Friday, July 19, 2024

Accountants alerted to stay abreast of looming changes

Raymond Chamboko, a partner in W. Consulting, a Johannesburg-based firm of financial reporting experts, has underscored the need for professional accountants to be up to speed with the changes that are looming in International Financial Reporting Standards (IFRS), a lot of them effective for financial periods beginning on or after 1 January 2013.

Chamboko, who is a Chartered Accountant and Johannesburg Stock Exchange IFRS Adviser, said the incumbents should also become conversant with changes across 13 different accounting standards, among them, the new Consolidation, Associate Company, Joint Arrangements and Separate Financial Statements standards as well as the standard that deals with the presentation of financial statements.

IFRS competencies would also enhance Botswana’s competitiveness as a foreign direct investment hub in line with the Vision 2016 goals of: “An Informed & Innovative Nation”.

Speaking to Sunday Standard in connection with the Botswana Institute of Chartered Accountants (BICA) Continuing Professional Development workshop in Gaborone under the theme “International Financial Reporting Standards Update ÔÇô a look into 2013”, Chamboko said: “Amongst other crucial issues were the common financial reporting pitfalls that companies grapple with and discussions on how these can be approached as well as further developments that are expected in the accounting field from an International Accounting Standards Board perspective, the IFRS issuers applied in Botswana, as well as developments on the convergence process that is being pursued with the Financial Accounting Standards Board, the issuers of US Generally Accepted Accounting Practice.”

Advancing side-line remarks, BICA Manager for Administration and Continuing Professional Development (CPD), Regina Ramanteba said: “This is one of the many initiatives that we have adopted as an Institute to ensure that we improve and maintain that standard of the accountancy profession in Botswana so we can be up there with the best in the world.”

Ramanteba said BICA was looking for Authorised Training Employers to assist the Accountant Institute students with technical work experience and that they had, to date, registered 228 students for the BICA qualification, which was way above their target of 50 students in 2011.
She advised those that had been sampled for CPD evidence review to submit their evidence as a matter of urgency since the BICA Council viewed non-submission of evidence very seriously.

Ramanteba requested members for articles for the December 2012 issue of the BICA newsletter, BICA News, and also promised that the 2013 CPD Events Schedule would be published in the BICA Newsletter.
She said the last CPD event for the 2012 calendar would be the Company Secretarial Workshop to be held in Gaborone on November 20 and 21, 2012.

The workshop was attended by 140 professional accountants from a wide scope of companies and is one of the many continuing professional development opportunities hosted by BICA.

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