Developing the Accountancy Profession

Supporting Members through a Global Pandemic: Experiences from Asia and the Pacific Region

Adrian Lim | April 14, 2020

The Asia and Pacific region are no strangers to pandemics or crisis, having tackled the consequences of the severe acute respiratory syndrome (SARS) outbreak in 2003, the influenza A H1N1 outbreak in 2008, and the 2008 global financial crisis. In dealing with previous and current adversity, the accountancy profession in the region has had to adapt to stay relevant and alert for the benefit of its members and the profession.

Although this pandemic presents unprecedented challenges for professional accountancy organizations (PAOs) it has not stopped their efforts to serve their members and the profession in the spirit of the public interest and the greater good.

Over the past several weeks, IFAC has spoken with a number of our member organizations in the region to understand how they are coping and share their experiences with the wider global accountancy profession. While every organization has its own set of challenges to overcome their insights may help others proactively tackle the crisis.

Many PAOs have established web pages and online resource centers dedicated to COVID-19. Some examples include:

Member organizations are adhering to local government advisories on social distancing and working from home, which has affected operations, continuing professional development (CPD) and seminars, and examinations. Some organizations are postponing exams and others are taking their CPD and seminars online. For example, the Mongolian Institute of Certified Public Accountants has moved its training online, the Institute of Cost and Management Accountants of Bangladesh has postponed classes, the Malaysian Institute of Accountants’ CPD programs and courses are now delivered through e-learning channels, and the Institute of Chartered Accountants of India’s Digital Learning Hub provides free courses and publications to its members.

Member organizations also acted swiftly to develop technical guidance for their membership. Uncertain times can cause confusion especially if there are deadlines to be met in preparing and reporting on financial statements. Recent technical guidance for practitioners includes:

In speaking with our members from Cambodia, Chinese Taiwan, Indonesia, Laos, Mongolia, Singapore, and others, many acknowledged that similar to past events, the accountancy profession has an important role to play in rebuilding economies and society and PAOs are ready to tackle these challenges when it is time to do so.

IFAC applauds our members and stakeholders, especially our regional IFAC Network Partners, ASEAN Federation of Accountants, Confederation of Asian and Pacific Accountants, and the South Asian Federation of Accountants, for doing their part to sustain the profession and serve society.

We invite you to check out our COVID-19 Resources from IFAC’s Network web page, which is continuously updated with content from our member organizations, Forum of Firms members, and others, as well as original content from IFAC.

 

Adrian Lim

Technical Manager, Quality & Development, IFAC

Adrian Lim is a Technical Manager, Quality & Development, at IFAC, where he manages the Asia Pacific regional portfolio as part of the IFAC Member Compliance Program and supports the team’s membership and admissions processes.  See more by Adrian Lim

 
 

Join the Conversation

To leave a comment below, login or register with IFAC.org

 

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.

Agree