• • • • million in corporate tax to the GRA, representing 38.26% of the total company tax collected in 2011 At the end of the year producing mining companies directly employed 14,257 persons The industry contributed about 40% of gross merchandise exports earnings The mining companies returned about USD3.1 billion representing 75% of their mineral revenue through the Bank of Ghana and the Commercial Banks in 2011 against statutory requirement of 25% As part of efforts to improve industry-community relationships, Mines Consultative Committees have been established to engage local communities. The producing mining companies voluntarily contributed about GHC43 million to beneficiary communities and the general public. Source: Ghana Chamber of Mines, 2012 OBJECTIVE 3: ENSURING ETHICAL CONDUCT WITHIN ORGANIZATIONS This objective focuses on assessing the mechanisms and practices introduced in the country to ensure more effective leadership and accountability of all types of organizations. 5.11 Financial Accounting Practices The trend in global financial reporting is the adoption or alignment of local accounting and financial standards with international standards. In an effort to imbue best business practices in the operations of Medium, Small and Micro Enterprises (MSMEs), the Institute of Chartered Accountants, Ghana (ICAG) has adopted the International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs) and International Standards for Auditing (ISAs). Sixth Annual APRM Progress Report: January – December 2011 80