As we bid farewell to a tumultuous 2024, it is time to reflect on our achievements and rally our resources to embrace the opportunities and challenges of 2025.
In line with our strategic plan, we have endeavoured to advance regulatory and developmental efforts that underpin our distinctive nation-building purpose.
Notably, we have positioned sustainability as a cornerstone of our nation-building efforts. As trusted advisors to businesses and key actors in the economy, accountancy professionals are uniquely placed to lead and advocate for the integration of environmental, social, and governance (ESG) principles into business practices and organisational strategies. By leveraging specialised competencies in financial and non-financial analysis, disclosure, and assurance, accountancy professionals can play a pivotal role in emerging areas such as sustainability reporting, assurance, and green finance. These are critical to establishing ESG credibility and enabling the sound decision-making necessary for transitioning to a circular economy.
A key driver of our sustainability agenda will be the implementation of the MIA Sustainability Blueprint for the Accountancy Profession (2024), launched by the Minister of Finance II at the MIA International Accountants Conference in June 2024. The Blueprint establishes sustainability aspirations for accountants in Malaysia, analyses key sustainability-related challenges, and empowers accountants to contribute meaningfully to sustainability initiatives.
As a central element in ESG, governance is a paramount deliverable for accountants, who are recognised as trusted professionals in the compliance space. It is essential that MIA members and accountancy professionals stay informed about regulatory and legislative developments to ensure compliance and robust governance. MIA continues to collaborate strategically with fellow regulators on key changes affecting the profession, including the ongoing roll-out of e-invoicing and the phased implementation of the National Sustainability Reporting Framework for listed issuers on Bursa Malaysia. MIA also continues to engage with the Ministry of Finance and the Accountants General’s Office pertaining to the amendments on the Accountants Act (the Act) 1967. There will also be engagements with MIA stakeholders on the Act in 2025. MIA will keep stakeholders informed of further developments in due course. Members should also note the requirements for the submission of the Data and Compliance Report (DCR) 2024 for Accountants, co-issued by Bank Negara Malaysia (BNM) and MIA on 15 October 2024. The deadline for DCR submission is 15 January 2025 (read more here).
Technology adoption expedites ESG and sustainable value creation. MIA continues to advocate for digital transformation of the profession as guided by the MIA Digital Technology Blueprint. A major milestone was the inaugural Digital Technology Adoption Awards (DTAA) Presentation Dinner at MITEC Kuala Lumpur on 15 May 2024 which was officiated by the Deputy Minister of Finance Yang Berhormat Puan Lim Hui Ying. First launched in March 2023, the DTAA recognises remarkable achievements in digital technology adoption across commerce and industry, public practice, and the public sector, in order to inspire further innovation across the profession.
Digital adoption is an ongoing journey of improvement and innovation. To facilitate access to the latest accounting and finance-focused solutions, MIA will organise the second MIA Accounting and Financial Technology (MIA AFT) Showcase on 15 January 2025 at MITEC. We encourage you to book your spot at this highly anticipated event, which attracted significant participation in 2024.
Competency development is vital to ensuring that accountants are upskilled and future-ready in an increasingly complex and uncertain landscape. In 2025, MIA will continue to advance the MIA Competency Framework, a set of principles that defines the baseline competencies and skill sets required to become an accountancy professional in compliance with the International Education Standards (IES) set by the IFAC International Accounting Education Standards Board (IAESB).
The MIA Competency Framework also proposes introducing new membership levels, namely the foundational proficiency level of Accounting Technician and the intermediate proficiency level of Accountant, which will complement the existing advanced proficiency level of Chartered Accountant. Additionally, MIA is prioritising updates to the MIA Practical Relevant Experience Programme (MPREP) requirements to ensure alignment with the competencies specified in the framework.
Professional development and training are cornerstones of professional success and competency. MIA celebrated a major milestone by receiving the prestigious HRD Corp Minister’s Award 2024 for excellence in training. For the 2024/2025 financial year, MIA will continue to strengthen its training and professional development initiatives, culminating in the flagship MIA International Accountants Conference 2025. This conference, celebrating its 40th anniversary as a premier regional platform for the profession, will take place from 26 to 27 May 2025 at the iconic Kuala Lumpur Convention Centre. Anchored by the theme, Collaborative Leadership for a Sustainable Future, the Conference will offer extensive opportunities for networking and connection.
While MIA has numerous initiatives planned for 2025, Islamic Finance will remain a priority. We look forward to the proposed launch of the Shariah Audit Guide in 2025 as a follow-up to the Shariah Audit White Paper and the publication of the second edition of the Islamic Finance textbook, Accounting for IF Transactions, which has been an invaluable reference for preparers and academics.
None of these initiatives can be realised without sound operations at the Institute level which is being led and supported by the Council, Committees, Management and staff. As the Institute grows, developing and regulating members while inspiring ethical behaviour will remain fundamental to our purpose of nation-building and protecting the public interest.
Looking ahead, 2025 promises to be a busy and exciting year for all of us at MIA and across the profession. MIA members are the backbone of the profession, hence we deeply appreciate your continued support and pledge to keep improving our services to the society and deliver better outcomes for a future-fit profession.
Wishing you a Happy New Year!!
#Nation Building #Regulate Develop Advance
