By Rafiq Vayani
DUBAI: The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) organized its first ever global event by the name and title of ‘Global Management Accountants Conference (GMAC) on 4th November at Pakistan Associations Dubai’s Auditorium which attracted participation from international and regional finance experts and professional accounting bodies, especially from Gulf and Middle East countries. Under the theme of ‘Costing and Pricing – A Competitive Edge’, the participants deliberated upon challenges faced by global businesses in terms of cost optimization and price competitiveness. The Conference also adopted a ‘Declaration’ which envisaged commitment to take unified efforts for facing global accounting challenges; strengthening the profession and forming a “Global Forum for Management Accountants’ to provide a common platform for cost and management accountants destined to bring cost efficiency and sustainability in global business organizations.
The Conference kicked off with an impressive inaugural session where Mr. Daniel Monehin, member of Professional Accountants in Business (PAIB) Committee of International Federation of Accountants (IFAC) was the guest of honour, who also delivered a keynote speech on ‘Business Innovation for Value Addition and Sustainability. Mr. Mohammad Iqbal Ghori, President ICMA Pakistan presented the welcome address in which he praised the National Council of ICMA Pakistan for conceptualizing the idea of GMAC and CPD Committee for transforming it into reality. He said that the Council has taken a number of initiatives for branding and image building of CMA profession. He stated that global business environment has undergone drastic changes during last two decades and market dynamics; increased competition, global economic uncertainty and business complexity coupled with technological advancements are all compelling enterprises to align their business models with the realities in marketplace so as to stay competitive. He was of the view that volatile market dynamics demands from management accountants to adapt with emerging realties and sustain new competencies in areas of regulatory and technological compliances.
Mr. Anis ur Rehman, Vice President ICMA Pakistan apprised the audience about the objectives and expectations from the Global Management Accountants Conference, with special reference to global and regional perspectives. He also highlighted about the role and activities of CPD Committee and the significance of cost and management accountancy. Khawaja Ehrar ul Hasan, Honorary Secretary, ICMAP Pakistan also spoke on the occasion and highlighted the important role played by management accountants in organizations. He said that GMAC was a landmark event in the history of ICMA Pakistan. Mr. H. L. Kumar, Vice President [Global Operations] of Klystron Global DMCC, Dubai also made a presentation at the inauguration on topic of ‘Cyber Security’.
Renowned speakers from Pakistan, UAE and other countries made presentation in the two technical sessions after inauguration. The first technical session was on theme of ‘Understanding VAT’. The main speakers of this session were Mr. Srinivas Achar, Fellow member of Institute of Chartered Accountants of India who shared his views on the ‘Latest practices of VAT’; Syed Asif Zaman, President of UAE Chapter of Institute of Chartered Accountants of Pakistan who made presentation on ‘Accountant’s Perception on VAT; Mr. Faisal Muhammad Anwar, FCMA from Pakistan and Financial Controller Getz Pharma International LLC who dilated on ‘Challenges of Management Accounting and VAT in GCC countries’ and Mr. Atif Rehman, Director Danube Properties.
The second technical session was on the theme of ‘Role of Professional Accountants in Economic Value Addition through Cost and Pricing’. The main speakers were Mr. Sanjay Gupta, President; Institute of Cost Accountants of India presented paper on ‘Integrated Reporting and the Role of Cost and Management Accountants’; Prof. Lakshman R. Watawala, President, CMA Sri Lanka who share his views on Role of Professional Accountants in Economic Value Addition through Cost and Pricing; Dr. Faisel Ikram, President of Pakistan Association Dubai (PAD) who spoke on ‘Costing and Pricing – A Competitive Edge’. Mr. Abdul Qayyum, ACMA, Financial Controller, Anglo Eastern Industries FZE, Dubai who made presentation on ‘Activity Based Costing – A tool for pricing’; Mr. Junaid Maqbool, Business Development Manager, ACCA Middle East who spoke on Role of professional accountants in economic value addition; and Mr. Muhammad Abbas Sandhu, CEO, M. A. & Co.
A Panel Discussion was held on the theme of ‘Challenges and Opportunities for Professional Accountants’. The panelists included Mr. Mohammad Iqbal Ghori, President ICMA Pakistan; Mr. CMA Sanjay Gupta, President, ICA India; Prof. Lakshman R. Watawala, President, CMA Sri Lanka; Daniel Monehin, PAIB Committee Member, IFAC ; Mr. Hennayaka Bandara, CMA Sri Lanka; and Khawaja Ehrar ul Hassan, Honorary Secretary, ICMA Pakistan. Mr. Saghir ul Hassan, Honorary Treasurer, ICMA Pakistan offered vote of thanks to speakers, guests and participants at the conclusion of the Conference.