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May 22, 2012

Africa to adopt global accounting and auditing standards

The Pan African Federation of Accountants (PAFA) plans to adopt international accounting and audit standards.

During the organisation’s inaugural meeting in Tunisia this month, PAFA said the standards to be adopted are:

  • International Standards on Auditing (ISAs);
  • International Public Sector Accounting Standards (IPSASs);
  • International Education Standards (IESs);
  • International Financial Reporting Standards (IFRSs);
  • International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs); and,
  • Code of Ethics for Professional Accountants developed by the International Ethics Standards Board for Accountants (IESBA).

PAFA was launched in May 2011 and consists of professional accountancy organisations from more than 30 African nations.

To date, only some of PAFA members have already adopted IFRSs and the move for a pan-continental approach has been welcomed by the International Federation of Accountants and the International Accounting Standards Board (IASB).

“This is a very positive move by PAFA member states to work collectively for the adoption of both IFRSs and the IFRS for SMEs across Africa. By improving clarity and comparability for existing and prospective investors, I believe that our standards have the potential to be of substantial economic benefit across the continent,” IASB chairman Hans Hoogervorst said.

 

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