The Malta Institute of Accountants (MIA) together with The Institute of Financial Services Practitioners (IFSP) and the Malta Institute of Taxation (MIT) (collectively the “Institutes”) worked together to propose a number of measures that were submitted to the Government of Malta as suggestions for the upcoming 2021 Budget. Read more...

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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During the Annual General Meeting (AGM) held on 17 September, Mr John L Bonello and Mr Lino Casapinta, were appointed as the Chairperson and Deputy Chairperson of the Disciplinary Committee respectively after being nominated by Council. During the said meeting, the following were appointed as members of the Appeals Pool following Council’s nomination:
Ms Elizabeth Carbonaro
Ms Elvia George
Mr Chris Galea
Mr Paul Mercieca
Mr Anthony Zarb

In the first meeting of the Council following the AGM, held on 17 September, Council appointed the following members to form part of the Disciplinary Pool:
Mr Alexander Abela
Ms Charmaine Baldacchino
Mr Edmond Brincat
Mr Dunstan Magro
Mr Frances Mifsud
Mr Stephen L. Muscat
Mr Jesmond Pace
Mr Mark Scalpello
Mr Anthony Scicluna
Mr James M. Zammit

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.

The Malta Institute of Accountants took part in the 2020 edition of the iChoose Careers Fair to introduce Form V students to the world of the accounting profession. Organised by the Education Ministry, the annual fair gives students a view of the options ahead of them and puts them in touch with the people who can help then start their own career path.

For more information, click here.

In July 2020 The Malta Institute of accountants has participated in 2 consultation papers: 1) European Commission’s Consultation on the Renewed Sustainable Finance Strategy 2) Malta Gaming Authority's consultation on Suspicious Betting Reporting Requirements & Other Sports Integrity Matters.

For more information, click here.

In July 2020 the MIA organised the following information sessions:
1) IDPC Data Protection Q&A Session
2) MBR BO Forms updates Q&A Session
For more information, click here.

Click here to see the social throwback.

Earlier in June 2020, the Malta Institute of Accountants (MIA) has contributed to the European Commission’s Consultation document on the review of the Non-Financial Reporting Directive (NFRD). This was tackled through a Working Group set up composed of a few members of the MIA Financial Reporting Committee as well as MIA members, nominated by the said Committee.
The aim of this consultation is to collect the views of stakeholders regarding possible revisions to the provisions of the NFRD. The NFRD requires large companies, specifically Public Interest Entities with more than 500 employees, to include a non-financial statement as part of their annual public reporting obligations. There are 4 main sustainability issues that are core to the NFRD:

1.      Environment

2.      Social and employee Issues

3.      Human Rights

4.      Bribery and Corruption

Companies are required to disclose information surrounding these issues, including information about their business model, policies, outcomes, risk and risk management and key performance indicators. In compliance with the NFRD companies must disclose the double materiality perspective, this means that they must not only disclose how sustainability issues could affect the company but must also disclose how the company affects the society and environment in which it is operating.

It is clear, that in today’s current environment the non-financial information needs of users, especially investors have increased substantially. There is the demand for more and better information that will help users better understand the financial risks resulting from the sustainability crises we are currently facing and the demand to have products that address the environmental and social problems.

The main problem noted is that there is currently inadequate publicly available information on how non-financial issues and sustainability issues impact companies, and how companies in turn impact the society and environment. There is also a degree of uncertainty and complexity as to what type of non-financial information to report as well as how and where to report it. One may also note that companies are also incurring unnecessary and avoidable costs with regards to the reporting of non-financial information.

Through this consultation the European Commission is working towards its commitment to review the NFRD in 2020 as part of the European Green Deal’s strategy - to strengthen the foundations of sustainable investment. The aim of NFRD is to strengthen sustainable finance by improving transparency. Companies must shift their focus from short-term financial performance to long-term development and sustainability.

The outbreak of COVID-19 has shown how economic, social, and environmental aspects are interlinked; therefore, companies should make the shift towards prioritising shareholder’s long-term interests. This step towards revising the NFRD and all the input that contributed to such a consultation is an important element that can help us achieve this.

Reference is made to the DIER reduction of the €400 wage supplement top-up declaration form. The MIA has been working with the DIER on the subject matter.  Employers are now being classified into three different categories and DIER declaration submissions vary by category, as highlighted below:
Category 1
Employers within this category are:
a) Sole traders with a maximum of 5 employees; or
b) Partnerships with up to a maximum of 5 employees; or
c) Private companies with a maximum of 5 employees with a balance sheet total that does not exceed €100,000.

These Employers are required to submit the Category 1 declaration, which should be signed ONLY by a representative of the employer. In this category the signature of a warranted accountant is NOT required. 

Category 2
These are Employers, which do not meet the criteria for Category 1 classification. These Employers are required to submit the Category 2 declaration, which should be signed by a representative of the employer AND by a warranted accountant. The warranted accountant signing off will be the accountant employed or contracted/engaged by the employer – in lieu of an employed accountant - to assemble and prepare the management financial information of the employer, utilised for the purposes of the declaration.

Category 3
Employers which do not fall within Categories 1 or 2 and which do not have an employed or contracted warranted accountant to assemble and prepare the management financial information of the employer for the purposes of this declaration, are required to engage a warranted accountant to support the Employer’s assessment that the Employer was not in a financial position to commit to the monthly wage top-up payment of €400 per employee, over and above the COVID Wage Supplement that is being granted by Malta Enterprise.

The Employers in Category 3, are required to submit to the DIER the Category 1 declaration, which should be signed SOLELY by a representative of the Employer and a copy of the Agreed Upon Procedures Document (AUP) signed by the warranted accountant they engaged.
 
Any queries on the subject matter should be directed to technical@miamalta.org.