Rachel Grimes, president of the International Federation of Accountants (IFAC), is due to visit Addis Abeba tomorrow, January 18, 2018. Her visit marks a time when debates over the future of the accounting profession in Ethiopia rages over the attainability of an international standard on financial reporting in the coming two years.
Grimes is expected to announce her organisation’s views on Ethiopia’s membership to the global body, although the country has not applied to membership of the IFAC. That Ethiopia has had no support from IFAC is one of the reasons that held back professionalism in implementing IFRS, which pulls back the country in modernising the financial recording and accounting system, according to experts in the industry.
She is scheduled to meet officials of Accounting & Auditing Board of Ethiopia (AABE), the delegated body by the parliament to oversee the adoption of IFRS nationwide, and Ministry of Finance & Economic Cooperation to discuss ways to advance the financial reporting system. Founded in 2014, the Board is currently headed by Gashe Yemane. But, its chairman was arrested five months ago after accused of involvement in high profile corruption, which leaves the Board without a chairperson since Alemayehu Gujo.
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