35th National Conference of Chartered Accountants from 23 to 25 October

Wednesday, 17 September 2014 01:44 - - {{hitsCtrl.values.hits}}

By Waruni Paranagamage The 35th National Conference of Chartered Accountants, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) under the theme ‘Rethink to Review,’ is scheduled to be held at Waters Edge from 23-25 October. It is estimated that global consumption will double over the next 15 years and emerging markets will continue to drive global demand. The conference aims to give leadership advice on how traditional business models and conventional corporate ideologies can change with time to revive and tackle the paradigm shift.

The conference, which has a reputation for being a business summit that provokes thought and insight into broad economic and business issues, will consist of two days of technical sessions featuring a multitude of high-profile local and foreign experts. CA Sri Lanka President Arjuna Herath said that the country needed an ideology to develop infrastructure such as roads and power. He explained that countries like the US were successful because they had innovations, research and investments that built a strong business environment. “We have become the 19th country out of 22 in Asia in ADB’s new CPI (Creative Products Index) ranking. We have innovations and creativity but we lack thoughts and expertise on economic issues,” he said. Herath emphasised that with many CEOs being Chartered accountants, they will use the conference to spread their experience on how to revise existing business models and conventional wisdom to tackle growing challenges while focusing on how proper financial control could convert challenges into opportunities. “We believe that accountants can play a leading role in developing the economy,” he added. The technical sessions will discuss emerging economic trends in the global space and the developments in technology, catering to such economic demands. The sessions will also highlight how entrepreneurial creativity and pertinent leadership will be vital to respond to the challenges and opportunities of the economy. Organisers said the conference would match top international standards by attracting leading experts from across the world. The institute is keen to support the Government by enhancing economic development ideology through foreign and local wisdom on how to deal with current economic challenges. National Conference Chairman Heshana Kuruppu said that today the world has recognised the significance of preparing accountants for financial leadership. He commented that in order to adequately prepare professional accountants, the institute was planning to restructure the CA syllabus from next year. Kuruppu also revealed that the conference would focus on the SME sector and its financial accounting methods. “The SME sector is the backbone of the economy. Even if the sector has a small financial mechanism, introducing a financial accountability system will help to bring more transparency into the sector.” He declared that for these mechanisms to work well, support was needed from district chambers. The two-day sessions will also educate participants on the necessity to embrace and adopt accounting for sustainability which will ensure better decision-making. Over the two days, even experts outside the financial sector will share their success stories on how they overcame various economic challenges in Sri Lanka. The previous year’s conference saw the participation of more than 1,200 Chartered accountants and business leaders. Organisers are inviting those interested in participating at this year’s conference to register on the CA Sri Lanka website.