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Significance of international
accountancy qualifications for
the Mongolian economy.
The global body for professional accountants
Introduction.
The global body for professional accountants
About ACCA
•
the global body for professional accountants
• core values of opportunity, diversity, innovation,
integrity and accountability
•
supporting our 162,000 members and 424,000
students in 170 countries, helping them to
develop successful careers in accounting and
business, with the skills needed by employers.
• Work in the public interest and enhance public
value
The global body for professional accountants
Introduction
•
ACCA’s strategy has been to work closely with
local bodies for more than 25 years.
• Important that we work together to communicate
the value that accountants bring to business,
government and regulators.
• The accountancy profession can enhance its
contributions to world trade by establishing
globally credible standards and communicating
them effectively.
The global body for professional accountants
Mongolia’s
economic
progress.
The global body for professional accountants
What Mongolia needs to consider to
ensure sustainable and inclusive growth:
• Strengthen institutional capacity (to manage
public revenues efficiently)
• More effective allocation of resources to ensure
optimal spending, investing and savings
• Continue improvements in education and people
development
• Reduce poverty
• Greater opportunities for all (whether in urban or
rural areas)
The global body for professional accountants
The role of
accountancy
in supporting
economic
development.
The global body for professional accountants
The need for a strong profession for
Mongolia
• Attract Foreign Direct Investment (FDI)
• Promote growth and development of the SME
sector
• Enhance transparency and accountability in the
use of public funds
• Improve the design and delivery of vital public
services
The global body for professional accountants
Critical role of accountants in Mongolia
• Act in the public interest
• Provide a pipeline of qualified professionals
needed for capacity building and promote
knowledge
• Promote strong professional and ethical
standards and enhance public trust
• Act as a resource for government, regulators,
donors and businesses
The global body for professional accountants
Why are professional accountancy bodies
important for Mongolia?
• Act in the public interest
• Develop and produce competent accountancy
professionals
• Promote strong professional and ethical standards
• Act as a resource to government, regulators, donors,
mentors, and regional and international organizations
• Further the quality of financial reporting
The global body for professional accountants
Global
Standards.
The global body for professional accountants
Need for standardised reporting
• Lessons from Asian crisis in
1997
• Current turbulent financial crisis
have raised needs for greater
transparency and credibility in
reporting.
• Increased interdependence of
financial markets
• Cooperation around the world is
vital!
The global body for professional accountants
The impact of the financial crises
• Led to renewed efforts to improving the quality of
corporate reporting towards a robust
international financial architecture
• Reflects the increasing pace of globalisation and
international economic integration.
• We cannot underestimate the challenges in the
adoption and implementation of global standards
by emerging economies
• Capacity building becomes critical
The global body for professional accountants
The role of high quality reporting
• High quality corporate reporting is key to
improving transparency, facilitating investment
and improving investor confidence
• Prevents mismanagement of resources and
improves efficiency and allocation of resources
• Strengthens international competitiveness
The global body for professional accountants
Capacity
building.
The global body for professional accountants
Possible areas to focus on include:
• Human capacity
• Legal and regulatory framework
• Supporting institutions
• Tools to measure and benchmark progress
• Adoption and implementation of standards
The global body for professional accountants
Public
Value.
The global body for professional accountants
“Public value is …working in the
public interest, promoting
responsible and ethical business
and supporting enhanced global
economic performance.”
The global body for professional accountants
The global body for professional accountants
So why does this all
matter ?
Legitimacy + Trust = Value
The global body for professional accountants
“Public trust matters.
There are millions of accountants
in the world, and the actions of
a handful can tarnish the
credibility and reputation of others.”
Jim Sylph,
Executive Director for Professional
Standards and External Relations, IFAC
The global body for professional accountants
Ultimately, the discussions we are having today
transcend the particulars of financial institutions and
infrastructures – they ultimately have an impact on
our lives.
Building strong economies and enhancing
competitiveness around the world is the most
effective means of reducing poverty and
improving the lives of millions of people.
Developing a strong and stable profession serves
not only economic purposes, but achieves social
and human objectives as well.
The global body for professional accountants
Thank you!
The global body for professional accountants
CONTACT
Reza Ali
[email protected]
+65 6637 8175
www.accaglobal.com
The global body for professional accountants