Press Releases/News Alerts, Press Releases
Oct 25, 2016
New York, New York
Beginning a Journey to a Stronger Accountancy Profession in Kyrgyzstan
IFAC Announces Selection of ICAEW to Partner with Union of Accountants and Auditors
Building on the success of ongoing capacity building projects throughout Africa, the International Federation of Accountants® (IFAC®) today announced the selection of the Institute of Chartered Accountants of England and Wales (ICAEW) to begin work with the accountancy profession and regulators in Kyrgyzstan to further develop the profession.
“A robust and well-functioning accountancy profession contributes significantly to sustainable businesses, sound capital markets, effective stewardship of public finances, and—ultimately—economic growth.” said Alta Prinsloo, Executive Director and Chief Operating Officer. “We are looking forward to embarking on this journey with the accountancy profession in Kyrgyzstan.”
ICAEW will work with the Union of Accountants and Auditors (UAA), an IFAC associate, and a range of national stakeholders, including the State Service for Regulation and Supervision of Financial Markets, to address recommendations from the World Bank Centre for Financial Reporting Reform’s Kyrgyz Republic: Corporate Financial Reporting, A Country Strategy and Action Plan, issued in 2012 and officially approved by the Kyrgyz government.
“Kyrgyzstan has developed a plan for economic development in coordination with the international development community—the time to move forward and transform the Kyrgyz accountancy profession is now,” said Vernon Soare, ICAEW Chief Operating Officer. “This project will enable the UAA and the profession’s key stakeholders to sustain positive reform and contribute to continued growth in Kyrgyzstan over the longer term.”
In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund PAO capacity building in at least ten emerging countries over seven years. Projects under the IFAC Capacity Building Program using DFID funding are currently underway in Ghana, Nigeria, Rwanda, Uganda, Zimbabwe, and regionally in Africa. Partner organizations are selected following global Calls for Expressions of Interest and an extensive proposal and review process by the IFAC PAO Capacity Building Program Independent Selection Panel.
The International Federation of Accountants® (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
The UK Department for International Development (DFID) leads the UK’s work to end extreme poverty. They are ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information, visit www.gov.uk/dfid.
ICAEW is a world leading professional membership organisation that promotes, develops and supports over 147,000 chartered accountants worldwide. It provides qualifications and professional development, shares knowledge, insight and technical expertise, and protects the quality and integrity of the accountancy and finance profession.