The document discusses the role and activities of the International Federation of Accountants (IFAC), which is the global organization for the accountancy profession with over 2.5 million members. IFAC works to develop high-quality international standards, strengthen professional accountancy organizations, and promote the value of accountants worldwide. It does this through various boards and committees that establish standards and guidance on issues like auditing, ethics, education, and sustainability reporting.
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East African Private Sector Initiative on Regional Integration Presented by V...Parti Djibouti
This document discusses the development of the maritime industry in East Africa through regional integration. It outlines the advantages of regional integration such as closer trading links and economies of scale. Data shows trade within East African communities has increased significantly in recent years. Ways to further regional integration include increased business contracts between neighboring countries and boosting smaller markets. However, the maritime industry faces obstacles like an aging fleet and lack of efficient ports. The document proposes ways to strengthen the industry through harmonized policies, maritime cooperation, developing flag states, expanding services, and controlling piracy. It also discusses Djibouti's potential to become a major regional trade hub like Dubai due to its strategic location and growing port.
Presentation given by Prof. Mervyn King during the International Federation of Accountants (IFAC) integrated reporting seminar, A Fundamental Shift in Corporate Reporting, November 14, 2012.
The document discusses the role and activities of the International Federation of Accountants (IFAC), which is the global organization for the accountancy profession with over 2.5 million members. IFAC works to develop high-quality international standards, strengthen professional accountancy organizations, and promote the value of accountants worldwide. It does this through various boards and committees that establish standards and guidance on issues like auditing, ethics, education, and sustainability reporting.
Broadening horizons How do private equity investors create value? Mauro Bassotti
This reaearch offers informations on the ways wich private capital creates values and delivers commercial returns presenting practical indicators of what it takes to grow a portfolio company to exit succesfully in Africa
The document discusses the International Integrated Reporting Council (IIRC), which was established in 2010 to develop a framework for integrated reporting. It is supported by accounting and sustainability organizations. The IIRC has established pilot programs and published discussion papers on integrated reporting. The framework provides guiding principles for integrated reports, including strategic focus, connectivity of information, and materiality. It discusses the role of accountants in integrated reporting, such as providing education, preparation, and assurance services.
East African Private Sector Initiative on Regional Integration Presented by V...Parti Djibouti
This document discusses the development of the maritime industry in East Africa through regional integration. It outlines the advantages of regional integration such as closer trading links and economies of scale. Data shows trade within East African communities has increased significantly in recent years. Ways to further regional integration include increased business contracts between neighboring countries and boosting smaller markets. However, the maritime industry faces obstacles like an aging fleet and lack of efficient ports. The document proposes ways to strengthen the industry through harmonized policies, maritime cooperation, developing flag states, expanding services, and controlling piracy. It also discusses Djibouti's potential to become a major regional trade hub like Dubai due to its strategic location and growing port.
Presentation given by Prof. Mervyn King during the International Federation of Accountants (IFAC) integrated reporting seminar, A Fundamental Shift in Corporate Reporting, November 14, 2012.
20161102 the mostpresingissuesfordevelopment f islamicfinance_presentation_dj...Abubaker Mayanja
The document discusses the advancement of Islamic finance in Africa. It identifies some of the most pressing issues as the lack of a central hub, diverse legal systems across countries, and governance challenges for Islamic financial institutions. It proposes strategies like strengthening multilateral cooperation through organizations like the Islamic Development Bank, encouraging private sector engagement, and developing country-to-country partnerships to help boost Islamic finance. Establishing hubs in OIC member states and aligning with the IDB strategy could help attract funding and technical support. Key trends in Africa like emerging markets and the middle class present opportunities for Islamic finance to grow.
Warren Allen, President of the International Federation of Accountants, gave a presentation on the importance of a strong financial reporting infrastructure for growing economies and capital markets. The presentation covered IFAC's role in setting international standards and supporting accountants globally. It also discussed key topics like the financial reporting supply chain, sustaining the accounting profession, governance, and the need for converged regulatory requirements. The goal is to establish high-quality, consistent standards worldwide to support strong global capital markets.
This document discusses the changing role and expectations of Chief Financial Officers (CFOs) and the need to prepare professional accountants for finance leadership positions. It outlines five key principles that define the CFO role: 1) being an effective organizational leader, 2) balancing stewardship and business partnership responsibilities, 3) acting as an integrator and navigator for the organization, 4) leading the finance and accounting function effectively, and 5) bringing professional qualities to the role. The document argues that professional accountancy qualifications provide an advantage for the CFO role by combining technical expertise with business acumen and ethics. It calls for professional accountancy organizations and employers to review how they prepare accountants to acquire the necessary skills and competencies for senior finance
The document discusses several key international institutions in Islamic finance:
1. The International Islamic Financial Market (IIFM) works to standardize Islamic capital and money market products and documentation.
2. The International Islamic Liquidity Management Corporation (IILM) aims to enhance cross-border investment flows and financial stability in Islamic finance. It is headquartered in Kuala Lumpur and governed by several central banks.
3. Other organizations mentioned include the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) which issues standards and guidelines for the industry.
The G20 finance ministers observed the need to improve transparency and comparability of public sector financial reporting to strengthen public sector balance sheets. While standards for the private sector have become increasingly global through the IASB, development of standards for the public sector has lagged behind. The IPSASB aims to establish global standards for the public sector but faces constraints like its predecessor the IASC. To achieve global standards, the IPSASB may need to be restructured like the IASB to overcome limitations of being part-time and resource constrained.
IFRS and Aaoifi, Harmonisation or Convergence?Nik Hasyudeen
The document discusses the convergence of accounting standards between the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Accounting Standards Board (IASB). It notes that while AAOIFI has developed Shariah-compliant standards, working with IASB could help further integrate Islamic finance into global standards. The document also recommends that Malaysia establish a committee to facilitate the application of IFRS to Islamic finance and position the country as a leader in the field.
This document discusses the case study of Al Barakah Multi-purpose Cooperative Society Limited (ABMCSL), an Islamic financial cooperative in Mauritius. It provides background on Mauritius and its Muslim population, then details the formation of ABMCSL in 1998 to provide Sharia-compliant financial services. ABMCSL operates under Mauritius' Cooperative Societies Act with oversight from a Sharia advisor. It offers products like financing and savings to its members. The document also notes challenges in developing Islamic finance in Mauritius and opportunities for future growth through education, tourism, and regulatory support.
IFSC Authority's Role in International Financial Transactions.pptxM1NXT
In an era where global economies are increasingly interconnected, understanding the mechanisms that underpin financial flows and supply chain finance is essential. In this blog, we undertake a journey through the intricate landscape of cash flow analysis and the facilitation of international cash flows by the IFSCA.
Visit: https://m1nxt.blogspot.com/2023/12/ifsc-authoritys-role-in-international.html
This document summarizes a meeting between the International Network of Alternative Financial Institutions in Africa (INAFI Africa) and African diaspora organizations. The goals of the meeting were to establish collaboration between the groups in harnessing remittances and microfinance to create jobs and incomes in Africa. Key outcomes included identifying immediate partnership opportunities, reviewing experiences of diaspora involvement in microfinance, and establishing expectations and next steps. The groups agreed to action plans around building trust, facilitating investment, using technology, and improving microfinance institutions' capacity. The document provides context on the growth of microfinance in Africa and challenges in attracting financing for the sector.
CIPFA is working to strengthen public financial management (PFM) and create a global PFM profession. They provide training programs to over 10,000 government professionals internationally. CIPFA delivers large PFM reform programs, sets accounting standards, and shares thought leadership on PFM best practices. Their vision is to establish PFM qualifications, training centers of excellence, and a designated PFM professional community through partnerships with professional accounting organizations around the world. This would help create a global PFM profession focused on competency models, training programs, and designations.
International institute of supreme auditVINOD RATHOD
The document provides information on INTOSAI, the international organization of supreme audit institutions, and its regional working groups. INTOSAI was founded in 1953 and has 189 member SAIs. It aims to improve public sector auditing worldwide and issues international standards. The document outlines the objectives and histories of INTOSAI's six regional working groups: OLACEFS, AFROSAI, ARABOSAI, ASOSAI, CAROSAI, and EUROSAI. It also discusses principles of transparency, accountability, and the value of SAIs in strengthening governance and accountability.
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
CIPFA is campaigning for stronger government accounting and auditing standards globally through partnerships with international agencies, governments, and professional organizations. They are working to promote the adoption of accrual accounting standards like IPSAS and establish a global public finance profession through qualifications and training programs. CIPFA is currently leading public financial management reform initiatives in countries like Bangladesh, Sri Lanka, Nigeria, and across Africa through training and assistance with adopting accrual standards. They advocate for a bottom-up, locally led approach to professionalization that develops sustainable national public finance capacities over the long term.
The document discusses accounting standards for Islamic banking as established by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI prepares Shariah-compliant accounting, auditing, governance and ethics standards for Islamic banks. It aims to standardize practices according to Shariah principles and rules to support the growth of the Islamic finance industry. The standards address general presentation and disclosures requirements in financial statements for Islamic banks, including additional statements on restricted investments, zakat and qard funds. They also require disclosures on Shariah advisory roles, prohibited earnings, investment account types and allocation of profits.
The document discusses the International Federation of Accountants (IFAC) and its focus on the global accountancy profession. It summarizes IFAC's services including establishing standards, adoption/implementation support, quality development, and representing the profession. A large portion discusses IFAC's work related to professional accountants in business, including areas of importance, competency development, and the role of Chief Financial Officers. It also summarizes IFAC's responses to issues like the global financial crisis and its frameworks/guidance on topics such as risk management, governance, and integrated reporting.
International Federation of Accountants-IFACSultan Mahmood
The International Federation of Accountants (IFAC) is the global organization for the accountancy profession, established in 1977. It has over 175 member organizations representing almost 3 million accountants globally. IFAC develops high-quality international standards, promotes their adoption, builds capacity, and advocates on public interest issues related to auditing, assurance, ethics, education, and public sector accounting. It is governed by a Council and overseen by independent standard-setting boards and committees.
AlHuda CIBE is pleased to announce its upcoming event the "African Interest-free Banking and Finance Forum" on 6th February, 2019 followed by Post Event Workshop “Interest-Free Banking & Finance, Insurance & Microfinance” on 7th - 8th February, 2019 at Addis Ababa, Ethiopia. The aim of this forum is to address the latest trends, challenges, and opportunities in Finance Industry of Africa.
Dankwambo transition to ipsas and their impact on transparency, a case study ...icgfmconference
The document summarizes Nigeria's transition to adopting International Public Sector Accounting Standards (IPSAS). It discusses Nigeria conducting a gap analysis between its existing accounting standards and IPSAS requirements. Several gaps were identified, including issues around the legal framework, accounting for external assistance, consolidation of controlled entities, and timeliness of financial reporting. Nigeria developed a work program to address the gaps through actions like consolidating controlled entity cash flows and improving timeliness of financial statement submission. Successful adoption of IPSAS requires conditions like a sound cash-based accounting system, political support, technical capacity, and automated information systems.
Este documento resume los Principios de Gobierno Corporativo del G20 y de la OCDE revisados, los cuales establecen estándares internacionales para una buena gobernanza corporativa. Se destaca que los Principios ahora incluyen un nuevo capítulo sobre sustentabilidad y resiliencia que promueve la divulgación de información relacionada con la sustentabilidad y el aseguramiento externo de esta información, y aclara que los consejos deben considerar oportunidades y riesgos materiales de sustentabilidad. El documento también resalta la
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The document discusses the advancement of Islamic finance in Africa. It identifies some of the most pressing issues as the lack of a central hub, diverse legal systems across countries, and governance challenges for Islamic financial institutions. It proposes strategies like strengthening multilateral cooperation through organizations like the Islamic Development Bank, encouraging private sector engagement, and developing country-to-country partnerships to help boost Islamic finance. Establishing hubs in OIC member states and aligning with the IDB strategy could help attract funding and technical support. Key trends in Africa like emerging markets and the middle class present opportunities for Islamic finance to grow.
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1. The International Islamic Financial Market (IIFM) works to standardize Islamic capital and money market products and documentation.
2. The International Islamic Liquidity Management Corporation (IILM) aims to enhance cross-border investment flows and financial stability in Islamic finance. It is headquartered in Kuala Lumpur and governed by several central banks.
3. Other organizations mentioned include the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) which issues standards and guidelines for the industry.
The G20 finance ministers observed the need to improve transparency and comparability of public sector financial reporting to strengthen public sector balance sheets. While standards for the private sector have become increasingly global through the IASB, development of standards for the public sector has lagged behind. The IPSASB aims to establish global standards for the public sector but faces constraints like its predecessor the IASC. To achieve global standards, the IPSASB may need to be restructured like the IASB to overcome limitations of being part-time and resource constrained.
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The document discusses the convergence of accounting standards between the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Accounting Standards Board (IASB). It notes that while AAOIFI has developed Shariah-compliant standards, working with IASB could help further integrate Islamic finance into global standards. The document also recommends that Malaysia establish a committee to facilitate the application of IFRS to Islamic finance and position the country as a leader in the field.
This document discusses the case study of Al Barakah Multi-purpose Cooperative Society Limited (ABMCSL), an Islamic financial cooperative in Mauritius. It provides background on Mauritius and its Muslim population, then details the formation of ABMCSL in 1998 to provide Sharia-compliant financial services. ABMCSL operates under Mauritius' Cooperative Societies Act with oversight from a Sharia advisor. It offers products like financing and savings to its members. The document also notes challenges in developing Islamic finance in Mauritius and opportunities for future growth through education, tourism, and regulatory support.
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Visit: https://m1nxt.blogspot.com/2023/12/ifsc-authoritys-role-in-international.html
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The document provides information on INTOSAI, the international organization of supreme audit institutions, and its regional working groups. INTOSAI was founded in 1953 and has 189 member SAIs. It aims to improve public sector auditing worldwide and issues international standards. The document outlines the objectives and histories of INTOSAI's six regional working groups: OLACEFS, AFROSAI, ARABOSAI, ASOSAI, CAROSAI, and EUROSAI. It also discusses principles of transparency, accountability, and the value of SAIs in strengthening governance and accountability.
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
The document summarizes the 18th World Congress of Accountants held in Kuala Lumpur, Malaysia. Some key details:
- A record-breaking 6,050 delegates from 134 countries attended, far surpassing the 81 attendees at the first congress in 1904.
- The theme was "Accountants: Sustaining Value Creation" which focused on sustainability and integrated reporting.
- Speakers from over 40 countries discussed topics like integrated reporting, standards convergence, and challenges for small accounting practices.
- Sustainability initiatives included providing reusable water bottles and contributing funds to plant 600 trees to offset carbon emissions.
- The congress brought together accounting leaders and organizations from around the world to discuss issues facing the
CIPFA is campaigning for stronger government accounting and auditing standards globally through partnerships with international agencies, governments, and professional organizations. They are working to promote the adoption of accrual accounting standards like IPSAS and establish a global public finance profession through qualifications and training programs. CIPFA is currently leading public financial management reform initiatives in countries like Bangladesh, Sri Lanka, Nigeria, and across Africa through training and assistance with adopting accrual standards. They advocate for a bottom-up, locally led approach to professionalization that develops sustainable national public finance capacities over the long term.
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International Federation of Accountants-IFACSultan Mahmood
The International Federation of Accountants (IFAC) is the global organization for the accountancy profession, established in 1977. It has over 175 member organizations representing almost 3 million accountants globally. IFAC develops high-quality international standards, promotes their adoption, builds capacity, and advocates on public interest issues related to auditing, assurance, ethics, education, and public sector accounting. It is governed by a Council and overseen by independent standard-setting boards and committees.
AlHuda CIBE is pleased to announce its upcoming event the "African Interest-free Banking and Finance Forum" on 6th February, 2019 followed by Post Event Workshop “Interest-Free Banking & Finance, Insurance & Microfinance” on 7th - 8th February, 2019 at Addis Ababa, Ethiopia. The aim of this forum is to address the latest trends, challenges, and opportunities in Finance Industry of Africa.
Dankwambo transition to ipsas and their impact on transparency, a case study ...icgfmconference
The document summarizes Nigeria's transition to adopting International Public Sector Accounting Standards (IPSAS). It discusses Nigeria conducting a gap analysis between its existing accounting standards and IPSAS requirements. Several gaps were identified, including issues around the legal framework, accounting for external assistance, consolidation of controlled entities, and timeliness of financial reporting. Nigeria developed a work program to address the gaps through actions like consolidating controlled entity cash flows and improving timeliness of financial statement submission. Successful adoption of IPSAS requires conditions like a sound cash-based accounting system, political support, technical capacity, and automated information systems.
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El documento habla sobre instrumentos financieros y coberturas. Explica que el objetivo de la contabilidad de coberturas es representar el efecto de las actividades de gestión de riesgos de una entidad. Las relaciones de cobertura pueden ser cobertura del valor razonable, cobertura de flujos de efectivo o cobertura de la inversión neta en el extranjero. También presenta dos ejemplos de cobertura de flujos de efectivo y cobertura del valor razonable.
1) El documento presenta conceptos básicos sobre instrumentos financieros de acuerdo con la NICSP 41. 2) Explica el reconocimiento, clasificación y medición posterior de activos y pasivos financieros. 3) También cubre temas como deterioro de activos financieros, préstamos en concesión y el modelo de pérdidas crediticias esperadas.
Este documento presenta los requisitos de revelación para instrumentos financieros según la NICSP 29. Se requiere revelar importes en libros, mediciones de valor razonable, ganancias y pérdidas, información sobre coberturas, préstamos en concesión y riesgos. También se debe revelar la clasificación y medición de activos y pasivos financieros de la entidad, así como tablas con importes en libros y valores razonables. Finalmente, se debe revelar información sobre el riesgo de crédito de los instrumentos derivados de
Este documento trata sobre instrumentos financieros, coberturas y derivados de acuerdo con la NICSP 29. Explica los conceptos de contabilidad de coberturas, cobertura de flujos de efectivo, cobertura de valor razonable, derivados e incluye ejemplos de cada uno. También define derivados implícitos y proporciona un ejemplo de swap de tasas de interés.
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2nd Annual Africa Congress of Accountants
1. “Governance and Accountability in Africa”
Warren Allen, President
International Federation of Accountants
May 16, 2013
Accra, Ghana
2nd Annual
Africa Congress of Accountants
2. • IFAC overview and vision
• Independent standard-setting boards
• Public sector financial management
reform
• Developing Africa’s PAOs
• Financial Reporting Supply Chain
• Importance of integration
• Accountancy as a profession
• Conclusion
Agenda
4. “That the global accountancy
profession be recognized as a valued
leader in the development of strong and
sustainable organizations, financial
markets and economies.”
IFAC Vision
5. • The International Public Sector Accounting
Standards Board (IPSASB)
• The International Auditing and Assurance
Standards Board (IAASB)
• The International Ethics Standards Board for
Accountants (IESBA)
• The International Accounting Education
Standards Board (IAESB)
Independent Standard-Setting Boards
6. “(T)he sheer symbolism of embracing
IPSAS and taking steps to implement
them at a time when more advanced
countries are peering doubtfully at it
through the window must be
celebrated for whatever it is worth.”
- Sylva Okolieaboh, assistant director and GIFMIS
PFM team leader, in Public Finance International
Public Sector Financial Management Reform
7. • IFAC’s PAO Development Committee:
• Raises awareness of accountancy;
• Brings attention to the need for a formal
profession; and
• Highlights the economic and social benefits that
a formal profession can bring
• Essential to achieving the desired levels of
transparency and accountability
• Prerequisite to attracting required level of business
investment, whether local or foreign
Developing Africa’s PAOs
8. Financial Reporting Supply Chain
• Preparing, publishing, analyzing, and using financial
reporting involves a complex arrangement of:
– Participants
– Standards
– Mandated/voluntary requirements
– Behaviors
– Interactions
9. “I have no use for bodyguards, but I
have very specific use for two highly
trained certified public accountants.”
- Elvis Presley
Accountancy as a Profession
10. “We must ensure that the
global market is embedded
in broadly shared values
and practices that reflect
global social needs, and
that all the world's people
share the benefits of
globalization.”
- Kofi Annan
Importance of Integration