OVER 190 IMA (Institute of Management Accountants) members and guests gathered to discuss emerging challenges with impending business regulations. The event was organized to help ease the worries of the business community about the impending implementation of in-house IFRS (International Financial Reporting Standard) conversion, VAT (Value Added Tax) and excise tax. The conference also discussed the role of management accountants in helping achieve the country's Vision 2030. With only two quarters left for IFRS convergence and less than a year for VAT introduction, IMA Western Province Chapter in Jeddah partnered with the Jeddah Chamber of Commerce & Industry (JCCI) to organize the event. Mazen Kutbi, assistant secretary general, JCCI, opened the forum. He accorded a wam welcome to one and all. "KSA and all of the countries in the Middle East and GCC are looking to transform and diversify their economies, which include family-owned businesses, and they need the competence of a CMA (Certified Management Accountant) to help guide and facilitate that transformation," stated Jeffrey Thomson, president & CEO of IMA, underscoring how the CMA certification can help the Saudi economy during this transformation. "CMAs bring strategic thinking, technical accounting depth with business operations breadth, and the ability to convert data into dialogue to make smart choices. This includes data analysis, scenario planning, sensitivity analysis and simulations to support decreased dependence on oil through diversification, moving the focus of growth from public to private, creating an ideal growth environment for SMEs, and, increasing liquidity and solvency of the banking system," added Thomson. Antar Rafiq, executive director at ACA (Alliance Charted Accountants — Riyadh), presented a demonstration and explained how an organization can make the conversion of their accounting standard in-house with appropriate staffing/talent structure, this can reduce outside expert consultancy bill. Dr. Hani Fetyani of HHF spoke about the country's Vision 2030 and how the private sector can assist KSA in achieving the targets. He also explained that the development goals would have a significant impact on all residents and citizens of KSA. For his part, Vijay Soni, president IMA Western Province chapter, discussed VAT and excise tax. Soni led a mini-workshop and explained how the VAT works. He assured businesses that VAT is not difficult to implement so long as they make the right calculation and configure their enterprise resource planning (ERP) system and train all stakeholders in the business process. With blend of new talent and understanding, business houses can partner the nation in line with new taxation and compliances regime. "I have seen three such events on VAT being organized by non profile organizations like IMA, recently, and can sense a need for large scale knowledge sharing. Tax department may release dual language regulations to help the business community. This may be coupled with multiple workshops covering different aspect of implementation viz rules, regulations, business processes, information technology needs etc. by various stakeholders," said Soni. "We were not expecting such a large number of people participating especially during a weekday when businesses are running. The support and positive reception we received from our sponsors, speakers, chapter volunteers and members is an indication that everyone wants to know and have a better understanding of these regulations," explained Soni. Sheikh Mazen Batterjee, vice chairman, Jeddah Chamber praised the event saying, "The chapter's dedication to work in moving the focus of growth from public to private and create an ideal growth environment for SMEs. This includes explaining the in-house IFRS (International Financial Reporting Standard) conversion, VAT (Value Added Tax) and excise tax and how these regulations will help the country transform and diversify its economy towards Vision 2030. It is evident that we need the competence and support of finance and accounting leaders to help guide and facilitate that transformation." "I am impressed by the support and service provided by IMA Western Province Chapter volunteer leaders and members," he added.. Nosheen Ahmad from Jeddah Chamber extended welcome saying, "Jeddah chamber as instructed by our honorable vice chairman Sheikh Mazen Batterjee is always there to help the business community and such events are of great value to business community." The event was co-sponsored by Arrow Food Distribution Company — Jeddah, ACA in Riyadh and Morgan International. Shoaib Malik, VP the chapter, Nosheen Ahmed and Sahar Sharief received special award for their support.
