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Future-proofing the accountancy sector in ASEAN

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In the age of disruptive technologies, accountants are being asked to consider new business models and take on multi-disciplinary roles to stay ahead of the game.

This theme of transformation in the finance and accounting sector was pondered over at the inaugural ACCA (Association of Chartered Certified Accountants) ASEAN annual conference held on June 17, 2016.

Human Resources is the media partner for this prestigious event, held at the Suntec Singapore Convention & Exhibition Centre.

Indranee Rajah, Singapore’s Senior Minister of State for Law and Finance, [pictured above] was the guest of honour, and her keynote address focused on transforming skill sets, and the challenges and paybacks involved.

She emphasised on firms, both large and small, being open to embracing new technologies and acquiring new skill sets.

She said: “The world is moving and we cannot stand still. What will the future of work be? What skills are needed for the future? What can we do about it? Accountants should anticipate the future, constantly reinvent themselves and find new niches in the evolving ecosystems.”

She cited the Working Group that has been set up under the Committee on the Future Economy to develop strategies to position Singapore’s legal and accounting services sectors for the future.

She also pointed out that membership bodies like ACCA can provide resources and platforms for members to leverage and move forward together.

Skills mobility was highlighted by Guntur Sugiyarto, senior economist, Asian Development Bank, as critical to strengthening labour market efficiency and true regional cooperation and integration in order to make ASEAN attractive to investors and potential employees.

Welcome address by Datuk Alexandra Chin (President, ACCA)

Welcome address by Datuk Alexandra Chin (President, ACCA)

Presenting insights from ACCA’s new study, Faye Chua, head of future research at ACCA, [pictured below] highlighted key drivers of change that would affect ASEAN and seven quotients needed to tackle these changes.

“Beyond achieving volume, value creation has to be prioritised. While technical and ethical quotients, digital skills and intelligence are given, professional accountants will need to pay extra attention to creativity, emotional intelligence, domain experience and visionary skills.”

[AAC] Faye Chua (Head of Future Research, ACCA)_Sharing Insights on ACCA's latest report 'Professional Accountants - The Future'

 

The conference was attended by over 400 finance, accounting and business professionals, including CEOs and CFOs [pictured below].

Speakers included Gordon Hewitt, professor of business administration, University of Michigan and chairman of Global Advisory Board, Six Capital; Sonexay Silaphet, president, ASEAN Federation of Accountants; and Paul Endacott, managing director, Ambition SEA (Singapore).

ACCA ASEAN Conference 2016

 

This conference was managed by Lighthouse Events, the events management division of Lighthouse Independent Media.

All images: Provided

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