My summary may not do justice to the quality and quantity of information being delivered by the many distinguished speakers from 9am to 5pm. As the Chairman of the afternoon session, I must admit that I tried to absorb as much as possible. The end result is that I have learned something more than at the beginning of the day. I am sure about 400 people who attended the conference too will agree with me.
Dato’ John Raslan, Exec. Chairman of PWC Malaysia
- He is for convergence of IFRS.
- But he urged all of us to participate actively in the convergence process whether at national or international level.
Mr Barmaky, Partner, Deloitte & Touche
- He gave us a macro review of FRS changes to date and changes to come at IASB level.
Mr Tirumalai, Oracle
- He briefed us on a solution in the form of platform which can enable us to implement the standards.
In the panel discussion chaired by Professor Pearl Tan of SMU, the following are my general feel of the panelists
- Fair value should not be blamed for the current state of financial turmoil.
- Global standards should not be tweaked too much to accomodate local market needs and culture as differing standards may lead to greater uncertainty to practitioners.
- How can our voice from this region be heard in between the dominating noises from Europe and US?
- FRS on SMEs/Private Entities – As there are significant differences between big and small business entities, they should thus be treated separately as apples and oranges.
- Should we take on other non-FRS standards on board? – Officially perhaps no but there are invisible forces moving business entities towards taking on non-FRS stds like Corporate Social Responsibility (CSR) in their reporting.
Mr Kon Yin Tong, Partner, Foo Kon Tan Grant Thornton
He gave us a rundown of the many FRSs due for implementation in 2009.
Mr Tham Sai Choy, Partner, KPMG, spent “5 minuates” telling us about Clarity Project and possible implications to the audit committees.
Mr Sum Yee Loong, Partner, Deloitte & Touche explained why IRAS has collected more billions than expected (just kidding) and shared another billion ideas for us to be more tax efficient.
Ms Kala Anandarajah, Partner, Rajah & Tann gave us a lengthy review of 2 cases on auditor’s responsibility and director’s responsibility.
Finally, I reached the end of the conference, exhausted with adrenalin still pumping for many hours after.