This article by Brian Blood, who fulfils the role of chief executive of the Confederation of Asian and Pacific Accountants, is reproduced here with permission.
The rapidly developing resort town of Negombo, located within 20 minutes of the recently expanded Bandaranayake International airport near Colombo in Sri Lanka, was a fitting location for the inaugural Financial Reporting for Economic Development Forum staged by the Confederation of Asian and Pacific Accountants (CAPA).
In his opening address, Sri Lanka’s Deputy Minister of Finance & Planning, Dr. Sarath Amunugama, reflected on the rapid economic development in recent years and the current healthy 7.5% growth rate. While noting that financial management reforms need to keep pace, he was quick to point out that the country has a strong accounting profession, a comment supported by the leadership of CAPA.
CAPA is a regional body recognised by the global accountancy profession represented by the International Federation of Accountants (IFAC). As a regional organisation, it represents 31 professional accounting organisations across 23 jurisdictions of the Asia Pacific and aims to develop, coordinate, and advance the accountancy profession in the region.