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AB Accounting and Business Malaysia Accounting and Business AB Malaysia February/March 2019 Accounting and Business Accounting for the Future virtual A better balance Firms are taking steps to increase conference 2019 February/March the number of female partners Catch up on ACCA’s annual virtual global conference. You can watch Personal touch the sessions on-demand and gain Emotional intelligence is the CPD units while staying ahead superpower of the digital age of the curve on issues affecting finance professionals. Free trade boost CPTPP presents opportunities – and challenges – for its members Pay it forward Register at Cindy Hook, the go-getting CEO of Deloitte accaglobal.com/AFF2018 Asia Pacifi c, on making a difference 3934MY_Cover.indd AFF ADVERTS_full 1 page.indd 1 29/11/2018 13:59 10/01/2019 16:49 AFCA_cover02_Feb19_600.indd 1 15/01/2019 16:11 Welcome With women in Asia continuing to face challenges in career progress, this year’s International Women’s Day highlights the importance of equality as a business issue The World Economic Forum’s (WEF) partnership and offering support for Global Gender Gap Report 2018 is a women to rise through the ranks – an sobering read that highlights just how initiative that could influence practices far countries have to go to remove the across the globe to follow suit. disparity between men and women. Our columnists consider how Asia As the WEF rightly points out, is faring in recruiting women to senior deploying around half of the world’s roles. Cesar Bacani reflects on what the total talent pool has a massive impact on WEF report tells us about the challenges the growth, competitiveness and future- for women in Asia (page 16), while Errol readiness of economies and businesses Oh considers Malaysia’s ambitious plan worldwide. At the current rate of for 30% female representation on the change, the global gender gap will top 100 companies by 2020 (page 17). take 108 years to close while economic On our cover is the inspiring Cindy gender parity is 202 years off. Find out Hook, CEO of Deloitte Asia Pacific. The which countries are the most gender- Singapore-based CEO is at the helm equal in our infographic on page 8. of Deloitte practices numbering 44,500 In this joint February/March edition, professionals across five geographies. you’ll find coverage of women’s issues She recalls the mentors who supported to coincide with International Women’s her journey and her passion for the Day (IWD) on 8 March. Rather timely, business and the people who work there. given the WEF’s comments on how A champion for gender equality, she has women contribute to the economy, this sought to encourage women to seek year’s IWD theme is #BalanceforBetter, leadership roles and puts wellbeing for in which it calls for balance to be seen all staff at the core of her management as a business issue, not just a women’s strategy. Her story starts on page 12. AB issue. Our article on page 42 looks at how professional services firms in the Colette Steckel, Asia editor UK are actively setting targets for female [email protected] Accounting and Business About ACCA Leadership The leading monthly magazine for ACCA (the Association of Chartered President: Robert Stenhouse FCCA Deputy president: Jenny Gu FCCA finance professionals, available in seven Certified Accountants) is the global Vice president: Mark Millar FCCA different versions: China, Ireland, Malaysia, body for professional accountants. It Chief executive: Helen Brand OBE Singapore, UK, Africa and International. offers business-relevant, first-choice Member services * Magazine contacts, page 66 qualifications to people of application, ACCA office details, page 66 Available in app and pdf ability and ambition who seek a ACCA Connect: +44 (141)582 2000 * [email protected] * AB Direct: weekly news bulletin rewarding career in accountancy, finance accaglobal.com/members AB is circulated to all members in print and management. ACCA supports its Our alliance with CA ANZ and digital formats. ISSN No: 1460-406X 208,000 members and 503,000 students More about ACCA’s alliance with Chartered More at accaglobal.com/ab in 179 countries. accaglobal.com Accountants ANZ: accaglobal.com/alliance February/March 2019 Accounting and Business 3 AP_Welcome.indd 3 10/01/2019 13:55 22 32 24 Stronger together The CPTPP could bring big rewards to participating countries Practice 27 The view from Geraldine Ong of Reed Smith, Singapore, plus practice news 28 Helping hand Professional accountants can support clients’ mental health Insights 32 Do the right thing New bribery legislation arrives in Malaysia 19 Robert Stenhouse 35 News in infographics News Comment Emotional intelligence is The rise of the megacity 6 News in pictures 16 Cesar Bacani the key to success 36 Show some emotion A different view of Look beyond the EQ as the superpower of Corporate recent headlines numbers on women’s the digital age 8 News roundup roles at leadership level 21 The view from 39 Time for change Chong Sook Leng A future-fit global Digest of developments 17 Errol Oh of Tokio Marine economy needs greener across the globe As more women Insurans, Malaysia, plus tax systems enter the boardroom, corporate news 42 Towards equality Interview mentoring is vital 22 Bigger picture Professional services 12 Cindy Hook 18 Manu Bhaskaran Businesses must consider firms are starting to We meet the CEO at Asia’s policymakers need their contribution to the redress the gender Deloitte Asia Pacific to contain financial risk wider community imbalance 6 24 28 36 4 Accounting and Business February/March 2019 MY_CON_contents.indd 4 10/01/2019 17:33 44 48 58 60 44 Smart move Technical People ACCA Finance must embrace digital transformation 49 CPD Common control 58 Global reach 62 Blazing a trail IASB looks at accounting Alan de Sousa Caires, ACCA’s 50/50 gender Careers for businesses under global director of fi nance, split is just the start common control 46 CPD Happy talk BBC Media Action, on 64 The digital future 52 Technical update MIA conference Are you passionate making a difference The latest on audit, tax addresses the power about your job? and fi nancial reporting Basics of robotics process automation Management 54 IFRS 15 A look at the impact 60 CPD Screen test 66 Update 48 Give your virtual Crystal clear 56 CPD Crypto dilemma What’s on at this year’s Visualising change is the Why digital currencies meetings an Oscar- International Public key to capitalising on it are hard to classify worthy edge Sector Conference 12 62 64 ‘To those who say that Asia is too diverse, isn’t the 66 diversity of our region actually a strength and not a weakness?’ February/March 2019 Accounting and Business 5 MY_CON_contents.indd 5 10/01/2019 17:23 6 Accounting and Business February/March 2019 AP_Newsinpix.indd 6 10/01/2019 13:51 Sandra Oh became the first woman of Asian descent to co-host the Golden Globes. The Korean-Canadian star of hit show Killing Eve was also the first Asian woman to win the award for Best Actress in a TV Drama in almost 40 years. China landed a robotic spacecraft on the far side of the moon. The uncrewed Chang’e-4 probe will conduct geological analysis and is a key milestone in China’s space programme, which includes plans to build a space station. Aquaman, the superhero movie, has become the highest-grossing film in the DC Extended Universe franchise, making US$887m by 5 January. It is directed by Malaysian-Chinese James Wan and stars Pacific Islander Jason Momoa. Google is investing US$1bn in a New York campus, making the tech giant one of the city’s biggest occupants of office space. The development will enable Google to double its New York workforce to more than 14,000 in a decade. February/March 2019 Accounting and Business 7 AP_Newsinpix.indd 7 10/01/2019 13:51 News in brief This edition’s stories and infographics from across the globe, as well as a look at the latest developments and issues affecting the finance profession Change needed experience and reskilling average of 40%. At least 40% Grant Thornton US sold the A majority of senior human labour are top priorities, agreed that preparing the tax shelter, which was later resources (HR) executives according to research workforce for a future with disallowed by the Inland surveyed in mainland China published by KPMG. Among artificial intelligence is one Revenue Service (IRS), to its and Hong Kong recognise the key findings, 45% of of the biggest challenges clients William and Martha the need to transform their respondents said they have HR will face over the next Yung and the 1994 William workforces. Reshaping the a digital transformation five years. J Yung Family Trust in 2000. workforce with technology, work plan in place – slightly The Yungs settled with the improving employee higher than the global ‘Pay climate debts’ IRS in 2007. At global talks on climate change in Poland in Major shake-up Mixed picture on gender gap December, Xie Zhenhua, Big Four accountancy firms The world has closed 68% of its gender gap across four key Beijing’s chief negotiator, in the UK are facing a major pillars of economic opportunity, political empowerment, pushed back on demands shake-up under reforms educational attainment and health and survival, according to from rich nations for China proposed by the competition the World Economic Forum’s Global Gender Gap Report 2018. to accept the accounting watchdog. The Competition Iceland remains the most gender-equal country, a position it and reporting rules that and Markets Authority (CMA) has held for a decade.
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