Debate
Of particular interest throughout 2004 were the high-profile centenary business seminars which focused on topics such as international accounting standards, corporate governance, sustainability and Islamic banking and finance. Many of the world's leading authorities on these subjects spoke at these events - a significant achievement.
International financial reporting standards
Bob Herz, chairman of the Financial Accounting Standards Board (FASB) and one of the most influential figures in the accounting profession, was the guest speaker at the ACCA US centenary seminar in New York. He discussed the progress of international convergence in the US and the challenges facing FASB in working towards a high quality set of accounting standards. 'The world doesn't want US GAAP imposed upon it. People expect careful consideration and a thorough debate, and they deserve that. For convergence to be sustainable, we all need to work towards the best standard we can find. FASB is committed to that effort,' he said.In Singapore, Paul Pacter, SME director at the International Accounting Standards Board (IASB), reported on IASB's project to develop a set of global accounting standards for small and medium-sized enterprises (SMEs). He stated: 'The main objective for IASB will be to provide high quality, understandable and enforceable accounting standards which are suitable for SMEs globally. The standards will meet user needs, and have the same conceptual framework as full IFRS, while reducing the burden of preparation and providing easy transition to full IFRS.'
Juergen Tiedje, EC deputy head of accounting and audit, told delegates at a seminar in Brussels, that the European Commission expected to see a complete solution to the contentious issue of IAS39 by the end of 2005. David Devlin, FEE President reiterated that the IAS39 carve-out was a worry. He said it was a bad precedent, with a cost to the credibility of global markets.
Corporate social responsibility
The Hon Professor Wangari Maathai MP, assistant minister for the environment, natural resources and wildlife, was the guest of honour at ACCA's centenary celebration in Kenya. The celebration was marked by a tree planting ceremony in Karura forest, Nairobi. The event marked an opportunity to celebrate the achievements of the past 100 years - a century of growth and development.'It gives me great pleasure to participate in this tree planting ceremony, which signifies the importance of Kenya's natural resources and our commitment to treat the resources with the respect they deserve,' she said. Ms Maathai, a keen environmentalist and human rights campaigner, won the 2004 Nobel Peace prize. Click here to read about her award. Significant coverage of the event appeared in the Kenyan media including print, radio and television.
In London, Dr Malcolm McIntosh, author, broadcaster and adviser to the UN Secretary-General's office and the British and Norwegian governments gave the keynote presentation. During his lecture, Dr McIntosh explained what corporate social responsibility means today and how companies can adopt its principles whilst retaining or increasing profitability.
In Uganda, the Hon Dr Martin Aliker, a senior presidential adviser, gave the keynote address: 'A company's governance framework sets the agenda for corporate social responsibility. As a basic premise, it makes good business sense to be socially responsible, pursuing a strategy of profitable growth while showing awareness of environmental and stakeholder issues.' ACCA Uganda also donated desks to a special needs school. The seminar received coverage in The Weekly Observer.
Dr Sumith Pilapitiya, senior environmental engineer for South Asia at the World Bank, spoke at the seminar on the relevance of CSR in Sri Lanka. 'Sri Lanka is an export oriented economy where consumers have a high level of environmental and social awareness, and the market will soon demand ISO14000 certification. Businesses must introduce a holistic environmental management system, not technical or product standards, in order to make corporate social responsibility work for them,' he said. The event received considerable coverage in the Sri Lankan press. Supplements appeared in the Daily Mirror, Financial Times and Sunday Times.
Governance
Michael Wilson, Chairman of the Canadian Coalition for Good Governance (CCGC), led the ACCA Canada centenary seminar in Toronto. He sparked a fierce debate with his outspoken and honest take on governance in Canada. 'Corporate governance has moved from a state of benign neglect on the part of regulators five years ago, to being the main topic of concern within Corporate Canada,' he said. His sentiments were picked up by the Financial Post, The Toronto Sta, Globe & Mail, Reuters, Canadian Press and Canada Newswire.In Ireland, Liam O'Reilly, Chief Executive of the Irish Financial Services Regulatory Authority (IFSRA), spoke on the challenges of regulating financial services. O'Reilly stated the key challenge for IFSRA is to put consumers at the heart of regulation, 'In the past, there were concerns that regulation in Ireland was more about profitability than consumer protection. That has changed. Our reputation is important; IFSRA is an independent and accountable authority. We believe that a healthy financial services industry is a competitive one.' The developments at the seminar prompted a debate by the Oireachtas (the Irish Parliament). The seminar also gained considerable coverage in the Irish Times, Irish Independent, Irish Examiner and Sunday Business Post.
ACCA Australia and New Zealand published research on corporate governance, based on interviews with influential businesses throughout the region. This was debated at five centenary business seminars across Australasia. Media coverage appeared in the Brisbane-based Courier Mail, Sydney Morning Herald and Sky News.
Phil Armstrong, managing director of ENT Corporate Governance Advisory Services (PTY) Ltd, and the main editor of the 2002 King Report on corporate governance, gave the keynote presentation at ACCA South Africa's centenary seminar. He stated: 'There is a greater emphasis on the moral responsibility of boards and directors. Boards increasingly have to decide whether compliance with mandatory disclosure is sufficient in giving a true picture of the business. Corporate South Africa should be looking for people to bring knowledge, expertise and most of all integrity to the board. It is about board performance and the effectiveness of each director.' Details of the conference appeared in Business Day.
In Beijing, Dr Jianxi Wang, assistant chairman of the China Securities Regulatory Commission (CRSC), called for a regulatory framework which has 'a balance between regulation and market forces,' at the ACCA China seminar. Following the debate, articles appeared in the New Beijing News and Accountant.
The Hon Kwadwo Baah Wiredu, minister of education, youth and sports, gave the keynote address at ACCA Ghana's centenary seminar. He stated: 'It is crucial that countries seeking inward investment and donor assistance have a clearly-articulated national financial framework, which ensures reliability, accountability and transparency in both public and private sectors.'