globalAcc Research & Training Sdn Bhd, incorporated in December 2006, is an extension of the research and training division of K H Goh & Co, a Chartered Accountant Firm founded by Goh Kean Hoe in 2001.
The world of accountancy and corporate governance & reporting has been undergoing significant changes over the last few years especially after the accounting scandals of Enron, Worldcom etc. On the financial reporting side, the whole world is moving towards convergence to the IFRSs. IASB and the FASB of the US are also working on aligning their respective accounting standards. Domestically, Malaysia continues with its policy of adopting the IFRSs as its national standards albeit a delay of one to a few years. Effective 1-1-2006, we have 18 new/revised standards that will take effect. More new/revised standards are in the pipeline. Some of the new/revised standards represent a significant change in the principles of accounting such as the move towards fair value accounting and comprehensive income statement. The MASB has also issued the Private Equity Reporting Standards (PERS) which are a different set of standards for private equities (basically non listed companies and companies with no public accountability). This has called for a need for affected parties especially the accountants to acquire new knowledge and skills in order to implement the new standards. With the introduction of PERS, there is also a need to understand 2 sets of standards. The academic sector will also need to upgrade themselves to teach and train their students with these changes.
On the taxation, Self Assessment System has been introduced in 2001 and it is now applicable to all taxpayers group. Income tax reporting responsibility is now heavily placed on the taxpayers. Many public rulings have been issued while the tax audit and investigation is becoming a norm. The new system of Advanced Ruling has also been introduced. Implementation of GST though put on hold should come on board in the next few years. The need to have better tax knowledge on the part of tax professionals and also the taxpayers themselves is evident.
To the practitioners especially the small and medium practitioners who do not have in house technical team and training resources, there is a need to upgrade themselves to stay relevant in the industry. The changes mentioned represent both a threat and an opportunity to them depending on how they view and respond to it. There are also other challenges such the increased competitiveness, the rising cost of doing business, the lowering profit margin, the possible audit exemption of small companies etc that call for the SMPs to rethink their business strategy. While the demand for sound technical skills is much more important, other skills are also equally important to ensure success in their business.
For non finance people, we believe basic financial knowledge can contribute positively to the success in their business, career and living. The Government is encouraging entrepreneurship and innovative among the people as a way to move the economic. There is no doubt that having some good knowledge of financial management will help the entrepreneurs to build their business. A sound business idea can easily collapse if there is no proper financial management.
The importance of human capital to the economic development can not be over emphasized especially in this fast moving and high technology age, The Government through the 9th Malaysian Plan has recognized this and is encouraging all sectors – the academic as well as the private sectors, to upgrade the quality of our human capital. The life long learning, a good attribute which is somewhat forgotten for a while, is now being emphasized by many organizations. Every one should continue to improve his/her knowledge and skills as the day we stop doing so, we will become left behind as the world never stop moving.
globalAcc is formed with the objective of playing its small role in providing an alternative where both the finance professionals and the non finance people can acquire and improve their knowledge and skills in the financial field. Backed by accountants, we believe we have the right attributes and are well equipped to play this role. We have identified the following services offering as the roles that we can play.
- public seminar & workshop for finance professional
- public seminar & workshop for non finance people
- in-house training
- technical research, publication & forum of discussion
- consultancy
Our initial focus will be on Financial Reporting, Taxation & Essential Financial Knowledge for Non Finance People and for the following topics :
> Finance Professionals
- FRS Series
- Tax Series
- Financial & Corporate Issues
- Practice Management Issues
> Non-Finance People
- Essential financial knowledge for directors and entrepreneurs
- Essential tax knowledge
- Personal finance series
We believe in working with organizations and individuals who share our vision and also to derive more economic benefits. We recognize that as a small company funded by individual, we should focus on our strength which is our research and technical capability and we work with organizations with their own strength to achieve the desired result. In this respect, we welcome any organization to discuss any possibility of collaboration with us.
