Accountancy education involves many different elements, from syllabus development to producing learning materials, from establishing tuition arrangements to delivering examinations and requiring practical experience. It can take years to build the foundation for a professional qualification, and while PAOs may not have the legal authority for every aspect of accountancy education, they play a key role in supporting educational programs and delivering qualifications.
To support PAOs and this central role they play, more than 80 professional accountancy organization (PAO) representatives from 25 countries came together for a half-day, interactive workshop to discuss accountancy education successes and challenges. The workshop, organized by IFAC and the Pan African Federation of Accountants, and held alongside the 4th Africa Congress of Accountants in Kampala, Uganda.
The workshop generated discussion on PAO efforts to design, develop and maintain their professional qualifications, as well as IFAC member organizations’ work to adopt and implement the International Education Standards (IES)—a requirement for all IFAC members as part of IFAC’s Statements of Membership Obligation—issued by the International Accounting Education Standards Board.
syllabus content, learning materials, and tuition arrangements;
examination content, delivery, and marking and administration;
practical experience requirements and delivery arrangements; and
continuing professional development (CPD) to keep members’ knowledge current.
The stories told and lessons learned provided useful insight and demonstrate PAOs’ ability to drive positive change and introduce international good practice regardless of their unique country circumstances.
Challenges and Solutions to Implementing International Education Requirements
Developed jointly by both organizations, with the Zurich University of Applied Sciences as knowledge partner, the Index aims to provide a better understanding of accounting and budgeting reform plans to help stimulate wider public financial management (PFM) reform efforts. It covers the following arrangements in each jurisdiction:
Current accounting basis and the reporting standards used in financial statements
Financial reporting standard-setting structure and processes
Current recognition basis for budgets
Budget and accounting reform plans
To include your jurisdiction’s data, update or comment on data included about your jurisdiction, please contact us.
75% of OECD Countries Use Accrual Accounting for Year-End Financial Reports
While there is low direct adoption by national governments of international accounting standards, such as the International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS), many standard setters use IPSAS or IFRS as primary or explicit references for developing their national standards.
Caribbean Countries: On the Reform Path
For years, Caribbean countries have been motivated to incorporate international accounting standards into their national regulations. Accrual Accounting Practices and Reform Expectations in the Caribbean, a survey organized by the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC and the World Bank, charts the state of the region’s public financial management (PFM) reforms. It facilitates a better understanding of reform designs, implementation challenges, and associated benefits.
After reported reforms are implemented, the regional balance will move toward accrual-based accuonting with nine of the surveyed countries expected to implement IPSAS and another six to use N-IPSAS.
June 6-9 – Mexico City, Mexico IFAC actively supported the 10th Regional CReCER Conference on Accounting and Accountability for Regional Economic Growth: Fostering Trust for Regional Economic Growth. The conference reflected the need for trust in both government and the private sector to help manage public resources more effectively.
Open Government Partnership Americas Regional Meeting
November 21-22 – Buenos Aires, Argentina As part of Open Government Week, this meeting will bring over 2,000 representatives from governments and civil society, digital innovators, journalists, and researchers to further the open government agenda in the face of current global challenges. IFAC will present its new International Public Sector Financial Accountability Index to stimulate PFM reform and will engage with regional representatives to further update the Index with information from their respective countries.
More Resources
OECD Budget Transparency Toolkit
Developed in partnership with members of the Global Initiative of Fiscal Transparency (GIFT) Network, including IFAC, the OECD’s Budget Transparency Toolkit offers a gateway to global budget and fiscal transparency institutions. It also highlights official instruments, standards, and guidance materials and demonstrates how these tools can be applied across various areas of the budgeting cycle. Read more from OECD Deputy Head Ronnie Downes.
Building Blocks of PFM – A Cash to Accruals Toolkit
As part of its Better Government Series, the Institute of Chartered Accountants in England and Wales (ICAEW) recently issued a practical "how-to" guide which sets out six practical building blocks to improve the quality of public financial reporting and public financial management.
Delivering Excellent Public Finance
CIPFA has developed this interactive portal to support a diverse range of information and tools dedicated to the shared aim of strengthening PFM worldwide.
Keeping Business Clean: A CGMA Guide to Countering Fraud and Corruption
In a very timely piece, the Association of International Certified Professional Accountants (AICPA) outlines the role of management accountants in establishing best practices for combatting fraud and corruption in their organization.
IAASB Chairman Arnold Schilder, Deputy Chair Megan Zietsman, Technical Director Matt Waldron, and members Fiona Campbell and Ron Salole discuss the September board meeting and highlight key discussions and decisions.
0:00 to 1:30 Introduction
1:35 to 4:00 Chairman’s Overview
4:07 to 10:15 ISA 315 (Revised)
10:20 to 23:16 Quality Control
23:21 to 25:16 Agreed-Upon Procedures
25:18 to 33:21 Overview of Other Matters Discussed During the Week
