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Congress Coup for Hong Kong: World Meeting of AccountantsCongress Coup for Hong Kong: World Meetin

Added: (Thu Nov 22 2001)

Pressbox (Press Release) - HONG KONG, November 21, 2001. Accountants from all over the world will assemble on Chinese soil for the first time when Hong Kong hosts the 16th World Congress of Accountants, from November 18 – 21, 2002.

Thousands of delegates from more than 100 countries are expected to attend this first world meeting of accountants since the Paris Congress in 1997. Accountants from all over the world have been coming together every five years since the first Congress in the American city of St Louis in 1904.

Securing the Congress for the territory has been seven years in the making. Organised by the Hong Kong Society of Accountants, the Congress comes under the auspices of the International Federation of Accountants, which has 153 member body organisations in 113 countries, representing more than 2 million accountants worldwide.

“We are very excited about hosting the Congress, with the entry of our mother country to the World Trade Organisation. Hong Kong, as a gateway to China, is of international interest and has huge market potential to the rest of the world,” said the chairman of the Congress organising committee, Mr Peter Wong.

“This milestone event for the accounting and finance sectors will highlight Hong Kong’s unique status as ‘Asia’s World City’ and the perfect location to do business in the Asia Pacific,” said Mr Wong.

The general theme of the Congress is “Knowledge-based Economy and the Accountant.” A strong line-up of speakers from all over the world will present thoughts and ideas via plenary sessions and concurrent workshops to be held at the Hong Kong Convention and Exhibition Centre.

As the definitive and must attend event for the global accountancy profession, thousands of accountants worldwide will focus on issues that are vital to the long-term survival of the accountancy profession. What are the opportunities in the knowledge-based economy? Spirited debate will look at both the opportunities and challenges the Information and Knowledge Age presents accountancy.

The Congress will examine whether many old economy concepts and principles of accountancy remain valid in the New Economy. Delegates will also look at surviving and thriving in a knowledge-based economy and redefine ‘the accountant’ for the 21st century. The spotlight will also fall on the practical issues that accountants need to overcome before they can truly achieve their new identity.

According to the President of the International Federation of Accountants (IFAC), Mr Tsuguoki Fujinuma, who also attended today’s launch, in recent years there has been a major drive to promote a sound global financial reporting and auditing framework conducive to successful business operations, smooth capital flows, and ultimately, social stability and well being.

“Another major goal of the IFAC is to improve government accountability,” said Mr Fujinuma.

“The IFAC’s Public Sector Committee is meeting that goal by developing a comprehensive body of international accounting standards for governments around the world.”

“With more than a dozen standards issued to date, the Public Sector Committee’s standards remain focused on contributing to social and economic reforms, particularly in countries that do not have structured public sector accounting systems,” he added.

The President of the Hong Kong Society of Accountants, Andy Lee, believes WCOA 2002 will be one of the most important events to be staged in Hong Kong next year.

“Hong Kong Baptist University, the Hong Kong Polytechnic University, the University of Hong Kong, the Hong Kong Tourism Board, the Hong Kong Trade and Development Council and Invest Hong Kong are partnering the Hong Kong Society of Accountants to ensure the success of this showcase event for the territory,” Mr Lee said.

“The importance of the event on the international stage has also been recognised by our key sponsors to date, the Australian Society of Certified Practicing Accountants, the Association of Chartered Certified Accountants, the Hong Kong Exchanges and Clearing Limited and the Certified General Accountants’ Association of Canada,” he added.

Apart from key speeches, plenary sessions, workshops and an exhibition, the Congress will also feature a rich array of special events, including a welcoming reception and grand opening ceremony. Delegates and their guests also have the choice to tour cultural sights in the New Territories, including bird watching tours to the Mai Po Wetland, to participate in Tai Chi and Chinese Cooking classes, and to experience reflexology and Chinese medicine. Before or after the World Congress delegates may chose to take arranged tours to either the Pearl River Delta, Guilin, Shanghai, Suzhou, X’ian or Beijing. Study tours are also available to Beijing and Shanghai.

Today’s announcement also marked the launch of the official web site for the Congress at www.wcoa2002.com which is being hyperlinked with IFAC member body and other business websites.

Editor’s Note:

The Hong Kong Society of Accountants (HKSA) is the only statutory licensing body of accountants in Hong Kong responsible for the regulation of the accounting profession, with a 18,000-plus-strong membership. The HKSA issues on a regular basis Professional Standards on various aspects of accounting practice, and these are required to be observed by professional accountants.

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