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Malaysian accounting award wins innovation prize
NAfMA shows how accountants can enhance productivity.
The Malaysian National Award for Management Accounting (NAfMA) has won the Xerox Innovation Award at the Invention, Innovation, New Product Exposition (INPEX 2005). The event, which took place in Pittsburgh, USA in June 2005 is America's largest invention trade show. More than 2000 products from around the world are showcased there every year. Entries are judged by an international jury, with winners determined on usefulness, creativity and overall appeal.
The Malaysian accounting delegation was represented by Professor Dr Normah Omar and associate professor Dr Suzana Sulaiman, from University Teknologi Mara (UiTM). They are organising committee members for the National Award for Management Accounting (NAfMA). Their participation in INPEX was sponsored by UiTM.
NAfMA is organised and awarded by the Malaysian Institute of Accountants and the Chartered Institute of Management Accountants (CIMA) Malaysia Division, with working partners in the CIMA-UiTM Asian Management Accounting Research Centre (AMARC) and the National Productivity Corporation.
Adding value
According to Dr Normah, NAfMA's best practice initiatives have produced a practical and proven management accounting framework that can lead to superior value creation and business performance. Dr Normah said that the NAfMA framework is very useful for all business entities. "It links strategic planning to the role of an accountant and shows how an accountant in business can enhance productivity and add value to their business. Because of its practicality and compatibility in today's business environment, NAfMA has captured the attention of the INPEX juries".
Dr Normah said: "We knew that NAfMA could help organisations use management accounting as a strategic business tool. We must first promote NAfMA to organisations in Malaysia. Winning the award will be meaningless if our own people do not appreciate what we have achieved with NAfMA in the international scene.'
NAfMA Organising Committee chairman, Yeo Tek Ling, urged all companies in Malaysia to come forward and compete in NAfMA 2005 and be recognised for best practices in management accounting. Commenting on NAfMA clinching the Xerox Innovation Award, "For an award which is hardly two years' old (NAfMA started in 2004), winning the prestigious international Xerox International Award is certainly a great achievement for Malaysia and the accounting fraternity. The win provides international recognition for NAfMA as an innovative benchmarking toolkit for management accounting best practice to help companies improve their overall performance.'
NafMA's success will elevate the accounting profession in Malaysia and strengthen transparency and accountability to ensure that sound financial structures are in place. It will also encourage the profession to move towards adopting strong corporate governance so that management is able to embrace its public interest responsibilities effectively.
For more information on NAfMA, visit http://www.mia.org.my/ or www.cimaglobal.com/malaysia.
August 2005