor’s role actually is. The attendees shared different views on how this gap can be narrowed in the future and how the role of the auditor can eventually be extended through digitisation improvements and data analytics.
There is a common drive by different bodies to involve young members and to engage them in order to be able to contribute to the Accounting profession. Young members are the future of the profession and, as change is inevitably taking place, we need young member’s energy to be able to maintain these changes.



               
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