UNCTAD and the International Federation of Accountants (IFAC) today launched a cooperation agreement. The two organizations share the objectives of achieving greater transparency and accountability with a view to strengthening the international financial system and contributing to economic growth. They are also committed to helping developing countries and economies in transition, in cooperation with other bodies, establish and maintain a strong accounting profession capable of providing high-quality services, serve the public interest and contribute to economic growth.
The Division of Investment, Technology and Enterprise Development on behalf of UNCTAD will join forces with IFAC in the following areas: education and training of accountants; corporate governance; participation in committees, task forces and each other´s events; and raising awareness of the importance of transparency and good governance practices for sustainable economic growth. A joint project team will be formed to carry out a study on education programmes based on the UNCTAD Model Curriculum with a view to assisting developing countries and transition economies in meeting international education standards. UNCTAD will serve as a public member of the IFAC Education Committee that is currently being reorganized as part of recent reforms at IFAC. UNCTAD will also participate in the Federation´s Developing Nations Permanent Task Force.
UNCTAD services the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) that was established by the UN Economic and Social Council in 1982 with a view to assisting developing countries and transition economies in implementing best international practices in corporate reporting and disclosure to facilitate investment flows and economic development. IFAC is the global organization of the accountancy profession. It works with 158 member organizations in 118 countries and economies. IFAC members represent 2.5 million accountants employed in public practice, industry and commerce, government and academia.
The cooperation agreement was announced during UNCTAD XI, which is taking place in São Paulo from 13 to 18 June.
