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by Elmo Leonard

"It was heartening that the main political parties in the country had recognised that poverty should be confronted", Institute of Chartered Accountants of Sri Lanka (ICASL) President Indrajith Fernando said. "The recent and ongoing uprising in France by a poor minority was evidence of this. Applied globally, a people cannot be sustained, when there is a sea of poverty".

"The demands made by people following the recent earthquake in South Asia is growing evidence of results people expect, even in time of calamity. While the world is growing rapidly, it was unfortunate that Asia's poor see little money coming into their hands", Fernando said at the 26th annual sessions of ICASL, begun, Thursday last. "It was true, that China is poised to be the factory of the world and India, the office of the world. The conference of accountants in review, was expected to deliberate such issues, its theme being, `what next', he further said.

Another speaker on the occasion, Rahman Khan, who is Chairman, (Upper House) Parliament of India said that in the next world economy, will emerge as the global engine of growth and India and China, will overtake many economies of the world. India and Sri Lanka being members of SAARC, Sri Lanka is also poised for big growth.

In the light of trends in global developments that are taking place, the profession of accountancy has to gear up to face the challenge and play a new role by updating the skills and knowledge demanded by the global economy, Khan said.

Thus, the accountants of the future, working in commerce and industry, will have the opportunity to become the key source of business advice within their organisations. However, to be successful in their challenges, they will need to diversify their skills base beyond traditional financial analysis into areas such as information technology, management information systems, non-financial performance parameters and management decision systems. Chief Executives will increasingly expect their accounting and finance people to take on a strategic involvement well beyond their calling, Khan said.

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