Pan African accounting body adopts Ipsas

23 May 12
The adoption of International Public Sector Accounting Standards by 39 African accountancy bodies is an ‘important milestone’ in developing a sound financial infrastructure on the continent, the International Federation of Accounts said yesterday.

By Nick Mann | 23 May 2012

The adoption of International Public Sector Accounting Standards by 39 African accountancy bodies is an ‘important milestone’ in developing a sound financial infrastructure on the continent, the International Federation of Accounts said yesterday.

The Pan African Federation of Accountants, which was launched in May 2011 and covers 34 countries, adopted the Ipsas at the inaugural meeting of its general assembly, held earlier this month in Tunis in Tunisia. It also agreed to use the international standards for financial reporting, auditing and education as well as IFRS for small and medium enterprises and the code of ethics for professional accountants.

IFAC chief executive Ian Ball said the federation’s decision to adopt the standards was ‘an important benchmark in underscoring the value of accountancy and the accountancy profession to governments and to business on the African continent’.

In particular, he welcomed the adoption of standards for public sector accounting. ‘The adoption of Ipsas, along with international standards on education and ethics, is particularly important in Africa, and so this resolution by the PAFA is an important milestone.

‘A sound financial infrastructure – in the form of high-quality, recognised standards in auditing, ethics, public sector accounting, and related regulation – is the only way that sustainable economic development is truly achievable as Africa seeks a larger role in the global economy.’

According to IFAC, the resolution by the federation, which comprises 39 professional accountancy organisations, shows ‘strong support’ for the obligations that form the basis of its member body compliance programme. These Statements of Membership Obligations aim to serve as a framework for ‘credible and high-quality’ professional accountancy organisations focused on serving the public interest.

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