2 nd African Congress of Accountants (ACOA) Accra , 14-16 May 2013

1. 2nd African Congress of Accountants(ACOA) Accra, 14-16 May 2013 “PAFA, THE NEXT DECADE”

2. Context and motivations • Solution: the Pan African Knowledge Center for Accounting & Auditing • Our vision “PAFA, the next decade” PAFA, the next decade

3. Context and motivations

4. Africa is a continent on the rise • the economies of the Region are growing steadily • while Foreign direct investment (FDI) in Africa has grown at an average of 146% annually over the last 22 years to reach US$36 billion in 2007, with forecast to reach record levels in the coming years, hitting $54bn a year by 2015 • Trade between Africa and the rest of the world has been steadily increasing • The Region recorded 5 percent growth in total output in 2012 and with the growth rate set to increase in 2013 PAFA, the next decade

5. Our motivations • the lack of adequate accountancy education and training in Africa is widely recognized, although a number of countries have made progress • many professional accountancy organizations (PAOs) across the Region tend to lag behind international good practices • The adoption of international standards : International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and International Standards on Auditing (ISA) PAFA, the next decade

6. The Solution for PAFA and African PAOs

7. A wise and ambitious solution • Put in place a well-organized arrangement at the Regional level for systematic and professional management of knowledge on practical aspects of implementing International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and International Standards on Auditing (ISA), which can rarely be met at the national level • This shall be the PAN AFRICAN KNOWLEDGE CENTER FOR ACCOUNTING AND AUDITING PAFA, the next decade

8. The PAN AFRICAN KNOWLEDGE CENTER for ACCOUNTING AND AUDITING • KC : a regional public good whichwill not duplicate existing institutions in the Region, but ratherfill a gap in the architecture of corporatesectoraccounting and auditingresources in Africa • KC : the Region’s research and training hub, which would aim at enhancing the interaction between corporate financial reporting practitioners, business leaders, standard-setters, regulators, tertiary institutions and students at national, regional and international level PAFA, the next decade

9. The PAN AFRICAN KNOWLEDGE CENTER • Enhancing the education, adoption and implementation of international standards • Developing tools for supporting their practical application • Providing hands-on theoretical and practical training on relevant accountancy topics where unavailable or marginally • Collating and developing a repository of best practices. • Conducting research and development in private sector accounting and auditing. • Hosting training and conferences to share knowledge, etc. • Collaborating with professional accountancy organizations and other relevant parties for strengthening the accountancy profession in each country of the African continent. PAFA, the next decade

10. Our vision for PAFA :PAFA, the next decade

11. PAFA, the next decade PAFA should become largest and influential professional institution in Africa - to provide high level services, - deliver recommendations and opinions to serve public interest and Africa growth and development

12. Africa on the rise &PAFA to serve this ambition