13 December 2005
Nestle (M) Berhad emerged as the Excellence Award winner of the National Award for Management Accounting (NAfMA) 2005, beating eight other finalists. YB Dato’ Mustapa Mohamed, Minister in the Prime Minister’s Department, presented the NAfMA awards at a grand dinner ceremony in Kuala Lumpur on 8 December 2005.
Other companies which emerged victorious for the Best Practice Award were Shell Refining Company (Federation of Malaya) Bhd for the public-listed companies category, CCM Fertilisers Sdn Bhd for the non-listed companies and KEU Control Engineering Sdn Bhd for non-listed small and medium sized enterprises (SMEs). Meanwhile, the Practice Solution Award was won by Resorts World Bhd for the public-listed companies category, Ipoh Specialist Hospital for the non-listed companies and DPI Sdn Bhd for non-listed SMEs.
Lauding the NAfMA initiative by the Malaysian Institute of Accountants and The Chartered Institute of Management Accountants Malaysia Division, Dato’ Mustapa Mohamed said, “By instilling a culture of benchmarking and promoting best practices, it stands to promote personal efficiency and increased productivity. Indeed, managers who strive for best practices invariably unleash creative and innovative methods which could have positive long-term effects in their business and the country as a whole.”
Also during the ceremony, six other companies received two different types of award – Best Practice Award and Practice Solution Award – in the three categories of public listed companies, non-listed companies and non-listed SMEs with an annual turnover of not more than RM25 million. Mr Yeo Tek Ling, Chairman of the NAfMA Organising Committee, said, “The entry of SMEs into the award is a significant milestone for us as we believe that SMEs should be encouraged to adopt best business practices in order to be more competitive in the current business environment.”
The NAfMA awards recognise best practices in management accounting by companies in Malaysia that lead to value creation and excellent business performance. The NAfMA awards also aim to promote the application of management accounting techniques and systems within organisations in Malaysia.
The NAfMA winners were assessed on eight criteria – leadership, management accounting information, resource management, customer / market focus, partnership management, value creation, business results and corporate social responsibility. These eight criteria are based on the management accounting concepts of the International Federation of Accountants (IFAC).
Chairman of the NAfMA Assessment Committee, Michael Eow, said, “The most points were awarded for Value Creation and Business Results. Value creation represents the value that is derived from implementing successful management accounting practices. We also emphasised business results in the assessment, focusing on key performance indicators, how they are measured and how management accounting practices have contributed to the profitability of the company.”
The awarding bodies for NAfMA are the Malaysian Institute of Accountants (MIA) and CIMA (The Chartered Institute of Management Accountants) Malaysia Division. The working partners are CIMA-UiTM Asian Management Accounting Research Centre (AMARC) and National Productivity Corporation (NPC).
NAfMA is supported by the Accountant General's Department of Malaysia, Bursa Malaysia, Federation of Malaysian Manufacturers, British Malaysian Chamber of Commerce, the Malaysian International Chamber of Commerce and Industry and SMI Association of Malaysia.
The NAfMA Excellence Award is the top award for the organisation with outstanding best practices in management accounting.
The NAfMA Best Practice Award is for the organisation that has best practices, focusing on fully implemented management accounting systems that set new standards or introduce innovations in the workplace. These systems have been benchmarked and tested, and outcomes have been carefully measured, evaluated and documented. Best Practices will generally have broad impact and applicability within a particular organisation.
The NAfMA Practice Solution Award is for application of the most effective management accounting system, tool or technique that has had a positive impact on daily practice. This application may have led to quality or process improvement, improved efficiency, lowered costs, or otherwise addressed a particular problem in the workplace.
Ms Chan Siew Lian
CIMA Malaysia Division
T: 03-7803 3075 / 7803 5531
H/P : 016-6247043
En Iszudin Md Amin:
Malaysian Institute of Accountants
T: 03-2279 9200 / 2279 9255
H/P: 013-3306701
CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. CIMA is the voice of over 85,000 students and 65,000 members in 158 countries and is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business. It is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/.
The Malaysian Institute of Accountants (MIA) was established in 1967 under the Accountants Act 1967 as the regulatory body of the accountancy profession in Malaysia. Thus, it represents the voice of all accountants in the country. The Institute also monitors local and international accounting developments and consults regularly with government and statutory bodies.
In the international arena, MIA is a member of the International Federation of Accountants (IFAC). It supports the work of this body and adopts as far as possible the IFAC pronouncements in Malaysia. MIA is represented in the International Auditing and Assurance Standards Board (IAASB). In the regional scene, MIA plays a proactive role as a member of the Confederation of Asian and Pacific Accountants (CAPA) and the ASEAN Federation of Accountants (AFA).
National Award for Management Accounting (NAfMA) 2005
Nestle (M) Berhad
Category: Public listed companies
Shell Refining Company (Federation of Malaya) Berhad
Category: Non listed companies
CCM Fertilizers Sdn Bhd
Category: Non listed SMEs
Keu Control Engineering Sdn Bhd
Category: Public listed companies
Resorts World Berhad
Category: Non listed companies
Ipoh Specialist Hospital
Category: Non listed SMEs
DPI Sdn Bhd
