Training and Advisory Services (TAS) a member of the Chartered Accountants Academy (CAA) is out to serve in Africa. This is the first time TAS went as a stand-alone entity other than as CAA. The reception has been amazing and the strides very huge.
TAS/CAA philosophy is to integrate classroom knowledge and practice for education to remain relevant. TAS is the gateway of CAA to the market place where knowledge is integrated with practice. TAS compliments the work of finance professionals in International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Taxation advisory and training, and assists audit practices in improving audit quality, through IFRS impact on audit and taxation advisory and training. TAS also assists in standard setting and regulation by supporting the work of accounting bodies and regulators. CAA nurtures and provides tuition to prospective Chartered Accountants. CAA and TAS therefore strive to compliment the work of the key players in the accountancy value chain.
In April-May 2018, TAS is in Malawi represented by one of its directors Anesu Daka supporting the Institute Chartered Accountants of Malawi (ICAM) in providing IFRS updates to its country wide members in Lilongwe and Blantyre. The update sessions are being attended by various players in the financial reporting value chain (auditors, reporting accountants, credit controllers, etc.). Major highlights of the training cover new standards like financial instruments (IAS 32 & IFRS 9), revenue from contracts with customers (IFRS 15), lease accounting (IFRS 16) and the new Conceptual Framework for Financial Reporting (issued on 29 March 2018) as well as the Practice Statement on Materiality. For the first time all players realise the need to appropriately adopt IFRSs in time and the need for all relevant divisions in the organisation to participate.
Further, TAS will be supporting some of its listed, unlisted, private and public clients in the implementation of these new IFRSs (e.g. IFRS 9 and IFRS 15) in preparation for 2018 reporting in Malawi.
The TAS consultants are very proficient in these international standards as they teach them in class and are involved in writing teaching material and setting exams at the Chartered Accountancy education level. TAS/CAA are involved in standard setting activities like commenting on exposure drafts and research papers as the international standards are being developed. The team carries out research and advises on the local and regional impact of these standards. This makes the team special, proficient and relevant to support commerce and audit practices. The knowledge of the team is above par and is the main strategic advantage for TAS’ inroads into Africa.