AccounTAnTs TodAy • editor’s note

How do we future-proof accountants?Here at MIA, we believe that it is impera-

tive to upskill and transform our members and all accountants working in Malaysia. If the profession is to advance, we must all of

us become more relevant and indispensable. We must be more adaptable, swifter and capable of delivering not just historical reports, but the prescient data-backed advice and actionable insights that businesses require today.

This issue, our cover stories focus on an area that is in great flux: financial reporting standards. As of 1 January 2018, MFRS 9 Financial Instruments and MFRS 15 Revenue from Contracts with Customers have taken effect. Come January 2019, MFRS 16 Leases will go live.

All these standards require transformations in mindsets, culture, systems, and people. All these standards will affect processes, systems and business across a wide spectrum of industries. In short, these standards require us to change, unlearn, and relearn in an environment of tremendous volatility. To help our members, our stories summarise some key takeaways on the interpretation, implementation and impacts of these mega financial reporting standards. But to become more adept and well-versed, do attend the in-depth MFRS courses that MIA has lined up for 2018 and beyond.

Just as our members must adapt, we at MIA too are always striving to excel and outdo ourselves, in order to deliver better value to members and heighten the reputation and influence of the Institution. One area that MIA is emphasising tremendously is digital and tech dis-ruption, and we are not the only professional accountancy organisation (PAO) doing so. I recently returned from an IFAC meeting in New York, and digital disruption was at the top of the agenda. How can PAOs support accountants in leveraging and harnessing the opportunities arising from developments in AI, blockchain, cloud and data analytics, to name some trends that are most relevant to the profession?

In line with our emphasis on leveraging digital and

technology, MIA will soon be launching a new digital initia-tive - the MIA Membership Information System (MMIS), a platform that deliver a seamless and tech-enabled customer experience for all our members. The MMIS is aligned with our thrust to evolve into a data-driven organisation that utilises data analytics for higher efficiency and member satisfaction, and it will be optimised for mobile and fully integrated with our revamped website. So do watch out for more exciting news on the MMIS.

Nevertheless, even as we embrace the future, we must not forget to learn from history and the people of character who preceded us. This issue marks the first chapter in our series profiling iconic accountants who have built the nation. Who better as the subject of our inaugural profile than Tan Sri Dato’ Hanafiah Hussain, the first Malay Fellow of the Institute of Chartered Accountants in England and Wales

(ICAEW), recipient of the MIA Lifetime Achievement Award in 2017, and the recipient of the Anugerah Tokoh Melayu Terbilang for 2017? We can definitely gain much from emulating his spirit of self-sacrifice, resilience and integrity in his struggle to uplift the nation.

Perhaps the most pertinent piece of advice that Tan Sri Hanafiah imparted is to never abandon integrity. Always uphold accountability, integrity and pub-lic trust. Understandably, this is increas-ingly difficult because ethical dilemmas are rarely black or white, but all shades of grey. In particular, we should ask our-selves how we define ethical behaviour

and good governance in an era where digital disruption is bending rules and upending our usual assumptions and conventions. As accounting professionals, we can be the moral compass for our organisations, our communities and society at large. By continuously improving while being conscious and ethical corporate citizens, this is how we future-proof ourselves. n

Future-ProoFinG aCCountants

Happy Reading!

We at mia too are alWays strivinG to

exCel and outdo ourselves, in order to deliver better value to members and heiGhten the

rePutation and inFluenCe oF the

institution.

6 accountants today | mar / apr 2018