WCOA Day 5

The last entry on WCOA 2010, Kuala Lumpur.  Today there were only 2 sessions, both Plenary.  First, was on 'Accounting for Sustainability: The Intergrated Reporting Framework'.  However, I am really, really sorry for not being able to provide you with the summary, as for most of the session, I dozed off.  Sorry Boss, I think I couldn't get enough rest the night before.  I was too tired, extraordinarily tired last night that I couldn't catch any sleep until it is well past midnight.  Well, from the bits and pieces of the talk that I was able to catch, this is more about the Reporting Framework.  Hehe, what else could it be?  The whole standard, framework in accounting, be it the financial, the auditing, all are shifting towards the new, revamped version, supposedly better.  However, the challenges are still there, as there are more than 100 countries around the world, with different sets of laws and regulations, it is a real challenge to establish one common standards, or rules.  But still, the IFAC is leading the way towards that, and all the accountants around the world are pleaded to work together and support the effort.  

Second and final session of the congress was on 'Accountants in the Next Decade - Embracing Change and Seizing Opportunities'.  It was an interview session, with 5 speakers.  It was interesting, they were discussing about the accounting profession in general, the future, the challenge, relevance and opportunity.  It can be summarised as the accounting profession really does have a bright future, as the world need them more than ever.  Accountants and auditors are needed in ensuring accountability and provide reasonable assurance to stakeholders, and also feed give them confidence.  Management accountants are playing more important role in helping the management to make better, informed and calculated business decisions.  Challenge is more about the shifting in technology, on how we as accountant could cope and keep up with the pace.

Finally, the closing ceremony witnessed the passing of presidency of IFAC to the new president from Sweden, Mr. Goran, if I am not mistaken.  Then the announcing of the next host of WCOA 19th edition, Rome, Italy.  I guess I won't be selected for the event.  

So, congratulations for the organising team for organising such a great and almost perfect event.  Everyone was happy and satisfied.  It was indeed the greatest WCOA ever.

Malaysia Boleh!!!