MASERU — The Lesotho Institute of Accountants (LIA) says its annual conference is important as it affords local accountants a chance to look at the International Finance Reporting Standards (IFRS).
“Today is an important day as we get a chance to look at the international finance reporting standards and also the changes that have occurred this year and before,” Moahloli Mphaka, LIA chief executive officer said.
He was speaking at the official opening of the institute’s annual conference at Lesotho Sun on Monday.
The event, which runs until tomorrow, was expected to attract at least 250 participants from all over the world.
IFRS is a strategy used by accountants to report financial statements of the government, non-governmental organisations and other businesses.
“We also look at the applications done by other institutes across the world as well as work towards addressing some of the challenges that we have experienced,” Mphaka said.
This was necessary as the changes that occur in the economic sector affect the development of any country.
“Having the annual IFRS gives us a chance to tackle these changes,” Mphaka said.
He said focus over the past three years has been on the global financial economic meltdown that has affected many countries.
It was through systems such as the IFRS that individual countries take note of the changes and discuss ways of how to tackle them.
LIA is a body corporate that overseas and regulates the work of accountants in Lesotho.
The institute also sees to it that education and training of accountants is of good standards that will help locals to attain international standards.
It also monitors accountants at work and their syllabus in colleges.
Mphaka said the institute was determined to maintain their mandate of promoting professional development among accountants.
