In the midst of the COVID-19 pandemic, the Malta Institute of Accountants (the Institute) collaborated with the Association of Chartered Certified Accountants (ACCA) through the Joint Scheme agreement, to deliver a series of two webinars aimed at inspiring students who are on the journey to become professional accountants. Read More…

The introduction of the Consolidated Group (Income Tax) Rules poses a number of questions to preparers of financial statements, auditors, and other stakeholders. On behalf of its members, the Institute’s Financial Reporting Committee, Direct Tax Committee, and Audit & Assurance Committee have been following and contributing to the developments as they emerge. Amongst others, these committees have been coordinating with the CfR on various matters and assessing the accounting implications at both the fiscal unit’s consolidated level, as well as at the individual fiscal unit members’ level. The Institute is preparing a guidance note that will address:

• the scope of the fiscal unit’s consolidated financial statements, setting out what statements and other disclosure notes need to be included within a fiscal unit’s special purpose consolidated financial statements (where the fiscal unit is required to prepare special purpose consolidated financial statements because the unit’s members differ from the IFRS or GAPSME group for statutory purposes);

• considerations relevant to the recognition, measurement, presentation and disclosure of income tax charges (income) and balances in the fiscal unit’s consolidated financial statements, as well as in the parent company’s and the other fiscal unit’s members’ statutory financial statements; and

• the contents of the auditor’s report on those special purpose consolidated financial statements, where such consolidated financial statements are prepared.

The Small and Medium-Sized Practices (SMP) Advisory Group has highlighted various challenges which practitioners encounter in the course of their practice. In order to address these concerns, the MIA scheduled a series of meetings with different competent authorities, with the precise objective of addressing practitioners’ concerns. Meetings with the Malta Bankers’ Association and the Commissioner for Revenue were held during the month of September 2020 whilst meetings with the Malta Business Registry and Malta Enterprise are in the pipeline. These meetings serve as a very useful forum for the clarification of concepts, the exchange of ideas and the putting forward of proposals by the Institute to the relevant authorities. Such meetings also serve to enhance ongoing collaboration between the MIA and these authorities.

The 2020 Annual General Meeting was held on 17 September, transmitted over video for the first time in 56 years. Over 400 MIA members joined the session live, actively taking part with questions and feedback about the Annual Report. 

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The 56th Annual General Meeting of the Institute was held today, 17th September 2020, online via Zoom.

The following members were elected for the two-year term 2020 – 2022:
Mr Fabio Axisa, Partner, PricewaterhouseCoopers Malta
Mr Christopher Balzan, Executive Director, Ernst & Young Malta
Mr David Delicata, Partner, Deloitte Malta
Mr Jonathan Dingli, Partner, Advisory Services, KPMG in Malta
Mr Shawn Falzon, Partner, Ernst & Young Malta
Dr Ivan Grixti, Senior Lecturer, University of Malta
Ms Annabelle Zammit Pace, Partner, Deloitte Malta

They joined the following Council Members whose term expires in 2021:
Mr Etienne Borg Cardona, Director, Capital Advisory Ltd
Mr Mark Bugeja, Managing Partner, Grant Thornton
Mr Christian Gravina, CEO, GCS Accounting Malta Ltd
Mr Noel Mizzi, Partner, Head of Audit (Operations), Audit Services, KPMG in Malta
Ms Lucienne Pace Ross, Partner, PricewaterhouseCoopers Malta
Mr William Spiteri Bailey, Partner, RSM Malta
Mr Franz R. Wirth, CFO & Company Secretary, Intercomp Group

At the first meeting of the new Council, Mr Fabio Axisa was elected as President, Mr David Delicata as Vice President, Noel Mizzi as Secretary and Mr Franz R. Wirth as Treasurer.