The Malta Institute of Accountants An overview - MIA overview.pdf · The Malta Institute of Accountants An overview Jonathan Dingli MIA Technical Director. ... holding Head positions

The Malta Institute of Accountants An overview

Jonathan DingliMIA Technical Director

Overview of this Presentation

o History of the Institute

o Membership of the Institute

o Functions of the Institute

o Governance of the Institute

o International affiliations

2The Institute - an overview13/07/2009

History of the Institute (1)

o Malta Institute of Accountants founded in 1942n Primarily consisting of experienced bookkeepers

holding Head positions in the Civil Service, mainly British

o Malta Corporation of Accountants founded in 1954:n Consisting of qualified individuals (or in the

process of qualifying) – mainly Maltese

o The two bodies merged on 28 May 1965n Institute had 53 members n Corporation had 18 members


History of the Institute (2)o Institute introduced its own Professional

examinations in 1967n Exams generally based on those set by UK

accountancy bodies

o Institute’s joint examination scheme established in 2003n ACCA Papers with Local variants n Students qualify as ACCA and MIA

o Recognition: n 1977: Founder Member – IFAC n 1979: Accountancy Profession Act n 1989: Member – FEE


Membership of the Institute (1)o Three tiers of Membershipn Associate – entry level membership; AIAo Pre-requisite: Accountancy Qualification

n Member – ‘full’ member; MIAo Pre-requisite: Qualification + 3 years experience

n Fellow – automatic upgrade after 5 years member; FIA

o All members have equal rights, irrespective of the tier which they are currently in

o Designate letters (AIA/MIA/FIA) indicative of seniority and experience


Membership of the Institute (2)o To join as Member (MIA) or to upgrade

from AIA to MIA an applicant mustn Have obtained acceptable, supervised, practical

experience for a period of at least 3 years, of which at least 1 year’s is post-qualification

n Demonstrate that he or she has obtained the relevant experience in at least 16 Elements of Competence made up as followso All (Mandatory) 4 Management Elements of

Competence in Key Area 9 Manage People; ando At least 12 Technical Elements of Competence in

Key Areas 1 – 8 including a minimum of 6 Key Technical Elements of competence (marked with the letter ‘K’) taken from at least two Key Areas.


Membership of the Institute (3)o Increase in members 1998 – 2009


695 726 782859

9521043 1088 1127

12551339

14311542

0

200

400

600

800

1000

1200

1400

1600

1800

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Membership of the Institute (4)o Increase in students 1998 – 2009


363438 426 437 416

523567

705741

790862

932

0

100

200

300

400

500

600

700

800

900

1000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Functions of the Institute (1)o Three main functionsn Administrativeo Dissemination of information on the Accountancy

Profession – the Profession’s voiceo Communication of matters of interest to the Professiono Networking events o Admission of Members and Disciplinary

n Technical o Issuance of Technical Pronouncements o Practice Support (following the introduction of Quality

Assurance)n Educationalo Joint examination scheme – Accountancy Qualificationo Continuous Professional Education (CPE)


Functions of the Institute (2)Administrative

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o Administrative functionsn Communications and public relations o Weekly emails to Members on various issues o Writing articles in the paperso Speaking at conferences and third party events o Maintaining relations with the Accountancy Board

n Networking eventso Fortnightly CPE events o Annual general meetingo Annual dinnero Biennial conference

n Admission of Members – Education Committee n Disciplinary measures


Functions of the Institute (7)Educational

o ACCA – MIA Joint Examination Schemeo ACCA currently has 345,000 students and

members in 170 countriesn Approximately 940 students enrolled with the

ACCA/MIA Joint Examination Scheme Admission of Members – Education Committee

o On completion, qualifying as both MIA and ACCA – two qualifications in one… ACCA, MIA



o Professional Examination Routen Must have obtained one of the following:o Two (2) Advanced passes and three (3)

Ordinary passes in five separate subjects (including English and Mathematics in either ‘A’ or ‘O’ Levels); OR

o AAT (UK) Intermediate; ORo BSc (Hons.) Accounting and Finance; ORo Degree (from a recognised institution); ORo ACCA Certified Diploma in Accounting and

Finance; ORo ACCA Diploma in Financial Management

13/07/2009 16The Institute - an overview


o Mature Student Entry Route

n Must pass Papers MMA (F2) and MFA (F3) within two years from date of first examination session


Entry

Skills Module

F9 Financial Management (FM)

F8 Audit & Assurance (AA)

F7 Financial Reporting (FR)

F6 Taxation (TX)

F5 Performance Management (PM)

F4 Corporate & Business Law (CL)

Knowledge Module

F3 Financial Accounting (FA)

F2 Management Accounting (MA)

F1 Accountant in Business (AB)

Fundamentals Level (9 papers)

The Fundamentals level has two modules –Knowledge and Skills.

For certain ACCA Accredited degrees full exemption from the Fundamentals Level may be granted.


The Institute - an overview

Options Module (Any Two)

P7 Adv Audit & Assurance (AAA)

P6 Adv Taxation (ATX)

P5 Adv Performance Management (APM)

P4 Adv Financial Management (AFM)

Essentials Module

P3 Business Analysis (BA)

P2 Corporate Reporting (CR)

P1 Professional Accountant (PA)

Professional level (5 papers)

The Professional level is divided into two modules – Essentials and Options.

Professional Level exams are three hours long and are paper-based.



o Three local variant papers: -

n F4 Corporate and Business Law (Malta Variant)

n F6 Taxation (Malta Variant)

n P6 Advanced Taxation (Malta Variant)



Governance of the Institute (1)o Annual General Meeting – mid July n All Members entitled to vote n 7 Council Members to be elected at every Annual

General Meetingn Council Members’ term is 2 years

o Council consisting of 14 Members –staggered elections n Ex. 7 Members elected in 2009, the other 7

Members will be elected in 2010n Advantages of a staggered approach o Continuity

o Not more than 2 Members from same firm21The Institute - an overview13/07/2009

Governance of the Institute (2)o First task of every Council n Election of Executive Committeeo Presidento Vice-President One year term o Honorary Secretary o Honorary Treasurer

n Appointment of Committee Chairs and Members

o Council normally meets every first Tuesday of the month

o Executive Committee normally meets every Tuesday

o Committees meet as required 22The Institute - an overview13/07/2009

Governance of the Institute (3)o Council recruits Executive permanent staff n Secretary General – administration n Technical Director – technical and educational

o Institute’s staff complement:n Finance and Technical Officern Education Coordinator n Secretarialn Administration Assistants


International Affiliationso International Federation of Accountants n Founder Member 1977n Member body (ever since)n Representation on Small and Medium Practices

Committee since beginning of 2002

o Fédération des Experts Comptables Européens (FEE): n Member body (since 1989) n Representation on: o Councilo Direct and Indirect tax working partieso Auditing and Accounting working partieso SME/SMP working party


Thank you

Jonathan DingliTechnical DirectorMalta Institute of [email protected]

mailto:[email protected]

Documents

The Malta Institute of Accountants An overview - MIA overview.pdf · The Malta Institute of Accountants An overview Jonathan Dingli MIA Technical Director. ... holding Head positions