Acca Review Final

8/8/2019 Acca Review Final

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ANNUAL REVIEW 2008GLOBAL STANDARDS: THE BUSINESS BENEFITS



President’s introduction to tHe AnnuAl review

th pa ya ha b a mm f AccA.

As your president, it has been a privilege tosee frst-hand how the global community o ACCA members and students has risen to newchallenges, seized opportunities and celebratedour successes.

Clearly, the biggest challenge has been theunolding o the current global economicsituation. We have seen its impact spread toall the regions and employment sectors inwhich members and students live and work.

ACCA recognises its responsibility to support

members and students. We are committed toproviding appropriate advice and guidance andensuring you are in the best position to help thebusinesses which depend on your expertise andproessionalism.

There is a great deal to celebrate duringthe past year, not least the 12,500 studentswho successully completed ACCA’sfnal examinations.

A particular highlight or me was ourcelebration o 20 years o the modernaccountancy proession in China, under thetheme o Partners in Progress. Our events tomark this milestone underlined the signifcantrole ACCA has played in the proession’sdevelopment and paid tribute to the impressiveprogress made by the Chinese proession.

In 2008, Allen Blewitt stepped down as chie executive, ater fve successul years at thehelm. Allen’s successor, Helen Brand, wasappointed rom within ACCA, ater a competitiverecruitment process – an endorsement o ACCA’sexcellent succession planning. I am confdentHelen will lead ACCA to even greater things

with her strong commitment to shape theorganisation to meet the challenges aheadand to deliver our ambitious strategy.

1

rha Ak-daPresident

While 2008 was a good year in terms o growth orACCA, we were ocused on the global economicconditions and worked to ensure members, studentsand the public were well inormed about the issues.

ACCA remains committed to the many countriesin which it has an active presence, with a view tothe long term. We believe that the skills o

accountants are vital to restoring confdence in theglobal economy, helping business to identiy andmanage drivers o cost and sustainable growth.

In the current economic climate, ACCA also needsto support its members and students and to ensurethat it is delivering the best possible level o service.



PERFORMANCE 2008AccA a h gba paaay byIn independent surveys, ACCA is rated by

employers o accountants as the leadingglobal body.

awareness among

employers sampled

members carrying out CPD

Approved Employers

total members

believe ACCA is a global

thought leader in the

proession

98%

98%

8,424131,398

58%

rva qaa a pp69% o stakeholders believe ACCA oersrelevant qualifcations. Overall membersatisaction and retention remains high,

and65%o members believe ACCA isgood value or money.

Mmb gwhThere was a total increase o 8,972 membersin 2008. Investment is being made inresources to help students complete the

ACCA Qualifcation and improve the rateo conversion to membership.

c v h mpma AccA’ agy byg ag whh f a ba ag

m va h gaa’vpm a a gba pa by.tag a abh ag AccA’p h mak, gwh mmbmb, aa pma, ppma by akh, aa ag v vy a gba gaa.

32

operating surplus

operating revenue

ofces and centres in

countries

exam centres

Approved Learning

Partners

50

57

£3.4m

£104.08m82

69

360

193

Mak pACCA continues to grow its market shareand develop its global inrastructure.

Faa pmaACCA’s fnancial position has remained robustto date in the difcult economic climate. The total

asset base increased by 5% in 2008 to £58m andthere was good revenue growth, with a surplusgenerated to contribute towards uture fnancialsustainability.

ev gba vyACCA employees have a clear understandingo how their work relates to delivery o strategy– with 83%o employees agreeing with this in a

global survey. Investment continues to be madein global delivery, customer services and localresources to ensure ACCA can deliver itsstrategy eectively.

markets where ACCA is the

international leader by size

global accountancy

partnerships

73% of membersobtain high overall

value from ACCA



04

F may ya, AccA ha b a gpp h gba aa ag pm apay aaa v aa b.i ap a gba hm 2008 – global standards: the business benefts.

Given the large investment in developinginternational standards and their increasing

adoption, ACCA aimed to assess their beneftsto business and other stakeholders at a criticalpoint, through global consultation, research anddebate. The theme became especially topical inthe light o the debate on air value accountingand its role in the global economic crisis. ACCAsupported air value, while welcoming movesby the IASB to ease measurement under certaincircumstances.

Many events were held on the theme, eaturinghigh-profle speakers. This included conerencesacross North America and ACCA’s frst ever CFOconerence in Poland. New partnerships wereormed in Latin America as the region movestowards the adoption o international standards.ACCA also collaborated with CFO ResearchServices on an ambitious research project, basedon the views o nearly 800 CFOs in the US,Europe, China and South East Asia. The resultingreports revealed solid support or international

reporting standards.

Research and opinion on emerging issues inthe feld rom ACCA’s technical experts andother industry commentators may be oundatwww.aagba.m/gba_aa .

Are GloBAl FinAnciAlstAndArds Good For

Your coMPAnY?

Respondents who believe reporting should

be principally a communication tool or aid

to investment decision making

Respondents who think the main current

purpose o fnancial standards is reporting

and compliance

60%

67%70%

%

Yes, global fnancial standards are good,

or will be good, or our company

B 2008 wa ma by hg gba aa a.

ACCA was a prominent commentator on the rootcauses o the credit crisis which oreshadowedthis. ACCA’s policy paper – Climbing out of the Credit Crunch – was launched in Octoberand argued that a primary cause o the creditcrunch was poor corporate governance and risk

management in the banking sector, a themeechoed by commentators and policy-makersaround the world.

The paper was promoted at UK party politicalconerences, and gained widespread mediacoverage, leading to considerable profle withgovernments, business and media stakeholdersacross the world. ACCA’s leadership role inaddressing the situation was widely recognised,not least in ACCA’s president being asked topresent views on the banking crisis to the leaderso the global accountancy proession at theInternational Federation o Accountants (IFAC)Council meeting in November.

ACCA collaborated with partners such as theSecurities & Investment Institute and the GlobalAssociation o Risk Proessionals on eventsexploring the crisis and participated in economicsummits organised by the Scottish Parliament

and the Welsh Assembly in the UK.

sMAll Business cHAMPionsIn a wider context, ACCA leads the way insupporting small businesses and their advisorsaround the world by promoting their value tothe economy, investing in targeted services andlobbying on policy issues o particular relevanceto this important sector. Additional priority hasbeen given to the needs o small business in 2008in response to the economic crisis.

In 2008, ACCA collaborated with small businessassociations in Jamaica, Singapore, Trinidad andTobago, and Zambia. In Malaysia, a conerenceon the globalisation o SMEs attracted over300 participants.

A range o new ACCA initiatives were developedover the year. In the UK, an SMP micrositewas created as a one-stop shop or smallpractitioners, receiving some 20,000 visits in thefrst ew weeks ater its launch. In Mauritius, anew SME/SMP sub-committee was established.New publications launched included an English/Urdu guide to bookkeeping and taxation orSMEs in Pakistan and an easy guide to Malaysiantax, developed in partnership with Baker Tilly.

Towards the end o the year, the EuropeanParliament and European Council held severalkey debates on issues relating to SMEs,specifcally removing the obligation or microentities to submit accounts. ACCA monitoreddevelopments closely and was a leading voicein representing the interests o the smallbusiness sector at each stage o the debate,dealing directly with MEPs, Commissionofcials and co-ordinating responses withthe pan-European proession.

www.aagba.m/my

54

GLOBAL STANDARDS GLOBAL ECONOMY



5.

2. 3.1.

6.

4.

CHINA 20PArtners in ProGress – 20 YeArsoF coMMitMent in cHinAi 2008, AccA ba w a h m aay p cha.t mak h m a hghgh AccA’ga b h p’pg, AccA’ c h spmbmg Bjg.

A series o high-profle events was organised

around the Council meeting, honouring leadingfgures in the proession and business communitywho have been prominent in the advancemento the proession over the past two decades.This included an awards ceremony celebratingthe contributions o members, employers andother partners in Beijing, a sustainability orumin Shanghai, a fnancial reporting seminar inHong Kong and a seminar on global standardsin Guangzhou.

The celebration culminated in a gala dinner,held at the prestigious Diaoyutai State House,attended by China’s Vice Finance Minister,representatives rom the Ministry o Finance, the

Chinese Institute o Certifed Public Accountants(CICPA) and the National Audit Ofce o China(CNAO), and senior accountants rom leadingorganisations, many o them ACCA members.As part o the programme, a strategic partnershipwas signed with the Industrial and CommercialBank o China, the largest commercial bank in thecountry. ACCA also commended CICPA on itsown 20th anniversary in 2008.

The ACCA president stressed the importance o China to ACCA’s continuing global developmentand relevance. ‘We celebrate 20 years o themodern accountancy proession in China.Fuelled by astonishing economic growth, China’saccountancy proession has enjoyed tremendousdevelopment and progress over the past twodecades. ACCA has been ortunate indeedin being able to play a part in supporting thisprogress, through its long-term relationship withnational government and many organisations.We owe our success in this wonderul country tothe openness and enthusiasm o our partners.’

www.aagba.m/ha20

76

1. An ACCA-branded tram

in Hong Kong SAR

2. David Wu, ACCA’s frst

member in mainland China

3. The Vice Finance Minister o China,

Wang Jun, with the ACCA President

and Helen Brand, Chie Executive

4. Proessor Tang Yunwei,

ACCA honorary member

5. The Senior Executive Vice President

o ICBC, Li Xiaopeng, and the

ACCA President

6. Celebrating 20 years in China and

committing to uture partnership



8

ENSURING ACCA

IS FIT FOR THE

CUSTOMER

A AccA g, mpaha pa a pm m h f mpy a a ag mbf mmb, a h akh. Following her appointment as chie executivein September, Helen Brand commenced awide-ranging programme o work to ensurethat ACCA has the right inrastructure and skillsbase to operate in a complex and demandingglobal business environment. A ocus or theprogramme is making ACCA work or thecustomer, building processes and operationsaround their needs.

As part o this exercise, ACCA has commenceda thorough review o the student and membercustomer experience, rom initial enquirythrough to examination registration, to

post-membership support.

Helen Brand says: ‘My frst priority is to ensurethat ACCA is ft or the uture, with capacity torespond to market conditions and the changingneeds o the proession, capable o delivering aservice which consistently meets our customers’high expectations. This includes ensuring ACCAoers value as a global organisation and putsthe needs o employers at the heart o itsstrategy. By meeting the needs o employers,we are able to enhance the employability andcareer prospects o our members, and ultimatelydrive higher value or the global membership.‘

EXTENDING THE

GLOBAL NETWORK

AccA x pg afma k f pahp hh aa mmb by bgg ag, xpa a hampym pp. thghaba, AccA ab pm ff ppy a h pp f a a appa.

In 2008, ACCA urther extended its global reach by:

1 renewing 11 o its 18 Joint Examination Schemes– in Barbados, Botswana, Cambodia, Guyana(which was also expanded to include the CATqualiication), Jamaica, Lesotho, Malawi, SierraLeone, Swaziland, Vietnam and Zambia

2 ormalising CPD partnerships in Botswana,Moldova and Zambia

3 continuing to grow the number o organisationsit partners with to carry out practice monitoringreviews under contract. In 2008, newagreements were signed in Barbados, Guyana,Lesotho, Malawi, Trinidad and Tobago, and

Zambia – in addition to existing arrangementsin Botswana, Cyprus, and Kenya. Audit qualityassurance reviews were also carried out byACCA on behal o the Dubai FinancialServices Authority

4 investing in its own inrastructure, opening newoices in China (Chengdu and Shenzhen) andMalawi in 2008, and strengthening its operationsin South Arica.

O central importance, ACCA continues to osterclose relationships with employers o proessionalaccountants. In 2008, proessional skills courseswere deIivered to leading employers around theworld including Barclays plc, BDO Stoy Hayward,China Mobile Limited, Deloitte Touche Tohmatsu,GE, HSBC and Standard Chartered. In the UK,ACCA’s graduate partners scheme demonstratedcontinuing success with the addition to theprogramme o Heinz, Co-op Financial Services,RBS, Scottish Widows and Shell. In addition, ACCA’shighly-regarded human capital orums providedlearning and development insights to employersacross 20 countries.

9

1 113

1

11

1 22

3 1 3

3 44

3

3

3

2

4

4

11

1

1. Speakers at ACCA’s 4th annual Welsh Health

Conerence

2. A meeting o ACCA members who are

representatives on IFAC’s boards and committees

3.ACCA Pakistan receives a brand o the year award

rom the Prime Minister o Pakistan

3.

2.

1.



To read more about ACCA’sperformance in 2008, please visit www.accaglobal.com/annualreview

ACCA29 Lincoln’s Inn Fields

London WC2A 3EEUnited Kingdomtel: +44 (0)20 7059 5000fax: +44 (0)20 7059 5050e-mail: [email protected]

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