Rawalpindi - President Mamnoon Hussain yesterday inaugurated the 13th Management Accountants International Conference (MAIC) hosted by the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) in Bhurban, Murree.

The conference is organised after every three years since 1966. The conference gathered professionals from Pakistan, USA, UK, Australia, and South Asian countries to deliberate on the theme of “Responsible Leadership for sustainable Economy”.

Kashif Mateen Ansari, President ICMA Pakistan welcomed the chief guest and highlighted the role of institute towards country’s economic development. He stated that institute was actively involved in providing a platform to the intellectuals and industry’s representatives to generate pragmatic ideas that could serve as base for the government and regulatory authorities to set direction and devise policies for economic growth and development.

At the inaugural session, Mohammed Hanif Ajari, a senior fellow member and former Vice President ICMA Pakistan shared his views on the theme of the conference.

Speaking on the occasion, President Mamnoon Hussian lauded the role of ICMA Pakistan in providing excellent education in the discipline of management accountancy and in meeting the professional competence in a competitive environment. He said that Pakistan would soon become a source of economic prosperity and stability in the region and the professionals like management accountants should contribute their due share in this development process. He also emphasised on the initiatives taken by the government for promotion of education and youth development.

The inaugural session was followed by Technical Session on the theme of “Integrated Reporting” which was chaired by Kashif Mateen Ansari, President ICMA Pakistan. The session commenced with the welcome note Waqar Ali Khan, member National Council, ICMA Pakistan which was followed by presentation of Mohammad Iqbal Ghori, Vice President, ICMA Pakistan on the topic of “Role of Management Accounting for responsible leadership in the Society”.

In his presentation, he outlined the major outcomes of a research survey conducted recently by the Research Wing of the Institute to examine the applicability of management accounting practices and techniques in different industries at decision makers’ level. The research revealed the emerging role of management accountants in business and industry of Pakistan as they were now being actively involved in operational and strategic decision making process of companies’ Boards in view of their technical and professional skills in cost efficiency and management.

The second presentation in the technical session was made by Mohammad Hanif Ajari, former Vice President ICMA Pakistan and Director Global Supply Chain, Information Management and Corporate Compliance, Getz Pharma on the subject of “Corporate Sustainability for Value Creation” in which he highlighted the specified qualities found in a successful sustainable business enterprise. He stated that sustainability has the potential to affect all aspects of a company’s operations from development, manufacturing and distribution to sales and support functions.

The next presentation was delivered by Vincent Tophoff, Senior Technical Manager, International Federation of Accountants (IFAC) on the topic of Improving Business Reporting Processes and Integrating Risk Management. In his presentation, he shared the international benchmarks of business reporting and the role of IFAC in the capacity building of its member bodies.

This was followed by joint presentation of Dr WG S Kelum and Dr Roshan Ajward representing the Department of Accounting in University of Sri Jayewardenepura, Sri Lanka. The joint presentation made by them assessed the effect of demographic factors on earnings management.

The next speaker in the session was Arif Masud Mirza, Regional Director of Policy, ACCA – MENASA who shared his views on the theme of technical session.

This was followed by presentation on Human Capital Resource for Inspiration by Charanjot Singh Nanda from Institute of Chartered Accountants, India and Muhammad Junaid Shekha, CEO, IT Minds Limited (a subsidiary of Central Depositary Company Limited).

The last presentation in the conference was made by Mohammad Ashraf Bawany, former President, ICMA Pakistan and Chief Executive & Managing Director of Linde Pakistan Ltd. who spoke on the topic of “Emerging Opportunities for Pakistan – Need for Responsible Leadership”. He highlighted that with the increasing business opportunities in Pakistan, there is a strong need for corporate leaders to act responsibly in optimising emerging opportunities.