Regional Chair update
 Taking Stock
As it is the time of year to take stock and make new plans, here are some thoughts regarding issues affecting our profession.
International Financial Reporting Standards (IFRS). A good idea that could be improved significantly seems to be the consensus.
The annual report. A core product for our profession that is generating debate regarding content, timeliness and delivery, including via XBRL.
XBRL. What? I am continually disappointed that so few accountants have even heard of XBRL. Extensible Business Reporting Language (XBRL) is an internationally agreed taxonomy that enables internet-based financial reporting, will reduce compliance costs and make it easier for analysts and others to access financial information. Watch out for the Federal Government’s Standard Business Reporting Program starting next year.
The environment. Environmental issues make all others seem trivial. Accountants have important roles to play to combat global warming, alleviate water shortages, improve our air quality, prevent soil salinity and reduce our environmental ‘footprint’ generally. If you are wondering what it has got to do with you, think emissions trading, triple bottom line reporting and business strategy and then take some time to think about it, if you can find any time.
Time. It is not only the environment that is running out of time but it seems to be the resource in shortest supply for most of us too. There are actions many accountants can take to save time, such as implementing sensible techniques like fast close and rolling planning and forecasting. Unfortunately few organisations can report quickly and have eliminated, their usually dreadful, annual planning and budgeting process. For you personally, try using public transport instead of driving to work to give you some time to read and think. It is also better for the environment and cheaper – win, win, win.
The Institute. Where to from here? Tony Blair said of Britain, 'We are not the biggest but we can be the best.' Similarly for the Institute, we must continue to strive to be true global thought leaders, particularly through our affiliation with the Global Accounting Alliance.
My time is nearly up as Chairman of the Regional Council. I have enjoyed being Chairman immensely and mean it when I say that it has been an honour and a privilege to have led this Council. I thank all my fellow Councillors for their impressive efforts throughout the year. I also thank the Regional Manager, Michael Nazzari, for his enthusiasm, support and guidance. He makes an outstanding contribution to the Institute and is, in turn, ably supported by a dedicated team, including his PA, Elaine Coghlan.
So, whether you are celebrating the summer solstice, the birth of a certain infant two thousand years ago or whether, after due consideration, you consider that you just deserve a break, seasons greetings to you.
Let me know your thoughts by email to Malcolm.simister@charteredaccountants.com.au
Malcolm Simister
Victorian Regional Chair
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Regional Manager update
 Don't waste the festive season
The festive season is always an interesting time of the year to reflect upon, simply because it has different interpretations for all of us.
To many it is a religious feast of considerable importance. For others it is an opportunity to catch the breath re-charge the batteries, exchange gifts by way of tradition or enjoy some time out with family and friends.
The opportunity to build up to a special day especially where young children are present also adds to the frantic good fun of the coming holidays, the cricket and tennis and those long hot summer days of swimming and catching up with movies and good books purchased with good intentions during the year to be read 'later'.
The festive season is also that time of the year where we can make a difference.
Making time is perhaps the start of the process. Time to write a message in a card or time to think about gift purchases and the way they are given. It is a great time to say 'thank you' or even call someone who has been on your remote radar screen for maybe too long.
It is also an opportunity to prepare some anonymous gifts for those who are unable to afford them or even food hampers (and not just a clean out of the pantry!).
I had some friends who re-tell the story of how they helped serve lunch on Christmas Day in their local community centre to predominantly elderly single people. They said it was one of the best Christmas events they had ever been to, beating any glitzy event. The fun, the stories and the appreciation of those present melted away any hesitations they may have had. Their evening Christmas dinner was all the more special and memorable for the experiences earlier in the day.
There is no doubt the festive season is a special time. Captive to commercial interests .... most probably; used as an excuse to over-indulge and party .... again probably yes; but it is an opportunity that passes by each year for us to do something. Don’t let this year slip by again.
On behalf of the staff at the Institute we wish all members a great and safe festive season. We look forward to joining with you again in 2008 with renewed energy.
Michael J. Nazzari CAE
General Manager – Victoria & Tasmania
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Member Benefits - Job Search turns one - celebrate with free movies tickets
With Chartered Accountants Job Search having just turned one year old, the Institute would like to celebrate by finding out what you think of the site.
For your chance to have a say and win a double pass to the movies* be one of the first 25 to complete and return the attached Feedback Form
Chartered Accountants Job Search is a dedicated and specialised online recruitment service. Recently enhanced, it is now even easier to look for a new start or to target your recruitment process.
For more information visit Chartered Accountants Job Search.
*Terms and conditions apply. Offer is valid for the first 25 members and/or candidates who complete all the fields in the attached feedback form and return it via email or fax. The free double pass to the movies is valid at Greater Union cinemas which are located in NSW, QLD, SA, WA, VIC, NT and the ACT.
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Financial planning papers released
The Institute has recently released two papers tackling the key issues facing the financial planning industry
Both Key observations: A forum on the financial planning industry and Reinventing financial planning are the latest instalment in the Institute’s leadership initiatives, which aim to look ahead, question and positively influence the growth of the accounting profession.
For more information about the papers visit charteredaccountants.com.au
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Client Information Bulletin – a must have for all small firms
The client information bulletin is a powerful marketing tool for your firm. The bulletin is issued quarterly for you to forward to your client base. The Institute recognises that small practices do not have the time to do their own research, and so has created the client information bulletin to help your firm be proactive and inclusive in the eyes of your valued clients.
The bulletin is delivered by email in Microsoft Word in March, June, September and December, so you can simply update it with your logo and contact details before sending it on. This will provide your clients with practical articles on HR, financial and operational issues relevant to their day-to-day activities, while at the same time showcasing the professional services your firm offers.
The client information bulletin costs only $190.00 incl GST and is great value when you consider how much other services of this nature cost. You may also purchase individual copies for $60.00. This is a member only service. To subscribe to the client information bulletin you must be an accredited Chartered Accounting firm.
View a sample bulletin and subscribe online.
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CA Speaker Program 2008
The Chartered Accountants Speaker Program is designed to expose university and high school students to the opportunities that a career as a Chartered Accountant can provide. Using speakers from the industry, the Program will serve as a cross-promotional tool for the Institute and firms alike, whilst championing the Chartered Accounting profession as a fulfilling and challenging long-term career to students across Victoria.
The 2008 Chartered Accountants Speaker Program has been designed to provide significant benefits to firms. The benefits include: - Promotion of the firm as an employer of choice
- Access to potential employees
- Recognised presentation and public speaking training
- Improved confidence and presentation experience
- Networking opportunities with fellow Chartered Accountants
- Opportunity for firms and speakers alike to give back to the profession
- Access to the Institute for current candidates
To find out more about becoming involved in the Program go to, charteredaccountants.com.au or contact your local Careers Marketing Representative – Gemma Hudson on 03 9641 7447 or email gemma.hudson@charteredaccountants.com.au
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Member events - Review
New Members Presentation Ceremony
The bi-annual Victorian New Members Presentation Ceremony was held on Thursday 15 November, in the spectacular BMW Edge auditorium at Federation Square. It was a wonderful evening, which saw 101 new members receive their certificates, many from their own mentors, in front of their family, friends and colleagues.
General Manager Michael Nazzari CAE began the formal proceedings by celebrating the advancement to fellowship for new fellows Brett Comer, Tania Stegemann and Jeff Webb. The Candidate of the Year was proudly presented to Michelle Sproates CA from Ernst & Young, who was also presented with her certificate of Membership.
Guest speaker for the evening Chris Brant FCA, CFO from Transurban delivered an excellent speech to the new members and in a quirky coincidence was able to present his colleague Adam Hesketh CA, also Transurban, with the certificate for being the 10,000th Member!
Simon Keenan CA inspired fellow new members and their guests in his acceptance speech for the Regional Chairman’s Community Service Award for establishing the ‘Paddling for Refugees & Asylum Seekers’ (PRAS) project.
The awards continued as the winning team from PKF consisting of Michael Castro, Helen Chhor CA, Gary Poon and Alex Swansson CA accepted the perpetual trophy for this year’s Master of their Game competition.
As someone who was recently sitting in the same spot awaiting his own certificate, Sean Lockwood CA, Young Professionals Panel representative shared his words of wisdom with our newest members. In concluding the ceremony Malcolm Simister FCA, Victorian Regional Chairman read the moving Address of Welcome.
After the ceremony all were invited to stay, chat and celebrate the momentous occasion. After all the hard work it takes to achieve membership status, there were many happy new members and extremely proud family, friends and mentors.
A big thank you to our major sponsor Hays Accountancy & Finance and our associate sponsor Cleardocs. A special congratulation to all our award winners and new fellows and a huge welcome to our new members!
Soccer Day
On Sunday, 18 November the Institute’s Victorian Indoor Soccer Tournament at Pit Lane courts, Albert Park kicked off. The tournament, played with both men’s and mixed divisions, were played in a competitive and friendly manner.
After a round robin competition Deloitte Los Lobos 11 came out on top in the men's draw, with a 7 -1 win over their rivals Deporivo Deloitte. Whilst in the mixed competition, the Deloitte Lurkers proved to be the victorious team, overpowering the Ferrier Hodgson Heroes to win 5-0. This competition saw the men and women competing on a level playing field, with great regard for one another.
Other firms fielding teams included PKF, Nexia ASR, PricewaterhouseCoopers, Moore Stephens, Webb & Co, BDO and Michael Page International.
The Young Professionals Panel wishes to thank all members and friends who participated in the event. Special thanks goes to major sponsor Michael Page International for its ongoing support of the Institute.
In addition, thanks goes to Recover Sports Medicine, Emma & Tom's Life Juice, Melbourne Victory Football Club and the Institute’s Mikaela Smith-Chandler and her staff for coordinating the event. The tournament was a great success and the Institute now looks forward to the 2008 event.
W.S. Cox Plate
On Saturday 27 October, with the sun out and the birds singing, all roads lead to Moonee Valley for the running of one of the spring carnival’s biggest races – the W.S.Cox Plate. The Institute, in keeping with its recent tradition of holding a member event during the spring carnival, hosted a marquee in Moonee Valley’s exclusive Pure Pleasure Enclosure.
The marquee, sponsored by Michael Page Finance and supported by the Institute’s Young Professionals Panel, provided over 120 members, clients and guests a wonderful space to relax and enjoy the day’s festivities.
Michael Page Finance conducted a business card raffle with a $250 betting card up for grabs. Young member, Heath Smith, was the lucky winner and even managed to have some success on the Cox Plate winner, El Segundo.
The Young Professionals Panel wishes to thank all members who supported the event and attended on the day. Special thanks goes to David Bamford of Michael Page Finance for his generous support and to the Institute’s Ebony Lowther and her staff, for coordinating the event and ticketing. The day was a great success and the Institute looks forward to again hosting a marquee during the Spring Carnival 2008.
Sean Lockwood CA,
Young Professionals Panel representative
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Employee loyalty report reveals what employees want
The new global and regulatory environment in which the profession operates, an ageing work force and the booming resources industry has led to the increased demand for technically and analytically capable accountants. However with flat enrolment numbers in accounting degrees the demand for accountants now outweighs the supply.
The Institute commissioned Retention Partners to undertake research, with the aim of better understanding factors affecting recruitment, performance, retention and attrition rates among young members.
The main findings of the research revealed that young Chartered Accountants: - Are attracted to the reputation of an organisation, career opportunities and remuneration
- Want to constantly learn and be given challenging opportunities
- Are looking to gain experience and to turn that experience into grounds for a promotion
- Perceive high remuneration, senior roles and work/life balance working hand-in-hand
- Believe that it is the employer’s responsibility to establish employees’ career paths.
The research also showed that Victorian respondents appear to be more career-oriented than respondents from other states and tend to look for career growth as a reason to join, stay or leave an employer.
The report reviews the expectations among Chartered Accountants under the age of 35 and goes further to explore the practical and realistic solutions that can be implemented within organisations to assist with the skills shortage.
To read more about the results of the employee loyalty research, visit charteredaccountants.com.au/leadership
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Fun of running your own practice – Lets change the way we do things
As a member of the Public Practice Panel in Victoria, it is of great concern to me that many members in Practice are presently encountering problems due to workloads and staff issues. I think it is time for us to recognise that generally we are often poor managers of our own businesses. This can lead to stress and health issues in an industry where we are loaded with compliance work, which seems never ending.
To this end we need to take three paces backwards and look at our business from a big picture perspective. This may mean adopting a change mentality.
'There are risks and costs to action. But they are far less than the long range risks of comfortable inaction,' John F Kennedy
Over the years when advising any of my clients that are contemplating going into business I suggest that they should read ‘The E Myth,' by Michael Gerber. This book emphasises the importance of any business owner having to be a technician, entrepreneur and a manager. The problem that many of us face is being the latter - a Manager. We need to question whether we are qualified to manage, train and motivate a team. We need to recognise the role of leadership and the fundamental difference with management. A leader is a visionary, whereas a manager implements the vision and daily management of the staff of the Practice.
We have recommended training to our clients over the years by referring them to accredited registered training organisations, and have received excellent feedback. As practitioners we need to look at ourselves and embark on the same developmental path. Otherwise we will not change and address the inefficiencies of management and leadership.
The message: to look at the situation, work smarter and have more fun, stress less and live a bit longer. Lets not make that fatal assumption that because we understand the technical work of our business, we can successfully run a business that does the technical work.
Frank Angelico CA
Panel Member of Public Practice Panel
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Chartered Accountants Advisory Group
Are you facing unfamiliar or challenging professional circumstances, uncertain about a career decision or under pressure to act unethically?
A problem shared is a problem halved.
Talk to someone who knows. Contact the Victorian Chartered Accountants Advisory Group. This confidential free service, is staffed by highly experienced and specially trained senior Chartered Accountants from the local region. Once a call has been logged with the general manager, contact will be made with the member within 24 hours.
If you have a professional or ethical issue you are unsure how to address, please do not hesitate to call and discuss it with one of the group members. Younger members are also invited to use the service as we have a number of trained young professionals on the group register.
To be placed in contact with a Chartered Accountants Advisory Group counsellor for guidance, contact Michael Nazzari on 03 9641 7400 or email: michael.nazzari@charteredaccountants.com.au
The Chartered Accountant Advisory Group counsellors will not address technical matters or personal issues.
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IT&T Discussion Group
The IT&T Discussion Group for Victoria wrapped up the year with an informal breakfast networking session to reflect on 2007.
The range of subjects discussed included:- ICT Risk Management - upfront and personal (Andrew Parbury: SIP)
- Best Practice Process Automation (Peter McLean: Prominens)
- Broadband - the future (Vincent Kennedy: NEC Nextstep Broadband)
- Project Governance - a new approach (Ian Wells: ACS)
- Standard Business Reporting - How the federal government hope to save Dave the café owner (Trevor Pyman: XBRL)
In 2008 the IT&T Discussion Group meetings kicks off on Thursday 21 February with key speaker Neil Smith, sharing an update on Spatial Solutions: a DOI perspective.
Other subject for 2008 include:- 19 June 2008 - Automated accounting - cutting the cost of manual
transaction
- 21 August 2008 - IT governance - latest research findings
- 20 November 2008 - IT & T breakfast networking session
The IT&T Discussion Group are looking for speakers and ideas for meetings related to IT&T, in particular for April and October 2008 onwards. If you would like to find out more please email Ernest Stabek, IT&T Discussion Group chairman at es@sipvictoria.com
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Salvation Army Christmas appeal - Member donations
The Institute's Melbourne office is participating in the Salvation Army's Christmas appeal to help make a difference in the lives of others less fortunate in our community. Members who would like to participate are welcome to leave donations at the Melbourne office. Donations will be collected on Friday 14 December.
Types of donations/gifts that can be provided:- Food - Non perishable, preferably with a long storage date, that can be used by families over the Christmas and New Year period
- Gifts (unwrapped) - Gifts that are unwrapped allows parents to choose gifts that are suitable for their children. You may wish to add wrapping paper with the gift so parents can wrap the gifts themselves
- Gift value - The aim is to provide a gift to the value of $30 per child. Smaller gifts are welcome as they will be grouped together to make up the of $30
- Gift vouchers are an ideal gift for older children, teenagers and adults, or for a parent who doesn't want to miss out on the joy of purchasing their child a Christmas gift direct from the store
- Credit card donations - call 13 Salvos (13 72 58) or visit salvationarmy.org.au/donations.
Age groups that gifts are urgently required:- Babies (0-12 months) safe toy (other than rattles) Bunny rugs, feeder sets etc
- Toddler (1-3 years) safe toys
- Boys & Girls (7-9 years)
- Boys & Girls (10-12 years).
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Chartered Accountants Local News – Vic
Contents - Regional Chair update
- Regional Manager update
- Member Benefits - Job Search turns one - celebrate with free movie tickets
- Financial planning papers released
- Client Information Bulletin – a must have for all small firms
- CA Speaker Program 2008
- Member events - Review
- Employee loyalty report reveals what employees want
- Fun of running your own practice: lets change the way we do things
- Chartered Accountants Advisory Group
- IT&T Discussion Group
- Salvation Army Christmas appeal - Member donations
- Pro bono opportunities
- Lost Members
Editor: Clare O'Neill
Tel: 03 9641 7400
Email: clare.oneill@charteredaccountants.com.au
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Pro bono opportunities
Interested in volunteering your financial skills to the not for profit sector? Go to probonoaustralia.com.au to find out how to become involved and give back to the community.
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Lost Members
The Institute is hoping to update and locate the contact details of the below members:
Mr James William Milroy Campbell CA
Mr Paul Michael Chadder CA
Ms Sarab Dhillon CA
Ms Heidi Ewenson CA
Mr Geoffrey Lloyd Good FCA
Mr Michael Anthony Habboush CA
Miss Kerry Kaplan CA
Ms Anushia Devi Manoharan CA
Ms Maxine Elizabeth Mills CA
Mr Stewart Justin Relph CA
Should this be you or if you know the whereabouts of these members we would appreciate if you could advise us on 1300 137 322 or email support@charteredaccountants.com.au
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