An initiative which will enable hundreds of finance professionals in Ghana to gain an expert knowledge of global accounting standards has been launched by Deloitte and ACCA (the Association of Chartered Certified Accountants). A Memorandum of Understanding to develop a strategic partnership to build the capacity and working knowledge of accounting professionals in International Financial Reporting Standards (IFRS) has been signed by the two organisations. IFRS is used by major economies around the world, enabling businesses to report their performance to the same set of standards, helping investors and potential partners to make more informed business decisions. Working together, Deloitte and ACCA will offer a program of master classes on IFRS, leading to an internationally recognized Diploma in International Financial Reporting (DipIFR) from ACCA, which will be available to qualified accountants as well as non-qualified staff across the country. The two organizations have already worked together on seminars and Chief Executive Officer Roundtable conferences and Deloitte Ghana enjoys ACCA Approved Employer status which enables ACCA employees in Deloitte to benefit from efficiencies in achieving experience and continued professional education (CPE). Head of ACCA Ghana Norman Williams said: "We are delighted to be working in partnership with Deloitte on this important initiative. It is vital that finance professionals in Ghana are able to master IFRS since it now required or permitted in all major economies, with more than 100 countries requiring or permitting the use of International Financial Reporting Standards (IFRS) for publicly-traded companies. Over 12 countries in sub-Saharan Africa have already adopted IFRS or equivalents as their local Generally Accepted Accounting Principles (GAAP) and many other countries around the world are also moving towards applying IFRS. "ACCA believes that business benefits from global standards, such as IFRS, because it allows for greater transparency and comparability. For example, investors will have more information and can make more informed and less risky decisions; businesses operating internationally can save costs associated with struggling with a number of different financial reporting rules; while finance professionals will have the skills and knowledge which enable them to work in different countries," said Norman Williams. On his part the managing partner of Deloitte; Nana Sackey emphasized that he was also delighted to be working in partnership with ACCA on this important and strategic initiative. It is imperative that finance professionals in Ghana are able to deliver the requirements of IFRS since it has effectively become a global standard. He called for more of such strategic partnerships in the many areas of accounting and finance to support the development of the profession in Ghana. Nana Sackey urged all professional accountants in practice, auditors, affiliate accountants, trainees and finance professionals in the public and private sectors to take advantage of this opportunity to build their capacity in this new area of the profession. The master classes will start on 15th August in preparation for exams in December 2012 and June 2013.