Birth of SAFA
The idea to form an alliance of accountancy bodies in South Asian Region was conceived by Mr Ashok Kumbhat, the then President of ICAI, at the third National Conference of Chartered Accountants of Sri Lanka held in December 1982. At the meeting of the heads of accountancy bodies from Bangladesh, India, Pakistan and Sri Lanka held in August 1984 at New Delhi, the Constitution of the Body was signed. The meeting was attended by the heads of accounting bodies in South Asian Region.
South Asian Federation of Accountants (SAFA) was formed in the year 1984 to serve the accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy. SAFA as an IFAC network Partner represents over 4,50,000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Maldives, Nepal, Pakistan and Sri Lanka, Afghanistan. SAFA came into existence at the initiative of the accounting professional bodies in the South Asian Region, which has a bond of culture and homogeneity of professional environment.
Mission of SAFA
‘SAFA as a forum of professional accountancy bodies is committed to positioning, maintaining and developing the accountancy profession in South Asian Association for Regional Co-operation (SAARC) Region and ensuring its continued eminence in the world of accountancy; in the public interest and towards broad economic development of the region.’
Objectives of SAFA
SAFA shall, in the public interest work towards strengthening the accountancy profession and subserve in the interest of the broad economic development of SAARC Region. For this purpose SAFA shall undertake such functions as are necessary for achievement of its mission including the following:
- To understand the profession in the regional context and continuously work towards its development in keeping with global trends;
- To participate in and play the leadership role on the International forums;
- To promote and harmonize accountancy profession in SAARC Region in keeping with global developments;
- To provide assistance and guidance in promoting the profession of accountancy in the countries within its jurisdiction, where the accountancy profession does not exist or is not sufficiently developed by utilizing the services of a full member or assuming the task under its own forum;
- To promote international accounting, auditing, reporting and other professional standards and best practices in the SAFA region and to assist in the harmonization of the same with national standards, if any;
- To act as interface between international bodies and member-bodies;
- To develop guidelines and, if required, setting standards on issues peculiar to the SAARC region, not addressed by the international standards;
- To promote the undertaking of studies and research in the field of accountancy, business, commerce, trade and related issues with the objective of establishing or promoting benchmarks in these areas;
- To establish any foundation, training, research & development centre(s) in virtual or any other form to attain the mission & objectives of SAFA.
- To carry out such other activities as are considered incidental or ancillary to the above or considered expedient in furtherance of the development of Accountancy profession in the SAARC Region.