McMillan Woods offers equity stakes to member firms
KUALA LUMPUR: Strategic financial advisory firm
McMillan Woods Global is offering its member firms equity stakes where
each and every member will have an ownership stake in the global firm.
According to its president, Datuk Raymond Liew, this
arrangement is the first of its kind and it is the only global network
to offer financial interest to all its members worldwide.
"Organic growth can be somewhat slow and may well be
non-competitive, more so when Malaysia now goes global.
"Hence it is important that firms, particularly the
smaller ones, consider some forms of joint ventures and affiliation
arrangements with foreign firms with a view to be more competitive," he
said in a statement in conjunction with the announcement of its presence
in Malaysia at its first global launch here as part of an effort to
create an international network of member firms to facilitate global
competitiveness.
The event was graced by Second Finance Minister Datuk
Seri Ahmad Husni Hanadzlah.
Liew said in view of the evolution of the business
landscape, by going global with such affiliations, firms would be in a
better and more dynamic position to offer a wider variety of services,
technical expertise across more sectors and broader geographical
locations.
"Additionally, they will be able to provide for the
more sophisticated and diverse needs of the individual clients," he
said.
He said Britain-based McMillan Woods sought to be
recognised as a global strategic financial business partner in
fulfilling the needs of its clients by way of a "multiple disciplinary
partnership."
PDF Version
(Source: The Star Newspaper)
IASB and FASB - publish
proposals on reporting entity
March 2010
On 11 March 2010, the IASB and
the FASB published for public comment an exposure draft of a proposed chapter of
the Conceptual Framework for Financial Reporting: The Reporting Entity. The
proposals form part of a joint project to develop a common and improved
conceptual framework that provides the basis for developing future accounting
standards.
A discussion paper on the
reporting entity was published in May 2008. In response to the comments from
constituents the exposure draft proposes what a reporting entity is and when an
entity controls another entity.
Comments on the
exposure draft are invited by 16 July 2010.
Click for IASB Press Release.
This and other relevant
newsletters and publications are available at
http://www.iasplus.com.
IASB amends IFRS 1 to add IFRS 7 disclosure exemption
The International Accounting
Standards Board (IASB) has amended IFRS 1 First-time Adoption of International
Financial Reporting Standards to exempt first-time adopters of IFRSs from
providing the additional disclosures introduced in March 2009 by Improving
Disclosures about Financial Instruments (Amendments to IFRS 7). The amendment
gives first-time adopters the same transition provisions that Amendments to IFRS
7 provides to current IFRS preparers. The amendment is effective on 1 July 2010,
with earlier application permitted.
Click for IASB Press Release.
This and other relevant newsletters and
publications are available at
http://www.iasplus.com.
The Audit Oversight Board and ethical dimensions
The concept of an
Audit Oversight Board (AOB) was first mooted by the former Prime Minister of
Malaysia, Y.Bhg. Dato' Seri Abdullah Ahmad Badawi in 2007. On 16 December2009,
the 3rd reading of the AOB has since been approved in Parliament with the
eventual adoption by mid-2010 is expected. Will the AOB lead to further
fragmentation of the auditing profession into so-called big firms versus the
smaller practices? Will there be a new set of criteria to "qualify" accountants
who wants to offer their professional services to the public listed companies (PLCs)
as auditors and/or Reporting Accountants? What about the enforcement of
International Standards of Quality Control 1 (ISQC 1)? Is there a possibility of
a duplication role by Malaysian Institute of Accountants (MIA) and the AOB,
which will be parked under the Securities Commission Act 1993?
In recent years, the
public have become more aware of ethical issues that cut across the various
professions. As a consequence, the MIA is also updating the code of ethics to be
in line with public expectation. It will align the code to be in line with the
recent updates of the International Federation of Accountants' (IFAC) code of
ethics for professional accountants. Among other concerns, the issues of
professional independence among assurance partners and personnel will once again
be under the amendment spotlight. Will there be further changes to the
definition of network firms that have been in place since 2006? Previously,
offering of taxation services together with assurance services is not viewed as
a threat to the auditors' independence if offered by the same firm. Moving
forward, under the proposed amendment, such position may have shifted. The
setting up of an Ethics Standards Board by MIA in June 2009 further underscore
the importance of ethics education among accountants and to convince the public
of accountants' compliance with certain minimum code of ethical conduct.
One thing is for
certain, it is no longer business as usual and you would want to know how
accountants will deal with all these impending changes now.
Attached is the
presentation of the Audit Oversight Board (AOB) by the Securities Commission
dated 3rd March 2010 (mind the typo mistake of the date) for your perusal.
Attachment
Support for our clients
Recently, one of our clients, Snips Group opened yet another
outlet in one of the most sought after locations - Bangsar, Kuala Lumpur, To
lend our heartfelt support, we partook in the newspaper advertisement together
with other service providers - See advertisement in The Star newspaper,
Malaysia.
Corporate Social Responsibility
(CSR)When McMillan Woods were invited to sponsor a good
cause for the paper industry, we were only too happy to lend a helping hand.
Recently, the Malaysian Paper Merchants Association sought our
assistance in promoting the paper industry, we contributed RM1,500.00 for the
event and another RM1,000.00 for charity. This shows our
commitment for a good cause - See leaflet enclosed.
Leaflet
one | Leaflet two
In the
spirit of the Tiger year, let's be more generous to the "have nots" to enjoy a
more meaningful year ahead! At McMillan Woods, we wish you a very
Happy Tiger Year! |
