Rwanda’s accountants institute admitted in the continental body

The Institute of Certified Public Accountants ofRwanda (iCPAR) has been admitted as a member of the Governing Board of the Pan African Federation of Accountants (PAFA).

The admission took place during the PAFA Annual General Meeting held on May 17, 2013 in Accra Ghana. ICPAR will be represented on the Board by the iCPAR President, Francis Mugisha.

The PAFA Board has 10 members from across the African Continent. iCPAR will have an opportunity and voice to influence the direction and development of the accountancy profession in Africa while promoting Rwanda as an ideal destination for Investments.

The general meeting was preceded by the Africa Congress of Accountants (ACOA) hosted by the Institute of Certified Accountants of Ghana (ICAG). iCPAR was represented at the ACOA Congress by the President Francis Mugisha who chaired the session on Integrated Reporting (IR).

In his remarks to the large congregation of professional accountants, Francis noted that the accounting profession will have a large role to play in the evolution of reporting, ensuring it becomes more relevant and meaningful to providers of financial capital and other stakeholders.

“Integrated reporting is an opportunity for accountants to enhance the profession’s relevance by helping organizations reveal more about how theycreate and sustain value over time,” he said

He further stated that Integrated Reporting is a market-led evolution in corporate reporting. It enhances the communication between organizations and their stakeholders, ensuring that investors have greater insights into the business model and future outlook and prospects, thereby encouraging long-term thinking and transparency.

He observed that short-termism in the markets can create volatility and contribute to financial instability that erodes long-term value.

“To make decisions, providers of financial capital need to have an understanding of, and confidence in the business model as well as greater visibility over how the business creates value over time.”

The iCPAR CEO, Evans Mulera was also a guest speaker at the Congress and made a presentation on the responsibilities of professional accountants in Public Financial Management (PFM).

He urged professional accountants to step forward and play a responsible role in development of African economies.