Pan African Federation of Accountants Adopts International Accounting Standards

The Pan African Federation of Accountants (PAFA) recently decided to adopt international standards in accounting and auditing, including IFRSs, IPSASs, ISAs and the IFRS for SMEs.

The General Assembly of the Pan African Federation of Accountants (PAFA) has passed a resolution to adopt and support implementation of international standards and maintain adequate enforcement mechanisms to ensure the professional behavior of their individual members.

The standards to be adopted are:

o International Standards on Auditing (ISAs);

o International Public Sector Accounting Standards (IPSASs);

o International Education Standards (IESs);

o International Financial Reporting Standards (IFRSs);

o International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs); and

o 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. Some PAFA members have already adopted IFRSs or are taking steps towards doing so, and hopes are high that the PAFA policy will encourage others to follow.