The MIA Digital Economy and Reporting Insights provide quarterly updates in the areas of digital economy, tax and reporting. The Insight highlights contents and initiatives that are of high value to members.
MIA Digital Month 2022
MIA Digital Month 2022 (MDM 2022) is a virtual, month-long convention of digitalisation of the accountancy profession in Malaysia. MDM 2022 aims to drive MIA’s aspirations in supporting digital technology adoption by the accountancy profession in Malaysia. MDM 2022 consisted of four complimentary webinars and ended with MIA’s Annual AccTech Conference.
Among the exciting highlights of MDM 2022 were updates by MIA on its digital initiatives as well as sharing of success stories of digital technology adoption by companies and organisations. Members were equipped with the information on relevant technology trends in the profession and updated with funding options available for their digital transformation journey. The complimentary webinars were as follows:
Week 1: Leading the Digital Transformation of the Accountancy Profession in Malaysia
MDM 2022 kicked off with a webinar on Leading the Digital Transformation of the Accountancy Profession in Malaysia. Featuring the Chair, Lim Fen Nee and members of the MIA Digital Technology Implementation Committee (DTIC), Prof Dr David Asirvatham and Steven Chong Hou Nian, the webinar covered the Institute’s various digital initiatives to facilitate the accountancy profession in its digital transformation journey. This includes digital competency development and engaging policymakers and stakeholders on digital technology matters.
The panellists also deliberated the latest technological trends affecting the profession, how accountants can be ahead of it, how small and medium practices (SMPs) and small and medium enterprises (SMEs) should approach digitalisation as well as the areas of focus in the future. The panellists also discussed the technology talent in the accountancy profession highlighting the findings of the “Report on a Study of Emerging Technology Adoption within the Accounting Programmes by the Higher Learning Institutions in Malaysia”. The Report can be accessed here.
Week 2: Sharing on Digitalisation Grants
Participants were enlightened on the application process of both Smart Automation Grant and SME Digitalisation Grant and how the grants have assisted them on their digital transformation journey.
The session was followed by a panel discussion moderated by a DTIC member, Bryan Chung, where the panellists discussed on the needs to submit complete documentation during application, having the right mindset and patience in completing the application, the importance of selecting the appropriate software in digitalisation and the ability to measure the quantitative and qualitative benefits of such selection. The panellists further emphasised on the importance of getting the buy-in of top management on digitalisation, how digitalisation should be funded internally with the opportunity to obtain funding assistance from the government, as well as continuing upskilling efforts. For details of the digitalisation grants, please check out Circular No. 40/2021 by accessing your account on www.mia.org.my.
Week 3: TedTalks
The first TedTalk session covered how 5G can accelerate business operations and the strategies to exploit 5G capabilities. The audience were enlightened with real case studies on 5G applications and how 5G contributes towards the economy. The presenter, Chaari Thandalam Veeravali, a DTIC member, emphasised that building the digital talent pool should become a national priority and 5G is a critical infrastructure for digital growth.
The second TedTalk session was on “Future Relevance of CFOs – ESG and Sustainability Reporting”. The session stressed that sustainability should be embedded in an organisation and is a critical component in business operations. The risk of not addressing ESG reporting and compliance and the challenges to produce an ESG report were also highlighted. In addressing the challenges, organisations need to have good technological support and solutions to respond towards the changing reporting landscape.
Week 4: Technology Adoption by SMPs and SMEs
The first session of the webinar covered the technology adoption strategy that can be deployed by SMPs and SMEs. The presenter highlighted the type of capabilities that are crucial for technology adoption strategy and the significant factors that will motivate workers to learn digital skills. The presenter also shared the digital strategy adopted by his organisation and emphasised on having the right mindset to embark on the digital adoption journey and address the upskilling challenges.
The second session is a case study of technology adoption by a SMP where the presenter shared about the benefits of cloud accounting and how the accounting processes have evolved over the years with cloud accounting. The presenter highlighted that change management is a crucial step in adopting digitalisation and automation. To gain a competitive advantage, organisations need to be fast in embracing change.
The Institute wishes to thank all speakers of MDM 2022!
Technology Adoption by the Accountancy Profession Survey 2022
The survey was opened for member participation from 12 January to 25 February 2022. During the survey period, lucky draws were held where 2 members won the grand prizes of complimentary seats to attend MDM 2022 while 200 members won Grab food vouchers. At the end of the survey period, 944 members responded. The Institute is currently analysing the survey results and a survey report will be issued soon. The Institute thanks all members who have participated in the survey.
Extension Granted for Online Tax Training
The Institute submitted a joint request to the Ministry of Finance (MoF) in February 2022 for the extension of recognition of the CPD/CPE points from online tax training for application and renewal of tax agent licences from 1 July 2021 to 31 March 2022. Members have been informed via Circular No 24/2022 dated 11 April 2022 on the approval granted by the MoF for perpetual recognition of CPD/CPE points from online tax seminars/training for application and renewal of tax agent licences.
The Institute submitted a joint feedback and comments on the Inland Revenue Board (IRB)’s Tax Corporate Governance Framework (TCGF) and Tax Corporate Governance Guidelines (TCGG) in February 2022. The joint feedback and comments cover the uniform adoption of the tax corporate governance agenda, need for clarity on TCGF and TCGG, Tax Corporate Governance Framework Programme (TCGFP) and its benefits & compliance costs, and tax corporate governance on indirect taxes.
On 15 April 2022, the IRB issued a media release on TCGF and TCGG.