State Board Report

June 2012

At the inaugural meeting of the Pan African Federation of Accountants (PAFA) General Assembly, on May 4 in Tunis, Tunisia, the organization resolved to adopt International Standards on Auditing, International Public Sector Accounting Standards, International Education Standards, International Financial Reporting Standards (IFRS), International Financial Reporting Standards for Small and Medium Enterprises, and the Code of Ethics for Professional Accountants developed by the International Ethics Standards Board for Accountants. PAFA was formed in May 2011 and consists of 39 professional accountancy organizations from 34 African nations.

IFAC Chief Executive Officer Ian Ball commented: "A sound financial infrastructure – in the form of high-quality, recognized 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."

IFRS has already been adopted by several PAFA member organizations and others are moving to do so. The PAFA's policy is expected to prompt more to do the same.

Related News