1st December 2022 heralded a milestone for the Management Accounting Professionals of the two nations of Thailand and Australia as it marked the beginning of a new Collaborative effort by the premier Management Accounting bodies of the two countries.
A Memorandum of understanding was signed by President Voravit Janthanakul of The Federation of Accounting Professions – TFAC, and Dr. Chris D’Souza COO (International) representing the Institute of Certified Management Accountants (Australia & New Zealand) – CMA(ANZ). in the presence of the Trade Commissioner of Australia the Hon David Wise, Ms. Pattaralada Sa-ngasang (Chair of the Management Accounting Profession Committee and Board Member, TFAC), Asst. Prof. Dr. Teerachai Arunruangsirilert (First Vice President, TFAC) and other Board Member and TFAC representatives.
President Voravit Janthanakul of TFAC said that the MOU would:
“Reinforce cooperation between the two partners and will lead to further possibilities to achieve our common goal to establish mutual cooperation for the advancement of accounting literacy in Thailand to an international level, providing the access to worldwide research database, technical assistance support which leads to professionally increase capacity of TFAC members and positively contributing to the development of accounting professions and management accounting in Thailand”
Ms. Pattaralada Sa-ngasang (Chair of the Management Accounting Profession Committee and Board Member, TFAC) hailed the start of the collaboration between ICMA and TFAC with the signing ceremony and hoped that it will progress from strength to strength in the years to come. Teamwork and Alliances like this are fundamental to sustainable success in Accounting Professions. This collaboration comes at the right time for our professions to be uplifted and modernized with international competencies to cope with modern business challenges and disruptions.
Dr Chris D’Souza COO (International) of CMA(ANZ) said that the MOU marked the beginning of a collaborative future for the furtherance of the education of Management Accountants across two great nations of Thailand and Australia and that it was appropriate that the premier management accounting bodies of the Thai nation and the Australian nation join together in this collaborative effort to promote the education and professional development of Management Accounting.
The Hon Trade Commissioner of Australia David Wise said that Thailand is a very important country for Australia being its gateway to Asia and that it was fantastic to be present on this important occasion which would serve to strengthen the already strong relationship between the two countries.
ICMA (ANZ) is the only professional accounting body whose Certified Management Accounting program has been recognized and assessed as being equivalent to the post graduate Masters Degree level by New Zealand Qualifications Authority (NZQA). ICMA itself has been accredited by the Commonwealth of Nations.
And under the Accounting Professions Act B.E. 2547 of 2004, the TFAC is the only professional accountancy organization in Thailand and is responsible for regulating the accountancy profession under oversight from the Accounting Professions Regulatory Commission. The TFAC has been under the Royal Patronage of His Majesty the King since September 6, 2005. The TFAC awards the Certified Public Accountant designation and membership is mandatory for all auditors and bookkeepers.
This auspicious signing of the MOU between these two professional bodies marks the beginning of a collaborative effort which will be immensely mutually beneficial to the accounting professions across both the nations.
Dr. Chris D’Souza PhD FCMA FCA FCPA
Chief Financial Officer & COO (International)
Institute of Certified Management Accountants, Australia & NZ