MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) was signed November 30, 2011, in Busan, Korea at the Fourth High Level Forum on Aid Effectiveness. It sets out the basis for improving cooperation and collaboration between IFAC, international donors, and the international development community. With 13 signatories, it provides the foundation for an aligned approach to increase the capacity of professional accountancy organizations (PAOs) and improve the quality of financial management systems in emerging economies.
MOSAIC successes to date include:
- December 2013―Publication of the PAO Global Development Report, developed with the assistance of IFAC; the African, Asian, and Inter-American Development Banks; and the World Bank.
- April 2014―Agreement between IFAC and the Department for International Development (DFID), the national aid agency of the UK, to develop the accountancy profession in emerging economies. Under the agreement, DFID will provide £4.935m funding to IFAC over seven years. The funds will be used to strengthen PAOs in approximately ten DFID partner countries with capacity building needs that, based on current information, are ready to benefit from assistance.
- November 2014—Launch of the MOSAIC website, developed by IFAC with the support of the World Bank. The website, www.MOSAICdevelopment.org, is a portal for resources and news from around the world related to the development of the accountancy profession and professional accountancy organizations.