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PRESS RELEASE - ICPAR hosts a successful PAFA 8th General Assembly

The Pan African Federation of Accountants (PAFA) held its 8th General Assembly, hosted by the Institute of Certified Public Accountants Rwanda (ICPAR), at the Ubumwe Grande Hotel in Kigali, on 6 June 2018.

The PAFA General Assembly received the annual report for the year 2017. The report covered the performance of the Federation in pursuing its strategy objectives and financial performance. The following were some of the highlights:

Growth

PAFA numbers are on the rise, with active members up from 38 in 2016, to 42 member countries in Africa as at the end of 2017. There however, remains work to do as PAFA aims to grow its membership across all 55 African Union countries. Mr. Amin Miramago, ICPAR CEO, shared his thoughts on how Professional Accounting organisations have gained from PAFA’s growth, saying, "Being a member of the Pan African Federation of Accountants, the accountancy profession in Rwanda has immensely benefited through the adoption of best practices and also sharing our own growth experiences with counterparts".

Application of International Standards and best practice

There is increased awareness of the requirement across public and private sector, to adopt and apply International Standards and best practice. A major milestone achievement in 2017 was the pronouncement by the Organisation Pour L’harmonisation En Afrique Du Droit Des Affaires (OHADA) council of ministers, compelling all public listed entities in 17 member countries in the OHADA space to adopt International Financial Reporting Standards (IFRS). The Ministers pronouncement included the compulsory use of Système Comptable OHADA (SYSCOHADA) as a reporting framework for non-listed companies. To further enhance effectiveness of reporting standards in Africa, Vickson Ncube, PAFA CEO added, “The profession in Africa must go beyond being merely adopting standards, to defining them and contributing to the global repository of accounting and reporting practices”.

In conjunction with the World Bank, PAFA established the Africa Integrated Reporting Council (AIRC) to spearhead a renewed thinking in how Africa approaches its resource maximisation models. PAFA looks forward to working with the African Union towards the adoption and implementation of International Standards and best practice.

Public Value Management

PAFA has increased the awareness of members on their required contribution to strengthen Public Value Management systems, to achieve wealth creation, fiscal discipline and effective service delivery to citizens.

Thought Leadership

PAFA funded a research partnership with the African Accounting and Finance Association (AAFA) to address various emerging issues.

Capacity

In order to enhance its value offering to Members, PAFA reinforced its Secretariat by resourcing specialist skills to drive its mandate, and increasing staff strength from four to seven. The Federation will build on these achievements as it charters the future.