Formation of CAPA
- CAPA was the brainchild of the Philippines Institute of Certified Public Accountants President, Governor Gregorio S. Licaros, who was also the Governor of the Central Bank of the Philippines.
- The First Far East Conference of Accountants was held in Manila from 28 November to 1 December 1957. The First Far East Conference of Accountants created history in the accountancy world. It became the base for various professional accounting bodies in the Far East to confer every few years to discuss and exchange information. This was the forerunner of CAPA as it actualised the concept of a regional conference of accountants in the Asia-Pacific region. This conference has since been identified as the 1st CAPA Conference.
- The First Far East Conference of Accountants was attended by delegates from the following countries, which were also considered the founding members of CAPA.
CAPA FOUNDING MEMBERS:
- Hong Kong
- Malaysia (then Malaya including North Borneo, Sabah and Sarawak)
- New Zealand
- The Philippines
Delegates from England and Netherlands were also present as observers at the conference.
- The First Far East Conference of Accountants resulted in several important issues:
A proposal for the establishment of a federation of accountants in the Far East Region.
To hold similar conferences in the future at regular interval; primarily to discuss and to exchange ideas and information among member countries.
- However, plans to form a federation of accountants were not finalised. The idea of a federation of accountants was thought to be premature with the absence of accounting organisations in several countries in the Far East.
- Nevertheless, the proposal of a formation of a federation of accountants was met with much enthusiasm and support. Several countries offered to host the next conferences. Australia was chosen among the offers from various countries. Thus, the second conference of the Far East Conference of Accountants was held in Melbourne in 1960.
Change of Name to CAPA
At the 2nd CAPA Conference held in Melbourne in 1960, there were three new members from Ceylon (now Sri Lanka), Singapore, and the United States. To reflect the extended membership, the description of the confederation was aptly changed from the Far East Conference of Accountants to the Confederation of Asian And Pacific Accountants (CAPA).