CIMA is live-blogging the World Congress of Accountants (WCOA) 2010 from 8-11th 2010. With over 6,000 accountants descending on Kuala Lumpur to attend, and a host of leading experts and practitioners from the finance field billed to speak, our direct reports and photos from keynotes, panels, and launch events provide a flavour of what's happening as it unfolds, and what key trends and themes are emerging.

What follows are selected highlights from WCOA Day 3: Wednesday 10th November 2010...

Ray Perry, CIMA’s executive director of brand, profile and marketing, spoke of how accountants can help measure corporate reputation: he asked if you would recommend your brand to a friend.

Echoing Professor Richard Petty yesterday, CIMA’s chief executive Charles Tilley worried about the complexity of reporting. He believes ‘cash is king,’ with reports so convoluted it is difficult to know where money has gone.

While IFRS is excellent and speaks a global language, he stated, some standards are hundreds of pages. He called for clear principle-based standards, and for accountants to develop their communication skills.

Charles stated the future of finance will be shaped by technology and population. He highlighted four key aspects to success: reducing costs, using sustainable supplies, motivating staff, and gaining customers’ respect.

He concluded that CFOs must be financial navigators, driving business and advising on risks, but warned we cannot rely on businesses to drive corporate sustainability: governments have a key role.

David Cafferty, speaking on forensic accounting, noted how the ever-increasing rise of digital info means ‘accountancy’s answer to CSI’ needs a response plan in place for enquiries. His enthusiasm was highlighted by his quip that ‘forensics is the most fun you can have with numbers after a lottery ticket!’

CIMA’s third report launched at WCOA, Accounting trends in a borderless world, compares accountants’ roles in the east and west.

CIMA president George Glass, commenting on the paper, stated ‘management accountants are the navigators of business,’ but that accountants in the east aren’t free to be sufficiently objective. Read his blog on the report here.

You can follow all the live coverage on our special WCOA 2010 page.

--

[Round up by Deirdre Molloy and Adrian Clifton.]