The global financial tsunami has been affecting almost every industry in most countries around the world. Finance-related industries are directly affected, and discussions and comments on improvements of the finance system have been numerous so far.
The ACCA Hong Kong Annual Conference 2009 with the theme "financial professionals in challenging times" gathered together experts and leaders in the field to share insights on the trend and challenges in finance and accounting nowadays, and acquire skills in surviving the storm and enhance awareness of risk management.
New Challenges, New Roles
Most speakers at the conference agreed that the financial crisis has put finance and accounting professionals into unexpected challenges. Judy Wong, President, ACCA Hong Kong, commented in the opening of the conference that the roles of CFOs are gaining importance now, taking active roles in management.
Professional Ethics
Dr Au King-lun, Chief Executive Officer, FRM Hong Kong Limited, commented that the crisis has taught a lesson to finance professionals and the finance system should be monitored. He also pointed out the moral hazard issue commonly found in finance industry. Professor Stephen Cheung, Dean, School of Business and Professor (Chair) of Finance, Hong Kong Baptist University, agreed with Dr Au's idea, adding that professionals in the industry should not only look for short-term profit, but also care for social responsibility.
Shih Wing-ching, Chairman, Centaline Group, on the other hand, commented that the finance system should be able to support society theoretically, but has structural problems and should be changed.
Technical Standards
On a more technical perspective, Dr Zhang Wei-guo, member, International Accounting Standards Board, shared with the audience the relationship between the crisis and the fair value accounting which can increase financial reporting transparency. He expected a principle-based accounting standard to be the trend in future.
Just as what Henry Tang, Chief Secretary for Administration, said in the opening of the conference, the Hong Kong government is improving the finance system and he believed that the resilience and creativity of finance and accounting talents can stand the downturn of the economy.
Source: JobsDB HK
Updated: August 2009
