Document 6584471
Transcription
Document 6584471
Significance of international accountancy qualifications for the Mongolian economy. The global body for professional accountants Introduction. The global body for professional accountants About ACCA • the global body for professional accountants • core values of opportunity, diversity, innovation, integrity and accountability • supporting our 162,000 members and 424,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills needed by employers. • Work in the public interest and enhance public value The global body for professional accountants Introduction • ACCA’s strategy has been to work closely with local bodies for more than 25 years. • Important that we work together to communicate the value that accountants bring to business, government and regulators. • The accountancy profession can enhance its contributions to world trade by establishing globally credible standards and communicating them effectively. The global body for professional accountants Mongolia’s economic progress. The global body for professional accountants What Mongolia needs to consider to ensure sustainable and inclusive growth: • Strengthen institutional capacity (to manage public revenues efficiently) • More effective allocation of resources to ensure optimal spending, investing and savings • Continue improvements in education and people development • Reduce poverty • Greater opportunities for all (whether in urban or rural areas) The global body for professional accountants The role of accountancy in supporting economic development. The global body for professional accountants The need for a strong profession for Mongolia • Attract Foreign Direct Investment (FDI) • Promote growth and development of the SME sector • Enhance transparency and accountability in the use of public funds • Improve the design and delivery of vital public services The global body for professional accountants Critical role of accountants in Mongolia • Act in the public interest • Provide a pipeline of qualified professionals needed for capacity building and promote knowledge • Promote strong professional and ethical standards and enhance public trust • Act as a resource for government, regulators, donors and businesses The global body for professional accountants Why are professional accountancy bodies important for Mongolia? • Act in the public interest • Develop and produce competent accountancy professionals • Promote strong professional and ethical standards • Act as a resource to government, regulators, donors, mentors, and regional and international organizations • Further the quality of financial reporting The global body for professional accountants Global Standards. The global body for professional accountants Need for standardised reporting • Lessons from Asian crisis in 1997 • Current turbulent financial crisis have raised needs for greater transparency and credibility in reporting. • Increased interdependence of financial markets • Cooperation around the world is vital! The global body for professional accountants The impact of the financial crises • Led to renewed efforts to improving the quality of corporate reporting towards a robust international financial architecture • Reflects the increasing pace of globalisation and international economic integration. • We cannot underestimate the challenges in the adoption and implementation of global standards by emerging economies • Capacity building becomes critical The global body for professional accountants The role of high quality reporting • High quality corporate reporting is key to improving transparency, facilitating investment and improving investor confidence • Prevents mismanagement of resources and improves efficiency and allocation of resources • Strengthens international competitiveness The global body for professional accountants Capacity building. The global body for professional accountants Possible areas to focus on include: • Human capacity • Legal and regulatory framework • Supporting institutions • Tools to measure and benchmark progress • Adoption and implementation of standards The global body for professional accountants Public Value. The global body for professional accountants “Public value is …working in the public interest, promoting responsible and ethical business and supporting enhanced global economic performance.” The global body for professional accountants The global body for professional accountants So why does this all matter ? Legitimacy + Trust = Value The global body for professional accountants “Public trust matters. There are millions of accountants in the world, and the actions of a handful can tarnish the credibility and reputation of others.” Jim Sylph, Executive Director for Professional Standards and External Relations, IFAC The global body for professional accountants Ultimately, the discussions we are having today transcend the particulars of financial institutions and infrastructures – they ultimately have an impact on our lives. Building strong economies and enhancing competitiveness around the world is the most effective means of reducing poverty and improving the lives of millions of people. Developing a strong and stable profession serves not only economic purposes, but achieves social and human objectives as well. The global body for professional accountants Thank you! The global body for professional accountants CONTACT Reza Ali [email protected] +65 6637 8175 www.accaglobal.com The global body for professional accountants