Interview with Mr Mustafa Mirchawala – CEO, Mirchawala’s Hub of Accountancy
Mustafa Mirchawala is a compelling and sought after trainer and speaker who helps his audience learn complex concepts in simple ways. Having a user friendly style, he speaks regularly at leading business schools and in the corporate fraternity with exposure of various universities. He brings with himself over 9 years of professional training experience of IFRS, Financial Management and tax which is complimented by a rich blend of practical experience. Mustafa has served leading universities in Pakistan for training session like Bahria University, Commecs, Mohammed Ali Jinnah University, Karachi University etc. He has been teaching financial reporting to CA and ACCA students for many years. He has taught more than 10,000 students of financial reporting. His specialty is that he connects all IFRS with companies and Pakistan Stock Exchange. Not only IFRS he also gives knowledge of local law to students of Financial Reporting. He has also conducted various programs on different TV channels regarding finance and current issues. Mustafa Mirchawala is the CEO of Mirchawala’s Hub of Accountancy, one of the leading name in Accountancy world. This institute is working for youth development in Pakistan through quality education.
His specialized areas are:
Member – Advisory Board Pakistan Academic Consortium (PAC)
Advisor – Federal Cabinet Youth Parliament
Member – Standing Committee on Innovation & Entrepreneurship (FPCCI)
Advisor – Youth Affairs Committee
DMC Central, Karachi
PAGE: WHAT ARE YOUR VIEWS ABOUT BETTERMENT IN EDUCATION SECTOR DURING 2017? IS PAKISTAN GOING TO BE ONE OF THE BEST COUNTRIES IN TERMS OF EDUCATION STANDARDS?
MUSTAFA MIRCHAWALA: Yes, Pakistan can become one of the best countries in terms of educational standards if it improves its current educational system. If the system does not change, the economy of Pakistan will go down.
Following steps can be taken with respect to education standards to improve the educational standards in Pakistan.
Career Counselling — Today our biggest problem is that student doesn’t know what to do next in his life so he goes to undirected path and fails in life. There should be proper career counseling of students so that they can take good decision of what to do after their basic education without wasting time.
Change the system — Government has to take specific steps to end cramming system in education from government as well as private sector and implement system of practical work, so that every student can gain more knowledge by doing research on that specific topic or subject, unlike “Ratta”(cramming) system where students have to memorize everything for short period of time which a teacher assigns to him/her.
Equality and Quality in Syllabus — We are facing many problems in our educational system due to different courses in different boards and provinces. At first government should implement same course and syllabus in all provinces and boards to make sure that everyone gets same education. Secondly, government should order private as well as government schools and colleges to implement one syllabus in all classes and there should be no double standards like implementing certain publisher’s books in private sectors and implementing Text Board’s books in government sector.
Training for Teachers — At least one Teachers’ Training session should be held every six months where professionals should enlighten teachers with some effective teaching techniques to improve education quality.
PAGE: HOW WOULD YOU COMMENT ON ACCOUNTING & FINANCE EDUCATION IN PAKISTAN?
MUSTAFA MIRCHAWALA: The roots of accounting system in today’s Pakistan had evolved in the early sixteenth century. After its independence, Pakistan had built trade links with Europe and Central Asia. The British Raj states that the accounting and financial practice between Pakistan and England were almost similar. Moreover, at the time of independence Pakistan in 1947, there were some changes in accounting practices to match up to the Pakistani economy. The accounting practice varies from different small unorganized rural areas and small-scale urban industrial sector. In Pakistan, a large number of businesses is having a conservative outlook and don’t want to disclose any confidential information regarding their company due to having fear of competitors and to maintain privacy.
Current Accounting practices in Pakistan by the public and the organized private sector companies are based on the rules of The Companies Act 1984, and in many criteria, they are similar to International Accounting Standards/IFRS. The important amendments in this act which are modified, which introduced the rules and regulations of preparing cost accounts and the cost audit requirements. There have always been researching efforts from some organizations to match the changing need of accounting system with the rapidly changing economic environment. These organizations include Institute of Chartered Accountants of Pakistan(ICAP). Besides all these organizations there has always been a cultural and political influence on Pakistan accounting practices.
FINANCE EDUCATION SYSTEM IN PAKISTAN:
Pakistan enjoys privilege in Accounting and Finance Education, and it can be said that Pakistan is Giant Manufacturer of Professional Accountants. The Pakistani Finance educational system follows the British model; a legacy of British Colonial Rule Assessment is exam centered with success at each level necessary for a continuance to higher levels. Universities are affiliating institutions with constituent colleges, centers, and institutes comprising the integral components with the degree-granting authority resting with the university through recognition by the University Grants Commission, an arm of the Government.
In Pakistan Student of Accounting/finance has a number of options to complete his accounting and finance education such as, ACCA, ICAEW,CFA, ICAP, BS Accounting and BS Finance, These number certification and accounting courses offered have excelled finance education toward success.