10th Anniversary Celebrations of the
South Asian Federation of Accountants &
the 17th National Conference of Chartered Accountants in Sri Lanka.
Keynote Address – Technical Sessions by M.V.Muhsin
MV Muhsin intended not focusing on new Accounting standards or the appropriateness of the present tax structure but instead towards the journey in the University of Life. He highlighted the lessons that were drawn and could assist us to face the realities of the future.
He joined the mercantile sector in the late sixties. He was under the guiding influence of the late Chairman in the Hayley’s Group of Companies, Lal Jayasundera who was widely acknowledged as one of the finest business managers that Sri Lanka ever knew. During Mushin’s interactions with Lal he learned the dynamics of the Art of Management. The lesson learnt was that stable Management would attract capital, capital attracted labor and the combination enriched the economy and society.
During the time when developing countries wanted to assert their own form of governance, political economies were trying to recover from broad and stifling regulations that lead to very poor economic performance, he and fellow professionals from South Asia where closely involved not only in the financial accountants but also the economic management and reform process.
Mr. Muhsin pointed out three challenges that the profession faced on its road ahead:
First – a need for a more central role in economic development.
Second- a proactive role in modernization of enterprises and business practices.
Third – an understanding and involvement in the information and technology revolution.
He indicated that the World Bank was not just a premier professional body but had been proactive advocates who took up the challenge of bringing the economies to a successful global competition in the 21st century.
Having recognized the responsibility in reducing the bureaucratic burden ,Muhsin also highlighted the need to adapt to new management techniques of moving an accounting job function and to integrate it with business functions.
The third challenge Muhsin stated was that of spreading global revolution – the information technology revolution.
He mentions that investments made on new information technologies needed to be prudent on a cost benefit basis and needed to be traded off with investments in alternative sectors of the economy and placed in the context of global economy.
In summary he stated the 3 challenges in a nutshell i.e. the need for a more central role in economic development; the pressure on management and the need to take a proactive role in modernization of enterprises and business practices and also the need to understand and be involved in the information and technology revolution.