The Association of Chartered Certified Accountants (ACCA) has signed a memorandum of understanding (MOU) with Colombia’s national accountancy body, the Instituto Nacional de Contadores Públicos de Colombia. (INCP)
The MOU means the ACCA will support the development of IFRS in Colombia. The ACCA will also help provide training and certification for those entering the profession in the country through its online examinations and certificates.
The agreement will also grant INCP members access to ACCA reports and articles.
The ACCA’s portfolio head of Latin America and Turkey Toby Moseley signed the MOU alongside INCP president Hugo Ospina.
Moseley praised the agreement, saying it would help increase the number of accountants in Colombia, a market characterised by "a high demand for finance professionals".
"Essentially, accountants are vital to deliver financial trust and public value – acting in the public interest, promoting ethical business and supporting economic growth," he added.
"Their understanding of financial reporting standards used around the world ensures that the profession is consistent in their approach to their work, and so that they have transferable skills to be used wherever they may go in their careers."
President of INCP Hugo Ospina described the MOU as "just the starting point" of INCP’s plan to internationalise Colombia’s accountancy profession "in order to reach a competitiveness level that is parallel to the new market demands and corporate dynamisms – all under international standards."
He added: "At INCP we acknowledge and value ACCA’s experience, prestige and high professional dynamism and we believe that this cooperation will bear fruit for the profession in our country."