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IFAC Update: August 2011
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August 31, 2011
The IFAC Update provides summaries of developments over the past month from the International Federation of Accountants (IFAC) and the independent standard-setting boards it supports.
IFAC News in Brief
1. New IFAC Website Coming Soon
We are currently in the process of redesigning the IFAC website to better suit your needs. The new site will feature a clean and modern design, a more intuitive architecture and navigation, expanded content, and topical and timely issues and insights. Content will be organized around topics and outputs, and include cross-referencing and tagging, so it will be easier to find the information you're looking for, as well as related resources. We're looking forward to launching the site later in 2011, and to hearing your feedback. If you have any questions at this time, please email us at communications@ifac.org.
2. New PAIB Publication Focuses on Areas of Competency for Professional Accountants
As organizational needs evolve to accommodate the ever-changing economic, environmental, and social landscape, professional accountants in business (PAIBs) need to continue to adapt to these changes in order to best serve their employers and maintain relevance. To help PAIBs achieve this, the PAIB Committee recently released Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success. This publication aims to support the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and to promote and contribute to the value professional accountants in business bring to their organizations. Competent and Versatile explains how PAIBs support their organizations as creators, enablers, preservers, and reporters of sustainable value for their organizations in leadership, management, analyst, and controller roles. This employer-driven approach is also aimed at helping IFAC members and associates to facilitate sustainable organizational success through the education, training, and development of professional accountants.
The PAIB Committee has also published an employer-focused brochure to demonstrate the versatility of PAIBs to those outside of the accountancy field.
3. SMP Quick Poll Now Open; Available in English, Spanish, and French
The IFAC Small and Medium Practices (SMP) Committee’s most recent SMP Quick Poll is now open. The poll, which only takes a few minutes to complete, features questions on business advisory and auditor reporting, in addition to including a few questions from previous polls in order to gather trending data for the year. This edition of the Quick Poll is available in English, Spanish, and French. Polling will close on September 9, 2011.
4. Indian Business Journal Discusses IFAC SMOs
In a recent column in Business & Economy, Dr. Javed Siddiqui, Assistant Professor of Accounting at the Manchester Business School, University of Manchester (UK) offers his opinion on the success, and applicability, of IFAC’s Statements of Membership Obligations (SMOs) in less developed countries. Using developments in Bangladesh and with the Institute of Chartered Accountants of Bangladesh (ICAB) as an example, Dr. Siddiqui outlines how the SMOs are used to help professional accountancy organizations follow quality control assurance requirements. Dr. Siddiqui also discusses the partnership between ICAB and the Institute of Chartered Accountants in England and Wales to improve curriculum for professional accountancy degrees.
Dr. Siddiqui’s column was originally published in Business & Economy - Banking, Finance, Markets on August 1, 2011.
Recent Events
1. IAESB Members Participate in Teaching and Learning Event at AAA Annual Meeting
Members of the International Accounting Education Standards Board (IAESB) attended the American Accounting Association (AAA)’s annual meeting in Denver earlier this month and held a teaching and learning event, Foundations for the Profession: An International Perspective. Dennis Reigle, IAESB Technical Advisor, moderated and panelists included David McPeak, senior technical manager, IAESB; Gary Pflugrath, senior technical manager in IFAC Public Policy and Regulation; and Karen V. Pincus, deputy chair of the IAESB. Additionally, a panel on the revision of the International Education Standards was held, moderated by IAESB Member Kazuo Hiramatsu and featuring Mr. McPeak, Ms. Pincus, and Mr. Reigle as panelists.
2. IAESB Member Addresses Business School in Jordan
Azza Raslan, a member of the International Accounting Education Standards Board (IAESB), recently spoke at the Talal Abu-Ghazaleh Graduate School of Business (TAGSB) in Amman, Jordan. Ms. Raslan spoke on the IAESB’s work assisting professional accountancy organizations in the development and delivery of professional accountancy education. TAGSB represents a partnership between the private and public sectors in the Arab world, bringing the business expertise of the Talal Abu-Ghazaleh Organization to academics.
Open Consultations and Exposure Drafts
1. IAASB Invites Comment on Recently Proposed Consultation Paper
The International Auditing and Assurance Standards Board (IAASB) recently released the following:
? Enhancing the Value of Auditor Reporting: Exploring Options for Change looks to obtain views on enhancing the quality, relevance, and value of auditor reporting on an international basis. This Consultation Paper describes issues with current financial reporting, including a perceived “information gap,” identified by some stakeholders. It also sets out possible options for change and seeks input as to whether such options might be effective in enhancing auditor reporting and the communicative value of the auditor’s report. Comment Deadline: September 16, 2011
2. IAESB Invites Comment on Proposed Revised, Clarified Education Standards
The International Accounting Education Standards Board (IAESB) has released the following exposure drafts:
? International Education Standard 1, Entry Requirements to a Program of Professional Accounting Education, currently prescribes the principles to be used in setting entry requirements for professional accounting education and practical experience. The proposed revision is intended to protect the public interest by establishing fair and proportionate entry requirements, which help those considering professional accounting education make appropriate career decisions, and ensuring that these requirements are not misrepresented. The revised standard proposes:
o specification of entry requirements for professional accounting education;
o explanation for the rationale behind the entry requirements;
o a requirement that excessive barriers to entry are not put in place; and
o a requirement to make relevant information publicly available so that candidates can assess their chances of successful completion.
Comment Deadline: September 21, 2011
? International Education Standard 5, Practical Experience Requirements, currently prescribes the practical experience IFAC member bodies should require before qualification as a professional accountant. Additionally, this IES can be helpful to educational organizations, employers, regulators, government authorities, and any other stakeholders who support the practical experience of professional accountants. The proposed revision continues to support the use of practical experience in developing the competence of an aspiring professional accountant, but also proposes:
o greater flexibility in measuring practical experience;
o permitting supervisors or mentors to direct an aspiring professional accountant’s experience; and
o requiring practical experience to be recorded in a verifiable and consistent form.
Comment Deadline: October 8, 2011
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Prepared by IFAC’s Communications Department. Contact communications@ifac.org for further information. To subscribe to our other electronic publications, or to view and edit your subscription settings, please visit web.ifac.org/news/subscribe.
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