ASEAN Federation of Accountants (AFA) holds dialogue with Asian Development Bank (ADB)

As part of its strategic objectives initiatives, in conjunction with the 97th AFA Council Meeting in Manila, Philippines, on 24 April 2009 the AFA leadership took the opportunity to pay a courtesy call with the Asian Development Bank (ADB) in their headquarters in Manila

ADB is an international development finance institution whose mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Established in 1966, ADB is owned and financed by its 67 members. ADB's main partners are governments, the private sector, nongovernment organizations, development agencies, community-based organizations, and foundations.

Although most lending is in the public sector - and to governments - ADB also provides direct assistance to private enterprises of developing countries through equity investments, guarantees, and loans. In addition, its triple-A credit rating helps mobilize funds for development.

The AFA representative was The AFA delegation was headed by the AFA president, Pengiran Haji Moksin, AFA Vice-President Nik Mohd Hasyudeen Yusoff together with the AFA Secretary General, Hajah Ning Lela as well as AFA representatives from the Philippines Institute of Certified Public Accountants (PICPA) Mr. Protacio Tacandong, Mr. Ed De Guia and Mr. Francisco Gonzalez. The AFA delegation was welcomed to the ADB by Mr. Neil Wallace, the Senior Financial Management Specialist of ADB. A host of other sectoral specialists of ADB were also present at the meeting.
 

Mr. Neil Wallace welcoming the AFA delegation to the ADB

During the dialogue, the AFA Vice President gave a short presentation on the history and background of AFA, its Mission and Vision, four year Strategic and Operational plan as well as its 2009 Operational Plan. Subsequent to this presentation a brief discussion was held between AFA representatives and ADB staff.

AFA President, Pengiran Haji Moksin briefing ADB about AFA

Among the items discussed during the discussion were the role of AFA in ensuring the awareness on the implementation and adoption of International Public Sector Accounting Standards (IPSAS). While AFA informed ADB that the area is one of the key thrust in AFA 2009 Operational plans it also acknowledged that the major challenge in this initiative is capacity building in ensuring there are enough qualified accountants in the respective governments in the region. Views were exchange as to the cause and solution to this issue.

Both parties also exchanged views on how AFA member bodies are handling the global financial jurisdiction and on how AFA could play a role in the AFAF ADB-OECD anti corruption initiatives as a representative from the private sector.

Both parties were that the discussions had been fruitful for each other on this part and agreed to keep the communication channels open to explore future cooperation between these two parties.