Rwandan auditing firms have been urged to improve the image of the accounting profession by adopting International Financial Reporting Standards (IFRS) which are the principles recognized worldwide.
The remarks were made by Vickson Nkube, the Chief Executive Officer of Eastern, Central and Southern African Federation of Accountants (ECSAFA) during a two day workshop organized by Institute of Certified Public Accountants of Rwanda (ICPAR) in conjunction with the Kenya ICPAK at Serena Hotel yesterday.
“It is an international requirement that companies worldwide adopt the IFRSs. This way, Rwandan companies will be able to boost their international image since their financial reports will be understood by all accountants worldwide.” Nkube said.
The president of ICPAR, Peter Rutaremara commended the government for supporting the institution in its infancy stage.
He explained that, the main objective of the workshop was to give professional accountants an overview awareness of IFRS and the need to chart out the progressive and smooth adoption of these standards into the Rwandan system.
The Minister of Finance and Economic Planning, John Rwangomba, emphasized that the accountancy profession must bring the reporting framework in line with the international frameworks while keeping an eye on the reporting needs of all Small and Medium Enterprises (SMEs) and micro entities in the country.
“The adoption of IFRS by the public sector is an important milestone for our economy which provides an opportunity for our enterprises and institutions to operate in the global economy with confidence that their financial reports comply with international standards and are comparable with those reported elsewhere. This will increase investor confidence as well as doing business in Rwanda.” Rwangomba said.
The minister urged ICPAR to expand the supply of quality accountants in both the public and private sector and also called on accountants to rise above their narrow business interests.