In closing, though our profession faces ongoing challenges, as PAFA has shown, alignment, collaboration, and communications not only within the profession, but with all key stakeholders are vital for success. The accountancy profession’s development is the key that opens doors to economic development and IFAC will continue to support PAFA’s efforts to:Develop the capacity of the accountancy profession throughout AfricaIncrease awareness building and knowledge sharing in the region Engage and deepen development partnerships.As we lead the transformation of our profession to adapt and thrive in a global marketplace, we must continue the adoption and implementation of international standards with government as our full partners, while enhancing our collective skills and competencies. We expect these challenges, while imposing at times, will contribute to greater economic growth, increase the profile of the profession, and help us continue to attract the best and brightest to the ranks.
IFAC Small and Medium Practices Forum, Presentation by Fayezul Choudhury
Page 1 | Confidential and Proprietary InformationIFAC Small and MediumPractices Forum 2013Fayezul Choudhury, CEOInternational Federation of AccountantsJune 5, 2013Kampala, Uganda
Page 2 | Confidential and Proprietary InformationDeveloping the ProfessionIFAC Small and Medium Practices Forum 2013• IFAC’s vision:“That the global accountancy profession berecognized as a valued leader in thedevelopment of strong and sustainableorganizations, financial markets and economies.”• In Africa and worldwide, the professionhas a crucial role in helping nationsadvance and meet future businessneeds
Page 3 | Confidential and Proprietary InformationSMPs and SMEs in AfricaIFAC Small and Medium Practices Forum 2013• SMPs are trusted and competentbusiness advisers for SMEs• SMEs account for the vast majority ofbusinesses globally along with:– the majority of private sector GDP;– employment; and– growth• 2012 IFAC Global Leadership Surveyrespondents ranked SMP/SME needsamong their top-five concerns
Page 4 | Confidential and Proprietary InformationDevelopment, Adoption, and ImplementationIFAC Small and Medium Practices Forum 2013• Adoption and implementation ofhigh-quality, internationally acceptedstandards serves the public interest• International standards:– Help countries ensure clear andtransparent financial information isproduced– Facilitate the comparison of financialinformation globally– Reinforce investors’ confidence– Attract investment and support economicgrowth