The International Federation of Accountants (IFAC), the World Bank and the Inter-American Development Bank undertook a significant collaborative effort last week by organizing an event in Mexico City titled Accounting and Accountability for Regional Economic Growth (Contabilidad y Responsabilidad para el Crecimiento Económico Regional or "CReCER" in Spanish). Over 450 individuals, including representatives of the accountancy profession, governments, the donor community, and academia from 27 Latin American and Caribbean countries as well as 16 other countries participated in this event.
"This conference was a landmark event for the Latin American and Caribbean region. Never before have public and private sector representatives from the accounting and auditing profession come together under one roof to discuss the issues facing the region," states IFAC President Fermín del Valle.
Participants indicated that combating poverty and developing stable economies are the two fundamental and interrelated challenges facing Latin American and Caribbean nations. Discussions focused on achieving quality financial reporting in the private and public sectors, the needs of the accountancy profession in the region, the role of the government in accountancy and accountancy development, and the importance of sustaining good governance and ethics.
"The conference resulted in a unanimous commitment by international stakeholders to support the improvement of financial reporting and to actively foster economic development in the region. We also heard a clear commitment from participants for convergence to international standards," added Mr. del Valle.
Other outcomes of the meeting included agreement on the following:
- The need for increased input from the Latin American and Caribbean region into international standard setting;
- The development of a single set of high quality Spanish translations of all international standards; and
- Collaboration among countries in the region as well as sustaining relationships with regional and international partners as a requisite for success.
IFAC's Developing Nations Committee and staff will be considering the outcomes of the conference as it advances its work program in the region. Copies of all presentations made at CReCER will be available here shortly.
Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.