IFAC releases guide to help strengthen accountancy bodies

Recognizing the international accountancy profession’s role and responsibilities in fostering economic growth in developing nations, the International Federation of Accountants’ Developing Nations Committee has released guidance entitled Establishing and Developing a Professional Accountancy Body. The new guidance will be a valuable resource to development partners, governments and others seeking to build accountancy capacity in various countries, as well as to many of IFAC’s current and future member organizations.

“A properly functioning financial management infrastructure is critical to any economic development activity. Good standards of financial reporting founded on the contributions of auditors and accountants within business and government are key elements in establishing an attractive investment climate,” emphasizes Ndung’u Gathinji, chair of the Developing Nations Committee. “The creation of sustainable professional accountancy bodies fosters the capacity of the profession to deliver services which are critical to development efforts.”

The new guide addresses a variety of situations, including where a formal accountancy profession does not exist in a country, where the profession exists and there is a desire to establish a professional accountancy body, and where an existing professional body requires further development and enhancement.

The guidance is available at http://www.ifac.org/Store/Category.tmpl?Category=Developing%20Nations.