The International Federation of Accountants (IFAC) has posted an announcement to alert its members and the public of its Notice of the Call for Nominations to IFAC Boards and Committees in 2011.The International Federation of Accountants (IFAC) has posted an announcement to alert its members and the public of its Notice of the Call for Nominations to IFAC Boards and Committees in 2011.
Both the Notice of the Call for Nominations and its companion guide, Developing a Nominations Strategy, are designed to help IFAC find the best person for each available position on its boards and committees, while also achieving a gender, regional, and professional balance. These extensive publications contain strategic and practical advice for nominating organizations, allowing them to make more informed decisions in selecting the persons they nominate and to understand what is expected of them.
The actual Call for Nominations for IFAC Boards and Committees in 2011 will be issued on January 15, 2010, and nominations may be submitted from January 15 to March 15, 2010.
If you have any questions, please contact Laura Buijs, Governance Manager, at laurabuijs@ifac.org. For more information about the nominations process, please see www.ifac.org/NominatingCommittee.
About IFAC IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
Through its independent standard-setting boards, IFAC develops international standards on ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to support professional accountants in business, small and medium practices, and developing nations. In addition, IFAC issues policy positions on topics in the public interest.
The International Federation of Accountants' (IFAC) 32nd annual Council meeting in Washington, D.C., this week emphasized the urgency of achieving global adoption and implementation of financial standards, especially for accounting and auditing.
Robert L. Bunting, IFAC President, says, "There is no high-quality information without the work of accountants--and certainly no way forward from the global financial crisis without it. What we need is a level playing field in financial reporting. What we do not need is trans-Atlantic accounting arbitrage and political interference in the technical aspects of standard setting. Governments, standard setters, and the accounting profession need to collaborate closely if common high-quality standards in accounting and auditing are to be established, adopted, and well implemented. And that includes accounting standards for governments, many of which have become major investors in the private sector during the crisis."
IFAC's Chief Executive Officer, Ian Ball, adds that IFAC's work in delivering this message to its members and their governments is increasingly important. "We have expressed the importance of global accounting and auditing standards to the G-20 twice this year--before the Leaders' Summits in London and Pittsburgh--and believe that now is the time for action at the country level if we are to achieve what was agreed by the G-20."
These messages were reiterated frequently in workshops and seminars during IFAC's two-day event, hosted by the American Institute of Certified Public Accountants.
The Council's formal deliberations included approval of IFAC's strategic actions for the coming year, which include:
continuing development of auditing, ethical, accounting education, and public sector accounting standards that meet the public interest;
promoting the adoption and implementation of these standards;
exercising IFAC's voice for the global accountancy profession, including input to the G-20 and other key international organizations; and
addressing the needs of small- and medium-sized entities (SMEs) and seeking to avoid excessive regulatory burdens being placed on this critical economic sector.
The Council approved three new member bodies: Iranian Association of Certified Public Accountants (IACPA); Latvian Association of Certified Auditors (LACA); and Society of Certified Accountant and Auditors of Kosovo (SCAAK).
In addition, two associates were approved: Brunei Darussalam Institute of Certified Public Accountants (BICPA); and Ordre des Experts-Comptables du Luxembourg (OEC). The Council also gave affiliate status to the National Association of State Boards of Accountancy (NASBA) from the United States.
About IFAC IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
Individual investors deserve better quality financial information--top executives from the International Federation of Accountants (IFAC) told reporters at a briefing session this morning at the National Press Club--and having common global standards is one way to get it.
"Why should individual investors care about global standards?" asks Robert Bunting, IFAC President, asserting that standards level the playing field--so that the kind of information individuals receive about an investment in one part of the world is as reliable as what they receive in another. He explains that his organization's 157 member bodies in 123 countries continue to work toward implementing international standards in auditing, public and private sector accounting and ethics.
Ian Ball, IFAC's Chief Executive Officer, adds that common international public sector accounting standards (as set by IFAC's independent International Public Sector Accounting Standards Board [IPSASB]) are also critical to enhancing the quality of government financial reporting. This was why IFAC recommended to the G-20's summit in Pittsburgh in September that the Leaders should back global adoption of public sector standards, says Ball. "It's not just making decisions to invest in government securities where this makes a difference. To the ‘man-on-the-street,' public sector standards deliver information about a government's use of taxpayer funds," he adds.
Another issue Mr. Bunting addressed in the briefing is the importance of small and medium enterprises (SMEs) as the engine of the global economy--the primary source of new jobs, innovation and growth. Financial regulation should not place unreasonable obstacles in the path of SMEs--such regulation can stifle their growth.
The briefing session at the National Press Club was part of the activities surrounding IFAC's annual Council Meeting, an event attended by presidents and chief executives of professional accounting institutes from around the world. About IFAC IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
External confirmation procedures can be a compelling tool in obtaining relevant and reliable evidence for audits of financial statements. Recent experience, however, highlights the need for auditors to pay particular attention to circumstances that may affect the planned use of confirmations, including the risk of fraud and the adequacy of evidence.
To raise awareness of potential issues and to help auditors use external confirmation procedures more effectively, the staff of the International Auditing and Assurance Standards Board (IAASB) has released today a new audit practice alert. Titled Emerging Practice Issues Regarding the Use of External Confirmations in an Audit of Financial Statements, the alert highlights areas within the International Standards on Auditing (ISAs) that are particularly relevant when deciding to request external confirmations, designing and carrying out confirmation procedures, and evaluating responses received. The alert also raises awareness of potential issues that may surface from the increasing use of technology in the confirmation process and the use of restrictive language by respondents.
James Gunn, IAASB Technical Director, explains, "Requesting external confirmations is a commonly used audit procedure in an audit of financial statements. Today's environment, however, reinforces the need for professional skepticism and professional judgment in all aspects of an audit, including the use of confirmations. The alert reminds auditors of the need to maintain control over the confirmation process, and to remain alert to circumstances that may undermine its effectiveness."
About the IAASB and IFAC
The IAASB (www.ifac.org/IAASB) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
Adoption of international standards on auditing (ISAs) is well underway, according to the newly released online chart from the International Federation of Accountants (IFAC). Compiled from information gathered by the IFAC Member Body Compliance Program, the chart indicates that ISAs as issued by the International Auditing and Assurance Standards Board (IAASB) have been adopted or otherwise used as the basis of national standards in 126 jurisdictions around the world.
"This tool gives an overview of ISA adoption by jurisdiction, as well as other valuable information about how the adoption process can vary," comments Russell Guthrie, IFAC Director, Quality and Member Relations. "It also demonstrates the commitment of IFAC and its member bodies to transparency by providing a comprehensive summary of ISA adoption to our stakeholders and welcoming feedback that will allow further refinement of the information, especially as jurisdictions adopt the recently issued Clarified ISAs, which are a result of a comprehensive program to enhance the clarity of auditing standards," he concludes.
Adoption of international standards is the first step of a continuous process, following which successful implementation is vital to ensure professionals understand and apply the standards appropriately. IFAC member organizations are required to use their best endeavors to lead or actively support that process within their countries. They communicate this commitment through their Compliance Action Plans that describe the current status of adoption and their planned activities to progress implementation.
In line with the ongoing nature of the adoption process, the chart and notes, gathered from the Compliance Program and a variety of other sources, will be periodically updated as new information is received. About IFAC IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
About IFAC Member Body Compliance Program The IFAC Member Body Compliance Program was launched in 2004 as an integral part of the 2003 IFAC reforms. The primary emphasis of the Program is to encourage continuous improvement by professional accountancy organizations through an ongoing assessment of their commitment to use best endeavors to adopt and support implementation of international financial reporting, auditing, ethical, education, and public sector accounting standards, as well as to operate or otherwise support robust quality assurance and investigation and disciplinary mechanisms. The Program, in particular through the Action Plan process, serves as an engine to drive behavior to achieve the successful adoption and implementation of international standards and best practices, either through the direct actions of IFAC members and associates or through their encouragement and advocacy to other stakeholders with the authority to initiate change in their jurisdictions. To date, 62 Action Plans have been published on the IFAC website and more than 50 drafts have been submitted for review and finalization.
Over 200 delegates from more than 40 countries gathered in Beijing for the fourth annual IFAC SMP Forum (www.ifac.org/smp/index.php#Resources) of the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) Committee--making it the largest gathering in the event's history. Co-hosted by the Chinese Institute of Certified Public Accountants (CICPA) and the Confederation of Asian and Pacific Accountants (CAPA), the conference covered topics ranging from how to accomplish sustainable growth during economic turbulence to ensuring that international standards are relevant to SMEs/SMPs, and included presentations from the World Bank and the Asian Development Bank.Over 200 delegates from more than 40 countries gathered in Beijing for the fourth annual IFAC SMP Forum (www.ifac.org/smp/index.php#Resources) of the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) Committee--making it the largest gathering in the event's history. Co-hosted by the Chinese Institute of Certified Public Accountants (CICPA) and the Confederation of Asian and Pacific Accountants (CAPA), the conference covered topics ranging from how to accomplish sustainable growth during economic turbulence to ensuring that international standards are relevant to SMEs/SMPs, and included presentations from the World Bank and the Asian Development Bank.
In greeting attendees, IFAC's President Robert L. Bunting spoke of the CICPA as "an active and much-appreciated member of IFAC" and complimented its role in adopting and implementing international standards in China. This includes convergence of Chinese Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) and accelerating plans to accept the recently issued clarified International Standards on Auditing (ISAs) from the International Auditing and Assurance Standards Board.
Turning his subject toward the global economic crisis, Mr. Bunting said, "I realize that, here in China, the story has been somewhat different; indeed your country has been a source of continued growth and contributed to the world economy's recovery. But because of the global nature of our business environment, your business sector has suffered from many of the same problems as other countries, relating to employment and general financial woes.
"And when a country suffers, chances are very good that SMEs, and the SMPs that support them, suffer more than the average. That is why this year's Forum is so critical," Mr. Bunting said. "Yes, IFAC understands that SMEs are engines for economic growth and ideas--but we also know that the SMPs who work with them are the first ‘go-to partners' for these entrepreneurs, with the knowledge of the issues they face and how they can be addressed. And that is why IFAC supports them as they help SMEs create a vision for change." He then spoke of the recent SME lending survey conducted by IFAC with The Banker magazine. It found that lenders were "highly influenced" by loan-applicant-SMEs who had external accountants providing assurance services and/or financial advice.
According to Sylvie Voghel, Chair, SMP Committee, "This event has provided a unique setting for representatives from IFAC member bodies, recognized regional organizations, acknowledged accountancy groupings, and other accountancy organizations and guests to exchange ideas." She added, "The result was impressive--new insights on ways for IFAC and the international profession to respond to a wide range of issues currently facing SMPs and SMEs, both in China, the world's most populous nation, and globally."
About IFAC IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
As the world turns its attention to the Copenhagen talks later this year for a successor to the Kyoto Protocol on reining in carbon emissions and other greenhouse gases (GHG), the International Auditing and Assurance Standards Board (IAASB) is making significant progress to develop a new assurance standard on GHG statements. Today, the IAASB released a Consultation Paper seeking views on key issues in developing that standard.
"Having reliable information is key to global efforts to reduce emissions and stabilize the level of carbon in the atmosphere," emphasizes Arnold Schilder, IAASB Chairman. "We are actively seeking to enhance the credibility of GHG information because of the importance to the public interest of decisions being made on the basis of that information. Our consultation will help inform the development of a robust standard in support of this goal."
"A growing number of countries are developing, or have developed, carbon emissions trading schemes under which public reporting of information about emissions inventories, and assurance thereon, has economic, political, and social significance," explains James Gunn, IAASB Technical Director, adding, "The IAASB's project seeks to enhance the consistency and quality of performance by practitioners on assurance engagements to report on this information, whether produced for regulators, legislators, investors, or other interested parties."
Entitled Assurance on a Greenhouse Gas Statement, the Consultation Paper asks a series of questions addressing such matters as: the form of assurance report that users would find most useful; the nature and extent of requirements; how a standard should best integrate with regulatory requirements; and technical aspects of applying the assurance process to GHG emissions. The IAASB intends to use the feedback from the consultation to develop an exposure draft of a proposed new assurance standard on GHG statements for release in 2010.
All stakeholders are encouraged to respond to the Consultation Paper, either in its entirety or to select questions that are of special interest to them.
How to Comment Comments on the Consultation Paper are requested by February 19, 2010. The Consultation Paper may be viewed by going to www.ifac.org/Guidance/EXD-Outstanding.php. Respondents are asked to send their comments electronically through the IFAC website, using the "Submit a Comment" link on the Exposure Drafts and Consultation Papers page. Please note that first-time users must register to use this new feature. Although IFAC prefers that comments be submitted using the online submission system, e-mail may continue to be sent to edcomments@ifac.org. They can also be faxed to the attention of the IAASB Technical Director at +1 (212) 856-9420 or mailed to IFAC, 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on IFAC's website.
About the IAASB and IFAC The IAASB (www.ifac.org/IAASB) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) invites accountancy professionals in all areas of business and government to participate in selecting the winner of its 2009 Articles of Merit Award Program. The program seeks to identify and promote outstanding articles on financial and management accounting topics that have appeared in publications of IFAC's 157 member bodies and associates.The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) invites accountancy professionals in all areas of business and government to participate in selecting the winner of its 2009 Articles of Merit Award Program. The program seeks to identify and promote outstanding articles on financial and management accounting topics that have appeared in publications of IFAC's 157 member bodies and associates.
The PAIB Committee serves IFAC member bodies and the more than one million professional accountants worldwide who work in commerce, industry, the public sector, education, and the not-for-profit sector. The committee facilitates the global development and sharing of knowledge, develops good practice guidance, and promotes the roles and domain of professional accountants in business.
"Our Articles of Merit Program is an excellent way for IFAC members-whose professionals are in a prime position to reflect on issues of relevance to professional accountants in today's environment-to share their experiences with colleagues around the world," states Roger Tabor, Chair, PAIB Committee.
Readers are invited to rate 35 articles competing for this year's award. They cover a broad range of issues affecting PAIBs and business in general, including governance and risk management, managing through the financial crisis, accounting for sustainability, raising finance, managing cash flow, and financial reporting, among others. This input will be used to support the PAIB Committee judging panel in selecting the winning article and runners-up. To view and rate the articles, please see web.ifac.org/PAIB/articles-of-merit-2009 before November 15, 2009. About IFAC IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
The International Auditing and Assurance Standards Board (IAASB) has released a Consultation Paper seeking views on developing new fair value auditing guidance where it is most critical in today's environment. Entitled Auditing Complex Financial Instruments, the paper recognizes the strong demand from auditors and preparers for further guidance on auditing complex financial instruments, e.g., in situations of illiquid markets, which currently pose the greatest challenges for them.The International Auditing and Assurance Standards Board (IAASB) has released a Consultation Paper seeking views on developing new fair value auditing guidance where it is most critical in today's environment. Entitled Auditing Complex Financial Instruments, the paper recognizes the strong demand from auditors and preparers for further guidance on auditing complex financial instruments, e.g., in situations of illiquid markets, which currently pose the greatest challenges for them.
"The current economic environment has given rise to particular issues relating to the reliability and auditability of fair value information," emphasizes Arnold Schilder, IAASB Chairman. "This consultation addresses these issues and solicits discussions. The IAASB intends to use the feedback from the consultation in the revision of its Practice Statement 1012 on auditing derivative financial instruments."
The Consultation Paper incorporates recent work by the UK Auditing Practices Board (APB) on the same topic, and asks specific questions about how that guidance might be adapted or supplemented for application in the international context. James Gunn, IAASB Technical Director, explains, "The APB has made significant progress in developing national guidance on this important topic and, just as importantly, leveraging it will enable us to put relevant guidance in the hands of auditors as quickly as possible." How to Comment Comments on the Consultation Paper are requested by January 15, 2010. The Consultation Paper may be viewed by going to www.ifac.org/Guidance/EXD-Outstanding.php. Respondents are asked to send their comments electronically through the IFAC website, using the "Submit a Comment" link on the Exposure Drafts and Consultation Papers page. First-time users must register to use this new feature. Although IFAC prefers that comments be submitted using the online submission system, e-mail may continue to be sent to edcomments@ifac.org. They can also be faxed to the attention of the IAASB Technical Manager at +1 (212) 856-9420 or mailed to IFAC, 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on IFAC's website. About the IAASB and IFAC The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
