Accountants will be able to learn about the latest technical developments, thought leadership and participate in regulatory issues more easily under a new collaboration agreement signed between the Malta Institute of Accountants and the Institute of Chartered Accountants in England and Wales.
The ICAEW is a professional membership organisation, supporting over 138,000 chartered accountants around the world.
The document was signed during the two organisations’ first joint event at the Hilton Malta earlier this month. It provides for knowledge sharing and joint events, and will give MIA’s 1,800-plus members access to the ICAEW’s online resources. The resources feature accurate, timely technical analysis and debate within specialist areas like audit and assurance, financial reporting and financial services.
ICAEW vice-president Martyn Jones said the ICAEW and MIA shared a common vision to invest in and develop the accountancy profession to promote sustainable growth and inspire business confidence. Collaboration on technical matters was beneficial to both institutes.
The European Commission’s legislative proposals, which will impact the audit and accounting sectors, came under the spotlight at the Hilton event. The agenda included the Commission’s proposals for audit which, if approved, would entail some radical changes for the audit profession.
The proposed amendments to the fourth and seventh Accounting Directives could lead to a significant reduction in the financial reporting requirements for entities with €5 million in assets and €10 million in revenue – effectively encompassing the majority of Malta’s SMEs.
Speakers included MEPs Simon Busuttil and Edward Scicluna, Accountancy Board chairman Charles Rapa, and local practitioners.
“Regulatory reform at EU level will potentially have a significant impact on accountancy and finance professionals across Europe, whether they work in business and practice,” ICAEW regional director for Europe Martin Manuzi, who chaired the panel, said.
“Having access to analysis and exchanging experiences and views across country borders is critical for staying on top of the issues and ensuring a proportionate and evidence-based outcome in policy terms.”