Incorporating NQ magazine
August 2024
www.pqmagazine.com/www.pqjobs.co.uk
ACCOUNTANTS CAN ENABLE AFRICA’S TRANSFORMATION Accountants are the key to enabling Africa’s economic transformation, says the International Federation of Accountants (IFAC) and the Pan Africa Federation of Accountants (PAFA). With 12 of the world’s 20 fastest-growing economies and an economic landscape characterised by rapid urbanisation, a young demographic and abundant natural resources, the two bodies stressed Africa’s development is vital in both a regional and global context. Their new report, ‘The Accountancy Profession Enabling Africa’s Transformation’, emphasises that achieving the continent’s growth and sustainable development ambitions requires the active contribution of accountancy
and finance professionals. It also outlines how influential accountants on company boards as CFOs, trusted business advisors and those working in the public sector, can drive sustainable economic growth in Africa. On top of that, they can help navigate the challenges of energy access, a lack of regional integration and rising public debt, as well as climate change adaption and mitigation. The cost of which is estimated to be between $68 billion and $108 billion annually. Improving public financial management in Africa is an essential step to addressing sovereign debt sustainability. The report said a robust, public sector accrual-based accounting system and good financial management will
reduce revenue leakage from waste and corruption, helping to reduce financial debts in the coming years, too. There needs to be wider access to training, qualifications and strong
professional and ethical standards, all are key to strengthening public sector governance and financial management. That means Africa needs more qualified accountants everywhere! IFA CEO Lee White explained: “We believe the accountancy profession has a critical role in achieving transformation in Africa and empowering change.” And PAFA CEO Alta Prinsloo added: “By strengthening the capacity and influence of the accountancy profession in Africa, we enable our 56 member organisation in 45 countries to help drive sustainable growth and prosperity by enhancing trade and regional integration, investment, the quality of services and trust in institutions.”
ACCA JUNE EXAM RESULTS ARE IN The ACCA June results have landed and generally the news is good! PM remains the hardest Applied Skills paper to pass. The PM pass rate for June dipped back to 42% – it had jumped to 45% in March (the highest pass rate since June 2010, when it was an incredible 57%). However, at 44% the AA pass rate was at the top end of previous rates. Apart from LW (which doesn’t really count), the highest Applied Skills pass rate was TX this time around, at 55%. The FR pass rate (51%) was the only other pass rate
in the 50s. APM stood out among the optional papers. The June pass rate jumped to 37%, from 33% last time out. You have to go back to June 2016 to find a higher pass rate. The AFM pass rate continued on its upward trend, too – for just over a year it has been in the mid-40s. Prior to March 2023, the pass rate was just scrapping over 40% at some sittings, and had been as low as 33%. Even AAA at 37% is something to cheer about. In March this year the pass rate jumped to 38%, and
the pass rate this time around is better than the 34% and 31% for the previous two June sittings. At 47%, ATX keeps its title as highest optional pass rate. Alan Hatfield, ACCA’s executive director – content, quality and innovation, said he was delighted to see such a strong set of results. ACCA JUNE 2024 PASS RATES: BT 89%; FA 68%; MA 68%; LW 79%; PM 42%; TX 55%; FR 51%; AA 44%; FM 48%; SBL 52%; SBR 49%; AFM 46%; APM 37%; ATX 47%; AAA 37%
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