International accounting standards boost economic activity

Luanda – The financial report and legal certification of the accounts are instruments in the service of the country’s economy as they place the companies under equal circumstances and boost the fair taxation of economic activities.

This was said Thursday in Luanda by the State Secretary for Budget, Aia-Eza da Silva when speaking at the opening of the first forum of Accounting and Audit in Angola.

The official stressed the importance of implementing the rules of the board of international accounting standards, their good compression and adequacy by the academic community and public institutions.

Aia-Eza da Silva considered it an important tool for accountants to report equity in a clear way that involve all stakeholders, including public entities.

According to her, the framework of the economic changes in the country and those imposed by globalisation makes the harmonisation of accounting to materialise in the best international practices and serves the beneficiaries of the financial report.

The development of the Angolan financial sector, which has diversified and socialised in recent years, due to its transnational activities, increasingly requires the execution of more sophisticated accounting.

The official also stated that the General Accounting Plan, according to the opinion by the professionals, in its conceptual framework is already approaching in many accounting criteria to the international standards.

She also highlighted the role the capital market plays in developing a robust and sustainable financial system which is an alternative source of financing for the economy.

Aia-Eza da Silva also spoke of Tax evasion, corruption, money laundering and terrorist financing, as economic crimes with consequences going beyond financial losses and destruction of economic value for countries.

Source: Angola Press News Agency