While there are many well-equipped organizations for accountants in the United States and Europe, much of the developing world is still missing robust groups that can foster development of ethical practices for accountants and look out for their interests.
To help solve that problem, the International Federation of Accountants (IFAC) and the U.K. Department for International Development (DFID) have recently begun partnering on an initiative to strengthen professional accounting organizations in developing countries.
DFID already leads the United Kingdom’s work to end extreme poverty, while the IFAC is a global organization for the accounting profession whose members include the American Institute of CPAs. DFID and IFAC have now entered into an agreement to strengthen professional accountancy organizations in developing countries. Under the agreement, DFID will provide £4.935 million (or about $7.884 million) to IFAC over a period of seven years. The funding will be used to strengthen professional accounting organizations in at least 10 countries on which DFIC has focused to play a greater role in furthering economic development. These focal countries are currently being selected by IFAC, in consultation with regional organizations and DFID.
IFAC is inviting organizations to indicate their interest in providing capacity-building services under the agreement to foster professional accountancy organizations in the developing world. IFAC plans to facilitate, coordinate and supervise the projects, including peer-to-peer support by more established PAOs, to build managerial, financial, and technical capacity in those countries so that they can drive improvements in professional and ethical standards.
Those who are interested in participating can submit “expressions of interest” at
Based on information in the expressions of interest, IFAC will evaluate the interested organizations and—in the future—invite eligible organizations to submit proposals to provide services for specific projects. Further information is available by emailing development@ifac.org.
The effort promises to help accountants in developing countries band together and learn from each other about the best ways to advance the profession.
Do you think professional accounting organizations have enough resources in the developing world?
