ICT makes big change, says Muhith

Things changed a lot with the advancement of information and communication technology (ICT), Finance Minister AMA Muhith said on Saturday.

Globalisation played an important role in the world, he also said while speaking as the chief guest at the inaugural ceremony of the South Asian Federation of Accountancy (SAFA) international conference of chief financial officers (CFOs) in the city.

"Bangladesh is one of the countries that gained from globalisation in a big way and I would like to congratulate the corporate bodies for taking advantage of the situation and making that possible for us," Muhith said.

The daylong event was organised by The Institute of Cost and Management Accountants of Bangladesh (ICMAB).

Bangladesh Securities and Exchange Commission (BSEC) chairman Dr M Khairul Hossain addressed the inaugural session as the special guest while SAFA President Dr Suvod Kumar Karn was the guest of honour with ICMAB president Mohammed Salim in the chair.

ACCA (Association of Chartered Certified Accountants) head for Middle East Lindsay Degouve De Nuncques presented a keynote paper on the occasion titled 'Professional Accountants - The Future: Drivers of Change and Future Skills'.

Stating that organisations prefer paperless transactions for simplicity and security, the SAFA president said.

"The conversion of information into digital form that reduces paperwork, time, effort and money is the prime preference of today's professional world," he added.

Presenting the keynote paper, Ms Nuncques said there were four key drivers of change in professional accountancy - increased regulation and stronger governance, digital technologies, expectations on the profession, and globalisation.

Understanding of emerging trends such as cloud-based business models, blockchain and cryptocurrencies would also be required for future professionals, she added.

The theme of this year's CFO conference was 'The Future of Finance: Digitise, Drive and Transform'.

Representatives from different South Asian countries, India, Pakistan, Nepal, Sri Lanka, and host Bangladesh participated in the event.

Three separate sessions were also arranged at the conference on 'Challenges of Future Corporate Reporting', 'Technology and Innovation' and 'Journey from CFO to CEO'.

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