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Significance of international accountancy qualifications for the Mongolian economy .

Significance of international accountancy qualifications for the Mongolian economy . Introduction . About ACCA the global body for professional accountants core values of opportunity, diversity, innovation, integrity and accountability

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Significance of international accountancy qualifications for the Mongolian economy .

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  1. Significance of international accountancy qualifications for the Mongolian economy.

  2. Introduction.

  3. About ACCA • the global body for professional accountants • core values of opportunity, diversity, innovation, integrity and accountability • supporting our 162,000 members and 424,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills needed by employers. • Work in the public interest and enhance public value

  4. Introduction • ACCA’s strategy has been to work closely with local bodies for more than 25 years. • Important that we work together to communicate the value that accountants bring to business, government and regulators. • The accountancy profession can enhance its contributions to world trade by establishing globally credible standards and communicating them effectively.

  5. Mongolia’s economic progress.

  6. What Mongolia needs to consider to ensure sustainable and inclusive growth: • Strengthen institutional capacity (to manage public revenues efficiently) • More effective allocation of resources to ensure optimal spending, investing and savings • Continue improvements in education and people development • Reduce poverty • Greater opportunities for all (whether in urban or rural areas)

  7. The role of accountancy in supporting economic development.

  8. The need for a strong profession for Mongolia • Attract Foreign Direct Investment (FDI) • Promote growth and development of the SME sector • Enhance transparency and accountability in the use of public funds • Improve the design and delivery of vital public services

  9. Critical role of accountants in Mongolia • Act in the public interest • Provide a pipeline of qualified professionals needed for capacity building and promote knowledge • Promote strong professional and ethical standards and enhance public trust • Act as a resource for government, regulators, donors and businesses

  10. Why are professional accountancy bodies important for Mongolia? • Act in the public interest • Develop and produce competent accountancy professionals • Promote strong professional and ethical standards • Act as a resource to government, regulators, donors, mentors, and regional and international organizations • Further the quality of financial reporting

  11. Global Standards.

  12. Need for standardised reporting • Lessons from Asian crisis in 1997 • Current turbulent financial crisis have raised needs for greater transparency and credibility in reporting. • Increased interdependence of financial markets • Cooperation around the world is vital!

  13. The impact of the financial crises • Led to renewed efforts to improving the quality of corporate reporting towards a robust international financial architecture • Reflects the increasing pace of globalisation and international economic integration. • We cannot underestimate the challenges in the adoption and implementation of global standards by emerging economies • Capacity building becomes critical

  14. The role of high quality reporting • High quality corporate reporting is key to improving transparency, facilitating investment and improving investor confidence • Prevents mismanagement of resources and improves efficiency and allocation of resources • Strengthens international competitiveness

  15. Capacity building.

  16. Possible areas to focus on include: • Human capacity • Legal and regulatory framework • Supporting institutions • Tools to measure and benchmark progress • Adoption and implementation of standards

  17. Public Value.

  18. “Public value is …working in the public interest, promoting responsible and ethical business and supporting enhanced global economic performance.”

  19. So why does this all matter ? Legitimacy + Trust = Value

  20. “Public trust matters. There are millions of accountants in the world, and the actions of a handful can tarnish the credibility and reputation of others.” Jim Sylph, Executive Director for Professional Standards and External Relations, IFAC

  21. Ultimately, the discussions we are having today transcend the particulars of financial institutions and infrastructures – they ultimately have an impact on our lives. Building strong economies and enhancing competitiveness around the world is the most effective means of reducing poverty and improving the lives of millions of people. Developing a strong and stable profession serves not only economic purposes, but achieves social and human objectives as well.

  22. Thank you!

  23. CONTACT Reza Ali reza.ali@accaglobal.com +65 6637 8175 www.accaglobal.com

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