FAC commits to supporting developing nations

The International Federation of Accountants (IFAC), the global organization for the accountancy profession representing 163 accountancy organizations with more than 2.5 million accountants in public practice, education, government service, industry and commerce, convened a meeting in London this week with the chief executives of 30 member bodies and regional accountancy organizations. Representatives of the World Bank and the United Nations Conference on Trade and Development (UNCTAD) also attended the meeting. The group discussed a global agenda for enhancing the accountancy profession's contributions to economic growth and development.

Participants agreed that the international profession should strengthen accountancy in developing nations, address professional responsibility in financial reporting, clarify the role of accountants in corporate governance, provide support and guidance for professional accountants in business, and focus on supporting small and medium enterprises and practices.

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IFAC commits to supporting developing nations