9. Conclusion
This paper has reviewed the evolutionary history of accounting in Africa from the early
years of independence to modern times and arrived at the conclusion that the continental
European legalistic and fiscal approach to accounting in the CFA franc zone countries has
not been obliterated by the advent of IFRS as a global set of accounting standards endorsed
by the World Bank, IMF, international securities markets, and other agencies.
A two-group classification of accounting systems in Africa was developed and tested,
on a preliminary basis, using data from the PricewaterhouseCoopers (2011) survey. It was
found that the pattern of adoption of IFRS in African countries reveals a clear dichotomy
between the Class A accounting practices of countries that were once British colonies and
protectorates, on the one hand, and the Class B practices of CFA franc zone countries on
the other.