02 October 2008
There is real scope for well funded Irish companies to do well in our more challenging economic environment. This was the message from Denis O'Brien, Chairman of Digicel Group Ltd. who was speaking at The Chartered Institute of Management Accountants (CIMA) Annual Conference at O'Reilly Hall, UCD, Dublin today. According to Mr O'Brien, 'There are real opportunities now for well funded Irish businesses to buy competitors and new businesses and to consolidate their market position.'
The focus of this year's conference, held in partnership with Enterprise Ireland, was on exploring the prerequisites for Irish companies to succeed in competitive international markets. Other speakers at the conference included Paul Kerley, CEO of Norkom, Julie Sinnamon, Executive Director, Enterprise Ireland; Stephane Garelli, Professor of International Business at IMD and author of IMD's 'World Competitiveness Report' and David Young, the world renowned Professor of Accounting and Control at INSEAD.
Bernie Cullinan, President of CIMA Ireland said 'One of the most critical challenges now facing Irish firms is competitiveness as a result of both domestic but also increasingly international factors. The playing field is changing rapidly for Irish firms attempting to succeed in foreign markets. The goal of today's conference is to inform members and delegates through insights from experts with a proven track record in the area of international markets.'
Speaking about the global economic challenges facing companies, Charles Tilley, Chief Executive of CIMA told the conference that CIMA was highly supportive of SEC plans to consider use of International Financial Reporting Standards (IFRS) for US companies. 'In these turbulent times for the global markets, transparency in financial reporting is more vital than ever. Investors and other stakeholders need a common language that minimises confusion across borders and offers clear, meaningful information on which to base crucial decisions.'
'Moving from US GAAP standards to IFRS will aid transparent reporting across the world and will further help to address complexity issues surrounding annual reports and the guidance behind them which can prove cumbersome. It is absolutely crucial that regional interpretations of international standards are not allowed to develop,' he continued.
Mr Tilley also outlined the evolving role of CIMA's members in business. He said: 'The real value offered by management accountants is where they combine financial expertise with business understanding to support decision-making throughout the process. The growing trends towards outsourcing or centralising core accounting services has freed up a growing number of management accountants to do what they do best - adding value with their eyes fixed firmly on the corporate goalposts.'
Through a series of talks and panel discussions, conference attendees were given an insight into how in-house financial capability and strategic management of a company's finance function can create the right dynamic for scaling a business and driving growth in international markets. Participants also had the opportunity to discuss issues and challenges in an open forum/panel discussion.
Ends
For further information, please contact:
Annette Heninger
Press Officer, CIMA
+44 (0) 20 8849 2427
annette.heninger@cimaglobal.com
Notes to editors
CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business in both the private and public sectors. It is the voice of 164,000 students and members in 161 countries. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit www.cimaglobal.com.
CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which evolves continually to reflect the latest developments in global business. CIMA has been awarded superbrand status in the UK for a second year in a row this year and for the first time in Sri Lanka.
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