Dr. Stavros B. Thomadakis has been appointed chair of the International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board), beginning January 1, 2015 for a three-year term. Dr. Thomadakis’ appointment has been approved by the Public Interest Oversight Board* (PIOB).

Dr. Thomadakis’ professional career includes a 40-year tenure as professor of financial economics at the University of Athens, the City University of New York, and MIT, as well as a number of regulatory and oversight roles. He brings familiarity with the Ethics Board in an oversight capacity, having served as the first chair of the PIOB from 2005 to 2011. He is a current member of the Securities Markets Stakeholders Group of the European Securities Market Authority. Additionally, he has chaired both the Capital Market Commission of Greece and the European Regional Committee of the International Organization of Securities Commissions, and he is currently chair of the Board of the University of the Aegean.

As chair of the Ethics Board, Dr. Thomadakis will lead the board in the implementation of its newly published Strategy and Work Plan, 2014-2018 (see below). A key function of the chair is to enable and promote a deeper understanding by stakeholders and the public of the strategy and activities of the Ethics Board. The chair also coordinates the deliberative and consultative processes of the board; moreover, he develops and maintains effective relationships with regulators, the preparer, investor and corporate governance communities, national standard setters, the accountancy profession, and other key stakeholders.

“Ethics standards are a foundation of trust in the accounting profession and essential to its fulfilling the responsibility to act in the public interest. It is an honor to lead the work of the Ethics Board. I am looking forward to advancing the board’s agenda and particularly to continuing the extended outreach program initiated by the late chair, Jörgen Holmquist, whose dedication and leadership will not be soon forgotten,” said Mr. Thomadakis.

The Ethics Board also today released its Strategy and Work Plan, 2014-2018. The publication highlights the board’s priorities and planned actions toward achieving the objective of setting high-quality ethics standards for professional accountants that are widely adopted around the world.

The Strategy and Work Plan lays out four inter-connected strategic themes that articulate the board’s vision over the medium to longer term:

• maintaining a high quality Code of Ethics for Professional Accountants™ (the Code) for application by professional accountants globally;
• promoting and facilitating the adoption and effective implementation of the Code;
• evolving the Code for continued relevance in a changing global environment; and
• increasing engagement and cooperation with key stakeholders.

“The Code has now been adopted or used as the basis for national ethics standards in over 100 jurisdictions around the world. Continued strengthening of the Code, and thereby moving toward even greater acceptance of and global convergence with the Code, is at the heart of our five-year Strategy and Work Plan,” noted Interim Chair Wui San Kwok, adding, “Importantly, the board is determined through the Strategy and Work Plan to reinforce public trust in the Code and to ensure that it continues to remain relevant in supporting the diverse and vital roles that professional accountants play in the public interest.”

The Strategy and Work Plan was developed with input from a wide range of stakeholders, including a survey of stakeholders and a public Consultation Paper.

To access the entire Strategy and Work Plan and to learn more about the board’s projects, visit the Ethics Board’s website: www.ethicsboard.org.

*Note to Editors

The Public Interest Oversight Board (PIOB) was established in February 2005 to ensure that international auditing and assurance, ethics, and education standards for the accountancy profession are set in a transparent manner that reflects the public interest. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IESBA, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

About the IESBA

The International Ethics Standards Board for Accountants is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

About IFAC

IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 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^®) today issued International Good Practice Guidance, Developing and Reporting Supplementary Financial Measures. The guidance provides recommendations for the use of supplementary financial measures as part of high-quality financial reporting in organizations.

Since supplementary financial measures fall outside the remit of Generally Accepted Accounting Principles (GAAP), they may lack transparency, comparability, and consistency—essential qualities for investors and other stakeholders wanting to assess financial performance. To address this challenge, the PAIB Committee’s guidance establishes a set of principles that allows professional accountants to develop and report useful measures in accordance with the qualitative characteristics of financial information.

“Supplementary financial measures can provide stakeholders with a greater understanding of an organization’s financial performance, helping them make more informed financial decisions,” said Charles Tilley, Chair of the PAIB Committee. “Because supplementary financial measures are widely used, and can contribute to the overall picture of an organization, our aim is to improve their quality and usefulness.”

The guidance builds on the qualitative characteristics of useful financial reporting: relevant and faithful representation, as well as comparability, verifiability, timeliness, and understandability.

“All measures in a financial report, whether they are prescribed by GAAP or are supplementary, should be clearly defined to provide comprehensive understanding of an organization’s financial performance,” said Karyn Brooks, Chair of the PAIB Committee’s Business Reporting Advisory Group. “This guidance will serve as a reference for the development, implementation, location, and disclosure of supplementary financial measures.”

As part of IFAC’s commitment to strengthen financial reporting practices and the PAIB Committee’s efforts to support professional accountants in business, this guidance reinforces accountants’ ability to produce high-quality reports that enable sound decision making about organizations.

About International Good Practice Guidance
International Good Practice Guidance issued by the PAIB Committee cover areas of international and strategic importance in which professional accountants in business are likely to engage. In issuing principles-based guidance, IFAC seeks to foster a common and consistent approach to those aspects of the work of professional accountants in business not covered by international standards. IFAC seeks to clearly identify principles that are generally accepted internationally and applicable to organizations of all sizes in commerce, industry, education, and the public and not-for-profit sectors. Previously issued guidance is available on the IFAC website, including Preface to IFAC’s International Good Practice Guidance.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

About IFAC
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has approved its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework).

The Conceptual Framework establishes the concepts that will guide the IPSASB’s approach to standard-setting and guidance. It addresses concepts applicable to both public sector financial statements and a wider set of public sector financial reporting needs. The Conceptual Framework identifies and responds to the key characteristics of the public sector, notably that the primary purpose of most governments and public sector entities is to deliver services to citizens and others. Therefore, the purpose of financial reporting in the public sector is to provide useful information for service recipients and resource providers.

“Approving the Conceptual Framework is a historic achievement for the IPSASB and a landmark for setting global accounting standards for the public sector,” said IPSASB Chair Andreas Bergmann. “These concepts will provide the basis for our ongoing development of consistent and useful International Public Sector Accounting Standards™ (IPSASs™) and Recommended Practice Guidelines (RPGs). They will also provide guidance to preparers faced with financial reporting issues not dealt with by IPSASs or RPGs.”

The completed Conceptual Framework is expected to be issued by the end of October 2014. The final four chapters were approved by the IPSASB during its September meeting. Those four chapters, which address the definition, recognition, and measurement of the “elements” (or building blocks) of financial statements and presentation in General Purpose Financial Reports, join the original four chapters, which were issued early in 2013, bringing the entire Conceptual Framework to eight chapters. The development process included eight public consultations with the IPSASB‘s global constituency.

The Conceptual Framework project has been the key strategic priority for the IPSASB in recent years. Its successful completion allows the IPSASB to focus on projects to be identified through its public consultation on strategy for 2015 forward and work program for 2015-2019, along with projects already initiated, including social benefits. The Conceptual Framework will provide a solid basis for future standard setting by the IPSASB. The IPSASB will continue to work in the public interest, responding to the global financial reporting needs of governments and other public sector entities as appropriate.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities.  It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.  The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

About IFAC^®
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment a Consultation Paper (CP), The Applicability of IPSASs to Government Business Enterprises and Other Public Sector Entities.

Government Business Enterprises (GBEs) are generally commercially oriented entities that can have a significant impact on a government’s financial performance and financial position. Globally, GBEs vary in size, the goods and services they deliver, their financial objectives, and their governance arrangements. GBEs include major enterprises in areas such as transportation and utilities.

Currently, the term “GBE” is defined in International Public Sector Accounting Standard™ (IPSAS™) 1, Presentation of Financial Statements. IPSASs are not developed for GBEs. The scope section of each IPSAS states that GBEs apply International Financial Reporting Standards issued by the International Accounting Standards Board. The IPSASB has received feedback indicating there are a wide range of entities being described as GBEs. Some of these entities clearly do not meet the IPSASB definition of a GBE. In other cases, there are different interpretations of components of the definition.

The IPSASB has developed two approaches to communicate its view of the entities to which IPSASs apply. Under the first approach, the IPSASB would describe the characteristics of public sector entities for which IPSASs are intended. This would be done by either drawing on the IPSASB’s current and developing literature or by reference to terminology in Government Finance Statistics reporting guidelines.  Under this approach, there would no longer be a definition of GBE in the IPSASB literature.

Under the second approach, the definition of a GBE would be retained. The IPSASB would clarify the GBE definition and would possibly narrow it to entities with a profit-seeking objective.

The IPSASB’s preliminary view is that the first of these two approaches is the best way forward. This is because it is principles-based and focuses on the high-level characteristics of entities for which IPSASs are intended.

“The IPSASB acknowledges the role of regulators in determining the accounting standards to be applied by different entities in their jurisdictions,” said IPSASB Chair Andreas Bergmann. “The IPSASB considers that it has a responsibility to be transparent about the types of public sector entities for which it is developing IPSASs. We look forward to hearing whether constituents support the approach of providing a high-level description of the characteristics of public sector entities for which IPSASs are intended or, instead, retention and improvement of the definition of a GBE.”

How to Comment
To access the Consultation Paper and the At-a-Glance document, which provides a summary of the Consultation Paper, or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the Consultation Paper are requested by December 31, 2014. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Consultation Paper to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities.  It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.  The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

About IFAC^®
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board) today released for public comment the Exposure Draft (ED), Proposed Changes to Certain Provisions of the Code Addressing the Long Association of Personnel with an Audit or Assurance Client. The proposals respond to stakeholder concern about the appearance of independence and the need to ensure that the threats created by the long association of audit firm personnel with an audit client are appropriately addressed on all audit engagements.

"The IESBA has not received evidence that the current provisions in the IESBA Code™ addressing long association, including partner rotation, have not been working effectively in practice," notes interim IESBA Chair Wui San Kwok. "However, developments in key jurisdictions and substantive stakeholder feedback indicate that expectations are shifting on what are considered acceptable safeguards to effectively address long association risks. The IESBA is responsive and is proposing to strengthen certain safeguards in the Code, such as the engagement partner ‘cooling-off’ provisions, to ensure continued public confidence in the independence of the audit process."

Among the proposed changes are:

• Strengthened general provisions applicable to all audit engagements regarding the threats created by long association;
• With respect to partner rotation, an increase in the mandatory “cooling-off” period, from two to five years, for the engagement partner on the audit of a public interest entity;
• Strengthened restrictions on the type of activities that can be undertaken with respect to the audit client and audit engagement by any former key audit partner during the cooling-off period; and
• A requirement to obtain the concurrence of those charged with governance regarding the application of certain exceptions to the rotation requirements.

The Ethics Board is also proposing strengthened provisions in Section 291 of the Code dealing with assurance engagements.

“The issues that the board considered are complex and interconnected, particularly given that knowledge of and experience with the audit client and its business are important contributors to audit quality,” noted IESBA Technical Director Ken Siong. “The proposals reflect extensive and careful board deliberations into the options, weighing audit quality, cost, and practicality considerations.”

The development of the proposals was informed by wide-ranging research, which included a benchmarking exercise of jurisdictional requirements, stakeholder outreach, and a survey that yielded more than 400 responses from standard setters, audit committees, regulators, and firms.

How to Comment
The Ethics Board invites all those with an interest in international ethics standards for the accountancy profession to respond to the Exposure Draft. To access the ED and submit a comment, please visit the Ethics Board’s website at www.ethicsboard.org. Comments are requested by November 12, 2014. The Ethics Board encourages national and regional professional accountancy organizations to share the ED and encourage participation from their members and employees.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

About IFAC
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Argentina’s most recent default adds to the long list of government defaults, bailouts, and restructurings over the years. It also serves to highlight that sovereign debt problems evident during the recent global financial crisis continue to exist.

Like many countries, Argentina does not prepare accrual-based financial statements, which are essential for effective financial management. Accrual-based financial statements show a government’s total assets, liabilities, and cash flows, and provide other important disclosures about future commitments and contingencies—all essential information for making proper decisions and ensuring that there is sound financial management for today, tomorrow, and for a long-term sustainable future. Many countries around the world—including many in Europe, that received multi-billion dollar bailouts over the last few years—are also in need of better government financial reporting.

According to Standard & Poor’s (S&P), Argentina has about $200 billion in foreign-currency debt, including $30 billion of restructured bonds. That’s important to know. But what are the Argentinian government’s total liabilities? That is, its liabilities other than debt, including social security and pension obligations, which are long-term commitments that burden future generations.

“Countries continue to default on their debt, yet aren’t pushed by governments, credit rating agencies, or financial commentators to significantly improve public sector financial reporting,” said Fayezul Choudhury, Chief Executive Officer of IFAC. “These same countries require private sector companies in their jurisdictions to publish audited, accrual-based, financial statements when raising funds in capital markets. What justifies the double standard whereby a government compels private companies to be transparent and accountable, when it avoids using accrual accounting itself—despite having bonds traded on the capital markets?”

Last year, the G-20 Finance Ministers and Central Banks Governors declared a “goal of strengthening the public sector balance sheet” and of “looking at transparency and comparability of public sector reporting, and monitoring the impact of financial sector vulnerabilities on public debt.”  IFAC strongly recommends that the G-20 makes enhanced public sector financial management a key priority this year and in the future.

“It is critical that the G-20 focuses on initiatives to improve governments’ financial management and reporting practices. This means making accrual-based financial reporting in accordance with high-quality, globally accepted standards, such as the International Public Sector Accounting Standards™ (IPSASs™), a key objective,” said Mr. Choudhury. “In fact, IFAC urges the G-20 to promote greater adoption of IPSASs, by adding these standards to the Financial Stability Board’s list of standards that are designated as deserving of priority implementation.”

In a related matter, the U.S. Securities and Exchange Commission (SEC) this week charged Kansas with failing to disclose a multibillion-dollar pension liability to bond investors. Choudhury commented, “We applaud the SEC for compelling states and localities to properly disclose liabilities and risks and provide a complete picture of financial condition to investors and other stakeholders. This is imperative so that the $3.7 trillion municipal bond market can operate efficiently and effectively.”

About IFAC
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®) and the Chartered Institute of Public Finance and Accountancy (CIPFA) have together developed the International Framework: Good Governance in the Public Sector, to encourage more effective public sector governance.

Over the past few years, governance in public entities has become a pressing issue gaining greater exposure as a result of the financial and sovereign debt crises and a constant stream of governance failures, including nepotism, inefficiency, corruption, and poor financial management.

In response, the Framework encourages better governed and managed public sector entities by improving how they set and achieve their intended outcomes. Enhanced stakeholder engagement, robust scrutiny and oversight of those charged with primary responsibility for determining an entity’s strategic direction, operations, and accountability leads to more effective interventions and better outcomes for the public at large.

“Public sector governance must focus explicitly on sustainable economic, social, and environmental outcomes, and this publication is unprecedented in highlighting the central role that outcomes and the public interest should play in the processes and structures of public sector governance,” said Ian Ball, Chair of CIPFA International. “Our focus on sustainability is also especially important as public sector entities, from local councils to national governments, must consider the long term impact of their current decisions, especially in safeguarding the interests of future generations.”

Increased focus on the critical role that good governance plays in the public sector has been an all-too-recent development. Growing awareness of the substantial role of poor public sector governance in the sovereign debt crisis and other public sector failures has made the appropriate application of governance standards and arrangements more pressing than ever.

On the launch of the Framework, IFAC CEO Fayez Choudhury said, “Good governance in the public sector requires an eye to the future, transparency, and accountability—principles that IFAC has consistently promoted, in particular with respect to the effects they have on the capacity to attract capital, global financial stability, and long-term sustainability. While adopting the International Public Sector Accounting Standards (IPSASs) is a critical step, improvement of other governance arrangements is essential if governments worldwide are to be successful in the sustainable development of our economies and societies.”

Good Governance in the Public Sector establishes good practice principles for the fundamental aspects of public sector governance. The Framework also facilitates the review and update of national governance codes for the public sector and, where specific principles and guidance do not already exist, stimulates improvement.

The ideas and insights outlined in the Framework, which includes a foreword from Mervyn King, Chairman of the International Integrated Reporting Council and author of the King Report on Governance for South Africa, were developed using a wide-ranging literature review and in consultation with an International Reference Group. The Framework is useful for all those specifically involved with governance, including governing body members, senior managers, and internal and external auditors. Furthermore, this Framework provides the public with a resource to challenge substandard governance practices in public sector entities.

A digital version of the report can be found at on the IFAC and CIPFA websites.

About IFAC
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About CIPFA
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.

The International Auditing and Assurance Standards Board^® (IAASB^®) today released its 2013 Annual Report, Shaping New Solutions to Global Issues.

The 2013 Annual Report summarizes the IAASB’s work to develop in the public interest high-quality international auditing, review, other assurance, quality control, and related services standards. The Report also spotlights the board’s extensive 2013 outreach initiatives aimed at keeping its stakeholders informed of the board’s standard-setting activities, and promoting the adoption and effective implementation of its international standards.

“The IAASB engaged in a broad range of standard-setting and related initiatives in 2013 aimed at enhancing the quality and consistency of practice internationally, and thereby strengthening the public’s confidence in the global auditing and assurance profession. Our work this year included progressing the development of new and revised standards for auditor reporting and auditing financial statement disclosures, to finalizing a new framework for audit quality and an enhanced international standard for assurance engagements,” noted IAASB Chairman Prof. Arnold Schilder. “We remain committed to our public interest mandate, especially as the environments for audit, other assurance and related services engagements evolve, and are encouraged that our efforts are seen to contribute to solutions for today’s global issues.”

The Annual Report also includes a report from the Prof. Linda de Beer, Chairman of the IAASB Consultative Advisory Group (CAG), which outlines the work of the CAG in providing input to the IAASB. The Annual Report can be downloaded at www.iaasb.org.

About the IAASB^®
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. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

About IFAC^®
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

El Consejo de Normas Internacionales de Ética para Contadores (IESBA, el Consejo de Ética) ha emitido para comentario público el Borrador de Consulta (ED), Cambios propuestos a ciertas provisiones del Código sobre servicios diferentes a aseguramiento para clientes de auditoría. Los cambios propuestos tienen como objetivo mejorar las provisiones sobre la independencia en el Código de Ética para Contadores Profesionales (el Código) al:

• proporcionar orientación y aclaraciones adicionales sobre lo que constituye la responsabilidad de gestión, incluyendo orientación mejorada sobre cómo el auditor puede garantizar mejor que el gestor de cliente realizará todos los juicios y tomará las decisiones que son responsabilidad del área, una vez el auditor preste sus servicios diferentes al aseguramiento a su cliente de auditoría;
• proporcionar una mejor guía y aclaración sobre el concepto servicios "rutinarios o mecánicos" relacionados con la preparación de registros contables y estados financieros para clientes de auditoría que no son entidades de interés público; y
• retirar la provisión que permite que la firma de auditoría preste ciertos servicios tributarios y de teneduría de libros a clientes de auditoría que son entidades de interés público (en situaciones de emergencia).

"La independencia es el fundamento de todas las auditorías. No se trata únicamente de independencia mental. Se trata igualmente de independencia en apariencia, garantizando una confianza pública continua en el trabajo de la profesión de auditoría," expresó el presidente provisional del IESBA, Wui San Kwok. "Los cambios propuestos apoyan esta idea. Una mejor orientación y aclaración promueven una consistencia global en la aplicación de las provisiones del Código. Y eliminamos una excepción a la regla—contemplada únicamente en escasas situaciones—que podría haber sido percibida como una oportunidad de mal uso, mala interpretación o abuso."

El Consejo de Ética propone igualmente mejoras frente a las provisiones de la sección 291 que corresponde a servicios diferentes al aseguramiento—Otros Trabajos de Aseguramiento en relación con los clientes de aseguramiento.

"En el desarrollo de las propuestas, el consejo tomó en cuenta los resultados de una encuesta de benchmarking de los países del G-20, y un número de otros territorios, sobre ciertos tipos de servicios diferentes al aseguramiento," resaltó el Director Técnico del IESBA, Ken Siong. "Las propuestas responden igualmente a las recomendaciones de un grupo de trabajo, establecido por el consejo, que analiza los retos que enfrentan los contadores profesionales en las pequeñas y medianas empresas y firmas al cumplir con el Código, y a la retroalimentación de la comunidad regulatoria."

Cómo comentar
El Consejo de Ética invita a todos los interesados en estándares internacionales de ética para la profesión contable a responder el Borrador de Consulta. Para acceder al Borrador de Consulta y enviar los comentarios, favor visitar el sitio web del Consejo de Ética www.ethicsboard.org. Los comentarios deben ser entregados antes de agosto 18, 2014. El Consejo de Ética invita a las organizaciones profesionales de contabilidad nacionales y regionales a compartir el Borrador de Consulta e incitar la participación de sus miembros y empleados. 

Acerca del IESBA El Consejo de Normas Internacionales de Ética para Contadores (IESBA) es un consejo independiente de emisión de normas que desarrolla y emite -en el interés público- normas de ética de alta calidad y demás declaraciones para los contadores profesionales alrededor del mundo. A través de sus actividades, el IESBA desarrolla el Código de Ética para Contadores Profesionales, el cual establece los requerimientos éticos para contadores profesionales. Las estructuras y los procesos que soportan las operaciones del IESBA son facilitados por la IFAC. Referirse a la página www.ethicsboard.org para obtener mayor información.

Acerca de IFAC
IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y contribuir en el desarrollo de economías internacionales sólidas. La IFAC se compone de 179 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,5 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio.

El Consejo de Normas Internacionales de Auditoría y Aseguramiento (IAASB) ha emitido para comentario público los cambios propuestos a las Normas Internacionales de Auditoría (NIA), con el fin de aclarar las expectativas de los auditores al auditar las revelaciones de los estados financieros.

Las propuestas incluyen nuevas guías sobre consideraciones significativas frente a las revelaciones—desde el momento en que el auditor planea la auditoría y valora los riesgos de error material, hasta cuando el auditor evalúa los errores y genera una opinión sobre los estados financieros.

"Las revelaciones siempre han formado parte esencial de la auditoría de los estados financieros según las NIA. Sin embargo, a lo largo de la última década, los requerimientos y las prácticas relacionadas con las revelaciones han evolucionado. Las revelaciones ahora ofrecen información más útil en términos de decisiones, siendo más narrativas y subjetivas por naturaleza," resalta el Profesor Arnold Schilder, presidente del IAASB. "Esto genera desafíos desde una perspectiva de auditoría, y las propuestas mejoran ciertas áreas de las NIA, con el fin de apoyar una aplicación apropiada de los requerimientos de los estándares."

El trabajo del IAASB se basa en la retroalimentación recibida sobre su Documento de Debate de enero 2011, La naturaleza evolutiva de la información financiera: Revelación y sus implicaciones de auditoría (The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications). El Consejo se ha beneficiado igualmente de la cooperación y relación con las partes interesadas, incluyendo los emisores de estándares, quienes están explorando de manera activa iniciativas relacionadas con las revelaciones. El IAASB reconoce que muchos temas relacionados con revelaciones no pueden ser solucionados por el IAASB únicamente, y que se hace necesaria una colaboración y cooperación entre varias partes interesadas para potenciar la confianza pública en las revelaciones de los estados financieros.

"La confianza pública en la información financiera puede verse afectada si las revelaciones son de baja calidad, incluyendo revelaciones excesivas o revelaciones no materiales que puedan opacar el entendimiento de asuntos importantes. Esto puede suceder, por ejemplo, cuando las revelaciones son preparadas y auditadas relativamente tarde en el proceso de la información financiera," aclara James Gunn, Director Técnico del IAASB. "Por ende, una de las áreas claves abarcada en las propuestas del Consejo es la guía adicional para permitir establecer un enfoque apropiado del auditor sobre las revelaciones e invitar al auditor a enfocar previamente su atención en éstas, incluyendo las revelaciones en las que la información no se deriva del sistema contable."

Cómo comentar
El IAASB invita a todas las partes interesadas a comentar el Borrador de Consulta del IAASB que contiene los cambios propuestos a las NIA para abarcar las revelaciones en una auditoría. Para acceder al Borrador de Consulta o enviar un comentario, visitar el sitio web del IAASB, www.iaasb.org. Los comentarios deben ser enviados antes de septiembre 11, 2014.

Acerca del IAASB
El IAASB desarrolla normas y guías de auditoría y aseguramiento para uso de todos los contadores profesionales, bajo un proceso compartido de emisión de normas que involucra al Consejo de Supervisión del Interés Público (PIOB), el cual supervisa las actividades del IAASB, y del Grupo Consultivo Asesor del IAASB, el cual genera aportes de interés público para el desarrollo de normas y guías.  Las estructuras y los procesos que soportan las operaciones del IAASB son facilitados por la Federación Internacional de Contadores (IFAC).

Acerca de la IFAC
IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y contribuir en el desarrollo de economías internacionales sólidas. La IFAC se compone de 179 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,5 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio.