THE International Association of Business Analysis (IIBA) is shining a spotlight on business transformation at the 2017 Building Business Capability (BBC) Conference

From November 6-10, IIBA members are convening in Orlando, Florida for keynote speeches, tutorials, networking opportunities and a vendor exhibition.

IIBA members from around the world are meeting at the Loews Royal Pacific Resort in Orlando, Florida for the annual Building Business Capability Conference to explore the evolution of the industry.

Considered the world’s largest global gathering of business analysis (BA) professionals, this year’s conference offers a series of spotlight sessions focused on next generation business analysis led by industry veterans who will share their perspectives on how BAs can prepare their organizations to successfully address impending change and stay relevant. Attendees will also have access to tutorials, networking sessions, and a vendor exhibition.  

“We’re witnessing a digital transformation that is indeed evolving the traditional business analysis role. While fundamental skills are still important to possess, as dedicated BA professionals, we’re constantly being challenged to re-skill with higher level capabilities – that’s just the new business reality,” said IIBA CEO Ken Fulmer. “I look forward to welcoming my peers to BBC and hearing from our esteemed speakers on this subject.”

BAs operate under a variety of titles and are involved in many facets of an organization. However, they all work within the same strategic framework of Business Analysis.

Those attending the conference, and others who want to join in on the conversation, can do so by using the hashtag #BBCCon.

 About International Institute of Business Analysis

International Institute of Business Analysis (IIBA) is a professional association dedicated to helping the business analysis community create better business outcomes. Through a global network, IIBA connects more than 29,000 Members and more than 300 corporate members and 120 chapters. As the voice of the business analysis community, IIBA supports the recognition of the profession and discipline and works to maintain the global standard for the practice and certification.

Learn more about IIBA through the organization’s Facebook, LinkedIn and Twitter pages.

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A NEW guidance paper has been released to help directors better understand and meet their obligations when it comes to financial reporting.

The paper, called Directors Responsibilities for Financial Reporting: What You Need to Know, is designed to help directors avoid the pitfalls of financial reporting.

The work is a joint publication between Chartered Accountants Australia and New Zealand (CA ANZ) and ACCA (the Association of Chartered Certified Accountants).

Liz Stamford, CA ANZ’s General Manager, Policy, said it was an extremely important tool for directors working across the Asia-Pacific and Europe.

“Directors have a number of requirements. First and foremost, they have a duty of care and must give clear information about financial statements to investors and others,” Ms Stamford said.

“This paper is an easy to follow guide which helps answer a range of questions, including, who is responsible for reporting? What are those responsibilities? And when and how do you discharge those responsibilities?

“Our paper outlines what the duty of care means in practice, what’s needed in terms of keeping records, and the various responsibilities in line with preparing financial statements.

“We’re also looking at what must be done in terms of auditing those statements and providing guidance for overseeing internal controls.

“Directors have their own responsibilities and their own member bodies, but as this paper shows, we are playing a leading role in working with them so they better understand their requirements.”

Maggie McGhee, director of Professional Insights at ACCA, said it’s important for directors everywhere to take their responsibilities seriously.

“Not all directors need to be finance professionals, but it’s crucial that directors are engaged and are able to understand and explain the company’s financial reports,” Ms McGhee said.

“As well as important details on practice and process, this paper provides the questions directors need to be asking to make sure the financial reporting process is sound, and the output of that process provides meaningful information to investors and other users.

”It’s a helpful reminder to our members across the world, particularly entrepreneurs and those working in and for small and medium businesses, of this crucial aspect of corporate governance. This global overview of directors’ responsibilities at different stages of the financial reporting process will hopefully provide an opportunity to start a conversation in the boardroom about financial reporting, and corporate reporting in general.

“It provides guidance for members operating in Australia, New Zealand, Hong Kong, Malaysia, Singapore, and the UK.”

The strategic alliance between CA ANZ and ACCA has extended the global voice and reach of both organisations, and benefits to members.

“Together, we represent 800,000 accounting professionals from 181 countries around the world,” said Ms Stamford.

“That makes us one of the largest alliances in the world and gives us a powerful voice. This paper is one of the many ways we are providing new benefits to our members.”

Directors Responsibilities for Financial Reporting: What You Need to Know is available here:
http://www.accaglobal.com/us/en/professional-insights/global-profession/Directors-responsibilities-for-financial-reporting.html

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand is a professional body comprised of over 117,000 diverse, talented and financially astute members who utilise their skills every day to make a difference for businesses the world over. Members are known for their professional integrity, principled judgment, financial discipline and a forward-looking approach to business which contributes to the prosperity of our nations. 

www.charteredaccountantsanz.com

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers.

www.accaglobal.com

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THE first international Codeathon for financial intelligence units (FIUs) is being co-hosted by AUSTRAC, Australia’s financial intelligence unit and Bank Negara Malaysia from November 18 to 19 2017 in Kuala Lumpur, Malaysia.

The codeathon will bring together developers, designers, analysts, subject matter experts and other skilled and motivated individuals. Participants will form teams and have 32 hours to solve financial intelligence challenges. Their innovative solutions may be presented in various forms, including live applications, websites or prototypes which may well serve as precursors in constructing innovative digital solutions to fight terrorism financing.

Acting AUSTRAC CEO, Gavin McCairns, said AUSTRAC is encouraging participation from Australia’s growing fintech, regtech and start-up communities, financial institutions and FIUs in the region.

“This initiative provides a framework to work with industry and government to continuously explore new opportunities, where we can leverage the latest technologies to fight terrorism financing”.

”This unique event is an excellent opportunity for tech-savvy individuals, including hobbyists, students and software developers, to contribute their ideas to address a serious matter and enjoy some friendly competition at the same time”.

Codeathon 2017 is part of the third regional Counter-Terrorism Financing (CTF) Summit, which brings together FIUs, industry participants and leading anti-money laundering and CTF experts around the world.

There will be several prize categories which includes awarding the team that can demonstrate the most collaborative way to tackle terrorism financing – being true to the spirit of our CTF Summit.  Winners and outcomes will be announced at the Innovation Forum.

Registration for Codeathon 2017 is open to all members of the public, financial institutions and FIUs. Expressions of interest can be registered via the CTF Summit 2017 Codeathon website..

Follow @AUSTRAC on Twitter and the AUSTRAC website for the latest updates.

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MINISTERS of Tourism from 60 countries and leaders from private sector companies and associations will summon on November 7 at the Ministers Summit organized by the World Tourism Organization (UNWTO) and World Travel Market in London to discuss the challenges of sustainable tourism.

The 11^th edition of the UNWTO/WTM Ministers’ Summit, to be held on November 7 under the title ‘Overtourism: growth is not the enemy; it is how we manage it,’ will address issues such as congestion management, the measurement of the impacts of tourism or the role of the private sector in promoting tourism as an effective tool to achieve the Sustainable Development Goals (SDGs).

As stated by UNWTO Secretary-General Taleb Rifai, “Growth is not the enemy. Growing numbers are not the enemy. Growth is the eternal story of mankind. Tourism growth can and should lead to economic prosperity, jobs and resources to fund environmental protection and cultural preservation, as well as community development and progress needs, which would otherwise not be available.”

The Summit will be moderated by CNN International’s Max Foster. Confirmed speakers include:

-       Mauricio Ventura Aragón, Minister of Tourism, Costa Rica

-       Elena Kountoura, Minister of Tourism, Greece

-       Ryoichi Matsuyama, President, Japan National Tourism Organization (JNTO)

-       Enrique de la Madrid, Secretary of Tourism, Mexico  

-     Khalid Jasim Al Midfa, Chairman, Sharjah Commerce and Tourism Development Authority (SCTDA), United Arab Emirates

-       John Glen, Minister of Arts Heritage and Tourism, United Kingdom

-       Istvan Ujhelyi, Vice-Chair of the Committee on Transport and Tourism, European Parliament

-       Gloria Guevara, President and CEO, World Travel & Tourism Council (WTTC)

-       Patrick Robinson, Head of Policy for EMEA, Airbnb

-       Inge Huijbrechts, Vice President Responsible Business, Carlson Rezidor Hotel Group

-       Kate Gibson, Vice President,Global Corporate Responsibility, Intercontinental Hotels Group (IHG)

-       Manfredi Lefebvre d’Ovidio, Chairman, Silversea Cruises

http://www2.unwto.org/unwto-wtm-ministers-summit-2017

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THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has called for an Australian version of the British Business Bank to be considered.

Speaking at the Franchise Accountants Network conference in Sydney, Ombudsman Kate Carnell said access to finance was a major challenge for Australian small-medium enterprises.

“Banks are happy to lend to small businesses, but only if they have security such as property or cash,” Ms Carnell said.

“I’m concerned about SME lending constraints due to prudential requirements implemented after the Global Financial Crisis.

“The requirement for property security limits capital availability for small businesses with good cash flow and good prospects. Funding for many small businesses is unavailable at a reasonable cost.

“I’ve asked the Productivity Commission to explore the extent to which prudential risk weighting standards and capital requirements have had unintended consequences on lending to small businesses.”

Ms Carnell said the option of a Government-backed approach to small business lending like the British Business Bank should be considered.

“Other countries have identified a similar problem and come up with solutions,” she said.

“The British Business Bank can provide a government-backed 75 percent guarantee against the outstanding facility balance, potentially converting a ‘no’ credit decision from a lender to a ‘yes’.

 “The British Business Bank can also help small finance providers to tap institutional investors’ funds.

“Without a creative approach to small business lending in Australia we risk stifling growth, investment and employment.”

 www.asbfeo.gov.au

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THE HOUSE Select Committee on Regional Development and Decentralisation will hold a public hearing in Murray Bridge, South Australia.

The Chair of the Committee, Dr John McVeigh MP, said “through this public hearing, the Committee will engage with South Australians on the issues impacting their regions. The Committee aims to understand ‘best practice’ approaches to regional development and looks forward to hearing about the innovative approaches South Australians have taken on this issue.”

“South Australia is home to thriving agricultural, wine producing and tourism regions. The Committee is keen to hear how South Australia’s regions have leveraged their competitive advantages to promote growth and ensure the vitality of their regional communities”, said Dr McVeigh.

Dr McVeigh indicated that witnesses will include business and community leaders, industry peak bodies, local government representatives, and regional development experts and specialists.

Public hearing details:

9.00 am to 4.00 pm, Monday, 6 November 2017
Murray Bridge RSL, 2 Ross Rd, Murray Bridge East, SA

The proceedings will be broadcast live at aph.gov.au/live.

For the full program of this public hearing, see the Committee’s website.

Interested members of the public may wish to track the committee via the website.

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THE Australian Retailers Association (ARA) said the September trade figures released today by the Australian Bureau of Statistics (ABS) represent a disappointing move towards Christmas, with a 1.44 percent total year-on-year growth - well below the seasonally adjusted long-term average.

ARA Executive Director Russell Zimmerman said these figures were extremely frightening this close to the biggest trading period of the year, and urges the Government to refocus on increasing disposable income.

“With Christmas not too far away, and the ARA Roy Morgan Pre-Christmas Sales Predictions to be released in a couple of weeks, these figures are in all honesty alarming,” Mr Zimmerman said.

“The category that’s been hit hardest in September was Household Goods with a -1.14 percent year-on-year growth.”

Mr Zimmerman said the softness in Sydney house prices are starting to impact consumer spend on household goods with Hardware and Building (-4.22%), Electrical Goods Retailing (-1.12%), and Furniture (2.98%) all showing a big drop in year-on-year growth.

“These figures show an obvious weakness in consumer confidence,” Mr Zimmerman said.

“If Australians aren’t feeling wealthy they will spend less, and this weakness is an issue across the board.”

The only retail category showing a slight increase was Food Retailing (2.85%), however this growth is still nowhere near the growth figures the retail industry received at the start of the year.

All states have again received a drop in year-on-year growth, an undesirable sign for Christmas. Although dismal, New South Wales (2.34%), Tasmania (2.33%), Victoria (2.29%) and South Australia (2.16%) showed the strongest year-on-year growth of the states. While both the Australian Capital Territory (1.17%) and Queensland (0.23%) remained quite low, Western Australia (-1.19%) and the Northern Territory (-1.46%) received negative figures, a worrying outlook for the months ahead.

With the ARA Roy Morgan Pre-Christmas Sales Predictions to be released in two weeks, Mr Zimmerman believes the Federal Government needs to act fast to stimulate the economy.

“There has been a lot of change in the Australian retail environment this year, and with change comes uncertainty, but one thing is for sure, Christmas is coming,” Mr Zimmerman said.

MONTHLY RETAIL GROWTH (August 2017– September 2017 seasonally adjusted) 

Department stores (2.08%), Food retailing (0.56%), Cafes, restaurants and takeaway food services (0.35%), Household goods retailing (-0.43%), Clothing, footwear and personal accessory retailing (-0.73%) and Other retailing (-1.67%).

South Australia (0.65%), Tasmania (0.58%), Queensland (0.26%), New South Wales (0.23%), Australian Capital Territory (0.06%), Victoria (0.02%), Western Australia (-1.30%) and Northern Territory (-1.65%).

Total sales (0.03%).

YEAR-ON-YEAR RETAIL GROWTH (September 2016 – September 2017 seasonally adjusted)

Food retailing (2.85%), Other retailing (1.79%), Department stores (1.34%), Cafes, restaurants and takeaway food services (1.05%), Clothing, footwear and personal accessory retailing (0.15%) and Household goods retailing (-1.14%). 

New South Wales (2.34%), Tasmania (2.33%), Victoria (2.29%), South Australia (2.16%), Australian Capital Territory (1.17%), Queensland (0.23%), Western Australia (-1.19%) and Northern Territory (-1.19%).

Total sales (1.44%).

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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THE Australian Retail Credit Association (ARCA) welcomes the certainly provided by the Federal Government’s announcement that it will introduce a mandatory comprehensive credit reporting regime.

ARCA Executive Chairman Mike Laing said, “This announcement is a significant milestone that will positively transform credit reporting for both lenders and consumers.”
 
Today, the Turnbull Government announced that it will introduce a mandatory comprehensive credit reporting regime for the four major banks.  The regime will require the four major banks to share fifty percent of their comprehensive data by July 1 next year, and the remaining 50 percent by July 1 the year after. The Government also intends to consult further on whether to mandate additional institutions on a phased in basis.
 
To enable the mandatory regime, the Government has also announced that it will rely on the industry led and administered framework for the sharing of data.
 
As the peak body for the consumer credit industry, ARCA developed and administers the industry based data sharing framework, the Principles of Reciprocity and Data Exchange (PRDE). The PRDE is a principles-based framework which enables signatories to share positive information, such as on-time loan repayments, as well as negative data.
 
“These industry principles are critical to realising the benefits of comprehensive credit reporting and ARCA is pleased that the Turnbull government has confirmed that it will rely on them to implement its mandatory regime,” Mr Laing said.
 
Comprehensive credit reporting has been globally recognised for increasing the availability and affordability of responsible credit to borrowers. Positive information will improve the ability of credit providers to assess a consumer’s true credit capacity and make better lending decisions.

“ARCA looks forward to working collaboratively with Government, on behalf of our members and industry, as the Government drafts legislation enabling its announcement. We will continue to encourage and educate industry and consumers alike to better understand the benefits of comprehensive credit reporting and the PRDE,” Mr Laing said.

About ARCA
ARCA is the peak body for retail Credit Providers and Credit Reporting Bodies in Australia. ARCA promotes best practice in credit risk assessment and responsible credit, as well as promoting better standards in consumer credit reporting. ARCA takes a leadership role in encouraging the sharing of information to enable Credit Providers to better serve their customers.

www.arca.asn.au.

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