Date posted: 01/11/2017 7 min read

Annual Report 2017

An update on our initiatives and financials for financial year 2016/2017

In brief

  • 2016/17 – focus on consolidation
  • Reduced deficit in line with expectations
  • Building foundations for the future
  • Member initiatives focused on strengthening the profession
  • Welcoming our new CEO, Rick Ellis

Interactive: Annual Report 2017

Explore the digital Annual Report for FY2016/17. Including video updates from our Chair, President and CEO.

Read now

As your Chair and President, we are pleased to make available the Chartered Accountants Australia and New Zealand Annual Report 2017, providing an update on our initiatives and financials for financial year 2016/2017.

Financial Results

The past financial year 2016/17 has been a year of both consolidation and investment for the future of the accounting profession.

We reported a deficit of $6.77 million, in line with our expectations - reduced from $8.18 million the previous year. This is as we had anticipated, following our 2015/16 results.

We are budgeting to return to surplus in FY18 and the results for the first quarter are tracking in line with these expectations. Over the last twelve months we have had a strong and deliberate focus on investing – in technology and education. These strategic investments are a key part in helping prepare our membership for the global challenges and opportunities ahead.

We’ve invested in member services and education, future-proofing our designation, and also in our strategic alliance with the Association of Chartered Certified Accountants (ACCA), which continues to grow.

This year, we’ve also seen large and unforeseen spends for a range of matters critical to the accounting profession. This includes the CPA Pathway to CA Membership – to ensure a smooth transition for our SMP CPAA colleagues dealing with the loss of liability insurance.

There’s also big piece of necessary on-going work to help our members stay across the changes that are impacting the profession, with regard to licensing and regulations – like the anti-money laundering / counter-terrorism financing requirements in New Zealand.

And, we are partnering with NSW Government and CPAA to sponsor and deliver the World Congress of Accountants, to be held in Sydney in November 2018. This international event, with 6000 + delegates will position the business leadership role that accountants increasingly play on a global scale. It will also contribute a significant economic boost to the state and, provide our members the opportunity to engage with global leaders in the business.

We are very pleased that our net full membership growth has been strong at 3.3%, with a marginal increase in our total number of members.

Continued investment in our marketing

We have invested both in technology platforms and marketing initiatives that will benefit our members, strengthen the value of the CA designation and uphold the importance of the profession. We will continue to take a careful, strategic approach in everything we do and collaborate with our members on what works for you.

We know our members want us to have a strong voice, which promotes their expertise, their vital work in the community and the benefits they bring to clients. And we know they also want us to be a leading voice on promoting the profession.

Our marketing campaigns and initiatives for 2016/17 have been focused on our members, the value they provide their clients, and on initiatives that build and position the credibility of our Profession. Examples include:

  • The Art of Prosperity – highlighting the value that our members provide to communities, businesses and economies.
  • Website initiatives and relevant content
  • Acuity Magazine – a publication that’s won a series of awards since we launched in 2014.
  • Difference Makers and Education initiatives and programs.

New CEO – the Way Forward

In August, we welcomed our new CEO, Rick Ellis. Rick is a seasoned CEO with more than 30 years leadership experience across a number of industries in the APAC region.

In the short time he has been on board, Rick has engaged with members across our diverse memberships and geographies and has been hearing your views on the continued relevance of what we do within our profession, for businesses and communities. Supported by the Board and Council, Rick has initiated a Strategic Review across Chartered Accountants ANZ, which a large number of members have participated in. The results will go for discussion to the Board in November.

As part of this wide-ranging consultation process, we have held more than 100 workshops and engagements with our diverse member base and other stakeholders across Australia, New Zealand, Asia and the United Kingdom. The contribution from our member groups has been fantastic. Thank you to everyone for your valuable insights and contributions. Following Board approval, we will then assess the capabilities required to deliver against these strategic priorities – with a particular focus on the next 12 to 36 months.

2017/18 – the Year Ahead

  • 2017/18 will see a continued focus on initiatives and education opportunities that help us all prepare for future challenges and opportunities.
  • We will continue to invest in technology based learning to make it more convenient to learn what you want to learn, at a time that suits you.
  • We will continue to support our members in the diverse business environments and the communities they serve.
  • We look forward to continuing to serve our members supporting you and our designation, and to support you in the great work you all do every day – in the communities in which we all work and operate.

Kind regards,

Murray Jack FCA Chair        Cassandra Crowley FCA President

 

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