Tanzania
According to the 2005 World Bank assessment of accounting and auditing in Tanzania, the National Board of Accounting and Auditing (NBAA), the national accounting standard-setter, adopted International Financial Reporting Standards (IFRSs) "wholesale" as Tanzanian standards, effective July 2004. However, it is unclear as to which entities are required to follow IFRSs as the legislation governing listed companies, insurance companies, parastatals, and executive agencies does not provide clear legal backing for the use of the NBAA prescribed standards. The World Bank also observed that, in general, accounting requirements specified in Tanzanian laws are largely incompatible with IFRSs requirements. It was recommended to revise the laws to eliminate these inconsistencies and include a direct reference to IFRSs. In a November 2006 speech delivered at a stakeholders' conference, A. Khatibu, the Tanzanian Deputy Minister of Finance and Economic Affairs confirmed that World Bank-approved consultants were working on updating accounting and auditing legislation in Tanzania. According to the website of the Emerging Market Group (EMG), the consultant for the project, the first stage of the project entails an overview of the accounting profession in Tanzania. The EMG will also make a proposal for restructuring the NBAA, including its framework, and draft new laws for ensuring compliance with accounting and auditing standards along with effective monitoring and enforcement arrangements. In a 2006 self assessment prepared by the NBAA for the International Federation of Accountants (IFAC), it was pointed out that in Tanzania IFRSs are adopted as drafted without amendments. Although in a 2008 action plan by the NBAA also prepared for the IFAC it was pointed out that in Tanzania, new and revised IFRSs are adopted without modifications, as of March 2009, the NBAA's website continues to list only the 2004 version of IFRSs.
According to the 2005 World Bank assessment of accounting and auditing in Tanzania, the NBAA adopted International Standards on Auditing (ISAs) "wholesale" as Tanzanian standards effective July 2004. The World Bank observed, however, that although there is sufficient legal backing for adherence to the NBAA standards for auditors in Tanzania, compliance was not enforced effectively. Lack of implementation guidelines further hindered the application of auditing standards. Following the assessment, a stakeholder workshop was held in March 2006, and a World Bank-funded project on updating accounting and auditing legislation in Tanzania was initiated the same year. In a November 2006 speech delivered at the stakeholders' conference, A. Khatibu, the Tanzanian Deputy Minister of Finance and Economic Affairs, confirmed that World Bank-approved consultants were working on updating accounting and auditing legislation in Tanzania. According to the website of the EMG, the consultants for the project, the first stage of the project entails the overview of the accounting profession in Tanzania. The EMG will also make a proposal for restructuring the NBAA, including its framework, and draft new laws for ensuring compliance with accounting and auditing standards along with effective monitoring and enforcement arrangements. Since the 2005 ROSC assessment, the International Auditing and Assurance Standards Board has issued new or revised some of the existing ISAs. In a 2008 action plan by the NBAA prepared for the International Federation of Accountants, it was pointed out that in Tanzania new and revised ISAs are adopted without modifications after consultation by the NBAA Technical Committee. However, as of March 2009, the NBAA's website continues to list only the 2004 version of ISAs.
