Aug 02, 2017 (LBO) – Sri Lanka’s chartered accountants should adapt and face head on the drastic changes the business world is witnessing, Harsha de Silva, deputy Minister of National Policies and Economic Affairs said.
Addressing the Financial Charted Accounts (FCA) Convocation at the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) he told the audience that business models that have lasted for decades have been revolutionized within a matter of just a few years.
“So, what does this have to do with me as an economic policy maker and you, as Sri Lanka’s top group of accountants?” he asked.
“Not only have we to learn to deal with change we need to learn how to grapple with this rapid change.”
He said that according to the currently popular access economy model people were monetizing their personal assets, whether it’s their car, their spare bedroom or their skills.
The rise of long term distribution means these suppliers are becoming a vital part of the nation’s economy. These small businesses are changing the face of business.
Accountants must think about how they can bring these people into our taxation system.
De Silva says this maybe unpopular, but needs to be done.
“Sri Lanka needs to create an entrepreneurial culture with innovation while also ensuring the taxes are collected.”
President of CA Sri Lanka Lasantha Wickremasinghe, who also addressed the new FCA members said that they should take greater responsibility in shaping the profession to meet with increasing stakeholder expectations.
“It was important for chartered accountants, including the new fellow members to think out of the box, and be ready to embrace change, as well as know how to convert challenges into opportunities and continue to be at the helm, in driving organisations to success.”
The FCA designation was conferred to 201 chartered accountants by the institute, at the event.