Accounting and Auditing Board of Ethiopia

We're thrilled to share the success of the recent PAN AFRICAN FEDERATION OF ACCOUNTANTS's (#PAFA) Quality Assurance Review Workshop hosted by Accounting and Auditing Board of Ethiopia (#AABE). This momentous event brought together regulators from 26 African countries to validate essential guidelines and undergo invaluable training sessions. Under the leadership of our Director General, Hikmet Abdella, who is also a member of the Governance Board of #INPAG and vice chair of African Forum of Independent Accounting and Auditing Regulators (#AFIAAR), the workshop was a resounding success! Our collective dedication and vision is playing a pivotal role in fostering collaboration and driving excellence across the accounting and auditing landscape in Ethiopia and beyond. We were honored to have the workshop's closing remarks delivered by Brook T., Director General of the Ethiopian Capital Market Authority and Board Member of AABE. His insights underscored the critical importance of such initiatives in fostering successful capital markets development across Africa. Together, we are paving the way for robust financial ecosystems that will benefit the entire continent. A massive appreciation to all participants, speakers, and supporters who made this workshop a truly enriching and impactful experience. Let's continue working together to elevate standards and drive progress in the field of accounting and auditing across Africa! #AABE #PAFA #QualityAssurance #Accounting #Auditing #Africa

We are currently hosting the PAN AFRICAN FEDERATION OF ACCOUNTANTS's Quality Assurance Review Workshop which brought together leaders of audit practice regulators from over 25 African countries to validate it's quality assurance review guidelines and train the leaders. The workshop commenced on 19th March honored with a keynote address by HE Eyob Tekalign Tolina(PhD) State Minister of Finance and AABE Board Chairman, welcoming remarks by HE Meseret Damtie Chaniyalew Auditor General at Office of the Federal Auditor General, Ethiopia, Hikmet Abdella Director General of the Accounting and Auditing Board of Ethiopia, and George Mokua Quality Advisory Group Chairman of PAFA. Conversations are underway to share experiences beyond validating the guidelines and on streamlining quality review methodologies in Africa including potential resource sharing between regulators and PAOs within Africa. Our appreciation and special thanks goes to PAN AFRICAN FEDERATION OF ACCOUNTANTS Ministry of Finance, Ethiopia Office of the Federal Auditor General, Ethiopia Eyob Tekalign Tolina(PhD) Meseret Damtie Chaniyalew George Mokua Admire Ndurunduru Tuhobol viswajithsing Hikmet Abdella Professor Bernard Peter Agulhas CA (SA) Kwame Ampim-Darko and all the participants for the dedication and invaluable contributions along the workshop sponsors BDO Ethiopia Million Kibret ACCA Michael Tamrat Gedyelew. #QualityAssurance #Audit #Africa #AuditinAfrica #PAFA #AABE

What a wonderful milestone we staged yesterday as a team! I am proud of the successful launch of our joint partnership flagship project that introduces professional third party/autonomous credit rating as a value-add service in our country. We brought together the real and prominent players of the ecosystem in our country. We managed to trigger in depth discussion, exchange of insights, experiences and perspectives on credit rating in Ethiopia. We flagged credit rating as a national agenda for regulators to work on and for companies to open their ears and eyes. The panelists are "rare earth" specialties - Mrs. Hikmet, Mr. Asfaw Alemu of Dashen Bank S/co., Mr. Solomon Gizaw of HST, and Mr. Estifanos Melkamu of ECMA. In particular, our moderator, Dr. Tilahun Esmael (ESX CEO) was the shining star, on top of his humility and modesty, uncharacteristic of senior officials. For our business members in various sectors, a favorable credit rating can improve a business's ability to secure financing at favorable terms, including lower interest rates and higher borrowing limits. In this connection, credit rating addresses one of the most critical challenges of businesses in our country, i.e. A2F. A good credit rating enhances a company's reputation and credibility among suppliers, customers, and potential business partners and investors. Addis Chamber shall continue shining by radiating new initiatives, best practices and thought leadership to the best interest of our business companies and our country

On 23 February, we enjoyed a productive discussion with our colleagues from the accounting and auditing profession. We reviewed the Second Exposure Draft of the International Not-for-Profit Accounting Guidelines ED2. This was a follow-up to our previous events, where we gave feedback on the first INPAG exposure draft. The Accounting and Auditing Board of Ethiopia (AABE) hosted this event and invited representatives from various nonprofit organizations, audit and accounting firms, and stakeholders. Hikmet Abdella, the Director of AABE, opened the event. Getnet Haile from Accounting Society of Ethiopia and Meti Busha (Country Champion of INPAG) facilitated the workshop.   We are grateful for the active participation and input of everyone who attended. If you are interested in having a voice in developing the accounting guidelines for not-for-profit organizations, please email Ato Ashagre Tilahun (Accounting and Auditing Board of Ethiopia) at ashagreaabe2021@gmail.com He will provide you with the exposure draft and the link to submit your comments by March 7th as we will compile and send final comments due by 15th March. #Accounting #AABE #INPAG #IFR4NPO

Addis Chamber is proud to announce a collaborative workshop on the introduction of credit rating as a capital market service for businesses in Ethiopia. We hope the workshop will help trigger insights and perspectives in laying down the foundations for credit rating in our country Please come and join us.

Accounting and Auditing Board of Ethiopia with power vested on it by Article 4(2) (A) and 53(2) of Proclamation no. 847/2014 has issued directive no. 985/2024 on how to account for changes resulting from asset revaluation and/or adjustment upon the adoption of International Financial Reporting Standards (IFRS). The excess resulting from the revaluation of assets on the first time adoption of IFRSs should not be capitalized or distributed as dividend to shareholders since it is not realized. It should be presented separately and transferred to distributable retained earnings when realized. We advise the reporting entities to use the Illustrative Examples posted here along with this directive. Hikmet Abdella Fekadu Agonafer Ministry of Finance, Ethiopia

Accounting and Auditing Board of Ethiopia is conducting a two-day workshop to it's audit quality and financial reporting review teams on Audit Quality Assurance, in collaboration with the ACCA and it's review experts . This event underscores our commitment to enhancing the standards of auditing and accounting practices across Ethiopia. This workshop is part of our ongoing efforts to enhance the teams' capacity in supporting practitioners in the accounting and auditing fields, providing them with the latest insights, methodologies, and best practices essential for upholding the highest standards of audit quality. #AABE #ACCA #Audit #AuditQuality #Ethiopia

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