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.
Start free ReadyRatios
reporting tool now!
Last Accounting News
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting
- IASB has Proposed Minor Amendments to IFRS 9 Relating to the Measurement of Financial assets with Prepayment Feature
- AAT Has Been Approved as an Apprentice Assessment Organization