Accounting in AFRICA

Accounting Standards Board - Africa

The Accounting Standards Board of Africa established in terms of section 91 of the Public Finance Management Act, (Act 1 of 1999) (PFMA) as amended and sets Standards and Guidelines for financial reporting as required by the Constitution of South Africa. A key priority of the Board to develop a core set of Standards of GRAP by 2009. The Board, therefore, reviews its work programme regularly to assess the status of ongoing projects, and potential projects, and to identify priorities.

The accounting standards board issues documents which are available free of charge on this website. Users of the Handbook of Standards of GRAP can download issued documents to keep their handbooks current. The various documents include discussion papers, effective dates of documents, guidelines, exposure drafts, framework, standards which are approved and effective and standards of GAMAP.

Institute of Public Finance and Auditing

Insitutie for Public Finance and Auditing has been formed to professionalise staff in all the financial disciplines in the public sector. IPFA seeks to be the recognised Institute in the Southern African region for all disciplines in public finance and auditing. To provide recognised professional qualifications for all public sector financial disciplines within the National Qualifications Framework (NQF). To serve professionals in Public Finance, Financial Management, Supply Chain Management, Taxation, Auditing.

To undertake other activities like promoting adherence by members to a high standard of ethnics, high standard of technical competence and facilitate the achievement of self-sufficiency in a service level agreement with the commercial arm of the organisation.

SAICA - South African Institute of Chartered Accountants

The aim of the GAA is to promote the delivery of quality professional services, support its global membership base, share information and collaborate on international accounting issues. This alliance will provide professional support to its 700 000 members throughout the world. It will also work with national regulators, governments and stakeholders, through member-body associations, and, where necessary, with other international accountancy bodies.

SAICA's involvement in the formation of the alliance was attributable to it's realisation that an increasing number of international doors are being opened for Chartered Accountants [CAs(SA)] from South Africa. Currently, the number of members residing overseas totals 5 739 which is equivalent to 20% of SAICA's membership base.

The participation of SAICA in the GAA will benefit CAs(SA) and members who travel globally, and ensure they get support when they travel for work to all jurisdictions covered by the alliance. The nine institutes participating in the alliance have agreed to host CAs(SA) from other GAA institutes when residing in their jurisdiction.


South African Reserve Bank


The South African Reserve Bank (the SARB) is the central bank of the Republic of South Africa. It regards its primary goal in the South African economic system as "the achievement and maintenance of price stability". The South African Reserve Bank maintains that South Africa has a growing economy based on the principles of a market system, private and social initiative, effective competition and social fairness. It recognises, in the performance of its duties, the need to pursue balanced economic development and growth.

The activities include Monetary Policy, Financial Stability, Financial - Statistical and Economic Information, Financial Markets, Payment and Settlement Systems, Bank Supervision, Bank Notes and Coins, and Exchange Controls.

Electronic data services are services provided by the South African Reserve Bank to obtain data electronically from external business associates, or the electronic delivery of information to external business associates.

African Accounting Council (AAC)

The AAC was established in 1979 and is a Specialised Agency of the Organization of African Unity (OAU). It provides assistance to institutions in member countries on standardisation of accounting and promotes education, further training and research in accountancy and related areas of study. The AAC has its headquarters in Kinshasa, Democratic Republic of the Congo.

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Authorship
By Bharati Karedla