Cheng & Co’s Managing Partner Professor Dato’ Dr Chua Hock Hoo will be speaking at the ASEAN Regional Small & Medium Practices (SMP) Conference on 20th October 2016 in Bangkok, Thailand. He will be presenting The Way Forward, which illustrates Cheng & Co’s remarkable feat of expanding from a humble accounting practise into an international firm, providing a full range of innovative professional business services. This session will provide invaluable insights and ideas for the growth and development of SMPs in the ASEAN region.
SMPs constitute the vast majority of accountancy practices worldwide and are critical to the accounting profession. With the establishment of the ASEAN Economic Community (AEC) and the ASEAN Mutual Recognition Arrangement (MRA) on Accountancy Services, SMPs in the region will definitely have increased cross-border opportunities, and they need to be prepared to take full advantage of them as they materialise.
In the 2015 International Federation of Accountants (IFAC) survey of Small to Medium Practices, 52% of all respondents identified that servicing clients internationally was one of the biggest challenges they faced. Interestingly, the survey also highlighted that 46% of SMEs clients’ profits had decreased in Asia and the Middle East, the highest of any region.
The ASEAN Regional Small & Medium Practices (SMP) Conference, organised by CPA Australia, aims to assist SMPs equip themselves for opportunities that will arise across the region. In addition, the conference will also be a platform for SMPs to network and potentially form linkages with other ASEAN-based accounting practices.