Global coalition led by IFAC addresses need for strong public financial management in emerging economies

Tuesday, 7 January 2020 00:53 -     - {{hitsCtrl.values.hits}}

  • Partner organisations include World Bank, Asian Development Bank and Global Fund

A coalition of 11 global and regional accountancy organisations and international development agencies, led by IFAC, the International Federation of Accountants, recently convened a three-day conference in Malaysia to bring awareness to how effective public financial management is critical to the advancement of emerging economies. 

The conference, Developing Accountancy Capacity in Emerging Economies, features a series of keynotes and workshops designed to equip accountants, government officials, stakeholders and other practitioners with a roadmap for facilitating conversations and driving progress in their respective jurisdictions. 

“Accountancy capacity development efforts, like this conference, are most effective when national, regional, and global organisations come together with a laser-focus on a common cause. IFAC, with the support of the UK Department for International Development (DFID), is grateful to be able to catalyse the convening of institutions that comprise the financial management eco-system, in order to enhance awareness and collaboration,” said IFAC CEO Kevin Dancey.

The accountancy profession plays an essential and significant role in a country’s sustainable economic development in both the public and private sectors. Not only has a strong and vibrant accountancy profession been regularly associated with lower levels of fraud and corruption, but there is also a recognised correlation between a strong accountancy profession and higher levels of economic growth. Supporting the development of accountancy capacity can be a catalyst to the success of the state-building strategies implemented by international development actors. 

IFAC President Dr. In-Ki Joo said: “The role of professional accountants is to manage the financial information required by all stakeholders, and to develop the insights needed for sound decision-making that helps promote economic, social and political stability. This important connection between accountancy and economic development is something that organisations, including the DFID, the World Bank, the Asian Development Bank and the Global Fund, have understood for a number of years and we are grateful for their ongoing partnership.” 

Asian Development Bank Director, Procurement, Portfolio, and Financial Management Department Aman Trana said: “One of ADB’s operational priorities under its Strategy 2030 is to strengthen governance and institutional capacity of its developing member countries. Professional accountants play a critical role in this area by supporting public financial management institutions improving their public service delivery, financial efficiency, and transparency and accountability, thereby accelerating poverty reduction and achieving sustainable development. 

IFAC extends its sincere appreciation to its partners and hosts for making the conference possible: DFID, the World Bank, the Asian Development Bank, the Global Fund, the Malaysian Institute of Accountants, the Confederation of Asian and Pacific Accountants, the ASEAN Federation of Accountants, the South Asian Federation of Accountants, and the Arab Federation of Accountants and Auditors. 

The International Federation of Accountants (IFAC) is the global organisation for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost three million accountants in public practice, education, government service, industry, and commerce. 

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.