neoaccounting

Levels of corruption in Africa are symptomatic of the levels of moral decay that have engulfed African society. African society is drowning in a “have all, possess all” mentality that has become an endless orgy of spend and gain. Position and power have become keys to accessing resources meant for the general good and converting them for private good. We will be forgiven in concluding that the scrambles we see for power on our continent is no longer driven by a desire to serve but by waiting turns to loot. We have seen changes in ruling parties in various countries that have not resulted in a fall in levels of corruption. This situation is compounded by the messaging by those who seek to fight corruption. The anti-corruption message is made very complicated by a multiplicity of terms and definitions—fraud, misappropriation, money laundering, illicit financial flows, and so on and so forth! These have left average citizens wondering what this is all about. Should we not just use as ...

In February, protests erupted in Greece as migrants in the country’s refugee camps protested their living conditions. Scenes on the news showed attempts to block the migration minister from entering an airport to attract his attention to their cause. They demanded from the government official the most basic of human rights: access to adequate food and shelter. The protests demonstrate how compelled the migrants must have felt to hold the minister to account. Whether a migrant or a citizen, every person deserves to have their rights respected. And it is up to public service decision makers to ensure that they are. Public sector leaders must be held accountable, otherwise protests like the ones seen in Greece will be repeated. A “rights-based” approach to public financial management (PFM) could make a meaningful and significant difference to accountability in governments as it means that human rights are embedded in the planning, delivery, monitoring, and evaluation of public s...

Sharing Knowledge, Ideas, and Experience Following on the fundamental reorientation the IFAC Professional Accountants in Business Committee made to its meetings and communications in 2016, this report shares the knowledge, ideas, and experience of the committee on developing a future-ready profession. The main themes in the report, and in the meeting it flows from, are: digital disruption and rapid cognitive business development; the continued evolution of the profiles of finance leadership and accountants in business; effective risk management; how integrated reporting can lead to better reporting outcomes; and how the new media landscape is changing the way we communicate. The report is designed to be accessible, with improved navigation, summaries that enable a fast read; and clearly identified future actions and recommendations. This new approach to meetings and after-action reports is designed to: create effective connections between IFAC and professional acco...

Exposure Draft This proposed revision of  International Education Standard 7,  Continuing Professional Development , places greater emphasis on learning and development directly related to an accountant’s professional responsibilities rather than simply focusing on a minimum number of hours of continuing professional development (CPD). The proposed revisions enhance current requirements, encouraging professional accountancy organizations to develop CPD systems that address applicability, measurement, monitoring, and enforcement processes. CPD helps all professional accountants develop and maintain their professional competence to produce high-quality services for their clients, employers, and other stakeholders. NOTE: Get the full exposure by clicking the links below: http://www.ifac.org/system/files/publications/files/Proposed-International-Education-Standard-7-Continuing-Professional-Development-Revised.pdf http://www.ifac.org/system/files/publications/files/Sup...

The Global Accountancy Profession’s Call for Action by G20 Countries Global economic stability and transparency and the rebuilding of public trust will be greatly enhanced by a determined G20 push for stronger governance across all sectors. In advance of the G20 Summit 2017 in Hamburg, Germany on July 7-8, IFAC issued actionable recommendations for G20 countries that will support both the global economy and the G20’s 2017 objectives. IFAC calls on the G20 and other key stakeholders in the global economy to collaborate on: Raising governance standards across all economic sectors  to increase transparency and accountability, and help restore trust and inspire confidence in business and government, key to the G20’s aspirations to: build resilience, improve sustainability, and assume responsibility. Fostering greater transparency and regulatory consistency  to achieve growth, confidence, and stability. This requires an inclusive digital and economic environment for busine...

Debt securities (e.g. bonds) listed on other recognised exchanges can benefit from the advantages of an FMDQ quotations service. For a modest fee, debt securities listed on other recognised exchanges can be quoted and traded on FMDQ, availing the securities access to the full complement of an FMDQ quotation, thereby benefitting from, among others, global visibility, transparency, secondary market liquidity and effective price formation. Permitted Trading Status (PTS), which is the quotation of debt securities listed on other recognised exchanges on FMDQ’s OTC securities exchange, is granted on the basis of Rule 185 of the Securities and Exchange Commission (SEC) Rules and Regulation 2013. Pursuant to the provisions of the SEC Rule 185, the circumstance under which a debt security will be granted PTS is that the security must be registered and listed on a recognised securities exchange. As long as the security maintains its registration and listing statuses on its host securitie...

As part of its key strategic mandates to develop the market, FMDQ provides a robust platform for the quotations of Commercial Papers (CPs). Quotation of CPs on FMDQ gives issuers access to a wide range of knowledgeable and capitalised investors (qualified institutional investors & eligible individual investors) through FMDQ Members. Liquidity is enhanced through the trading of the instruments by FMDQ Dealing Members and other stakeholders such as Pension Fund Administrators (PFAs), Fund Managers etc. on FMDQ OTC securities exchange. On the other hand, investors are able to diversify their portfolios and also improve the returns on their investment. Improved liquidity serves to ensure ease of entry and exit from the CP market by these investors. Desirous of entrenching transparency and governance in the Nigerian financial market, FMDQ identified the need for a robust structure around the issuance and quotation of CPs. Consequently, FMDQ developed a process to revitalise th...