ACCA - The global body for professional accountants

For the fifth time since 2006, ACCA’s Council met outside the UK and Ireland in March.  Following the successful meetings and associated events in Kuala Lumpur, Beijing, Prague and Nairobi, Council’s meeting in March 2014 took place for the first time in the Middle East – in Dubai, UAE.  A number of events were arranged to coincide with this landmark Council meeting, including a forum on integrated reporting held jointly with Pearl Initiative, a member recognition ceremony, meetings with key stakeholders and a dinner for members of the UAE’s accounting, business and academic communities.  A high point of the visit was the signing of a partnership agreement with the UAE Accountants and Auditors Association (AAA).

The meeting in Dubai was preceded by a visit by the Officers and the Chief Executive to Oman and followed by visits of smaller Council delegations to other key markets for ACCA in the region – Bangladesh, Pakistan and Sri Lanka.  These visits provided opportunities for senior ACCA representatives to meet with members, employers and other key stakeholders in those countries.

The Council meeting itself featured discussions and decisions on a number of important matters:

  • Council unanimously approved ACCA’s strategy to 2020. Council believes that the strategy, which recognises that members are core to the very existence of ACCA and are at the heart of everything we do, will both create a vibrant future for ACCA and make an even greater contribution to the sustainability of the global economy.
  • In the shorter term, Council also approved the proposed budget for the organisation for 2014-2015.  Following a recommendation from a group of committee chairmen, Council also approved achievement measure targets put in place to track ACCA’s strategic performance in 2014–2015.
  • On a recommendation from its Governance Design Committee, Council approved a package of changes to ACCA’s public interest oversight arrangements.  The changes are designed to bring about a single oversight mechanism for all of ACCA’s public interest functions, with the existing Regulatory Board sitting at the heart of a new unified oversight structure, consisting of a Qualifications Board, an Appointments Board and a Standards Board.
  • Council agreed to invite eight senior accountants from China, Nigeria and Singapore into membership of ACCA, in accordance with the provisions of Membership Regulation 3(f).
  • Council received presentations on prospects for ACCA in the UAE and the wider Middle East, North Africa and South Asia region.
  • Council confirmed Brian McEnery as its preferred nominee for Vice President 2014 – 2015.  (The formal elections for ACCA’s Officers will take place at the Annual Council meeting immediately following the AGM on 18 September 2014).

Council’s next meeting will be in London on 21 June 2014.