The Accountant June 2016 - The Lesotho Institute of Accountants

Transcription

ACCOUNTANT
Vol. 3, Issue 1
THE
June 2016
1
2
CO N TE N T
PAGE
4
From The President’s Desk
7
CEO’s Desk
9
LIA and the Public Sector Financial Reporting
11
Formation of a Strong Alliance with Money
13
International Accounting Standards Board’s Updates
15
Benefits of Joining a Professional Membership Body - LIA
16
Members of the 38th Council for the year 2015 / 2016
19
December 2015 - LIA Chartered Acccounting Stage Graduates
20
LePAP Updates
22
Notice Board
23
7th LIA Annual Conference Event in Pictures
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Sponsorship Proposal
5 Orpen Road, Old Europa
Tel: +266 22 31 2115 | Fax +266 22 32 0022 |
Email: [email protected]
Design, layout and printing:
D2 Graphix | Cell: +266 58 51 8612
www.di2.co.za
www.lia.org.ls
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The Accountant • Vol. 3, Issue 1 • June 2016
From the
President’s Desk
Welcome to the first edition of the journal
of the Lesotho accountancy profession from
the new President’s eyes. I thank the 38th
Council members and other members of
the Lesotho Institute of Accountants (LIA)
for trusting me to lead this noble profession
into a better future, not only for us but
for the generations to come. It will not be
business as usual for us to achieve the newly adopted
LIA Strategic Plan themed; Vision 2020 Strategy.
This strategy is aligned to the National Vision 2020,
National Strategic Development Plan (NSDP) and
Sustainable Development Goals (SDGs). These will
not only ensure the LIA (referred to in this article
as “the institute”) survival but demonstrate our
responsiveness and meaningful contribution to the
social and economic needs of our Mountain Kingdom.
that time, there were no accountants in Lesotho
and bridging courses were done to enroll the first
batch of accountants. They were classified into three
categories namely: Public Accountants, Registered
Accountants and Licensed Accountants. In 1984 the
Accountants’ Act was amended, signifying the change
from Public Accountant to Chartered Accountant
and all other classifications. In the year 2000 after
receiving numerous complaints from across the
Republic of South Africa in particular, the institute
advised itself and changed the names of classification
which were not amended in 1984 - Registered
Accountant and Licensed Accountant to General
Accountant and Technician Accountant respectively.
There was an alleged misinterpretation by South
African companies implying the holders of the said
membership were given in some instances positions
above their competencies.
I will like to first look back and highlight notable facts
about the accountancy profession in Lesotho during
its transformation. This will put into perspective what
I will be writing about in subsequent editions. In this
edition I will cover the following critical issues;
• Background,
• Performance of LIA in regional and
international spheres,
This major change in our time was not legislated nor
gazetted, and this oversight resulted in a major fallout
in both Lesotho Public and Private sectors which
were led to believe that the new classification were
inferior, particularly Technician Accountant. Petitions
were signed and some accountants swore that they
would never employ Technician Accountants. What
followed was year long battle for the first Technician
Accountant graduates of the year 2000 as this
impacted them directly. In 2001 the Lesotho Public
• Performance in relation to provision of
Quality Education,
• 2020 Strategy
Background
The accounting profession has over 38 years in
Lesotho and this is where we come from: The
Lesotho Institute of Accountants (LIA) was
established by an Act of parliament in 1977. At
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THE LESOTHO INSTITUTE OF ACCOUNTANTS
Service yielded to the pressure and accepted the
first batch of Technician Accountants. Since then, the
government has been lukewarm about employing
professional accountants which has resulted in the
non-guarantee of employment as the prerogative of
civil servants of the day and this has been going on
for sixteen (16) years.
• Past President; Mr. Thabo Letjama - Eastern
Central and Southern Africa Federation of
Accountants (ECSAFA).
• Past President; Mr. Lebohang Thotanyana
- Developing Nations Committee of
International Federation of Accountants
(IFAC).
The government or development partners realized
the shortage of competent accountants in public
sector. A tripartite agreement was signed between
the Government of Lesotho, Lesotho Institute of
Accountants and the Centre for Accounting Studies in
an effort to professionalize the Accounting Cadre. The
Certified Institute of Public Accountants (CIPFA) was
identified as a suitable institute to help realized this
goal. An agreement was reached to offer the courses
through the LIA.
• Immediate Past President; Mr. Mangangole
Tsikinyane - Pan African Federation of
Accountants (PAFA) board.
It is a great honor to lead an institute whose
members were instrumental in the founding of these
bodies. It is also worth mentioning that this would
not have been possible without the hard work,
dedication and contribution of the following Past
Presidents, Past Chief Executive Officers (CEOs) and
Registrars at different stages of this noble profession:
There was another challenge when the government
had to recognise the CIPFA graduates. It should be
noted that CIPFA is funded by Government of Lesotho
and the government was a party to its introduction.
Past Presidents
• Past President; Mr. Khali. (May his soul rest in
peace).
Performance of LIA in regional and international
spheres
• Past President; Mr. Moleko. (May his soul rest
in peace).
In 1977 in collaboration with the Irish Government,
The Government of Lesotho and the institute
after its formation began scouting for like-minded
institutes to help further its mandate of regulating
the accountancy profession in Lesotho and being a
cornerstone for: education, training, and supervision
of competent and ethical professional accountants.
It was into membership by International Federation
of Accountants (IFAC) in 1985. Later the institute
saw the importance of the regional co-operation and
became one of the founding members of the Eastern
Central and Southern Federation of Accountants
(ECSAFA). The institute hosted the first Annual
General Meeting of this same body in Maseru in
1985. In 1998, the institute adopted the International
Accounting Standards, currently called International
Financial Reporting Standards, as one of the first
countries in Africa to take that giant step.
• Past President; Mr. Moses Fako.
• Past President; Mr. Mohlomi Moleko.
• Past President; Mr. Matsobane Putsoa.
• Past President; Mr. Ramosehlana Mapetla.
• Past President; Mr. Tseko Bohloa.
• Past President; Mr. Lebohang Thotanyana.
• Past President; Mr. Samson Mphaka.
• Past President; Mr. Thabo Letjama.
• Past President; Mr. Lerata Pekane.
• Past President; Mr. Mangangole Tsikinyane
Past Registrars/ CEO’s
• Past Registrar; Mrs. May Moteane
• Past Registrar; Mr. Letoporo Bereng. (May his
soul rest in Peace)
• Past CEO; Mr. Robert Likhang
In 2011, the institute was again one of the founding
members of Pan African Federation of Accountants
(PAFA). The Institute has been very active in the
development of the accounting profession locally,
regionally and internationally. I would like to mention
a few distinguished members, who have represented
Lesotho in the international development of our
esteemed profession:
• Past CEO; Mr. Maurice Thamae
• Past CEO; Ms. Puleng Lebitsa
• Past CEO; Mr. Moahloli Mphaka
• Past CEO; Mrs. ‘Mamoorosi Tšilo-Raditapole
The Councils and Council Committees’ members who
served under the respective presidents are also
recognized for their unwavering support towards the
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institute. These could not have been possible without
their dedication.
in decision making, for it is our daily engagements/
choices and actions that bring us to the bigger picture
that is our “vision”.
Performance in relation to provision of Quality
Education
Our Vision
After LIA formation in 1977 in collaboration with the
Irish Government and the Government of Lesotho,
various Professional Accountancy Organisations
(PAOs) were approached to help in developing the
curriculum and setting accountancy examinations
in line with international standards. The Association
of Chartered Certified Accountants (ACCA) and
accounting institutions in South Africa were identified
and started to set examinations in some of the
papers in collaboration with LIA. In the year 2000,
the institute made a decision to stop setting its own
examinations and outsource everything from ACCA.
It retained however, the control of both tax and
law papers; and the examiners have been Lesotho
citizens.
To become a proficient regulator of the accounting
profession in Lesotho, a preferred membership body
of accountants, and the best provider of training and
development of competent accountants for local and
global economies.
A joint scheme agreement was signed between LIA
and ACCA to operationalise the collaboration. The
market started complaining about the quality of
accountants and as a result, LIA conducted a study
to understand how best it can meet the country’s
economic needs whilst addressing issues raised by
the market. Based on the findings of World Bank
funded project and the ROSC report, LIA approached
the World Bank, the European Union as well as the
Government of Lesotho to help fund the Lesotho
Responsive Accountancy Profession Qualification
Programme currently called the Lesotho Professional
Accountancy Programme (LePAP). This programme
was officially launched in 2015 and its first intake will
be in January 2017.
• Leading engagements in policy reform
processes in areas of financial reporting and
generic accounting practice within Lesotho;
Our Mission
We aim to achieve our vision through:
• Regulating and monitoring the accounting
practice;
• Rigorously developing, maintaining and
reviewing standards of technical and
professional expertise in the accounting
practice;
• Sound governance, clearly defined structures
and empowered workforce;
• Added value at every intervention with
clients;
• Maintaining strategic partnership with our
stakeholders;
• Employing the latest efficient technology
across the institute.
Conclusion
This summaries my view of LIA to date, in the coming
issue I will be talking about the relevance of LIA
Vision, strategy imperatives and what it means to
you as aspiring accountant, what it means to you as
an accountant and what is means to you as Mosotho.
These I will define in three broad categories of:
LIA is in consultations with strategic partners and
mentors to help with the ongoing technical research
innovations to enable the qualification in sustaining
its international status recognition and relevance.
This has been a mammoth task and the secretariat,
council and its committees have worked tirelessly to
realise this ambitious goal.
• Capacity Building
• Advocacy
• Leadership
The 2020 Strategy
P.S: After this brief flash back, the questions that
remain unanswered are: what did LIA do for Lesotho?
How is its performance comparable to its peers? Can
we “Count on Accountants for Better Future”?
In April 2015, the institute’s 37th Council went on
a Strategic development breakaway in which the
accountant and institute in 2020 were clearly defined
under the slogan “Count on Accountants for a Better
Future”. As we work our way through 2016, let the
LIA mission be the guide that embodies our values
6
THE
CEO’s
DESK
The greatness of any impact can only be measured
if it affects the grassroots. Looking back at the two
years in my office, the accounting profession and in
assessing our country (Lesotho), I ask myself if we
are growing, if we are building towards prosperity
and if we are talking to each other for the general
improvement of the nation. Lastly, I ask myself if we
introspect in comparison with the developmental
issues of our international counterparts.
on more questions as I engaged in introspection and
invite you to put your feet up and join me in it:
The national landscape
Are we on a slope or are we on a hill, are we climbing
a cliff or are we going down a slippery road? Are the
challenges we face as a country real or a fallacy? Are
we ready to address issues and talk as organisations
to develop long lasting patriotic solutions? In major
national decisions, do we seek professional counsel
from lawyers and accountants, engineers and
doctors? A few qualities that we may need to hone as
a country are:
In deliberating further I ask: Do we have plans?
Are our national and organisational plans aligned
and related to each other? Are they measured and
reviewed for progress and performance?
With this brief introduction wonderful readers, allow
me to welcome you to this issue of The Accountant.
I will continuously share the vision of the Lesotho
Institute of Accountants (LIA) in line with our
environment, our progress thus far and report on the
key highlights, especially highlighting the interesting
achievements that we have realised and will
continuously see making waves.
•
Strict compliance to the constitution.
•
National code on corporate governance.
•
Revamped private sector and investment
initiatives and,
•
The use of professionals across the board.
The LIA Master Plan
The 2020 strategic plan of the institute in an
attempt to develop LIA as: a leading regulator of
the Accounting profession, the desired institute
In our introspection, we examine where we are, if we
need to grow further and if so, devise appropriate
means to take us there. I found myself pondering
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for members and staff and a body serving in the
best interest to protect the public - has done so in 6
independent pillars which I will elaborate on in the
next issue. The pillars are listed here:
•
Sound legal framework.
•
Strong administrative roles.
•
Responsive and Relevant Educational
programs.
•
Promoted and regulated profession and
practice.
•
Geographical coverage and,
•
Sound financial muscle.
program to the local authorities - Council on Higher
Education (CHE) - to verify the relevance and the
quality of the program. We are excited to announce
that on 18th March 2016, the LePAP qualification was
granted accreditation by CHE and we are headed for
enrolment.
The general membership of LIA has approved
the proposed rules that will enable proper
implementation of the Accountants Act, taking
the current developments that occurred in the
accounting profession into effect. These include
issues of the auditors’ work quality and many other
provisions. It is with this approval that the general
membership convened on the 15th May for the
Special General Meeting and approved the rules in
order that they be announced in the public gazette.
With these, the LIA mandate of regulation and
promotion of membership will be better fulfilled.
It is with this set of pillars that we see LIA
transformed to a World Class Organisation?
We had a landmark Annual Conference in 2015
themed: The Accountancy Profession Defining the
New Leadership Paradigm for new Africa. It was
one of its kind; the tone was set at the top and the
relevance was very high. A lot of leaders will emerge
from that forum. The keynote speaker, President
Thabo Mvuyelwa Mbeki, was initiated into the
Past Presidents Forum of the Lesotho Institute of
Accountants. We have no doubt that expectations for
2016 are high, the LIA Council and Secretariat’s target
is to exceed those very expectations.
The Regional Affiliation: IFAC, PAFA and ESAAG
LIA continues to represent the accountancy
profession and Lesotho as a country through active
participation in the regional and international fora.
Through the LIA CEO, we attained representation
in the discussion of the role of the accounting
profession in creating strong public financial
management systems in Kenya at the Eastern
and Southern Association of Accountant Generals
(ESAAG). The Vice President also represented us in
the Zimbabwe Accountants Conference discussing
“How accountants can partner with the government
towards coordinated economic recovery programs”.
Finally, it is through the LIA CEO that on the same
forum the gender diversity in leadership was deeply
deliberated sharing Lesotho’s experience. This is a
call for all Basotho and all accountants to actively
participate in the international fora.
We wish to take this opportunity to announce the
theme for the 2016, October 26th-28th Annual
Conference; “THE IMPACT OF TECHNOLOGICAL
ADVANCEMENTS IN CREATING WORLD ECONOMIES,
BUSINESS PROSPERITY AND FINANCIAL REPORTING”.
The Keynote address is still top secret so
hushhhhhh!!!
LIA has been on a long journey to develop the
Lesotho Professional Accountancy Programme
(LePAP) Qualification. This has been directly funded
by the European Union Lesotho delegation. It is
intended to enhance the financial reporting field
in the country. This has been developed following
International Education Standards which are the best
practicing standards for accounting qualifications.
We did not stop there, instead we submitted the
The fact is; though Lesotho maybe a small country
geographically, its nation does not have small minds.
We can be the best if we employ our minds to it.
8
LESOTHO INSTITUTE OF
ACCOUNTANTS AND
THE PUBLIC SECTOR
FINANCIAL REPORTING
For years, the Lesotho Institute of Accountants
(LIA) has been focusing on improving only the
private sector financial reporting, that is to say
“its curriculum was directed to developing private
sector accountants”. It was through the Reports
on the Observance of Standards and Codes (ROSC)
that LIA realized the gap and importance of
developing the public sector accountants, increase
their membership and support the pool as well.
A fully funded pilot project - a qualification by
Chartered Institute of Public Finance Accountants
(CIPFA) - was introduced by the Ministry of Finance
under LIA custody, to ensure that LIA takes part in
developing the accounting profession in the public
sector as expected. It was on this note that the LIA
council recognized the qualification from CIPFA and
admission of LIA members in the public sector.
Below are some of the completed projects and
those that are still in progress meant to strengthen
the relationships with the public sector as far as the
profession is concerned:
1. LIA has managed to establish a working
relationship with the office of the Auditor
General (AG). LIA can offer or be requested for
support to ensure that professional services
are provided and that members work with the
regulations of LIA, especially those who perform
audits on behalf of AG. This relationship led both
parties to engage into an agreement by means
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of a Memorandum of Understanding (MOU) to
formalize the relationship. This MOU is yet to be
signed.
4. LIA played an advisory role to the Ministry of
Finance when restructuring its accounting cadre.
This was done after LIA recommended the
ministry to professionalize the accounting and
finance sections by recruiting the right personnel.
LIA also advised on the placement of personnel
with different accounting qualifications based on
their competencies.
It is LIA’s responsibility to ensure that the public
interests are protected, and this is always done
through preventative and corrective measures:
By ensuring that people with the right skills
and knowledge are recruited and well placed
and through ensuring that the International
Public Sector Accounting Standards (IPSAS)
are followed. The corrective measures come
through an audit. LIA also has to ensure that subcontracted auditors have the right skills, comply
with all their membership requirements, and are
in good standing.
Frequent meetings are held between LIA and
the Accountant General (Acc. Gen.) to share
developments and discuss how LIA can support
the ministry and the departments. LIA has been
doing country visits with the department to
educate the public sector staff on the benefits of
being a member and associating with LIA.
2. LIA has finished reviewing the Government Audit
Report 2013/2014, and is seeking comments
from its members to ensure that issues are
discussed in a manner that would yield results
for the benefit of the country and assist the
AG office to execute its role better. A list of
comments that needs to go through a special
committee has been developed. This is the
first time LIA reviews the audit report, and it
intends to share it with the office of the Auditor
General. In future, LIA with proper authorization
would present such comments before Public
Accounts Committee (PAC) and Economic
Cluster Portfolio Committee (ECPC), to ensure
that implementation of the recommendations is
enforced.
5. There is as ongoing training of public sector
accounting accountants. LIA has made it a
policy to assist the public sector accountants in
the development of their skills and ensure that
those who are LIA members are continuously
developing professionally. It also organizes other
workshops or seminars on request, such as
planning and budgeting.
6. LIA also contributed a lot to the development of
Public Financial Management and Accountability
Act (PFMA). This is a working document that
guides how things should be done.
LIA is as a member of both International Federation
of Accountants (IFAC) and Pan African Federation of
Accountants (PAFA) and is dedicated to complying
with the global membership requirements to ensure
that the results of public interest protection is
achieved. It is its wish to be seen participating in all
initiatives that help economic growth: accountability
and transparency being the pillars for better
economy.
3. LIA annually participates in reviewing the
government budget and commenting on it.
The aim is to assist the preparers to have
other considerations during its review and
for subsequent years’ budgeting process. LIA
comments are presented before Public Accounts
Committee (PAC). For the first time, in 2014, LIA
was proactive and developed its expectations
from the government budget, with justifications
of each expectation.
10
Formation of a
Strong Alliance
with money
Article by:
Makata Lefala
2014-15 CAS-SRC Vice-President
b)
Next to your relationship with family and friends,
your relationship with money is one of the most
important, and if managed properly can save you a
great deal of anxiety and time.
Try to avoid impulsive purchases by spending your
disposable income on ‘cheap’ deals. Ask yourself, “Do
I really need this?”
Therefore when setting goals for yourself, financial
stability should be at the top of your list.
Remember the old saying: “if it sounds too good it
probably is?” There are no cheap deals.
Often people plead ignorance when it comes to
how much money they spend versus how much
money they receive. Small changes which might
seem insignificant can have a profound impact on
your finances in the long-term. So spare yourself
the humiliation of having your car repossessed or
the frustration of paying off a never ending loan by
adopting some of these small changes:
a)
Avoid succumbing to ‘cheap’ deals
Your savings depend on personal needs but there
should be long-term savings, i.e. retirement savings
and then savings for the short to medium term. This
could be used for many things depending on the
individual.
c)
Have insurance
You need to be responsible by making sure you
have medical cover in the event of an accident or
illness. Do not forget to insure your possessions.
Most importantly, do your research and choose the
insurance that is best suited to you.
Have a budget
It is as simple as it sounds. Put aside money for your
living expenses such as bond/rent payments , car
repayments, utilities, school fees, and any other
important monthly payments.
Mr. Marnitz says the most important insurance cover
is medical aid, even if it is a hospital plan, as well as
car and life insurance.
“Everyone earning an income should have a budget.
A budget tells on what expenses you have and need
to pay. You can easily compare this to your take home
pay,” says John Marnitz, a certified financial planner
from Pioneer Financial Planning.
“If you have kids and there is still debt to be paid off,
the life insurance could settle debts like bonds, tuition
fees etc. in the case of your passing. It does not leave
a burden to the remaining family members,” he says.
11
d) Keep your eye on your expenses
retrenchment, and death), an economic issuing and
over-indulgence.
Be smart about what you buy. Ask yourself “do I really
need it?” and “can I really afford it?” One can answer
these questions if they are truthful to themself. Even
the small, unplanned purchases count when added
up.
e)
h)
So you have finally arrived at the point where
you admit to yourself that you are struggling to
make repayments and drowning in debt. The most
important thing to do is to find help, and speak
to your credit providers before you lose your
possessions or worse, get blacklisted. Below are some
few disciplines to practice:
Avoid unnecessary debt by all
means
There is a good debt and bad debt. For example; a
loan taken up to buy a house or a car is considered
good, as is a student loan. Buying clothes and food on
credit and financing holidays using credit cards on the
other hand, should be avoided at all costs.
• Go back to your budget and see if there is
anything you can cut or decrease. If after this
you still cannot then;
• Communicate your situation with your credit
providers to restructure your debt.
Consumers should avoid taking credit and try to plan
ahead. It helps to have an emergency fund to assist
should the need arise. In cases where there are no
emergency funds, consumers must borrow only
what they need. Plan the repayment amounts and
the term of the loan before taking on credit. Credit
cards should be an absolute last resort. A credit card
is the worst debt, if you use it, at least try paying if
off by the end of the month. Sure we all have debt,
just make sure when you sign into any agreement it is
within your budget.
f) If credit providers refuse to come to your rescue,
consumers have a choice of going under debt
counselling where a debt counsellor will restructure a
consumers’ debts and negotiate with credit providers
– though this comes at a fee. Consumers should also
take note that once flagged at the credit bureau, they
will not get further credit. Debt counselling gives
them protection from credit providers’ legal action.
i)
Save and invest
When it comes to saving and investing, something
is always better than nothing. Investigate several
vehicles of saving on offer.
Secure a job before leaving your
current job
While you may have your personal reasons for
wanting to leave your current place of employment,
it is recommended that you only resign once you have
secured, in writing, a job somewhere else. Lesotho
has a high unemployment rate, and it is still difficult
for the most skilled and qualified candidates to find
employment. If things do not proceed as planned
in securing the next job how will you pay for your
expenses? Some people may have some savings and
resort to using them although it is not advised to
use them during unemployment. So ensure a legal
agreement is made before resigning. It will save you
from negative financial consequences.
So what percentage should you put into savings and
how much should one invest?
If you get paid a bonus, allocate 1/3 on medium/
short-term savings and 1/3 on yourself (spoil
yourself). If possible then also pay extra into anything
you still owe money on.
g)
Seek help
Live within your means
Do not go broke trying to look rich, it could cost
you dearly. If you have a budget and stick to it, you
will not fall into this trap. Besides social pressures
however, there are other reasons people fall into this
trap.
I rest my case!
Over indebtedness is also the result of ignorance of
financial products, lacking proper planning, reckless
lending, a change in circumstances (i.e. divorce,
12
International
Accounting Standards
Board’s updates
MAJOR PROJECTS
Effective date
Issued date
1. IFRS 9 Financial Instruments
1 January 2018
July 2014
2. IFRS 14 Regulatory Deferral Accounts
1 January 2016
January 2014
3. IFRS 15 Revenue from Contracts with Customers *
1 January 2018 May 2014
4. 2015 Amendments to the IFRS for SMEs 1 January 2017
May 2015
NARROW-SCOPE AMENDMENTS
Effective date
Issued date
1. Accounting for Acquisitions of Interests in Joint Operations
1 January 2016
(Amendments to IFRS 11)
May 2014
2. Clarification of Acceptable Methods of Depreciation and
Amortization
1 January 2016
(Amendments to IAS 16 and IAS 38)
May 2014
13
Effective date
Issued date
3. Agriculture: Bearer Plants
1 January 2016
(Amendments to IAS 16 and IAS 41)
June 2014
4. 2015 Amendments to the IFRS for SMEs 1 January 2017
August 2014
5. Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture*
January 2016*
(Amendments to IFRS 10 and IAS 28)
September 2014
6. Annual Improvements 2012–2014 1 January 2016
September 2014
7. IFRS 4 Non-current Assets Held for Sale and Discontinued
Operations
• Changes in methods of disposal
8. IFRS 7 Financial Instruments:
Disclosures
• Servicing contracts
• Applicability of the amendments to IFRS 7 to condensed
interim financial statements
9. IAS 19 Employee Benefits
• Discount rate: regional market issue
10. IAS 34 Interim Financial Reporting
• Disclosure of information elsewhere in the interim financial
report
11. Investment Entities: Applying the Consolidated Exception
1 January 2016
(Amendments to IFRS 10, IFRS 12 and IAS 28)
December 2014
12. Disclosure Initiative
1 January 2016
(Amendments to IAS 1)
December 2014
14
Benefits of Joining
a Professional
Membership BodyLIA
Magazines
Most specializations and industries have a
professional body, normally an association or
institute, which people with the appropriate
qualification, experience and/or ethics could join.
What can one gain by joining such a body? Is it worth
the money? Will it help your job search? Here are
some of the potential benefits that membership of a
professional membership body/LIA can offer;
The institute produces a quarterly newsletter whose
costs are included in the annual subscription. The
magazine features industry news and articles and
sometimes a vacancies section ideal for finding jobs
relevant to the industry.
Career Advancement
Professional Recognition
Through the Continuing Professional Development
(CPD) program members are kept up to speed on
industry trends. These include but not limited to
events such as national expos, seminars workshops,
symposiums, conferences etc. which members can
benefit from.
LIA has an assessment process that applicants must
undergo before they are granted membership.
Once an applicant has demonstrated the requisite
qualification(s), experience and skills, they become
admitted into Membership. This enables a member
to add the appropriate credentials to their CV and
business card. Membership shows that a certain level
of expertise in the profession has been attained, and
enhances a member’s credibility.
Respect
LIA aspires to have website offering members access
to industry news, surveys, reports, updates, career
information, jobs, and details of events.
Membership to a professional membership
organization gives the stakeholders the assurance
that the qualification holder is legitimate. LIA
is adamant that their members meet certain
professional expectations so admission into
membership often acts as a worthwhile seal of
approval.
Networking Opportunities
Advice
LIA has international, regional and national networks
which members can benefit from by making new
professional contacts that may offer excellent
networking and research opportunities. Moreover,
members can volunteer to join committees if they
wish to enhance their professional knowledge and
the institute.
LIA has within its operations experts in the accounting
field to provide advice and support on aspects of the
profession that a member may be less familiar with.
Information and Advice
15
MEMBERS OF THE
38TH COUNCIL FOR
THE YEAR 2015 / 2016
Thuso Pitso
President of LIA
Mangangole Tsikinyane
Immediate Past President
Moahloli Mphaka
Vice- President
16
Kholotsa Moejane
Council Member
‘Mabatho Monyake-Mohasoa
Council Member
‘Masebolaoa Sebolaoa
Council Member
Leboela Lebete
Council Member
Sebehela Selepe
Council Member
‘Maseabata Taoana
Council Member
Mokheseng Mofolo
Council Member
17
Lazarus Mafatle
Council Member
Leloko Molise
Council Member
Tefo Molupe
Council Member
Nqhobela Maqhama
Council Member
Samson Mphaka
Council Member
Mubita Anakoka
Council Member
Kopano ‘Mou
Council Member
18
DECEMBER 2015
- LIA
CHARTERED ACCCOUNTING
STAGE GRADUATES
• Moetsuoa Nomacole
• Phamotse ‘Mamosa
• Lebina Itumeleng
• Qhatsuka Tholang
• Lebusa Maleshoane
• Rantšo ‘Makatleho
• Makhupane Lerato
• Seeko Maelivazze
• Chabeli Mamotseki
• Seliane Matṧeng
• Matsobane Mamoliehi
• Takalimane Phillip
• Molao Thato
• Thakalekoala Ntšeba
• Motšeo Mpho
• Tšosane Lerato
19
LePAP UPDATE
We are fully geared up for LePAP “GO LIVE” which is
drawing near.
Everything is now ready for the programme take
off; the learning material for the three stages Technician, General and Chartered Accounting
Stages - have been developed and are ready for
printing. The capacity development for the tutors,
examiners and moderators who are responsible for
the setting of exam questions has been completed.
The examination papers for Technician Accounting
stage have been set and the examination policies
have been developed. This makes us ready for the
first examinations.
(CHE), all new programmes for higher education
have to be accredited before they are introduced in
tertiary institutions. LePAP also, as a new programme
had to be subjected to the same process. Although
the application process was long and daunting, I am
thrilled to share that, LePAP has finally been granted
accreditation status by CHE. This is a major milestone
as the programme could not take off before passing
this stage, “thumps up to all those who made this
possible”. You will recall that LePAP is a European
Union (EU) and Government of Lesotho (GOL)
supported initiative whose purpose is to produce
quality accountancy professionals for both the private
and public sector.
As the accountants may be aware; since the
establishment of the Council on Higher Education
Following, please find the minimum
qualifications for the programme:
entry
LePAP ADMISSION CRITERIA
LEVEL
TECHNICIAN ACCOUNTING STAGE –1
MINIMUM QUALIFICATION REQUIRED
1. High school leaving certificate (LGCSE) or its equivalent
with six subjects; at least a credit in Maths and a pass
(D) in English.
2. A two year relevant diploma accredited by CHE and
approved by LIA.
3. ‘A’ level with two passes, one of which must be in
Maths.
TECHNICIAN ACCOUNTING STAGE –2
4. Non-relevant degrees.
1. LePAP Technician Accounting Stage 1
2. ACCA CAT
3. CIPFA International Certificate
GENERAL ACCOUNTING STAGE –1
1. BCom Accounting degrees
2. Relevant degrees (First and higher)
GENERAL ACCOUNTING STAGE –2
1. LePAP General Accounting Stage level 1
CHARTERED ACCOUNTING STAGE –1
2. LePAP Technician Accounting Stage level 2
1. LePAP General Accounting stage 2
2. ACCA skills module
3. CIPFA International Diploma.
4. CA qualifications from other IFAC member bodies who
wish to practise in taxation or external audit.
CHARTERED ACCOUNTING STAGE- 2
1. LePAP Chartered Accounting stage 1.
Part qualified ACCA or CIPFA students wishing to
convert to the LePAP scheme
Start of next stage to the one achieved in their existing
scheme
Part qualified ACCA or CIPFA students wishing to
convert to the LePAP scheme who have already
commenced the next stage of current studies
Start of next stage to the one achieved in their existing
scheme
20
LESOTHO INSTITUTE OF ACCOUNTANTS
Accountants House, 5 Orpen Road, Old Europa PO Box 1256, Maseru 100, Lesotho
Tel: +266 22 31 2115, Fax +266 22 32 0022
Email: [email protected], [email protected], Website: www.lia.org.ls
Product of Lesotho Government
The Initiative Of Lesotho Institute Of Accountants
Proudly Supported By European Union
NOTICE BOARD
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23
24
25
for the
8th Annual Conference
26 – 28 October 2016
(Wednesday to Friday)
Theme
The Impact of Technological Advancements on the World Economies,
Business Prosperity and Financial Reporting
Venue
AVANI MASERU CONVENTION CENTRE
12 ORPEN ROAD
OLD EUROPA ROAD, MASERU, LESOTHO
www.lia.org.ls
The Organising Committee is delighted to invite you to
sponsor and/or exhibit at the 2016 Lesotho Institute of
Accountants (LIA) Annual Conference.
About the 2016 LIA Annual Conference
The 2016 LIA Conference is scheduled to take place from 26th – 28th October 2016 in Maseru, Lesotho.
The theme for the event is “The Impact of Technological Advancements on the World Economies,
Business Prosperity and Financial Reporting”
21st century is the new age of technological revolution and innovation, and information technology (IT)
has outrun other industries in this field. The powerful convergence of computer, IT and communications
has given rise to new business models (Frishamar, 2002). The ever increasing advances along with rapid
changes occurring within the activity range of various enterprises, have amplified the need to provide
and offer qualitative financial information by economic units.
IT is one of the most important variables which have become a fact of life in the organizations of today.
IT plays a key role in removing time and place limitations and causes information to become available
to users more quickly and in a more satisfactory way. It also changes the way of performing tasks and
transforms paper methods into electronic ones. This is called electronic exchange of information. The
changes provide conditions in which time needed for information exchange is shorter and the way of
making financial exchanges has changed i.e. financial information is exchanged instead of money (Salehi,
Moradi and Ariyanpour, 2010). The above compelled us to find it befitting to (this year) host a conference
on the above-mentioned theme.
Expected to attend the conference are Accountants, Auditors, Chief Executive Officers, Managing
Directors, General Managers, Board of Directors, Shareholders, Lawyers, Legal advisors, Principal
Secretaries, the Judiciary, the Youth, Entrepreneurs, Leaders in all spheres of life, technology experts and
scientists.
The Organising Committee is committed to engaging with delegates through an energising and
informative program of speakers, and facilitating networking and business opportunities for sponsors
through an interactive exhibition and a dynamic program of social events.
Sponsors and exhibitors will receive acknowledgement prior to, during and after the conference through
conference materials and the website, and enjoy significant contact with delegates during the exhibition
and social events. The exhibition will be open for the duration of the conference.
We look forward to your participation in this premier industry event, and to welcoming you at Avani
Maseru in October 2016.
Yours Faithfully,
‘Malehlohonolo Mahase CA (L)
Chief Executive Officer
27
Conference Organisers
The Venue
Lesotho Institute of Accountants (LIA)
P. O. Box 1256
5 Orpen Road, Old Europa
MASERU, 100
Lesotho
Avani Maseru Hotel
12 Orpen Road
Maseru, 100
Lesotho
AVANI Maseru Hotel gives you just that right blend of
comfort, style, and service in the heart of Lesotho’s
growing capital city. Stay, play, and take care of
business in style as you chill out by the pool, head out
to explore the city, munch on tasty bites and snacks,
or host an event in one of our flexible workspaces.
With a great night’s sleep guaranteed, it’s all the
details that matter… done well!
Phone: +266 22 312 115
Fax: +266 22 320 022
E: [email protected]
http://www.lia.org.ls
About LIA Annual Conferences
AVANI Maseru is in Maseru City Centre, allowing
Customers a short drive or walk to the Malls and
other shopping centres. The Maseru Border gate is
only a 5 minute drive when you take only 25 Minutes
to get to the airport. Airport Shuttle services are
available on request at a cost to the guest.
In the past the Institute has hosted conferences
with different themes which have brought together
academics, professionals, regulatory authorities,
governmental and non-governmental organizations,
Accountants and Auditors, Finance Analysts and other
credible stakeholders involved in various aspects
of the work place, of which the 8th conference is no
exception. This year meeting is envisaged to further
attract the youth, information technology experts,
leaders and scientists.
Lesotho’s Historical sites are a must visit when you
are stying with us. From the Thaba Bosiu ( Mountain
of the night) which is a 30 minute drive to the far out
Katse Dam and Mohale Dam which is 4 hours and 2
hours drive respectively. Maseru is also crowded with
historical sites to visit on arrangement.
The Programme
Monday, 24th October
Exhibition bump-in
Registration opens for delegates
Stakeholders Visits Commence
Tuesday, 25th October
Exhibition Cont.
Stakeholders Visits Cont.
Wednesday, 26th October
Conference sessions Commence
Registration for delegates ends
Thursday, 27th October
Conference sessions Cont.
Welcome Reception
Exhibition bump-out
Friday , 28th October
Conference sessions end
International Speakers Excursion
Avani Maseru Convention Centre
Foyer 1, Avani Maseru Convention Centre
Maseru CBD
Maseru CBD
Foyer 1, Avani Maseru Convention Centre
Avani Lesotho Convention Centre
Kome Caves/Metolong Dam
28
Why Sponsor?
CONFERENCE PARTNER SPONSOR (unlimited):
R/M500, 000.00
The 2016 LIA annual Conference has several packages
available, providing sponsor with a choice of
exposure related to financial commitment.
• Recognition as a Conference Partner Sponsor
on audio visual display in main plenary room.
• Participating as a sponsor and/or exhibitor at the
2016 LIA annual Conference can take you straight
to your target market and demonstrate your level
of support and commitment to the Business and/
or professional industry.
• One (1) full, A4 page, portrait, colour company
advertisement in the conference handbook
(artwork to be supplied by sponsor by the
advised deadlines).
• Acknowledgement as a Conference Partner
Sponsor on printed 2016 LIA annual
Conference documents, including conference
handbook and promotional flyers (if confirmed
prior to print).
The 2016 LIA annual Conference can provide your
organisation with:
• Maximum exposure at a premier conference
devoted to those involved in the Business and/
or professional industry.
• One (1) 3m x 3m (9m²) exhibition booth
including one trade registration.*
• An opportunity to build and reinforce strategic
relationships within the Business and/or
professional industry.
• Two (2) complimentary conference registra
tions, including attendance at all conference
sessions, morning/afternoon teas and lunches,
the Welcome Reception and excursion.
• Time to network with several industries
colleagues and key decision makers.
• Company logo on conference website with links
to company website (for one year).
• A cost effective way to reinforce your
organisation’s brand and build brand
awareness amongst a relevant audience.
• One (1) satchel insert (supplied by the advised
deadlines, lightweight and no larger than A4
size).
• Access to a broad network of industry partners
from state and Government departments and
the private sector captains.
• Full delegate list, with name, organisation and
email (subject to permission of delegate and
request by sponsor).
• Time to present latest innovations and new
products or services to a pertinent audience,
and showcase your expertise and capabilities.
Trade registrations include access to the exhibition
hall, morning/afternoon teas and lunches for the
duration of the conference, one ticket to the Welcome
Reception, a name badge, handbook and satchel.
• Increased marketing opportunities including
visibility on the conference website and
associated marketing materials.
SATCHEL SPONSOR (only one available):
Sponsorship Packages
R/M150, 000.00
• Company name/logo on Conference satchels.
CONFERENCE NAMING SPONSOR (One only):
• One (1) quarter, A4 page, portrait, company
advised deadlines).
R/M1 000,000.00
• Co-branding on all conference material plus
all partner benefits as below plus negotiated
extras
• Acknowledgement as the Satchel Sponsor
on printed 2016 LIA annual Conference
documents, including conference handbook
• Guest speaker at Welcome Reception Party.
(15 mins. presentation)
29
and promotional flyers (if confirmed prior to
print).
• Acknowledgement on printed 2016 LIA annual
prior to print).
to company website.
• Company name/logo on excursion snacks
package (package supplied by sponsor by the
advised deadlines).
• One (1) satchel insert (supplied by sponsor
by the advised deadlines, lightweight and no
larger than A4 size).
email (subject to permission of delegate).
• Exclusive signage rights with signage
prominently displayed at the excursion
destination (pull-up banner to be supplied by
sponsor by the advised deadlines).
WELCOME RECEPTION SPONSOR (only one available):
• Two (2) complimentary tickets to the excursion.
R/M100, 000.00
to company website.
• Verbal acknowledgement as the Welcome
Reception Sponsor during the Welcome
Reception.
• Acknowledgement as the Welcome Reception
Sponsor on printed 2016 LIA annual
prior to print).
INVITED SPEAKER SPONSOR (unlimited):
• An opportunity to address guests at the
Conference Dinner (5 minute presentation
only).
R/M50, 000.00
• Recognition as an Invited Speaker Sponsor on
audio visual display in sponsored session.
• Company name/logo on Welcome Reception
function ticket.
advised deadlines).
• Exclusive signage rights with signage
prominently displayed at the Welcome
Reception (pull-up banner to be supplied by
sponsor by the advised deadlines).
• Acknowledgement as
Sponsor on printed
Conference documents,
handbook, promotional
prior to print).
• Three (3) complimentary tickets to the
Welcome Reception.
to company website.
an Invited Speaker
2016 LIA annual
including conference
flyers (if confirmed
• One (1) complimentary conference registration,
including attendance at all conference sessions,
morning/afternoon teas and lunches and the
Welcome Reception.
to company website.
EXCURSION SPONSOR (one available):
R/M75, 000.00
• Verbal acknowledgement as the excursion
Sponsor during the excursion travel.
30
EXHIBITION TABLE PACKAGES:
MORNING OR AFTERNOON TEA SPONSOR:
R/M 5,000.00 each
R/M25, 000.00
• Recognition and acknowledgement on audio
visual and during sponsored session
• One trestle table and 2 chairs (supplied by
sponsor by the advised deadlines)
• One (1) satchel inserts (not a note pad or pen,
supplied by sponsor by the advised deadlines,
lightweight and no larger than A4 size).
advised deadlines).
Sponsorship and Exhibition
Conditions
• The Lesotho Institute of Accountants and the
Organising Committee reserve the right to
accept or reject any application for sponsorship
at its absolute and unfettered discretion with
the return of any deposit paid.
SATCHEL INSERT (unlimited):
• Company advertisements and satchel inserts
are subject to approval from the Conference
Organising Committee.
R/M 3,500.00
• One (1) satchel insert (not a note pad or pen,
supplied by sponsor by the advised deadlines,
lightweight and no larger than A4 size).
• All sponsorship / exhibition packages are TAX
inclusive.
• Payment Terms – 50% deposit required prior
to confirmation of sponsorship. 50% final
instalment required by 30th September 2016. A
Tax Invoice will be sent.
CONFERENCE NOTE PAD / PEN (only one of each
available):
• One (1) company note pad or pen for insertion
in satchels (supplied by sponsor by the advised
deadline, lightweight and no larger than A4
size).
• Full terms and conditions can be found on the
conference website:
To Confirm Sponsorship
36CM *30CM CONFERENCE HANDBOOK
ADVERTISING (unlimited)
Should you wish to confirm sponsorship, please
return the completed Acceptance Form (enclosed
herewith) to Lesotho Institute of Accountants and
terms and conditions with a Tax Invoice will be
forwarded for completion and approval.
The handbook advertising rates are:
• Full Page R/M 6,000.00
• On receipt of the deposit payment, a
confirmation letter will be sent highlighting
further information regarding benefits, due
dates, etc.
• Half Page R/M 3,200.00
• Quarter Page R/M 2,000.00
• Double Page spread R/M 7,200.00
• If exhibiting, an Exhibition Kit which details
information regarding space allocation, artwork
for logos and advertisements, specifications
and delivery details for signage and satchel
inserts will be sent at a later date. A handbook
which
contains
important
information
such as exhibition regulations, delivery and
access details, electrical testing and tagging
requirements and lists of services available for
Organisations are invited to purchase a full, half or
quarter colour advertisement in the 2016 LIA annual
Conference handbook. Specification and dates for
receiving advertisement will be advised closer to the
conference.
31
Exceptional Circumstances
hire and the necessary order forms will also be
sent at a later date.
Conference Organising Committee reserve
the right to change the venue and duration
if exceptional circumstances demand. In the
event of a change of venue and/or duration,
the agreement to participate will remain
in force as long as the sponsor/exhibitor
is informed at least one month before the
planned conference.
Sponsorship Enquiries
Allocation
• Sponsorship and exhibition packages, which
may be limited in number, will be generally
allocated to those organisations who apply
earliest. Allocation of sponsorship packages
and exhibition space regardless of the
preference indicated, and alteration of the
floor plan is at the discretion of the Lesotho
Institute of Accountants and the Conference
Organising Committee whose decision will be
final.
Conference Organising Committee
will use
reasonable endeavours to remedy the impact
of exceptional circumstances.
Exhibitor Display Rules
• The Conference Organising Committee
shall determine the hours during which the
exhibition shall be conducted and as to hours
of access for exhibitors including variations of
such times as shall be necessary.
Cancellation Policy
• Once an Acceptance Form has been received,
any cancellation must be advised in writing
to All Lesotho Institute of Accountants. If the
cancellation is received up to 3 months before
the event an administration fee of 25% of the
total price is retained.
• Excessive noise that inconveniences other
exhibitors or the conference will not be
allowed. The Conference Organising Committee
will be the judges as to whether there is an
annoyance.
• If the cancellation is received less than 3
months prior, no refund is applicable.
• No obstruction of any form will be allowed in
the aisles and walkways.
Detailed Requirements and Due Dates
• The Conference Organising Committee
requirements regarding the artwork for
logos and advertisements, specifications and
delivery details for signage, arrangements
for static display, delivery of satchel inserts or
other arrangements will be sent to you in a
confirmation letter at a later date with relevant
due dates.
• While companies are encouraged to pursue
novel methods of attracting people with
their stand, practices disadvantaging other
companies or detracting from the exhibition
will be discouraged.
• The sponsor / exhibitor will acknowledge
that the Conference Organising Committee
and Avani Maseru Hotel will not be
responsible for any loss or damage to the
sponsor’s / exhibitor’s property and that all
exhibitor material and equipment is the sole
responsibility of the exhibitor.
• In the event that materials, information or
artwork required by the Conference committee
are not received by the designated due date,
their use for their intended purpose cannot be
guaranteed. The value of these entitlements
will not be refunded if this is the case.
TAX
• Logos will be requested in PDF, .jpg and
.eps format, at least high resolution 300dpi.
Should an alternative format be received,
the Conference Committee cannot be held
responsible for the quality of the logos
displayed in any of the promotional material.
• All amounts stipulated in this agreement
include goods and services tax of 14%.
32
Liability / Insurance
Partnerships
• In the event of industrial disruptions or natural
disasters, the Lesotho Institute of Accountants
and the Organising Committee, cannot accept
responsibility for any financial or other losses
incurred by the delegates.
• Nothing contained in this agreement will be
deemed to constitute a partnership, joint
venture or agency relationship between you
and the Lesotho Institute of Accountants and
you must not do anything where you will, in
any way, be represented that you are a partner
of the Lesotho Institute of Accountants.
• Lesotho Institute of Accountants and the
Organising Committee take no responsibility
for injury or damage to persons or property
occurring during the LIA 2016 Annual
Conference. All insurance, including medical
cover, or expenses incurred in the event of the
cancellation of LIA 2016 Annual Conference is
the individual delegate’s responsibility.
Sponsorship and Exhibition
Packages
• Please refer to the sponsorship packages in this
Proposal for outlined benefits. Any variations
to the description of each package must be
as agreed in writing with the Conference
Organisers. Sponsorship and exhibition
entitlements will not commence until the
Acceptance Form and deposit is received by
the Conference Organiser.
• Attendees are encouraged to choose a
travel insurance policy that includes loss
of fees/deposits through cancellation of
your participation in the LIA 2016 Annual
Conference, or through the cancellation of
the LIA 2016 Annual Conference itself, loss of
airfares for any reason, medical expenses, loss
or damage to personal property, additional
expenses and repatriation should travel
arrangements have to be altered. The Lesotho
Institute of Accountants and the Organising
Committee will take no responsibility for any
participant failing to insure.
Trade Registrations
• Trade registrants are not permitted to attend
conference sessions or social functions unless
the relevant tickets are offered as part of the
particular sponsorship or exhibition package.
However, should trade registrants wish to
attend the conference as a delegate or attend
social functions, the appropriate registration
form must be completed and forwarded to
the Conference Organisers together with the
applicable registration fee.
• The sponsor/exhibitor is responsible for all
personal injury, damage to property or other
losses, liabilities or claims arising in connection
with the sponsor’s/exhibitor’s participation
at LIA 2016 Annual Conference. The sponsor/
exhibitor will indemnify the Organisers in
respect of any losses, liabilities or claims in
respect thereof. The sponsor/exhibitor agrees
to participate at its own risk and to take out
adequate insurance in respect of all such
losses, liabilities and claims.
• Specific sponsor/exhibitor registration forms
will be sent at a later date.
Venue
• The Lesotho Institute of Accountants, Avani
Maseru Hotel and the Organising Committee
will take all reasonable precautions, to ensure
the building is secure. To assist us, all persons
attending the LIA 2016 Annual Conference
must wear the official LIA 2016 Annual
Conference name badge at all times.
• The sponsor/exhibitor and the servants,
agents, contractors and invitees of the
sponsor/exhibitor are also to observe the rules,
regulations and procedures as prescribed by
the Avani Maseru Hotel.
Please contact LIA 2016 Annual Conference Organising Committee to discuss sponsorship packages and
opportunities available in more detail:
33
Sponsorship Acceptance Form
Should you wish to confirm sponsorship, please return this form to Lesotho Institute of Accountants on
[email protected] or fax +266 22 320 022
Contact Person (all correspondence will be forwarded to this person):
First Name
Surname
Position
Organization
Address
Street
Town Postal code
Phone
Fax
Email
Level of Sponsorship
All amounts are in Rands/Maloti and include Tax, unless indicated otherwise.
□ Conference Naming rights R/M 1 000,000.00
□ Conference Note Pad/Pen
□ Conference Partner R/M 500,000.00
Conference Handbook Advertising:
□ Invited Speaker R/M 50,000.00
□ Full Page R/M 6,000.00
□ Satchel R/M 150,000.00
□ Half Page R/M 3,200.00
□ Welcome Reception R/M 100,000.00
□ Quarter Page R/M 2,000.00
□ Exhibition Table R/M 5,000.00
□ Double Page Spread R/M 7,200.00
□ Satchel Insert R/M 3,500.00
□ Morning/Afternoon Tea Sponsor R/M 25,000.00
$_______________________________
Your signature below is taken as authorised acceptance of the sponsorship entitlements as per the Sponsorship
Proposal and acceptance of the terms and conditions. Full terms and conditions can be found on the conference
website: www.lia.org.ls.
Signed
34
Date
Sponsors
7th Annual Conference

The Accountant June 2016 - The Lesotho Institute of Accountants

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