The Public Interest Oversight Board (PIOB) released its 17th Public Report in October 2022 and on this occasion launched the “Mind the Gap”, project. The project is aimed at bringing together contrasting mindsets, including businesses of all sizes, regulators, the accountancy profession, users, preparers and the wider public. This focused stakeholder engagement intends to stimulate an exchange of views around the public interest in standard-setting and narrow the expectation gap. The project will offer stakeholders a space to participate in the oversight debate on the global standard-setting architecture. PAFA is collaborating with the Good Governance Academy (GGA) to host an Africa focused event to discuss the expectation gap between the public, the accountant and the auditor. This is a continuation of the dialogue that the GGA started in May on the same topic that aims to engage with stakeholders and further unpack the expectation gap from an African context.

Invitation to take part in the continuation of the FIDEF / PAFA / IFAC Masterclass

The FIDEF / PAFA / IFAC Master Class on the theme "On the journey to IFAC" is continuing. The next session will take place on zoom on Monday 31 July at 15:00 (GMT+2).

It will focus on the Credibility of Orders - an in-depth study: Training (SMO 2) and the public sector (SMO 5).

• Brief summary
• Practical examples
• Development of an action plan - Key challenges and opportunities

You are, of course, invited to attend as a continuation of previous sessions.

Finally, we would like to remind you that the closing session of these Masterclasses will take place on the morning of Wednesday 27 September in Montpellier, France.

Watch the PAFA webinar series on the International Sustainability Standards Board (ISSB)’s newly launched Standards and the Consultation on its Agenda Priorities for its next two-year work plan.

The 7th edition of the Africa Congress of Accountants will be held in Abidjan, Côte d'Ivoire from 15-18 May 2023. The event will gather 2,000 professional accountants from more than 65 countries under the theme Structural Transformation and Growth of Africa Economies. This unique edition of the congress will gather delegates and speakers from English-, French-, and Portuguese-speaking regions and provide an excellent opportunity to connect, share, and expand in Africa. Visit us at www.acoa2023.org.

The Team at PAFA is excited to welcome to the PAFA Annual General Meeting (AGM) in Abidjan, Côte d'Ivoire on 14 May 2023, alongside ACOA2023.

Click here to access the PAFA General Assembly agenda and the 
Notice of the Annual General Meeting (“AGM”) in preparation for the 13^th General Assembly of PAFA

PAFA, FIDEF and IFAC are continuing the Master Classes that began on 26 and 28 September in Paris. The aim is to continue the series of webinars that complement our approach.

The next webinar will take place on Tuesday 7 February at 4pm (SAST)

You can also already note the date of the next webinar which will take place at 3pm Paris time on Tuesday 4 April 2023. In addition, on Friday 19 May 2023, a face-to-face session will be held in Abidjan the day after the WCOA African Congress.

Workshop 10: Evaluating the QM System

ISQM 1, ISQM 2 and ISA 220 (Revised) come into effect on 15 December 2022. These standards are expected to have a significant impact for all audit firms. SAICA in collaboration with PAFA are introducing these monthly workshops as a platform where different aspects of the quality management standards may be addressed. Participants will have the opportunity to share practical insights and clarify their understanding on the implementation of these important standards.

A Zoom link will be sent to all individuals that have registered for the workshop.

The IASB has started the post-implementation reviews of IFRS 15 Revenue from Contracts with Customers and the impairment requirements in IFRS 9 Financial Instrument and is now conducting Phase 1 outreach activities on both projects. The purpose of the Phase 1 outreach is to identify application matters for which the IASB will seek further feedback by publishing requests for information. The IASB plans to publish both requests for information in the first half of 2023.

The IASB is seeking to engage preparers of financial statements in Africa to learn about their experience of applying the requirements in IFRS 9 and IFRS 15 and their views on matters for the IASB to consider in the post-implementation reviews of the Standards.

Workshop 9: Recap

ISQM 1, ISQM 2 and ISA 220 (Revised) come into effect on 15 December 2022. These standards are expected to have a significant impact for all audit firms. SAICA in collaboration with PAFA are introducing these monthly workshops as a platform where different aspects of the quality management standards may be addressed. Participants will have the opportunity to share practical insights and clarify their understanding on the implementation of these important standards.

A Zoom link will be sent to all individuals that have registered for the workshop.

International Accounting Day will be celebrated on 10 November 2022, acknowledging the excellent work accountants across the world do every day to make business thrive, support the economy, and help people navigate the complexities of finance.

Workshop 8: ISA 220

ISQM 1, ISQM 2 and ISA 220 (Revised) come into effect on 15 December 2022. These standards are expected to have a significant impact for all audit firms. SAICA in collaboration with PAFA are introducing these monthly workshops as a platform where different aspects of the quality management standards may be addressed. Participants will have the opportunity to share practical insights and clarify their understanding on the implementation of these important standards.

A Zoom link will be sent to all individuals that have registered for the workshop.

The International Accounting Standards Board (IASB) has published the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the Standard.

The ED proposes amendments to the IFRS for SMEs Accounting Standard to reflect improvements that have been made in full IFRS Accounting Standards (in the scope of the second comprehensive review) while keeping the Standard simple.