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May 12, 2015

African profession launches standard setters’ forum

By Vincent Huck

Flic en Flac, Mauritius. Members of the Pan African Federation of Accountants (PAFA) have met in the back drop of the African Congress of Accountants (ACOA 2015) to discuss the draft chapter of PAFA technical and standard setters Forum (the Forum).

Members went through the draft chapter point by point and agreed on necessary amendments. The draft and its amendments will be presented to the PAFA board for approval in order for the Forum to be officially launched.

Members agreed on the following mission for the Forum: "to be a catalyst in mobilisation of PAFA members to become globally recognised as the influential voice from Africa on the adoption and development of the international standards in Africa".

It was also agreed that core members, meaning members with a voting right, will be all PAFA members and associate members. As well as official standard setters which might not be PAFA members.

Each core member will be able to appoint at most two representatives to attend Forum meetings, but with a one vote per member policy.

PAFA members went against the draft chapter which suggested that PAFA CEO should chair the Forum, and voted nearly unanimously for the forum to elect the chair and deputy chair. The chair and its deputy will be appointed for a three year period renewable once.

Members also agreed on the technical committees that should be formed under the Forum. While representatives of Tanzania suggested that there should be one committee comprising private and public sector financial reporting, other members argued in favour of two committees.

The charter will be amended and brought before the newly appointed PAFA board in the coming weeks, and if accepted the Forum should see the light of the day in the summer of this year.

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