6,000 Delegates Flocked to the 18th WCOA
The 18th World Congress of Accountants (WCOA) 2010 held Monday at the Kuala Lumpur Convention Center has seen more than 6,000 delegates from 134 countries, which opened for the first time in a South-East Asian country.
Malaysian capital Kuala Lumpur, in collaboration with the International Federation of Accountants (IFAC) and the Malaysian Institute of Accountants (MIA), hosted the four-day WCOA or “Olympics of the accountancy profession,” as it is commonly dubbed. A total of 183 high-profile speakers from more than 40 countries talked about the theme “Accountant: Sustaining Value Creation.”
Nor Mohamed Yakcop, minister in the Prime Minister’s Department, delivered his welcome address on behalf of Prime Minister Dato’ Sri Najib Tun Razak, who was not able to attend. In his written message that was delivered by Nor in the opening program of WCOA, Najib highlighted the accountants’ major role in their fiduciary positions to build and maintain public confidence in the financial markets.
Robert Bunting, IFAC President, emphasized in WCOA’s opening ceremony the more pressing and ever growing demand for instant results that he said should come after a short-term thinking, especially in times of economic challenge. Bunting also urged the professional accountants to accept the “challenge of helping find ways to help sustain the organisations we work in.”
After the storm brought about by the global financial meltdown, the way with which most governments conduct their financial reporting and disclosure really needs tremendous improvement, Bunting said.
“And in the private sector, the financial crisis has underscored the need for international standards, to reduce the risk of decision-making by investors, provide for efficient capital allocation, promote economic development and to maintain financial stability all over the word,” Bunting added.