The world seems to have changed immeasurably since the staging of the last World Congress of Accountants (WCOA) four years ago in Istanbul. The sparks of economic turbulence that began to fly in the global financial markets in the following summer of 2007 and then proceeded to spread like a forest fire throughout the banking sector in 2008 have resulted in shifting priorities for accountants in all industries across the globe.

The major theme of that WCOA concerned ‘generating economic growth’. As we turn our attentions to this year’s event in Kuala Lumpur (KL) on 8-11 November the focus has shifted to that of ‘sustaining value creation’.

The immediate effects of the financial crisis might now be levelling off but the seismic shift in business culture it has brought about will resonate for many years. Accountants will need to respond appropriately and demonstrate how they can continue to add value to their business in a sustainable fashion.

CIMA members continue to adjust themselves to working in the ‘new normal’ and evolve their skill-sets for an increasingly complex business landscape. As we rise to face the challenges this event could not be timelier for our members.

Heralded in the profession as the ‘Olympics of Accountancy’, WCOA is a suitably global and grand affair and an excellent melting pot of ideas and creative thinking. CIMA is proud to be a gold sponsor of this prestigious event. Packed with first-rate speakers (many of them CIMA fellows and executives), enlightening conference meetings and streamed sessions addressing everything from Islamic finance to human governance, WCOA is a great way of discussing pivotal issues with like-minded professionals (5,650 and counting!) from around the world.

It’s also a wonderful opportunity to visit one of the major cities in South East Asia and one that I’m particularly looking forward to seeing. Who cannot help but be impressed by the staggering Petronas Twin Towers? Not only are they the tallest twin buildings in the world but they have quickly become a landmark and symbol of Malaysia’s rapid rise in prominence in world business.

‘Kuala Lumpur’ takes its name from a Malay term which translates roughly as ‘muddy estuary’, referring to the once murky confluence upon which this former frontier town was built. That term no longer seems quite appropriate for this bright, vibrant and high-tech city, the fastest growing metropolitan region in Malaysia.

The city houses a huge number of overseas corporations and is also host to a great number of multinational companies’ regional headquarters and support centres, particularly for finance and accounting. Most of Malaysia’s largest own companies have their headquarters based in Kuala Lumpur and 14 companies listed in the Forbes 2000 are based in the city.

KL is currently in its northeast monsoon season and the weather, commonly described as a furnace heat one minute and a tropical storm the next, often produces abundant rainfall at this time of year, so remember to pack your umbrellas …

I look forward to meeting you at the CIMA stand in the state of the art Kuala Lumpur convention centre, and hope that you have a productive and fruitful time at WCOA. ‘Selamat Datang!’ as they say in KL.

Ray Perry, CIMA