Accountants told to adopt the IFRS

The Director General, General Services in the Ministry of Finance, Francois Nkurikiyinfura, has told local professional accountants to adopt the International Financial Reporting Standards (IFRS) to strengthen the accounting profession in the country. He made the call on Monday during a one-day workshop on leasing as a business practice and the adoption of the IFRS.
Francis Mugisha, Vice president of ICPAR(Photo/ J. Mbanda)
Francis Mugisha, Vice president of ICPAR(Photo/ J. Mbanda)

The Director General, General Services in the Ministry of Finance, Francois Nkurikiyinfura, has told local professional accountants to adopt the International Financial Reporting Standards (IFRS) to strengthen the accounting profession in the country.

He made the call on Monday during a one-day workshop on leasing as a business practice and the adoption of the IFRS.

He also underscored the importance of leasing in Rwanda as an alternative source of financing for Small and Medium Enterprises (SMEs) and other enterprises.

“This (leasing) is something our government has always encouraged. It allows our enterprises, especially the SMEs to have access to alternative financing and grow their business,” Nkulikiyinfura added

The workshop was organized by the Institute of Certified Public Accountants of Rwanda (ICPAR) in conjunction with the Institute of Certified Public Accountants of Kenya (ICPAK).

Nkurikiyinfura urged the ICPAR to provide quality leadership in line with their vision and also called upon the business community to be innovative and come up with a rapid but practical path for the country’s economic development.

The president of the Eastern, Central and Southern African Federation of Accountants- (ECSAFA), Koos du Toit congratulated ICPAR and ICPAK for entering into a MoU which he believes will be of mutual benefit to both institutes.

He said: “Our profession must remain relevant to all enterprises- small, big, public and private.”

Peter Rutaremara, the ICPAR president urged the business community to continue engaging in professional development.

“Accountants must take an active interest in the affairs of the institute and promote the accountancy profession in the country by conducting themselves with a high level of integrity and reliability.

“We want to limit incidences of meaningless and incomprehensive financial reports sometimes designed to mislead and hide key information.”

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