1. 2013 Handbook of International Public Sector Accounting Pronouncements, 2013 Handbook of the Code of Ethics, and 2013 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Now Available

Print copies of the International Public Sector Accounting Standards Board (IPSASB), the International Ethics Standards Board for Accountants (IESBA), and the International Auditing and Assurance Standards Board (IAASB) handbooks are now available to purchase and/or download: 2013 Handbook of International Public Sector Accounting Pronouncements, 2013 Handbook of the Code of Ethics for Professional Accountants, and 2013 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements. Discounts are available for students, educators, and those living in developing countries (as classified by the World Trade Organization).
 

IFAC issued Policy Position Paper 8, Enhancing Organizational Reporting, to emphasize the importance and usefulness of reporting broad-based information beyond that which is provided in traditional financial reporting. Enhanced organizational reporting provides a more complete view of an organization’s position, performance, and longer term potential and sustainability, and is in the public interest. It provides important information for both internal and external stakeholders to support managing and directing operations, decision making, promoting transparency, and the discharge of accountability.
 

At its meeting in October, the Small and Medium Practices (SMP) Committee approved the final text of a new guide to help practitioners in practice, especially SMPs, with the implementation of International Standard on Review Engagements 2400 (Revised). The Guide to Review Engagements, planned for release in December, is intended to help IFAC member organizations support their members, and we encourage all members to adapt and translate the Guide to meet the requirements and circumstances in their particular jurisdiction (email permissions@ifac.org). IFAC has developed an article (available soon) on the nature and value of review engagements for IFAC members to share with their members via their publications and websites (email communications@ifac.org for access). Visit www.ifac.org/SMP and/or subscribe to the SMP Committee press releases and eNews to stay informed. 
 

To stimulate a global debate on preparing accountants for finance leadership, the IFAC Professional Accountants in Business Committee released a new Discussion Paper, The Role and Expectations of a CFO. The paper features five principles that highlight the changing expectations, scope, and mandate of the chief financial officer (CFO) and finance leadership roles and recommends actions professional accountancy organizations and employers can take to prepare professional accountants for career progression to finance leadership. These principles and recommended actions raise awareness of the implications for the education, training, and development of professional accountants. The Discussion Paper will be used as a basis to engage professional accountancy organizations, employers, and other stakeholders to share and enhance approaches to preparing professional accountants for finance leadership.
 

MOSAIC, the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration, recently published the Professional Accountancy Organization Global Development Report. MOSAIC is a historic Memorandum of Understanding that sets out the basis for improving cooperation and collaboration between IFAC and the international development community. It will provide the foundation for increasing the capacity of professional accountancy organizations (PAOs) and improving the quality of financial management systems in emerging economies. The creation of this report was jointly financed by the African Development Bank, the Asian Development Bank, the Inter-American Development Bank, and the World Bank and created in consultation with the MOSAIC Steering Committee, members, observers, and other interested organizations. Coordination of consultant inputs into this report was coordinated by the interim MOSAIC Secretariat, which is hosted by IFAC.
 

The next edition of the IFAC small- and medium-sized practices (SMP) Quick Poll will open in the next 2-3 weeks and remain open through the end of the year. In addition to trending questions, this edition will include a focus on reporting--auditor reporting, specifically, the IAASB’s Auditor Reporting Exposure Draft, and integrated reporting, i.e., demand for services in this area from small business clients. The poll, conducted twice annually, is intended to take a snapshot of key challenges and trends influencing SMPs globally. The mid-year 2013 poll received nearly 4,000 responses and was conducted in 16 languages, thanks to the translation support and promotional efforts of our member and regional organizations. We thank you for your continuing support and encourage you to plan to promote the poll when it opens in the coming weeks. Email communications@ifac.org for more information. 
 

IFAC is hiring for a number of different positions, including technical managers in multiple areas. 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.
 

• Albanian—Code of Ethics for Professional Accountants (2010) 

• Bulgarian—IAASB Proposals for Enhancing the Auditor’s Report: Potential Impact on Audits of Unlisted Entities (2013), Statements of Membership Obligations (SMOs) 1-7 (Revised) (2013)

• Chinese—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (Part I - Preface, Glossary, ISQC1, ISAs 200-810, Conforming Amendments to other ISAs.) (2013)

• Dutch—ISA 610 (Revised 2013), Using the Work of Internal Auditors and Related Conforming Amendments (2013)

• French—Good Practice Guide Part 1, Establishing and Developing a Professional Accountancy Body (2010)

• Montenegrin—IAASB's Recent Proposals and Their Impact on Unlisted Entities (2013)

• Slovenian—Handbook of the Code of Ethics for Professional Accountants (2010)

• Spanish—Companion Manual: Guide to Quality Control for SMPs/Guide to Using ISAs in the Audits of SMEs (2013), Companion Manual: Guide to Practice Management for SMPs (2012)

• Turkish—Handbook of the Code of Ethics For Professional Accountants (2013), International Standard on Auditing (ISA) 610 (Revised 2013), Using the Work of Internal Auditors (2013), International Standard on Review Engagements (ISRE) 2400 (Revised): Engagements to Review Historical Financial Statements (2012), Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2013), International Standard on Auditing (ISA) 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (2012), International Standard on Auditing (ISA) 210 - Agreeing the Terms of Audit Engagements (2012), International Standard on Auditing (ISA) 220 - Quality Control for an Audit of Financial Statements (2012), International Standard on Auditing (ISA) 230 - Audit Documentation (2012)

 

 

 

 

A podcast featuring highlights from the International Ethics Standards Board for Accountants (IESBA)’s September 16-18, 2013 meeting is now available. The 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 suspected illegal acts, long association, and the structure of the Code.

 

 

 

 

IFAC recently held a workshop on the Statements of Membership Obligations (SMOs) with members of the Fédération International des Experts-comptables Francophones (FIDEF) during FIDEF’s General Assembly and the 68th Congrès des Experts-Comptables in Dijon, France. The event gathered 31 participants representing 20 professional accountancy organizations. The workshop was preceded by a presentation in French on IFAC’s membership process, the SMOs, and the IFAC Member Body Compliance Program. Participants were then invited to discuss their approach to addressing the requirements of the SMOs. This session provided the opportunity to contextualize the range of guidance and information provided and allowed national PAOs to exchange experiences, receive input from others, and share ideas.
 

IFAC Chief Executive Officer Fayez Choudhury and International Public Sector Accounting Standards Board (IPSASB) Deputy Chair Ron Salole recently participated in a World Bank Group-International Monetary Fund (IMF) seminar, “Strengthening Fiscal Transparency and Government Accounting,” earlier this month. The seminar was part of the World Bank Group-IMF 2013 Annual Meeting, bringing together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
 

The event also featured regional briefings, press conferences, and other events focused on the global economy, international development, and the world's financial systems. The IMF also used the seminar to launch the new Fiscal Transparency Code, which will serve as a basis for a renewed push for greater fiscal transparency.
 

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. Watch 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 Auditing and Assurance Standards Board (IAASB) released proposals to enhance the future auditor’s report. The IAASB’s Exposure Draft, Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs), responds to calls from investors, analysts, and other users of audited financial statements in the wake of the global financial crisis for the auditor to provide more relevant information in the auditor’s report based on the audit that was performed. The IAASB’s deliberations on the proposed new and revised ISAs were informed by international research, two public consultations, stakeholder outreach including three public roundtables held in 2012, and the 165 responses to the June 2012 Invitation to Comment: Improving the Auditor’s Report. Comment Deadline: November 22, 2013

The International Public Sector Accounting Standards Board (IPSASB) has released the following five exposure drafts (EDs): ED 48, Separate Financial Statements, ED 49, Consolidated Financial Statements, ED 50, Investments in Associates and Joint Ventures, ED 51, Joint Arrangements and, ED 52, Disclosure of Interests in Other Entities. These five EDs will replace current requirements in three International Public Sector Accounting Standards (IPSASs): IPSAS 6, Consolidated and Separate Financial Statements, IPSAS 7, Investments in Associates, and IPSAS 8, Interests in Joint Ventures. A key part of the IPSASB’s strategy is to converge IPSASs, to the extent appropriate, with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). The IPSASB developed these EDs in light of the relevant IFRSs, while also considering public sector-specific differences and, as a result, these five EDs propose some important changes to make the standards appropriate for application in the public sector. Comment Deadline: February 28, 2014

The IPSASB has also released Exposure Draft (ED 53), First-Time Adoption of Accrual Basis International Public Sector Accounting Standards. This proposed standard, which is applicable to entities that present accrual basis financial statements during the process of adopting and implementing International Public Sector Accounting Standards (IPSASs), provides exemptions during the transition period. The ED states that a reconciliation should be presented in the notes to an entity’s transitional IPSAS financial statements or first IPSAS financial statements. A reconciliation is not required where the entity previously applied the cash basis of accounting. A reconciliation is important for users to understand the relationship between information presented under the previous basis of accounting and the IPSAS information. Comment Deadline: February 15, 2014