gmac dubai pronounces formation...global management accountants conference 2017 page no. 3 welcome...

GLOBAL MANAGEMENT ACCOUNTANTS CONFERENCE 2017 Page No. 1

A Global Forum of Management Accountants (GFOMA) have been formed as an outcome of deliberations held by representativesof international and regional finance professionals and experts who gathered in Dubai to attend the Global Management AccountantsConference (GMAC) organized by ICMA Pakistan on 4th November 2017. All the GMAC participants had the consensus that theforum was the need of the hour in order to provide a common platform for cost and management accountants and other accountingprofessionals around the globe to exchange ideas and proposals for meeting current challenges facing the profession and to playa more proactive role in assisting global business enterprises to achieve better cost efficiency and profit optimization.

GMAC DUBAI PRONOUNCES FORMATIONOF A GLOBAL FORUM OF MANAGEMENT ACCOUNTANTS (GFOMA)

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InternationalFederationof Accountants

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The Leaders of Professional Bodiesof Management Accountants inSAARC Region who assembled inDubai, UAE to take stock of currentchallenges facing the managementaccounting profession has decidedin principle to form a ‘Global Forumof Management Accountants(GFOMA)’ to set the right directionand revitalize the profession from L to R CMA Sanjay Gupta, President, ICoAI, Mohammad Iqbal Ghori,

President ICMA Pakistan, Prof. Lakhsman Watawala, President, CMASL


Conference Moderator:Waqar Ali Khan, member National Council ICMA Pakistan

National Anthem (Pakistan and UAE)

INAUGURUAL SESSION

ICMA Pakistan’s Global Management Accountants Conference

GLOBAL MANAGEMENT ACCOUNTANTS CONFERENCESaturday, November 04, 2017 I Pakistan Auditorium I Dubai, UAE

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Recitation of Verses from the Holy Quran


Welcome Address:Mohammad Iqbal Ghori, President ICMA Pakistan

Anis ur Rehman, Vice President & Chairman CPD, ICMAP

Khawaja Ehrar ul Hassan, Honorary Secretary, ICMAP



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Cyber Security – The Essentiality Today:H. L. Kumar, Vice President, Klystron Global DMCC

Q & A Session

A Better Way - The Accountant as a Driver of InnovationDaniel Monehin, PAIB Committee Member, IFAC



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Group Photo

Questions from Audience

Questions from Audience



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TECHNICAL SESSION 1: UNDERSTANDING VAT

Impact of VAT on pricing in UAEMian Mohammmad Ramzan, CEO, TMRC Consulting

Renowned speakers from Pakistan, UAE and other countries made presentation in the two technical sessions after inauguration.The first technical session was on theme of ‘Understanding VAT’. The main speakers of this session were Mr. Srinivas Achar, Fellowmember of Institute of Chartered Accountants of India who shared his views on the ‘Latest practices of VAT’; Syed Asif Zaman,President of UAE Chapter of Institute of Chartered Accountants of Pakistan who made presentation on ‘Accountant’s Perceptionon VAT; Mr. Faisal Muhammad Anwar, FCMA from Pakistan and Financial Controller Getz Pharma International LLC who dilated on‘Challenges of Management Accounting and VAT in GCC countries’ and Impact of VAT on pricing in UAE; Mian Mohammmad Ramzan,CEO, TMRC Consulting

Pricing Strategies with particular reference to HealthcareSrinivas Achar, CFO, National Hospital



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Challenges of Management Accounting:Faisal Anwer, Financial Controller, Getz Pharma

Accountants' Perception on VATSyed Asif Zaman, President, ICAP President, Dubai Chap.

Group Photo



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TECHNICAL SESSION 2: ROLE OF PROFESSIONALACCOUNTANTS IN ECONOMIC VALUE ADITION

THROUGH COSTING AND PRICINGThe second technical session was on the theme of ‘Role of Professional Accountants in Economic Value Addition through Cost andPricing’. The main speakers were Mr. Sanjay Gupta, President; Institute of Cost Accountants of India presented paper on ‘IntegratedReporting and the Role of Cost and Management Accountants’; Prof. Lakshman R. Watawala, President, CMA Sri Lanka who sharehis views on Role of Professional Accountants in Economic Value Addition through Cost and Pricing; Dr. Faisel Ikram, President ofPakistan Association Dubai (PAD) who spoke on ‘Costing and Pricing – A Competitive Edge’. Mr. Abdul Qayyum, ACMA, FinancialController, Anglo Eastern Industries FZE, Dubai who made presentation on ‘Activity Based Costing – A tool for pricing’; Mr. JunaidMaqbool, Business Development Manager, ACCA Middle East who spoke on Role of professional accountants in economic valueaddition; and Mr. Muhammad Abbas Sandhu, CEO, M. A. & Co.

Integrated Reporting - Role of Cost and Management AccountantsCMA Sanjay Gupta, President, ICoAI

Role of professional accountants in economic value additionProf. Lakhsman Watawala, President, CMASL



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Mr. Muhammad Abbas Sandhu, CEO, M. A. & Co.

Performance of Pakistan Association of Dubai (PAD) in UAEDr. Faisal Ikram, President, PAD

Activity Based Costing – As a tool for Pricing:Abdul Qayyum, Financial Controller, Anglo Eastern Industries



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Panel Discussion

PANEL DISCUSSION

A Panel Discussion was held on the theme of ‘Challenges and Opportunities for Professional Accountants’. The panelists includedMr. Mohammad Iqbal Ghori, President ICMA Pakistan; Mr. CMA Sanjay Gupta, President, ICA India; Prof. Lakshman R. Watawala,President, CMA Sri Lanka; Daniel Monehin, PAIB Committee Member, IFAC ; Mr. Hennayaka Bandara, CMA Sri Lanka; and KhawajaEhrar ul Hassan, Honorary Secretary, ICMA Pakistan. Mr. Saghir ul Hassan, Honorary Treasurer, ICMA Pakistan offered vote of thanksto speakers, guests and participants at the conclusion of the Conference.

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CHALLENGES AND OPPORTUNIES FOR PROFESSIONAL ACCOUNTANTS




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AUDIENCE




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GROUP PHOTO AT CONCLUSION OF GMAC

GMAC DELEGATES VISITED DANUBE PROPERTIESFOR A LUNCH ON SUNDAY, 5TH NOVEMBER, 2017




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DUBAI: The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) organized its first ever global event bythe name and title of ‘Global Management Accountants Conference (GMAC) on 4th November at Pakistan Associations Dubai’s Auditorium which attracted participation from international and regional finance experts and professional accounting bodies,especially from Gulf and Middle East countries. Under the theme of ‘Costing and Pricing – A Competitive Edge’, the participantsdeliberated upon challenges faced by global businesses in terms of cost optimization and price competitiveness. The Conferencealso adopted a ‘Declaration’ which envisaged commitment to take unified efforts for facing global accounting challenges;strengthening the profession and forming a “Global Forum for Management Accountants’ to provide a common platform forcost and management accountants destined to bring cost efficiency and sustainability in global business organizations.

The Conference kicked off with an impressive inaugural session where Mr. Daniel Monehin, member of Professional Accountantsin Business (PAIB) Committee of International Federation of Accountants (IFAC) was the guest of honour, who also delivered akeynote speech on ‘Business Innovation for Value Addition and Sustainability. Mr. Mohammad Iqbal Ghori, President ICMAPakistan presented the welcome address in which he praised the National Council of ICMA Pakistan for conceptualizing the ideaof GMAC and CPD Committee for transforming it into reality. He said that the Council has taken a number of initiatives forbranding and image building of CMA profession. He stated that global business environment has undergone drastic changesduring last two decades and market dynamics; increased competition, global economic uncertainty and business complexitycoupled with technological advancements are all compelling enterprises to align their business models with the realities inmarketplace so as to stay competitive. He was of the view that volatile market dynamics demands from management accountantsto adapt with emerging realties and sustain new competencies in areas of regulatory and technological compliances.

Mr. Anis ur Rehman, Vice President ICMA Pakistan apprised the audience about the objectives and expectations from the GlobalManagement Accountants Conference, with special reference to global and regional perspectives. He also highlighted about therole and activities of CPD Committee and the significance of cost and management accountancy. Khawaja Ehrar ul Hasan, HonorarySecretary, ICMAP Pakistan also spoke on the occasion and highlighted the important role played by management accountantsin organizations. He said that GMAC was a landmark event in the history of ICMA Pakistan. Mr. H. L. Kumar, Vice President [GlobalOperations] of Klystron Global DMCC, Dubai also made a presentation at the inauguration on topic of ‘Cyber Security’.

Renowned speakers from Pakistan, UAE and other countries made presentation in the two technical sessions after inauguration.The first technical session was on theme of ‘Understanding VAT’. The main speakers of this session were Mr. Srinivas Achar,Fellow member of Institute of Chartered Accountants of India who shared his views on the ‘Latest practices of VAT’; Syed AsifZaman, President of UAE Chapter of Institute of Chartered Accountants of Pakistan who made presentation on ‘Accountant’sPerception on VAT; Mr. Faisal Muhammad Anwar, FCMA from Pakistan and Financial Controller Getz Pharma International LLCwho dilated on ‘Challenges of Management Accounting and VAT in GCC countries’ and Mr. Atif Rehman, Director DanubeProperties.

The second technical session was on the theme of ‘Role of Professional Accountants in Economic Value Addition through Costand Pricing’. The main speakers were Mr. Sanjay Gupta, President; Institute of Cost Accountants of India presented paper on‘Integrated Reporting and the Role of Cost and Management Accountants’; Prof. Lakshman R. Watawala, President, CMA SriLanka who share his views on Role of Professional Accountants in Economic Value Addition through Cost and Pricing; Dr. FaiselIkram, President of Pakistan Association Dubai (PAD) who spoke on ‘Costing and Pricing – A Competitive Edge’. Mr. Abdul Qayyum,ACMA, Financial Controller, Anglo Eastern Industries FZE, Dubai who made presentation on ‘Activity Based Costing – A tool forpricing’; Mr. Junaid Maqbool, Business Development Manager, ACCA Middle East who spoke on Role of professional accountantsin economic value addition; and Mr. Muhammad Abbas Sandhu, CEO, M. A. & Co.

A Panel Discussion was held on the theme of ‘Challenges and Opportunities for Professional Accountants’. The panelists includedMr. Mohammad Iqbal Ghori, President ICMA Pakistan; Mr. CMA Sanjay Gupta, President, ICA India; Prof. Lakshman R. Watawala,President, CMA Sri Lanka; Daniel Monehin, PAIB Committee Member, IFAC ; Mr. Hennayaka Bandara, CMA Sri Lanka; and KhawajaEhrar ul Hassan, Honorary Secretary, ICMA Pakistan. Mr. Saghir ul Hassan, Honorary Treasurer, ICMA Pakistan offered vote ofthanks to speakers, guests and participants at the conclusion of the Conference.

https://www.biztoday.news/2017/11/05/icmap-hosts-first-ever-global-conference-dubai/

ICMAP hosts first-everglobal conference in Dubai

PRESS COVERAGE




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The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) organised its first ever global event by the nameand title of 'Global Management Accountants Conference (GMAC) recently at Pakistan Auditorium in Dubai, UAE which attractedparticipation from international and regional finance experts and professional accounting bodies, especially from Gulf and MiddleEast countries. Under the theme of 'Costing and Pricing - A Competitive Edge', the participants deliberated upon challenges facedby global businesses in terms of cost optimisation and price competitiveness. The conference also adopted a 'declaration' whichenvisaged commitment to take unified efforts for facing global accounting challenges; strengthening the profession and forminga "Global Forum for Management Accountants' to provide a common platform for cost and management accountants destinedto bring cost efficiency and sustainability in global business organisations.

The conference kicked off with inaugural session where Daniel Monehin, member of Professional Accountants in Business (PAIB)Committee of International Federation of Accountants (IFAC) was the guest of honour, who also delivered a keynote speech on'Business Innovation for Value Addition and Sustainability. Mohammad Iqbal Ghori, president of ICMA , Pakistan presented thewelcome address in which he praised the National Council of ICMA Pakistan for conceptualising the idea of GMAC and CPDCommittee for transforming it into reality. He said that the council has taken a number of initiatives for branding and imagebuilding of CMA profession. He stated that global business environment has undergone drastic changes during last two decadesand market dynamics; increased competition, global economic uncertainty and business complexity coupled with technologicaladvancements are all compelling enterprises to align their business models with the realities in marketplace so as to staycompetitive. He was of the view that volatile market dynamics demands from management accountants to adapt with emergingrealties and sustain new competencies in areas of regulatory and technological compliances.

Anis ur Rehman, vice-president ICMA Pakistan apprised the audience about the objectives and expectations from the GlobalManagement Accountants Conference, with special reference to global and regional perspectives. He also highlighted about therole and activities of CPD Committee and the significance of cost and management accountancy. Khawaja Ehrar ul Hasan, HonorarySecretary, ICMAP Pakistan also spoke on the occasion and highlighted the important role played by management accountantsin organisations. He said that GMAC was a landmark event in the history of ICMA Pakistan. H. L. Kumar, vice-president [GlobalOperations] of Klystron Global DMCC, Dubai also made a presentation at the inauguration on topic of 'Cyber Security'.

Renowned speakers from Pakistan, UAE and other countries made presentation in the two technical sessions after inauguration.The first technical session was on theme of 'Understanding VAT'. The main speakers of this session were Srinivas Achar, Fellowmember of Institute of Chartered Accountants of India who shared his views on the 'Latest practices of VAT'; Syed Asif Zaman,President of UAE Chapter of Institute of Chartered Accountants of Pakistan who made presentation on 'Accountant's Perceptionon VAT; Faisal Muhammad Anwar, FCMA from Pakistan and Financial Controller Getz Pharma International LLC who dilated on'Challenges of Management Accounting and VAT in GCC countries' and Atif Rehman, director Danube Properties.

The second technical session was on the theme of 'Role of Professional Accountants in Economic Value Addition through Costand Pricing'. The main speakers were Sanjay Gupta, president; Institute of Cost Accountants of India presented paper on 'IntegratedReporting and the Role of Cost and Management Accountants'; Prof. Lakshman R. Watawala, president, CMA Sri Lanka whoshared his views on Role of Professional Accountants in Economic Value Addition through Cost and Pricing; Dr. Faisel Ikram,president of Pakistan Association Dubai (PAD) who spoke on 'Costing and Pricing - A Competitive Edge'. Abdul Qayyum, ACMA,Financial Controller, Anglo Eastern Industries FZE, Dubai who made presentation on 'Activity Based Costing - A tool for pricing';Junaid Maqbool, Business Development Manager, ACCA Middle East who spoke on Role of professional accountants in economicvalue addition; and Muhammad Abbas Sandhu, CEO, M. A. & Co.

A Panel Discussion was held on the theme of 'Challenges and Opportunities for Professional Accountants'. The panelists includedMohammad Iqbal Ghori, president ICMA Pakistan; CMA Sanjay Gupta, president, ICA India; Prof. Lakshman R. Watawala, president,CMA Sri Lanka; Daniel Monehin, PAIB Committee Member, IFAC ; Hennayaka Bandara, CMA Sri Lanka; and Khawaja Ehrar ulHassan, honorary secretary, ICMA Pakistan. Saghir ul Hassan, honorary treasurer, ICMA Pakistan offered vote of thanks to speakers,guests and participants at the conclusion of the conference. - [email protected]

CMAs Deliberate on Cost Optimisation

https://www.khaleejtimes.com/cas-deliberate-on-cost-optimisation




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Message from SAFAI would like to express my sincere felicitation to the Institute ofCost and Management Accountants of Pakistan (ICMAP) on holdingthe first-ever Global Management Accountants Conference (GMAC)in Dubai, UAE on 04 November 2017. The theme of the Conference"Costing and Pricing-A Competitive Edge" is in fact a timely andpertinent topic in the perspective of a regional focus on the Gulf& Middle East, Pakistan, South Asian Countries and other regions.I am also happy to know that the Conference endeavors to haveits hall-mark by adding a colorful and resourceful Souvenir to bepublished on this auspicious occasion.

I offer my heartiest appreciation to the organizer for rightly choosing a wide range of interestingand topical sub-themes, concerning both private and public sectors, in different technicalsessions of the Conference. All the sub-themes are significantly relevant to the professionalaccountants of today and tomorrow who need to think ahead in the rapidly changing world.The Conference sub-themes cover a wide spectrum of technical areas where the professionalaccountants are required to play an effective role at both the micro and macro levels as financialexperts, strategists and partners.

Professional accountants are instrumental in achieving a competitive edge in every aspect, beit costing, pricing or formulating overall business strategy for business houses. They are nowfacing increasing challenges in performing their role effectively and efficiently in this fastchanging world with an onslaught of regulations and complexities. They can turn thesechallenges into opportunities by regularly scaling up their knowledge and skills and contributingsignificantly not only towards their own professional development but also towards economicvalue addition and sustainability.

I am confident that the Conference will provide a platform for professional accountants to gainand broaden their knowledge base for developing their commercial, strategic and innovativeskills necessary to address the challenges faced in today's fast-paced, complex, competitiveand interconnected world.

I believe that the event would be a real opportunity for the participants to hear from theprominent accounting professionals, business leaders and other experts with internationalexposures which will benefit the entire community of accountancy professionals, not only ofthe South Asian Federation of Accountants (SAFA) but also of the Globe.

I would like to appreciate the efforts of the Institute of Cost and Management Accountantsof Pakistan, a valued member of SAFA, for taking such an initiative for holding Global ManagementAccountants Conference (GMAC) and wish the event a grand success.

A. S. M. Nayeem, FCA




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Message from ICAII am happy to note that the Institute of Cost and ManagementAccountants of Pakistan is organizing “Global Management AccountantsConference (GMAC)” on November 04, 2017 at Pakistan Auditorium,Dubai, UAE on the theme “Costing and Pricing – A Competitive Edge”and is also bringing out a special souvenir at this occasion.

In today’s world of globalization and changing technologies,competition is keener than ever. In order to survive and grow, everyenterprise has to plan competitive edges in one or the other way. Pricing,quality and the cost of the product play an important role in providing competitive advantageto each entity. Organisations which are able to offer quality products at affordable prices areat a competitive edge.

To ensure sustained competitiveness, strategic cost management balanced with growth andinnovation is essential for the continued success of organization. Professional Accountants inbusiness have an important role to assist the business in formulating the corporate strategy,providing advice and helping businesses to reduce costs and mitigate risks and thereby providingthe entity a competitive edge.

I am sure that the instant Conference would be an apt platform to discuss about BusinessCompetiveness and the changing trends in business and economy. The flow of knowledge atthe Conference will give you an insight into various contemporary developments on the subject.The knowledge and experience gained through the conference will surely help the delegatesin their professional enhancement.

On this occasion, I extend my greetings and good wishes to all those associated with theConference and wish it a grand success.

CA. Nilesh S. VikamseyPresident, ICAI




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Message from CMA SrilankaI am indeed pleased to send this message on the occasion of theGlobal Management Accountants Conference organised by theInstitute of Cost and Managemen Accountants of Pakistan on thetheme ‘Costing and Pricing a Competitive Edge’ in Dubai, UAE.A timely theme which emphasises the major role to be played bythe professional accountants in shaping economic developmentin the region and their own countries. We need to see the shiftof industries from country to country and the development ofnew knowledge based industries having a competitiveadvantage with the ease of doing business.

The objective of this important conference is toprovide an insight to professional accountantson currentglobal challenges to achieve cost and price competitiveness in their businesses.

I wish to congratulate the President ICMAP Mr. Mohammed Iqbal Ghori, the Council and thestaff for organising the Global Management Accountants Conference in Dubai which will providea common platform and networking opportunities for the Accountants who are working in theMiddle East Region.

I extend to you the good wishes of CMA Sri Lanka and wish the ICMA Conference all success.

Prof. Lakshman R WatawalaFCMA, FCMA (UK), CGMA, FCA, FCPM, FMAAT.

President CMA Sri LankaPast President SAFAPast President CA Sri LankaFounder President AAT Sri LankaFounder President CMA Sri Lanka


Goodwill Message from CPA IrelandOn behalf of CPA Ireland, I am very pleased to have the opportunityto compliment our colleagues in ICMA Pakistan for organising such aforward looking Conference in Dubai. Indeed, I am sorry that priordiary commitments in Ireland prevent me from attending thisconference in person.

The role of the accountant, and of knowledge professionals in general,is under increasing threat from the alarming growth in the cognitivepower of computing or artificial intelligence. In order to addvalue and relevance, we accountants must harness thisdevelopment to eliminate routine tasks which can be moreeasily and accurately performed by machines. Our keystrengths of empathy and ethical decision making willdistinguish us and retain our value proposition. We cannotbe complacent and I compliment ICMA Pakistan foroffering insights into global challenges that will impact onour roles.

We are proud partners of ICMA Pakistan and have enteredinto a Mutual Recognition Agreement (MRA) with your esteemed professional body.This MRA offers ICMA Pakistan members the opportunity to add the CPA designationto your existing prestigious designation.

I wish your President, Mohammad Iqbal Ghori, FCMA continuing success and hopethat this Global Management Accountants Conference is a great success.

Deirdre KielyPresident, CPA Ireland



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Message from ACCA“As President of ACCA, I am delighted to see an internationalprestigious conference being organised by our colleagues theInstitute of Cost and Management Accountants of Pakistan.The topic surrounds the vital considerations of costing andpricing as a basis for the maintenance of an organisationscompetitive edge. I wish the conference in Dubai everybest wish and I am sure the delegates will be both impressedand enlightened.” Brian McEnery – Global President ACCA.

Brian McEneryPresident, ACCA

Message from ICAEWOn behalf of ICAEW (Institute of Chartered Accountants inEngland and Wales), I wish to warmly congratulate the Instituteof Cost and Management Accountants of Pakistan (ICMAPakistan) on their organisation of the Global ManagementAccountants Conference 2017.

A strong accountancy profession delivers clear insights tobusinesses, which enables them to operate at their mostefficient both in the domestic and international markets. Ourprofession is not just one that operates in the background -members of our organisations are, and should be, businessleaders that are trained to operate with accountability andethics at the centre of all they do.

I applaud ICMA Pakistan for convening such a wide rangeof stakeholders in the dynamic hub that is Dubai. Pleaseaccept my very best wishes for the success of this conference.

Nick ParkerPresident, ICAEW



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gmac dubai pronounces formation...global management accountants conference 2017 page no. 3 welcome...

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