IFAC News in Brief
 

The International Integrated Reporting Framework has been released by the International Integrated Reporting Council (IIRC). IFAC, a partner in this global effort, applauds the release and encourages all professional accountants to provide feedback before the deadline, July 15, 2013. “The accountancy profession plays a vital facilitating role in bringing integrated reporting to more organizations, and the Framework will help guide organizations and professional accountants in this process,” said IFAC President Warren Allen, who is also a member of the IIRC Council. “Feedback from individual accountants and the profession on the proposed Framework is critical.” For more information, please see the IFAC press release.

 

The International Ethics Standards Board for Accountants (IESBA) is undertaking a project to review the provisions in its Code of Ethics for Professional Accountants (the Code) that address the threats to auditor independence arising from using the same senior personnel on an audit engagement over a long period of time. As part of this project, the IESBA is gathering views on whether the current provisions in the Code continue to provide robust and appropriate safeguards against the familiarity and self-interest threats that arise from the long association of such personnel with an audit client, or whether those provisions should be reconsidered to further strengthen auditor independence. The board aims to reach a broad range of stakeholders, in particular, audit committee members, company directors, investors, regulators, and standard setters. Please share this survey and encourage feedback from your contacts in these groups: Long Association of Senior Personnel with an Audit Client. The survey should take 15-20 minutes to complete and will close May 31, 2013. 

 

The International Auditing and Assurance Standards Board (IAASB) has released an online survey seeking public comment, insights, and views from all stakeholders to help shape its future direction. The survey also solicits feedback on the appropriateness of the IAASB changing its future strategy period to five years (2015–2019) instead of three, as it has done in the past. Responses to the survey will inform the development of a formal Consultation Paper on the strategy and work program commencing 2015. The Consultation Paper is scheduled to be issued in late 2013. Comments are requested by May 7, 2013.

 

Small- and medium-sized entities (SMEs) that integrate sustainability into their core business strategy can benefit from lower costs, reduced risk, and new opportunities. And their accountants, typically operating in small- and medium-sized practice (SMPs), can play a key role in their journey. The article, “Sustainability: Challenges and Opportunities for SMPs and SMEs,” has been developed to help IFAC member organizations support their SMP constituents. The article includes information about the benefits of measuring and managing environmental performance and how SMPs can advise both their employers and clients on integrating sustainability within their management and reporting. It also includes advice for SMPs in launching a sustainability service. IFAC member and regional organizations are encouraged to reproduce or adapt/translate the article for use in their magazines, journals, websites, or other channels. Email permissions@ifac.org for access to, and permission to use, the article. Additional content for member organizations is available in the password-protected Extranet area of the IFAC site. Under Resources, see Member Bodies > Articles for Member Body Publication.

 

 

IFAC is hiring for a number of different positions, including a deputy director for the International Auditing and Assurance Standards Board, technical managers in multiple areas, and a communications manager. While positions require a familiarity with the accounting profession and global financial issues, an accounting degree is not required for all positions. Visit Working at IFAC to learn more. Qualified candidates should send a resume and salary requirements to jobs@ifac.org.
 

• Chinese—Global Leadership Survey (2011, 2012)

• Czech—Handbook of the Code of Ethics for Professional Accountants (2012)

• Dutch—Guide to Practice Management for Small- and Medium-Sized Practices, Third Edition (2012)

• Spanish—International Auditing and Assurance Standards Board eNews March 2013 (2013), March Global Digest (2013)

• Swedish—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition - Vol II (2011)

• Vietnamese—Handbook of International Standards on Auditing and Quality Control (2009)

 

 

 

IFAC staff recently hosted a workshop in Bangkok, Thailand, The Revised SMOs: What You Need to Know. The interactive session assisted participants' understanding of the objectives of the November 2012 revisions to the IFAC Statements of Membership Obligations (SMOs) and what organizations need to do to apply them. This event was the first of three currently planned regional workshops on understanding and applying the SMOs. The workshop was held in conjunction with a meeting of the IFAC Compliance Advisory Panel (CAP) and an Association of Southeast Asian Nations (ASEAN) Federation of Accountants (AFA) Council meeting. The scheduling allowed both AFA and the Thai Federation of Accounting Professions, an IFAC member, to present to the CAP.  IFAC is also hosting a series of webinars on the SMOs over the coming months, the first of which was held on April 25. As new webinars are scheduled, the information will be shared on the IFAC website, Twitter feed, and Facebook page.

 

The 2013 IFAC Small and Medium Practices (SMP) Forum will be held in Kampala, Uganda, on June 5, 2013, and jointly hosted with the Institute of Certified Public Accountants of Uganda and the Pan African Federation of Accountants. IFAC member organizations may send up to ten delegates, who should be those responsible for SMP/small- and medium-sized entity (SME) affairs at their organizations. Registration forms have been sent to IFAC member organizations. If you are an individual member of an IFAC member organization and wish to attend, please register your interest with your organization. See more information at www.ifac.org/2013SMPForum. Registration has been extended to May 10, 2013. Act soon as space is limited. Hotel reservations should be made as soon as possible to ensure availability.

 

IFAC staff held a seminar with the Philippine Institute of Certified Public Accountants (PICPA) April 11 on how the approach to building and strengthening professional accountancy organizations is changing as the global landscape changes. Building For Sustainable Growth—(re)Defining Accountancy Profession in the Age of Twitter featured the relevant economic and global changes since the global financial crisis began and how regulation of the accountancy profession has shifted, as well as IFAC’s strategic global position and policies. Event attendees included representatives from the Thai Securities and Exchange Commission, the small- and medium-sized practices community, and the Thai government.

 

 

The next World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) in Rome, Italy in 2014. Themed 2020 Vision: Learning from the Past, Building the Future, the 2014 WCOA will be held November 10-13 at the Auditorium Parco della Musica. More than 4,000 professionals from all over the world will convene at this IFAC event, which is held every four years. WCOA 2014 will look back to explore the evolution of the accountancy profession and forward to showcase the innovations that will shape the future of the profession.

 

The WCOA also provides a global platform for organizations and firms to share their projects and visions via various sponsorship opportunities. For more information, please contact info@wcoa2014rome.com or Dimarco@wcoa2014rome.com.

 

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