Govt Committed To Strengthening Local Accounting Profession

KUALA LUMPUR, Sept 26 (Bernama) -- The government is committed to strengthening the standing and capacity of the accountancy profession by adopting internationally accepted standards and a well-designed regulatory framework. Second Finance Minister Johari Abdul Ghani said the move was to support the strong demand for professional accountants in line with Malaysia's journey towards becoming a high-income nation by 2020. "Enhanced integration with the global and regional markets has enabled greater trade and financial linkages. For Malaysia, intra-regional trade now accounts for more than half of our trade with the rest of the world. "Such development would also significantly increase the presence of our companies abroad, including our accounting firms, thus, they will need to continue rising to the challenge of a more connected economy," he said at the launch of the Malaysian Institute of Accountants' new corporate office here Monday. The text of his speech was made available to Bernama. Recognising the need for a well-rounded talent for the profession, Johari said the government had established the Malaysia Professional Accountancy Centre to strengthen the capacity building of the Bumiputeras (the Malay race) through academic and vocational education. Moreover, he said Malaysia had one of the most diverse and deep financial systems in the region with the local capital market growing significantly to US$677.98 billion (RM2.8 trillion) in June 2016, or 2.5 times the country’s gross domestic product. This, said Johari, had necessitated a more pronounced role of the accounting profession to support the development and sustainability of the domestic financial system. "As businesses move increasingly into the digital space, accountants must be able to anticipate and embrace emerging business models generated by advancing technologies. "Taking advantage of technology, accounting entities and professional services firms can develop new business models and export professional services across the region through digital platforms," he added. -- BERNAMA