IFAC News in Brief
 

The public sector accounting and ethics handbooks are now available to purchase and/or download: 2013 Handbook of International Public Sector Accounting Pronouncements and 2013 Handbook of the Code of Ethics for Professional Accountants. The 2013 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements will be available for purchase this summer and is currently accepting pre-orders. Discounts are available for students, educators, and those living in World Trade Organization developing countries.

 

The International Auditing and Assurance Standards Board released its 2012 Annual Report which highlights the IAASB’s work in the public interest to enhance the quality and consistency of practice throughout the world, and thereby strengthen the public’s confidence in the global auditing and assurance profession. It covers new and enhanced international standards issued by the IAASB during the year, and the board’s progress on its current standard-setting projects and related initiatives. It also summarizes the IAASB’s outreach activities to obtain input on its deliberations and to keep stakeholders informed of its activities.

 

Audio podcasts featuring highlights from the International Ethics Standards Board for Accountants (IESBA), the International Public Sector Accounting Standards Board (IPSASB), and the International Accounting Education Standards Board (IAESB) June 2013 meetings are now available. 

 

The Ethics Board meeting highlights podcast includes updates from IESBA Chair Jörgen Holmquist and task force chairs on key projects or initiatives that the IESBA deliberated at the meeting, including responding to a suspected illegal act, the structure of the Code, and the 2014-2016 Strategy & Work Plan.

 

The IPSASB podcast features Chair Andreas Bergmann providing updates on Conceptual Framework elements, recently approved Recommended Practice Guidelines, and other key actions and discussions.

 

The IAESB podcast includes IAESB Chair Peter Wolnizer and Deputy Chair Saleem Kharwa discussing the 2014-2016 Strategy and Work Plan, International Education Standard (IES) 4, and the IES Revision Project.

 

Two new articles have been made available for publication by member bodies, “New Guidance Aims to Improve Public Sector Governance” and “Boosting the Quality and Efficiency of Smaller Entity Audits.” IFAC invites members and regional organizations to publish these in their journals, newsletters, website, and other forums. The articles can also be tailored to suit the needs of your organization and membership. These articles, and previously released articles, are available on the IFAC Extranet (under Resources, see Member Bodies—Articles for Member Body Publication). If you plan to reproduce or adapt an article, email communications@ifac.org with publication details, including the title, when and where you plan to publish, and any changes tracked for our review. Email permissions@ifac.org for permission to translate.

 

The May-June 2013 IFAC SMP Quick Poll, available in 16 languages, will remain open until July 8, 2013. The SMP Quick Poll is being conducted semi-annually in 2013 to take a snapshot of the key issues confronting SMPs and their SME clients. The poll should take less than three minutes to complete. The results will be published in the next SMP eNews (register and subscribe here) and in our year-end report, which will combine and analyze the data from this and a second SMP Quick Poll, slated for November 2013. 

 

The Professional Accountancy Organization (PAO) Development Committee has issued a guidance paper on how a PAO's governance structure should be designed to facilitate delivery of its mission and/or vision as well as balance the interests of its members with its public interest responsibilities. Establishing Governance: A Guide for Professional Accountancy Organizations recognizes that whatever the governance model, it is important to strive to adhere to the principles of good governance—most particularly to ensure that there is adequate separation between executive and oversight functions and that there are safeguards in place where conflicts of interest come up.

 

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.

 

• Arabic—Handbook of International Public Sector Accounting Pronouncements (2012), Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012), Handbook of the Code of Ethics for Professional Accountants (2012)

• Bulgarian—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012), Handbook of the Code of Ethics for Professional Accountants (2012)

• Dutch—How to Cope with Pressure to Lower Fees (2012)

• Estonian—Handbook of the Code of Ethics for Professional Accountants (2009)

• Icelandic—Handbook of the Code of Ethics for Professional Accountants (2009)

• Latvian—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012), Handbook of the Code of Ethics for Professional Accountants (2012)

• Portuguese—Handbook of International Public Sector Accounting Pronouncements (2012)

• Spanish—International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon (2012), IFAC Update April 2013 (2013), Global Digest April 2013 (2013), Global Digest May 2013 (2013), PAIB eNews April 2013 (2013)

• Thai—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition (2012)

• Turkish—International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements (2012)

 
 

 

 

ASEAN Capital Markets—The Importance of a Strong Financial Reporting Environment, organized by Global Public Policy Committee (GPPC) and IFAC, discussed the importance of high-quality financial reporting, which is essential for investor confidence and economic growth. Attendees included more than 150 senior government officials and policy makers, senior company executives, company directors and audit committee members, investors, audit regulators, and leaders of the accounting and auditing profession from 14 Association of Southeast Asian Nations (ASEAN) and other nations. The event was supported by the Institute of Certified Public Accountants of Singapore (ICPAS), US-ASEAN Business Council (USABC), and Asian Corporate Governance Association (ACGA).

 

Panel discussions covered the three key elements required for high-quality financial reporting, namely, a strong financial reporting infrastructure, independent oversight of auditors, and corporate governance in the ASEAN region. IFAC President Warren Allen shared IFAC's vision: for the accountancy profession to be recognized as a valued leader in the development of strong and sustainable organizations, financial markets, and economies.

 

The Institute of Certified Public Accountants of Singapore (ICPAS) featured the symposium in a recent article published in its publication, IS Chartered Accountant.

 

 

Over 175 delegates from 33 professional accountancy organizations in 30 countries met in Kampala, Uganda for the seventh annual IFAC Small and Medium Practices (SMP) Forum on June 5, 2013. Co-hosted with the Institute of Certified Public Accountants of Uganda and the Pan African Federation of Accountants. Delegates convened to learn, debate, and collaborate on a global stage regarding the unique opportunities and challenges facing SMPs and their small- and medium-sized entity (SME) clients. The agenda, presentations, and photos are available at www.ifac.org/2013SMPForum.

 

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 around the world will convene at this quadrennial IFAC event. 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. Click on the video for more information on the 2014 WCOA. Register Now.

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.

 

 

The International Public Sector Accounting Standards Board (IPSASB) released the fourth Exposure Draft (ED) related to the IPSASB’s project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. Published April 17, the Conceptual Framework Exposure Draft 4, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports, further develops and modifies the conceptual approach highlighted in the Consultation Paper published in 2012. The ED describes presentation as the selection, location and organization of information that is displayed and disclosed in General Purpose Financial Reports (GPFRs). GPFRs include both financial statements and other reports providing additional information that enhances, complements, and supplements the financial statements. The ED also describes display and disclosure, and identifies three presentation decisions—information selection, location, and organization. Comment Deadline: August 15, 2013

 

IFAC and the Chartered Institute of Public Finance and Accountancy (CIPFA) have issued a Consultation Draft, Good Governance in the Public Sector, to promote the development of robust governance. The Draft looks to establish a benchmark for good governance in the public sector at both the government and individual public sector entity levels. This Consultation Draft was developed after an initial review of relevant governance literature and with input from a joint International Reference Group, whose members are listed in the Framework. Public sector representatives and other public sector stakeholders are encouraged to respond to the proposed Framework to help improve its applicability to public sector entities at all levels internationally. Comment Deadline: September 17, 2013