International Federation of Accountants Chief Executive Officer Ian Ball today praised the Pan African Federation of Accountants (PAFA) for its recent decision to adopt international standards in accounting and auditing, calling it “an important benchmark in underscoring the value of accountancy and the accountancy profession to governments and to business on the African continent.”

PAFA was launched in May 2011 and consists of 39 professional accountancy organizations from 34 African nations. Its General Assembly took the action at the inaugural meeting held May 4 in Tunis, Tunisia, resolving to adopt:

• International Standards on Auditing (ISAs) developed by the International Auditing and Assurance Board (IAASB);
• International Public Sector Accounting Standards (IPSASs) developed by the International Public Sector Accounting Standards Board (IPSASB);
• International Education Standards (IESs) developed by the International Accounting Education Standards Board (IAESB);
• International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board (IASB);
• International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs) developed by the IASB; and
• Code of Ethics for Professional Accountants developed by the International Ethics Standards Board for Accountants (IESBA).

“ISAs provide the framework against which the auditor examines a company’s financial statements and judges whether they can be relied upon by investors, capital market participants, and policymakers,” Ball said. “The adoption of IPSASs, along with international standards on education and ethics, is particularly important in Africa, and so this resolution by PAFA is an important milestone. A sound financial infrastructure—in the form of high-quality, recognized standards in auditing, ethics, public sector accounting, and related regulation—is the only way that sustainable economic development is truly achievable as Africa seeks a larger role in the global economy.”

PAFA’s resolution reflects strong support for IFAC’s Statements of Membership Obligations (SMOs), which form the basis of the IFAC Member Body Compliance Program. SMOs serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest. PAFA’s resolution underscores the SMO requirements for IFAC members and associates to adopt and support implementation of international standards and maintain adequate enforcement mechanisms to ensure the professional behavior of their individual members.

The SMOs are issued under the IFAC Board’s authority, and the Compliance Advisory Panel (CAP), together with IFAC Compliance staff, is responsible for reviewing their continuing relevance and sufficiency.

About IFAC
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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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In February 2012, the PAO Development Committee hosted Mentoring Insights—The Mentor Perspective in Dubai, United Arab Emirates. The aim of the workshop was to facilitate and encourage information exchange regarding the various aspects of mentoring through a mixture of presentations and interactive discussion sessions.

The International Ethics Standards Board for Accountants (IESBA) has added additional workstreams to its Strategy and Work Plan for 2012. The board is considering additional projects in the areas of: firm rotation, non-assurance services, the structure of the Code of Ethics for Professional Accountants (the Code), and Part C of the Code.  

The 2012 handbook is out of stock.

To access the 2013 Handbook, click here 

The IESBA handbook contains the entire Code of Ethics for Professional Accountants, effective January 1, 2011. The 2012 edition includes a new introduction and editorial amendments. It replaces the 2010 edition of the IESBA handbook.

IPSASB’s response provides some information on the IPSASB’s current actions related to public interest oversight of its activities. We believe that it is important to address the question of oversight first since this is of fundamental significance to the IPSASB and activities to implement oversight are well under way. It will be important that we can take these forward in a way which complements and reinforces the endorsement and implementation mechanisms that would be likely to be necessary for IPSAS adoption across EU Member States.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, welcomes the Spanish translation of the Code of Ethics for Professional Accountants of the International Ethics Standards Board for Accountants (IESBA).

This single, Spanish translation is the result of a collaborative effort by several IFAC member bodies. The translation was performed by Instituto de Censores Jurados de Cuentas de España and reviewed by Instituto Mexicano de Contadores Públicos, together with Federación Argentina de Consejos Profesionales de Ciencias Económicas and a review committee comprising representatives from IFAC member bodies in Argentina, Bolivia, Chile, Colombia, Costa Rica, Mexico, Panama, Paraguay and Uruguay, and other key stakeholders.

The translated publication includes an unofficial Table of Equivalencies showing differences between terminology used in Spain and that commonly used in Latin America.

Ian Ball, IFAC Chief Executive Officer said, “IFAC has received many inquiries regarding the availability of a Spanish translation of the Code of Ethics for Professional Accountants. We are delighted that these IFAC member bodies have cooperated to make this important pronouncement widely available to Spanish-speaking accountants and other interested parties.”

This publication in PDF format can be downloaded free of charge for personal use from the IFAC website. It has not been published in print format. Reproduction, distribution or dissemination of the publication requires permission of IFAC. Contact permissions@ifac.org for further information.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database: www.ifac.org/about-ifac/translations-permissions/translations-database

About the IESBA
The IESBA serves the public interest by setting high-quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, including auditor independence requirements, through the development of a robust, internationally appropriate code of ethics.

About IFAC
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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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