To provide an organisation for ASEAN Accountants for the further advancement of the status of the profession in the region with the view to establishing an ASEAN philosophy on the accounting profession.
Skilled Accountants Needed For ASEAN Economic Community
(Left to Right): Malaysian Institute of Accountants (MIA) President Datuk Johan Idris, Deputy Finance Minister II Datuk Chua Tee Yong and ASEAN Federation of Accountants (AFA) President Madam Estelita Aguirre. Datuk Johan Idris presents a memento to Datuk Chua Tee Yong during the MIA-AFA Seminar 2015, which was held in Kuala Lumpur recently.
KUALA LUMPUR, 30 JANUARY 2015 - The ASEAN Economic Community (AEC) is an ambitious plan that will enable many talented accountants to work across borders. This means more foreign accountants will be able to work in Malaysia and vice-versa.
Therefore, accountants need to learn to continuously adapt to the changing needs of the business and keep abreast of the latest developments that are happening in the accountancy profession such as the emergence of new standards and best practices. These are the key messages that were shared during the Malaysian Institute of Accountants - ASEAN Federation of Accountants (MIA-AFA) Seminar 2015 with the theme ASEAN Economy Community 2015: Accounting Profession Beyond Borders. The one-day seminar was organised by MIA and AFA with the aim to provide some insights on how the accountancy profession can play its role towards the success of AEC.
Deputy Finance Minister II Datuk Chua Tee Yong shared in his keynote address that ASEAN was reported as one of the fastest-growing and most dynamic regions in the world.
According to the IMF, the economic growth in the region is projected to be at an average of 5.3% over the next five years attaining USD 3.6 trillion in GDP by 2019, five times the size it was a decade ago.
"As the ASEAN community intensify, it will certainly strengthen the ASEAN ties and other significant opportunities for the ASEAN accounting fraternity as it drives to establish close relations in the region. The AEC will be a great opportunity for the ASEAN accounting community to shine the spotlight on the planned integration and liberalisation as a route to vast opportunities for the profession," he added.
In Malaysia, MIA has been registering foreign accountants since the enactment of the Accountants Act in 1967. Currently, there are 120 foreign accountants registered with the Malaysian Institute of Accountants who had met the requirements to be an accountant in this country. The Act also recognises a number of foreign professional qualifications.
Furthermore, the Malaysian Government has liberalised the accountancy profession in 2012, thus encouraging foreign accountants to work in Malaysia.
"As you can see, Malaysia has already opened its doors to foreigners to come and serve in this country even before the establishment of AEC. With the establishment of AEC, we are opening our doors for more foreign accountants to work in Malaysia," said the Malaysian Institute of Accountants President Datuk Johan Idris during his welcome remarks at the MIA-AFA Seminar 2015, which was held in Kuala Lumpur. In Malaysia, we need at least 60,000 qualified accountants to meet the industry demand as the country progresses towards becoming a high income nation by 2020. Currently, there are more than 31,000 accountants registered with Malaysian Institute of Accountants. Therefore, foreign accountants with the right skills and attitude will certainly boost the Malaysian workforce and economy.
The AEC is an ambitious and innovative plan that aspires to transform the economies of the 10 ASEAN countries namely Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Myanmar, Philippines, Singapore, Thailand, Viet Nam and Malaysia - into one single economy.