African Council For Accreditation and Accountability

Financial Management and Disclosure

Preparation and disclosure of financial statements are key components of transparency. They deter improper diversion of funds and other misdeeds, provide a defense to critics and serve as a witness to both believers and nonbelievers.

  1. Compliance with Accounting Standards: Financial reports will be prepared at least annually and shall conform to International Financial Reporting Standards (IFRS). Where a country has not adopted full IFRS or IFRS for SMEs, reports may be prepared using the standards prescribed by the accountants’ professional body of the member’s country or, where applicable, the relevant economic regional bloc in which the member operates/resides.
  2. Financial reports must accurately portray the full range of the member’s operations regionally and internationally.
  3. Financial reports definition: A complete set of financial reports includes:-
  4. a statement of financial position as of the end of the reporting period (previously referred to as a balance sheet)
  5. statement of activities for the reporting period (previously referred to as a statement of revenues and expenses/income statement) and classification of expenses by categories in the statement of activities for the reporting period or accompanying notes
  6. A statement of cash flows for the reporting period
  7. accompanying notes to the financial statements
  8. a statement of movement of shareholder funds or grants/donated funds as the case may be. (Request full information on this standard here