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The Association Supports Budget 2020 in Driving Economic Growth in the New Digital Era

The Association of International Certified Professional Accountants (The Association) applauds the recent Malaysia Budget 2020 that was just tabled in the Dewan Rakyat. The Budget’s 4th thrust of driving economic growth in the new economy and digital era will require accounting and finance professionals who have the skills and competencies to operate in this new digital environment. This resonates well with the Association’s mission of driving a dynamic accounting profession worldwide and providing skilled talent for businesses. The Association is the unified voice of the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA).

“Our recent global research on ‘Future of Finance’ studied how changing business needs in the new digital era had impacted the finance function. The research revealed that over 50 percent of finance leaders globally said the competencies of their teams must “change significantly” over the next three years as new technologies take over traditional tasks. The upside: businesses expect a stronger focus on value creation with the automation of repetitive tasks,” said Irene Teng, Managing Director – Global Markets of The Association.

She added, “We are currently working closely with the Malaysian Ministry of Finance to ensure that our accounting and finance professionals are well equipped with the skills and competencies needed to account for the impact of artificial intelligence, robotic process automation and other technologies. Expertise in areas such as data analytics, cyber risk management and business models will be needed. There is also a need for a shift to a digital mindset and to constantly learn, unlearn and relearn in this fast changing and agile environment. Moreover, finance professionals will have to go beyond what they do today to be the strategic partners and value drivers that businesses need not just to navigate change but thrive in it.”

The research drew insight from more than 5,500 finance professionals across 2,000 public and private organisations of all sizes in 150 countries including Malaysia.

“The research was critical in that its findings were used to update the Association’s professional syllabus, thus ensuring that finance professionals remain fit for the business world. This will help tremendously in driving economic growth in the digital era and building a better Malaysia for all,” concluded Irene Teng.

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About the Association of International Certified Professional Accountants (The Association)
The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 667,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.

About the American Institute of Certified Public Accountants (AICPA)
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

About the Chartered Institute of Management Accountants (CIMA)

The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants. As part of The Association of International Certified Professional Accountants (the Association) its members and students operate in 184 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organizations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders.

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