31 December 2007
Telekom Malaysia Berhad is the Excellence Award winner of the National Award for Management Accounting (NAfMA) 2007, beating nine other finalists to the prize.
YB Dato’ Shahrir Abdul Samad, Chairman of the Public Accounts Committee, presented the NAfMA awards at a grand dinner ceremony in Kuala Lumpur on in December 2007.
Also during the ceremony, six other companies received two different types of award – Best Practice Award and Practice Solution Award – under the three categories of public listed companies, non-listed companies and non-listed SMEs with an annual turnover of not more than RM25 million.
Tenaga Nasional Berhad won the Best Practice Award in the public listed category while Bank Kerjasama Rakyat Malaysia Berhad won in the non-listed category. MM Vitaoils Sdn Bhd won the Best Practice Award in the SME category.
The Practice Solution Award was won by Sime UEP Properties Berhad (now known as Sime Darby Property) in the public listed category while Faber Medi-Serve Sdn Bhd won in the nonlisted category. Under the non-listed SME category, the winner was KEU Control Engineering Sdn Bhd.
Certificates of Merit were presented to Bukit Mertajam Specialist Hospital, Johor Specialist Hospital Sdn Bhd and LPI Capital Berhad for their commendable management accounting practices.
Chandra Mohan Balasubramaniam, Chairman of the NAfMA Assessment Committee, said: “With globalisation and increased technological changes, companies need to improve their value creation and overall efficiency.
'I’m glad to note that we have seen an increasing awareness amongst local companies to encompass best management accounting practices.
'The use of management accounting techniques and best practises were very evident amongst the nominations. A varied criteria of best practises, among which were costing techniques like process costing standard costing, activity based costing, benchmarking some against international standards, six sigma, balanced scorecard, innovative use of technology eg effective delivery of strategic data via hand held devices, publishing of the annual accounts within the first week of the new accounting year, were some of the exemplary efforts.
'The winners were notably companies that had successfully used the techniques as value creation tools and had a holistic approach to implementing best practices.'
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).
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 2007 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. Public Bank Berhad is the main sponsor for NAfMA while Malaysian Business is the Official Business Magazine.
FULL LIST OF WINNERS
National Award for Management Accounting (NAfMA) 2007
EXCELLENCE AWARD
Telekom Malaysia Berhad
BEST PRACTICE AWARD
Category: Public listed companies
Tenaga Nasional Berhad
Category: Non listed companies
Bank Kerjasama Rakyat Malaysia Berhad
Category: Non listed SMEs
MM Vitaoils Sdn Bhd
PRACTICE SOLUTION AWARD
Category: Public listed companies
Sime UEP Properties Berhad
Category: Non listed companies
Faber Medi-Serve Sdn Bhd
Category: Non listed SMEs
KEU Control Engineering Sdn Bhd
Certificate of Merit
Bukit Mertajam Specialist Hospital
Johor Specialist Hospital Sdn Bhd
LPI Capital Bhd
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.
More information:
En Iszudin Md Amin:
Malaysian Institute of Accountants
T: 03-2279 9200 / 2279 9255
H/P: 013-3306701
Ms Chan Siew Lian
CIMA Malaysia Division
T: 03-77 230 333 / 77 230 230
H/P : 016-6247043
Abour Malaysian Institute of Accountants
The Malaysian Institute of Accountants (MIA) is the national body for the accountancy profession in Malaysia.
MIA was established under the Accountants Act, 1967. Representing more than 24,000 members, MIA is committed to developing and sustaining professional quality and expertise within the profession to ensure conformity with global standards.
In the international front MIA is highly active in bodies such as the International Federation of Accountants (IFAC), the Confederation of Asian and Pacific Accountants (CAPA), and the ASEAN Federation of Accountants (AFA).
The Institute’s statutory functions are, inter alia:
1. To determine the qualifications of persons for admission as members;
2. To provide for the training and education by the Institute or any other body, or persons practising or intending to practise the profession of accountancy;
3. To regulate the practice of the profession of accountancy in Malaysia
4. To promote, in any manner it thinks fit, the interests of the profession of accountancy in Malaysia.
For more information, please visit http://www.mia.org.my/
CIMA (the Chartered Institute of Management Accountants) is the only international accounting 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.
It is the voice of over 158,000 students and members in 161 countries. CIMA 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.
According to independent research conducted by the University of Bath School of Management, CIMA’s syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference. CIMA 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/.
