A year of celebration - responsibility

In 2004, ACCA celebrated one hundred years of providing opportunity to people around the world. The theme of the centenary year was responsibility. Throughout our history, we have put qualities such as high standards, diversity, international relevance, integrity and innovation at the heart of everything we do. This is an ideal platform from which to launch the next hundred years. In this centenary retrospective, we reflect on some of the successful celebrations and events that have taken place.

The centenary year saw ACCA announce its 100,000th member - Amy Lam - and organise over 30 centenary business seminars in 30 countries highlighting ACCA's influence and involvement in the communities it works in. More than 10,000 guests have attended seminars and celebrations and a further 10,000 have viewed recorded interviews online. 10,000 responses to ACCA's centenary research have been received and to date, 110,000 hits on www.acca100.com have been recorded.

The launch of ACCA's centenary year took place on 1 December 2003 in Hong Kong. Over 100 guests enjoyed a pleasant evening reception at the Bank of China Tower. Former ACCA president, Sam Wong launched the celebrations, with high-profile speakers from around the world: Sir David Tweedie, chairman of the International Accounting Standards Board, Madam Feng Shu-Ping, assistant minister of finance in the People's Republic of China and ACCA's chief executive Allen Blewitt. The speakers were then invited to cut a cake made especially for the launch and to toast ACCA's success. The event was broadcast live via the Internet. In Hong Kong, we received coverage in two supplements in the South China Morning Post and Hong Kong Economic Times, with many congratulatory messages from ministers, employers and tuition providers. The supplements included interviews with Allen Blewitt, Fion Yip, greater China director, Sam Wong, Leo Lee, former ACCA Hong Kong president, and several key business figures from the region.

Debate
Of particular interest throughout the year have been the high-profile centenary business seminars which have focused on topics such as international accounting standards, corporate governance, sustainability and Islamic banking and finance. Many of the world's leading authorities on these subjects spoke at the events.

International Financial Reporting Standards
Bob Herz, chairman of the Financial Accounting Standards Board (FASB) and one of the most influential figures in the accounting profession, was the guest speaker at the ACCA US centenary seminar in New York. He discussed the progress of international convergence in the US and the challenges facing FASB in working towards a high quality set of accounting standards. 'The world doesn't want US GAAP imposed upon it. People expect careful consideration and a thorough debate, and they deserve that. For convergence to be sustainable, we all need to work towards the best standard we can find. FASB is committed to that effort,' he said.

In Singapore, Paul Pacter, SME director at the International Accounting Standards Board (IASB), reported on IASB's project to develop a set of global accounting standards for small and medium-sized enterprises (SMEs). He stated: 'The main objective for IASB will be to provide high quality, understandable and enforceable accounting standards which are suitable for SMEs globally. The standards will meet user needs, and have the same conceptual framework as full IFRS, while reducing the burden of preparation and providing easy transition to full IFRS.'

Juergen Tiedje, EC deputy head of accounting and audit, told delegates at a seminar in Brussels, that the European Commission expected to see a complete solution to the contentious issue of IAS 39 by the end of 2005. David Devlin, FEE President reiterated that the IAS 39 carve-out was a worry. He said it was a bad precedent, with a cost to the credibility of global markets.

Corporate social responsibility
The Hon Professor Wangari Maathai MP, assistant minister for the environment, natural resources and wildlife, was the guest of honour at ACCA's centenary celebration in Kenya. The celebration was marked by a tree planting ceremony in Karura forest, Nairobi. The event marked an opportunity to celebrate the achievements of the past 100 years - a century of growth and development.

'It gives me great pleasure to participate in this tree planting ceremony, which signifies the importance of Kenya's natural resources and our commitment to treat the resources with the respect they deserve,' she said. Ms Maathai, a keen environmentalist and human rights campaigner, won the 2004 Nobel Peace prize.

In London, Dr Malcolm McIntosh, author, broadcaster and adviser to the UN Secretary-General's office and the British and Norwegian governments gave the keynote presentation. During his lecture, Dr McIntosh explained what corporate social responsibility means today and how companies can adopt its principles while retaining or increasing profitability.

In Uganda, the Hon Dr Martin Aliker, a senior presidential adviser, gave the keynote address: 'A company's governance framework sets the agenda for corporate social responsibility. As a basic premise, it makes good business sense to be socially responsible, pursuing a strategy of profitable growth while showing awareness of environmental and stakeholder issues.' ACCA Uganda also donated desks to a special needs school.

Dr Sumith Pilapitiya, senior environmental engineer for South Asia at the World Bank, spoke at the seminar on the relevance of CSR in Sri Lanka. 'Sri Lanka is an export oriented economy where consumers have a high level of environmental and social awareness, and the market will soon demand ISO14000 certification. Businesses must introduce a holistic environmental management system, not technical or product standards, in order to make corporate social responsibility work for them,' he said.

Governance
Michael Wilson, Chairman of the Canadian Coalition for Good Governance (CCGC), led the ACCA Canada centenary seminar in Toronto. He sparked a fierce debate with his outspoken and honest take on governance in Canada. 'Corporate governance has moved from a state of benign neglect on the part of regulators five years ago, to being the main topic of concern within corporate Canada,' he said.

In Ireland, Liam O'Reilly, chief executive of the Irish Financial Services Regulatory Authority (IFSRA), spoke on the challenges of regulating financial services. O'Reilly stated that the key challenge for IFSRA is to put consumers at the heart of regulation: 'In the past, there were concerns that regulation in Ireland was more about profitability than consumer protection. That has changed. Our reputation is important; IFSRA is an independent and accountable authority. We believe that a healthy financial services industry is a competitive one.' The developments at the seminar prompted a debate by the Oireachtas (the Irish Parliament).

ACCA Australia and New Zealand published research on corporate governance, based on interviews with influential businesses throughout the region. This was debated at five centenary business seminars across Australasia.

Phil Armstrong, managing director of ENT Corporate Governance Advisory Services (PTY) Ltd, and the main editor of the 2002 King Report on corporate governance, gave the keynote presentation at ACCA South Africa's centenary seminar. He stated: 'There is a greater emphasis on the moral responsibility of boards and directors. Boards increasingly have to decide whether compliance with mandatory disclosure is sufficient in giving a true picture of the business. Corporate South Africa should be looking for people to bring knowledge, expertise and most of all integrity to the board. It is about board performance and the effectiveness of each director.'

In Beijing, Dr Jianxi Wang, assistant chairman of the China Securities Regulatory Commission (CRSC), called for a regulatory framework which has 'a balance between regulation and market forces,' at the ACCA China seminar.

The Hon Kwadwo Baah-Wiredu, minister of education, youth and sports, gave the keynote address at ACCA Ghana's centenary seminar. He stated: 'It is crucial that countries seeking inward investment and donor assistance have a clearly-articulated national financial framework, which ensures reliability, accountability and transparency in both public and private sectors.

Islamic finance and banking
ACCA recognises the importance of the growth of Islamic banking, and is committed to contributing to its global development. As part of this commitment, ACCA held its Islamic finance and banking seminar in Kuala Lumpur, Malaysia, in July 2004. Helen Brand, ACCA's managing director - operations, welcomed delegates to the event. 'Given a total population of more than one billion Muslims worldwide and an estimated industry size of US$250 billion, Islamic finance is a serious business for Muslims and non-Muslims alike. The Dow Jones Islamic Market Index now provides guidance to investing in accordance with Islamic guidelines. The index tracks Shari`ah compliant stocks globally, and consists of companies that are compatible with Shari`ah law. Currently over 1,200 companies are listed on this index,' she said.

Global relationships
The centenary year has also been an opportunity for ACCA to renew friendships and working relationships with governments, national accountancy bodies and other prominent organisations.

Many national governments including the governments of Hong Kong, Zambia, Malawi, Kenya and Uganda have participated in centenary events. A number of ministers have spoken at centenary seminars.

ACCA China's centenary seminar in Beijing, was held in conjunction with the China Institute of Certified Public Accountants (CICPA). In Turkey, the centenary seminar was marked by the signing of a memorandum of understanding between ACCA and Union Chambers of Certified Public Accountants of Turkey (TÜRMOB), and ACCA Czech Republic, held a joint conference in partnership with the Czech Union of Accountants (Svaz Ucetnich).

In New York and Brussels, ACCA held joint conferences with The Conference Board US and The Conference Board Europe. ACCA signed an agreement to help the Institute of Certified Public Accountants of Cyprus (ICPAC) develop a system for licensing and regulating company auditors. Under the agreement, ACCA will advise ICPAC on sound regulatory procedures and will carry out monitoring visits of auditors on its behalf.

Encouraging excellence
Throughout the centenary year, ACCA has launched a number of initiatives. The diversity of ACCA's membership has been celebrated through members' profiles. Each member tells his or her ACCA story, covering aspects such as their decision to study for the Professional Scheme and the impact their choice has had on their professional and personal achievements. A selection of profiles is printed on pages 8 to 19.

ACCA has awarded two scholarships for its MBA programme. The MBA has been developed through a strategic alliance between ACCA and Oxford Brookes University and is accredited by the Association of MBAs (AMBA). The scholarship covers the standard fees for the complete MBA programme. This will continue as an annual scholarship.

accounting&business invited members to enter its business writing awards by submitting a prospective feature article. The awards were in recognition of the importance of excellent written communication in modern business, and to encourage finance professionals to showcase their writing skills. ACCA member, Dale Williams, who is based in Jamaica, won the competition.

ACCA organised a competition for candidates studying Part 3 core papers of the Professional Scheme in June 2004. Students were invited to write 100 words on how they felt they represented ACCA's core values. The awards were an incentive to recognise the effort and commitment made by students. The 100 best entries each received a prize of £100. The competition was launched in the January 2004 issue of student accountant.

Milestones

Royal visit
ACCA was honoured to receive a visit by Her Majesty The Queen and His Royal Highness The Duke of Edinburgh in celebration of Enterprise Day in the UK. Welcoming the Royal Couple, John Brace, ACCA President, told the Queen that her visit was particularly timely as 2004 represented not only ACCA's centenary year but also the 30th anniversary of ACCA receiving Royal Charter. John Brace added: 'Enterprise for ACCA also means taking the initiative to work with governments to establish appropriate standards of accounting and financial reporting, often in emerging economies'. He described how, over its 100-year history, internationalism and innovation had always been at the heart of ACCA's approach, allied in more recent years to a strong belief in sustainability.

The Queen's visit to ACCA on Enterprise Day was appropriate, as it recognised the central role played by accountants in successful business: without a sound foundation of financial planning and reporting, there can be no successful economy.

Women in accountancy
In 2004, the presidents of each of Ireland's five functional and regional networks were all women. In celebration of this and the success of women in business, ACCA Ireland hosted a lunch to coincide with International Women's Day. Guest of honour at the lunch was the President of Ireland, Mary McAleese.

CPD
ACCA launched its continuing professional development (CPD) scheme - ACCA Realise - in 2004. The scheme provides global opportunities which maintain and develop skills, and support career progression. It provides a benchmark of best practice in training and development for employers of accountants and finance professionals, www.accaglobal.com/cpdrealise

BoardMatch
BoardMatch is a programme designed to improve the performance of voluntary and community organisations and to build confidence in the voluntary sector. It introduces voluntary organisations to talented professionals willing to share their expertise by serving as members of the boards of voluntary organisations.
As a first step, ACCA has played a supportive role in assisting the introduction of the programme in Ireland. ACCA has over 70 international offices and assisting the introduction of BoardMatch throughout these markets will leave a valuable legacy from the centenary celebrations.

A legacy for the next 100 years
Mike Rake, chairman of KPMG International, told ACCA's closing centenary seminar, that major markets need to agree principles of regulation and governance, rather than competing with, and superseding, each other. Reflecting the theme of ACCA's centenary year, responsibility, Mr Rake called for courage among CEOs to set the right ethical stance for their companies, which would permeate through.

The success stories of business in the 21st century he said would be those that gave real meaning to corporate social responsibility, for which there was a strong business, as well as moral, case. Accounting scandals had occurred because of fundamental failures in corporate culture, as well as in internal controls he said.

These points were reinforced by Graham Ward, President of the International Federation of Accountants (IFAC), who spoke about IFAC's response to the crisis in confidence which confronted the global accounting profession in the wake of Enron and related corporate debacles. He also commented on the importance of building the profession in developing nations to sustain economic development.

ACCA's finale centenary dinner was held at the award-winning Lloyd's Building in the City of London. The Right Hon Chris Patten, the European Union's External Relations Commissioner, gave the after dinner address. He stated: 'I learned two clear lessons in Hong Kong, to whose great success ACCA has made such an important contribution over the years. First, there is a strong relationship between good governance and economic success. Second, there is an equally strong link between economic success and entrepreneurial responsibility; with clean regulation and self-regulation the keys to long-term investor confidence.

There is a close bond in business as in politics between expedience and principle - between doing the right thing and doing what is right.'

Coinciding with the centenary finale, a 'focus on accountancy' supplement featuring ACCA was published in The Times, which examined ACCA's work in promoting international accounting standards, issues in training and development for accountants and finance professionals, and ACCA's record in championing sustainability reporting.

Celebrations - a global family
Throughout the year many of our members and students have gathered together to celebrate being part of ACCA's global family. Visit www.acca100.com to read more.