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"Believe that you will succeed, believe it firmly, and you will then do what is necessary to bring success about."
Dale Carnegie

 

McMillan Woods brochures

Global McMillan Woods Brochures
Part 1 - McMillan Woods Brochures
Part 2 - McM Master Directory of Members
Part 3 - McM Corporate Introduction

McMillan Woods Global Launches

2 July 2010 - Malaysia
2 July 2010 - Press release (English)
2 July 2010 - Press release (Chinese)
2 July 2010 - Prestige
2 July 2010 - The Peak
2 July 2010 - Global Launch Powerpoint
2 July 2010 - Global Launch Video

McMillan Woods Awards

11 November 2010 - ASEAN Award

Publications

Dato' Raymond Liew's inspiration Tale

At the Heart of Family Love - A man so successful you'd think he'd have no time to spend with loved ones or lead a simple life. Could the same man be humble and honest about himself as well? Fiona Biggs investigates her subject - Dato' Raymond Liew.

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McMillan Woods™ adopts Chinese name to penetrate both mainland China & Hong Kong

McMillan Woods is to brand its Chinese firms in both mainland China & Hong Kong under the Chinese character name for McMillan Woods. The name 長青 is said to be adopted wherever the local firms do business in the region including all Chinese speaking countries generally.

McMillan Woods International President, Dato' Raymond Liew indicated that the Chinese government in their recent policies has called for all international accounting firms be fielded with local practitioners; and has also made it clear that it expects accountancy firms to operate within China in the same way they would in every other country in the world i.e. their national language.

To these new changes, Dr. Ronnie Silva (a founder member) opines "We are already taking steps to have all our firms globally; integrated throughout mainland China, Hong Kong and amongst all Chinese speaking countries and creating a clear and consistent Chinese name and Chinese identity, is yet another important step in building our global brand across the Chinese speaking world."


McMillan Woods offers equity stakes to member firms

KUALA LUMPUR: Strategic financial advisory firm McMillan Woods Global is offering its member firms equity stakes where each and every member will have an ownership stake in the global firm.

According to its president, Datuk Raymond Liew, this arrangement is the first of its kind and it is the only global network to offer financial interest to all its members worldwide.

"Organic growth can be somewhat slow and may well be non-competitive, more so when Malaysia now goes global.

"Hence it is important that firms, particularly the smaller ones, consider some forms of joint ventures and affiliation arrangements with foreign firms with a view to be more competitive," he said in a statement in conjunction with the announcement of its presence in Malaysia at its first global launch here as part of an effort to create an international network of member firms to facilitate global competitiveness.

The event was graced by Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

Liew said in view of the evolution of the business landscape, by going global with such affiliations, firms would be in a better and more dynamic position to offer a wider variety of services, technical expertise across more sectors and broader geographical locations.

"Additionally, they will be able to provide for the more sophisticated and diverse needs of the individual clients," he said.

He said Britain-based McMillan Woods sought to be recognised as a global strategic financial business partner in fulfilling the needs of its clients by way of a "multiple disciplinary partnership."

PDF Version

(Source: The Star Newspaper)


IASB and FASB - publish proposals on reporting entity

March 2010

On 11 March 2010, the IASB and the FASB published for public comment an exposure draft of a proposed chapter of the Conceptual Framework for Financial Reporting: The Reporting Entity. The proposals form part of a joint project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards.

A discussion paper on the reporting entity was published in May 2008. In response to the comments from constituents the exposure draft proposes what a reporting entity is and when an entity controls another entity.

Comments on the exposure draft are invited by 16 July 2010. Click for IASB Press Release.

This and other relevant newsletters and publications are available at http://www.iasplus.com.


IASB amends IFRS 1 to add IFRS 7 disclosure exemption

The International Accounting Standards Board (IASB) has amended IFRS 1 First-time Adoption of International Financial Reporting Standards to exempt first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). The amendment gives first-time adopters the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. The amendment is effective on 1 July 2010, with earlier application permitted.

Click for IASB Press Release.

This and other relevant newsletters and publications are available at http://www.iasplus.com.


The Audit Oversight Board and ethical dimensions

The concept of an Audit Oversight Board (AOB) was first mooted by the former Prime Minister of Malaysia, Y.Bhg. Dato' Seri Abdullah Ahmad Badawi in 2007. On 16 December2009, the 3rd reading of the AOB has since been approved in Parliament with the eventual adoption by mid-2010 is expected. Will the AOB lead to further fragmentation of the auditing profession into so-called big firms versus the smaller practices? Will there be a new set of criteria to "qualify" accountants who wants to offer their professional services to the public listed companies (PLCs) as auditors and/or Reporting Accountants? What about the enforcement of International Standards of Quality Control 1 (ISQC 1)? Is there a possibility of a duplication role by Malaysian Institute of Accountants (MIA) and the AOB, which will be parked under the Securities Commission Act 1993?

In recent years, the public have become more aware of ethical issues that cut across the various professions. As a consequence, the MIA is also updating the code of ethics to be in line with public expectation. It will align the code to be in line with the recent updates of the International Federation of Accountants' (IFAC) code of ethics for professional accountants. Among other concerns, the issues of professional independence among assurance partners and personnel will once again be under the amendment spotlight. Will there be further changes to the definition of network firms that have been in place since 2006? Previously, offering of taxation services together with assurance services is not viewed as a threat to the auditors' independence if offered by the same firm. Moving forward, under the proposed amendment, such position may have shifted. The setting up of an Ethics Standards Board by MIA in June 2009 further underscore the importance of ethics education among accountants and to convince the public of accountants' compliance with certain minimum code of ethical conduct.

One thing is for certain, it is no longer business as usual and you would want to know how accountants will deal with all these impending changes now.

Attached is the presentation of the Audit Oversight Board (AOB) by the Securities Commission dated 3rd March 2010 (mind the typo mistake of the date) for your perusal.

Attachment


Support for our clients

Recently, one of our clients, Snips Group opened yet another outlet in one of the most sought after locations - Bangsar, Kuala Lumpur, To lend our heartfelt support, we partook in the newspaper advertisement together with other service providers - See advertisement in The Star newspaper, Malaysia.


Corporate Social Responsibility (CSR)

When McMillan Woods were invited to sponsor a good cause for the paper industry, we were only too happy to lend a  helping hand.

Recently, the Malaysian Paper Merchants Association sought our assistance in promoting the paper industry, we contributed RM1,500.00 for the event and another RM1,000.00 for charity. This shows our commitment for a good cause - See leaflet enclosed.

Leaflet one | Leaflet two


In the spirit of the Tiger year, let's be more generous to the "have nots" to enjoy a more meaningful year ahead!

At McMillan Woods, we wish you a very Happy Tiger Year!