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Standards (IFRS). As of the end of IFRS at different times. Each country
December 31, 2023, 168 countries had has its own professional body to oversee
adopted IFRS International Standards. the implementation and enforcement of
IFRS are a set of principles and guidelines accounting standards and other regulations.
established by the International Accounting For example, the Institute of Certified Public
Standards Board (IASB). They provide Accountants of Kenya (ICPAK), the Institute
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a common framework for preparing and of Certified Public Accountants of Uganda
presenting financial statements globally. (ICPAU) and the Institute of Certified
By standardising accounting practices, Public Accountants of Rwanda (ICPAR).
IFRS enhance transparency, comparability, In Tanzania, we have the National Board of
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and reliability of financial information. Accountants and Auditors (NBAA).
These standards cover various aspects of At the moment, NBAA is responsible for
financial reporting, including recognition, a number of tasks including providing
measurement, presentation, and disclosure quality assurance review system,
of financial transactions and events. The investigating accounting malpractices and
adoption of IFRS promotes consistency where necessary imposing disciplinary
and harmonisation in financial reporting measures to accountants and accounting
practices, which are crucial in the globalised professional firms. In simple words,
business environment. It improves the NBAA is responsible for reviewing and
quality and reliability of financial reporting, checking the quality of works done by
thereby enhancing investor confidence and accountants making sure that, they meet
facilitating capital flows across international all the established quality standards.
markets. IFRSs replace previous standards
known as International Accounting Note that, accountants (including,
Standards (IAS), for instance, recently IAS accounting professional firms), provide
1 Presentation of Financial Statements has different accounting related services
been replaced by IFRS 18 Presentation like auditing, taxation and preparation
and Disclosure in Financial Statements of financial statements. Their clients,
(applies to an annual reporting period on/ in many cases, are the businesses of
or after 1 January, 2027). Currently, some different sizes. NBAA is also responsible
of the IASs are still applicable together for the development of a curriculum and
with IFRSs. The global International administration of accounting professional
Accounting Standards Board (IASB) is examinations. To qualify as professional
the one responsible for the development accountant, one is required to attend several
and establishment of accounting standards examination sessions. The highest level
known as International Financial Reporting of qualification in Tanzania is known
Standards (IFRS). Regionally, some of as Certified Public Accountant (CPA).
the East African countries have adopted NBAA is also involved in authorisation

Student’s Book Form Five
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