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

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

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.