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.