Forbes Asia - October 2018

SPECIAL ADVERTISING SECTION

The World Congress of Accountants
(WCOA) returns to Sydney in
November for the first time in 46
years as accounting and financial
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changes that mean multiple
opportunities, but also pose fresh
challenges, for the global industry.

Along with tackling issues such as
new regulations and geopolitical pres-
sures, the finance and accountancy
sector is coming to terms with the
rapid pace of technological change.
While digital disruption is expected
to make some roles redundant, new
technologies are helping industry
professionals, for example by reduc-
ing the time spent on tasks such as
manual book entry of invoices. At the
same time, cloud computing is mov-
ing companies toward platform-based
business models that allow greater
connectivity.

Blockchain is another technology
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on the community. Bitcoin is gaining
mainstream traction and outside of
cryptocurrencies, potential broad use
is likely in large enterprises where data
is shared across multiple divisions.

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blockchain,” says Mark Staples, group
leader of the software systems group
at CSIRO’s Data 61.

Meanwhile, an appreciation of
broader global trends, such as the
United Nations’ Sustainable Develop-
ment Goals (SDGs)—a universal call to
action that addresses climate change,
economic inequality, innovation and
sustainable consumption—is essential.
The WCOA conference, among other

priorities, will explore the relevance

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professionals, and how they can play a

key role in responding to global needs.

GEOPOLITICAL FACTORS

Amid these developments, there will

be continued focus on more traditional

bread-and-butter issues. Differences

and changes between different

tax jurisdictions are of increasing

significance as more companies

expand beyond their home country. Of

particular interest is base erosion and

profit shifting (BEPS), which relates

to corporate tax avoidance strategies

that exploit gaps and mismatches in

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low or no-tax locations.

Other key topics include the tax-

related implications of recent events,

including the impact of Brexit as well

as the Panama and Paradise Paper

leaks and their effect on anti-tax

avoidance collaboration between

industry players.

Collaboration already exists at other

levels, such as the mutual recognition of

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as Chartered Professional Accountants

of Canada having completed reciprocal

membership agreements with several

international bodies.

Such relationships help to channel

domestic talent overseas as promising

opportunities arise from geopolitical

events such as China’s Belt and Road

initiative.

With an estimated cost of more than

US$1 trillion, the Belt and Road initia-

tive comprises infrastructure projects

across Europe, Asia and Africa and is

expected to transform global trade,

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Given the complex issues at hand,

delegates at the four-day WCOA

accounting conference this year will

be spoiled for choice as they learn,

share experiences and discover new

developments shaping the industry

with the event’s world-class speakers

and leaders from the finance and

business community as well as 6, 000

global peers from 130 countries.

DIGITAL DISRUPTION,

SUSTAINABILITY AMONG

ISSUES FOR WCOA 2018