The Global Accountancy Profession Snapshot
Joseph Bryson | August 14, 2017 |
During 2016, IFAC launched a new section of the website with comprehensive profiles of our member organizations and the jurisdictions in which they operate. These in-depth profiles are designed to:
- support increased transparency in the public interest;
- further encourage the adoption and implementation of international standards; and
- demonstrate the profession’s widespread efforts to encourage adoption and advance implementation with international standards and best practices to strengthen the businesses, governments, and communities in their nations.
To celebrate publishing over 100 member profiles, we’ve collated some of the most notable high-level trends and learnings—gleaned from the available profiles—to share.
Partnerships and collaboration are key: Professional accountancy organizations (PAOs) in Albania, Bahamas, Bangladesh, Egypt, Liberia, Montenegro, Jordan, Serbia, and South Africa, among others, are partnering with global, regional, and local organizations to advance the implementation of international standards and best practices.
There is a continued focus on ensuring high-quality audits: Consultations on audit regulation and auditing standard translations are underway in Belgium, Botswana, Hong Kong, Pakistan, Slovenia, and Uzbekistan.
High quality preparation of financial statements has not been overlooked: Egypt, Finland, Iraq, Pakistan, and South Africa have implemented International Financial Reporting Standards certification courses, issued guidance, and/or established partnerships with stakeholders to support proper implementation.
Essential, foundational components of the accountancy profession are being strengthened: Albania, Armenia, Barbados, Burkina Faso, Kenya, Mauritius, Namibia, Peru, Poland, Portugal, Russia, South Africa, and United Kingdom are advancing initiatives related to education, ethics, and investigation and discipline mechanisms.
Dedicated promotion of IPSAS continues: Recognizing the role PAOs play in the public sector, PAOs in Bangladesh, Benin, Lesotho, Papa New Guinea, and Serbia are actively promoting the adoption and implementation of International Public Sector Accounting Standards (IPSAS) through discussions with government officials and training their members.
PAOs are successfully advocating on behalf of the profession and their members: The successful passage of new national accountancy laws in the Bahamas and the Cayman Islands, and Organisation for the Harmonization of Business Law in Africa (OHADA) regional requirements, were largely due to PAOs’ advocacy efforts.
There’s more to discover as we regularly add new jurisdiction and member profiles. We recommend reviewing the profiles for your jurisdiction, member organization, and other countries to more fully understand the accountancy profession in your nation and other areas.
For more information on the new webpages and how to locate and use the information, take a look at my previous Gateway article, “Question about Accounting or Auditing on the Ground in Jurisdictions? Our New Interactive Content Can Help,” which served as a mini-primer on the new content. Looking for other ways to stay connected on the global accountancy profession? Subscribe to our semi-annual eNews!
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