Anyone working in the accounting profession knows it has been a frenetic and rewarding year. A strong economy has created a lot of work for our members in everything from corporate finance, audit and superannuation, to taxation and risk management. Meanwhile, the private equity boom has been reflected in a surge in demand for advice from our members.

Although revenues increased for many, the burden of compliance remained an issue for us all. Helping members cope with issues like over regulation is one of the most important roles of the Institute. While our lobbying efforts have been low key, they have achieved results. In tax, we influenced change for small businesses (such as reducing the burden of Division 7A) and large businesses (such as removal of the income ceiling on the same business test and capital gains tax amendments for non-residents). We also played a key role in securing amendments to the Simpler Regulatory System Act.

We don't carry out all of our lobbying and influencing in isolation. Our work on joint standing committees with other professional accounting bodies has provided a clear, unified voice for the profession in the last year.

Growing the profession

Over the last few years the global demand for accounting professionals has grown considerably. In Australia, this too has been driven by a strong economy and by increased regulation and compliance requirements. At the Institute we have been striving to meet this challenge, working to attract, train and nurture more young accountants to address the skills shortage.

Some of the results have been impressive. There were increases in Chartered Accountants Program enrolments, and excellent numbers at many of our careers marketing functions. A marketing campaign, specifically targeted at students, has been a vital part of this success.

As members know, we have also widened the pool of graduates we accept, while maintaining high entry standards. We can now attract high calibre graduates from non-accounting backgrounds into the Chartered Accountants Program. This is an important initiative and we will closely monitor its success.

Globalisation and the Global Accounting Alliance

When it comes to attracting young people to the profession, the interviews I conduct with young staff in my own firm are a constant reminder of the attraction of international experience to young accountants. That’s why the Institute’s co-founding of the Global Accounting Alliance (GAA) is so important. Not only does it give us a place at the table when it comes to driving issues such as global standards, but it is a real advantage to be part of a global community when you’re competing for the commitment of young graduates with quick minds and itchy feet.

A fitter future

Members will know that the Institute has worked hard to build its capacities and improve its efficiency. CEO, Graham Meyer will have more to say on this but I believe these changes will have real benefits for members. There is now a very strong strategic plan in place and a clear idea about what the Institute needs to do for its members.

On that note I'd like to close with a few words of appreciation. Firstly, to Graham Meyer who, in his first full year in charge, provided excellent leadership and has given the Institute a great platform from which to grow and develop.

I'd also like to acknowledge the efforts of Neil Faulkner, last year's president, who retired from the Board on 31 December 2006. He has provided excellent service - and leadership - to the Institute.

Finally I'd like to acknowledge the work of all the Board members, committee members and Institute staff over the last year. Their efforts, and the volunteer work of members in a whole range of areas, have made the Institute stronger, and fitter than ever before.

Robert DiMonte
President