TODAY

London-based ACCA has opened its 91st international branch in Myanmar, and, to mark it, held in collaboration with UMFCCI and MICPA the Myanmar Development Summit on 10th August at PARKROYAL Hotel, Yangon. ACCA’s chief executive officer Ms Helen Brand OBE, a leading person on the occasion, was interviewed for a while as follows.

What are the main reasons for ACCA’s entry into Myanmar?
ACCA’s global mission is to produce Professional Accountants the world needs, while we feel Myanmar is much in need of efficient accountants and Regulatory Framework. Therefore our Mission for Myanmar is to build up Financial Capability in partnership with MICPA, UMFCCI, Universities, training centres and major businessmen.

Your programmes in Myanmar for coming years . . .
ACCA headquarters employs are and the same system of administrative rules in holding the exams. With our branch in Myanmar we would enlist local help to enhance professional accountancy and make it effective. So programmes such as producing Trainers, betterment of professional accountants, seminars, and promotion of accountant profession through media activities are in the works. Moreover, ACCA-registered students may enjoy networking opportunities provided by our local office.

Transparency is a topic in much debate here. Reforms are ongoing, but how long would it take to have transparency in the financial sector?

Lack of Transparency is a common problem in many countries. Firstly financial statements and audit reports should conform with ISO requirements. But this is found to have a positive outlook. Next, companies must be made to operate with transparency as required by the laws and regulations. Government orga-nizations need to perform in conformity with international standards and criteria of gover-nance. So the need for personnel working for them has arisen, and ACCA has come here. The requirements will not be met overnight. However organizations like MICPA may declare for the short term their intent to treat economic activities on transparency basis.

Accountancy Professionals play an important role from the technical aspect. What about trust and ethics regarding them?
Financial performance can positively help improve the actual performance of industry. It does not mean counting money and abedi-ence to laws only. It is most important for accountants to present data to management so that they might arrive at correct decisions. For example, nowadays Big Data via the internet is a buzz word, which reportedly explains customer behaviour and performance of businesses. Accountants may well use Big Data for practical performance of their own company.

Ethics is mostly good governance. For failure to achieve that financial crises have arisen and hurt national economics greatly. Thus, in my training of an ACCA member I emphasize that ethics is crucial to the profession. Then again, it is also helping the members to become true professionals themselves. In this way they will follow ACCA teachings as well as the country’s laws and rules. Ethics is a career-long endeavour so we might see sustained development in the company.

Please explain the importance of Financial Literacy in public as well as private sectors
Eventually a government has to be held respon-sible for its use of the country’s resources to meet public needs. Efficiency and Effectiveness is a basic rule of a business. It is applicable to a government because it is most important to make the best use of one’s resources. So a country’s financial status and allocations are worthy of knowing for its longlived development.

In a private business lack of financial literacy is the same as not knowing its future. Here, Integrated Reporting is important because it comes from a contemplative knowledge of converging activities of management style, sustained development and financial results. Having competent accountants will make for a multiple perspective on how to deal with challanges and opportunities.

Technical aspect is being highlighted. How can ACCA help Myanmar in this respect?
In finance sector access to data comes through technology to a great extent, to know of how to analyse data for business success. One of our prospective contributions is: What are the leading trends; what technological difficulties are being faced by the businesses. For example, we might help research issues like Digital Darwinism and Big Data for them. We did the same in other countries. ACCA’s global network will reach here, and Big Data will be shared to effectiveness.

Entry of foreign banks is being viewed with two outlooks: their overwhelming power or immense investment opportunities for the country. How do you view it as the head of a global finance related institution?

In consideration of coming opportunities to work together I think Myanmar could improve itself through international cooperation. Wher-ever closed-doors policy gives way to its opening up anxieties will naturally crop up. But a point to consider is: whether it is beneficial to Customer, End-user, or to the integrated development of the country.

Translated by Khin Aung(Eng)