1. IFAC Council Passes Constitution, Bylaws during Special Meeting
 

During a Special Meeting this week in New York, the IFAC Council voted to approve the new Constitution and Bylaws by an overwhelming majority—with 109 in favor, 3 against, and 5 abstentions. Of 146 eligible member bodies, 118 exercised their right to vote—believed to be the largest participation rate of any Council vote. IFAC wishes to thank the participating voting delegates, those in person in New York and online via web conference, for their time.
 

While in New York for the Special Meeting, Council members also participated in an Open House at the IFAC office, which included sessions on building capacity and promoting quality; advancing the interests of the global accountancy profession; supporting accountants worldwide; guidance on the nominations process; and guidance on translations and permissions issues.
 

Last month, IFAC introduced the Global Knowledge Gateway, a portal for accountancy news, views, resources, and thought leadership from IFAC, its member organizations, and other notable groups and individuals. The Gateway answers the call for IFAC to better leverage its position as the global accountancy organization, and is a place for professional accountants to access high-quality resources; learn about developing areas of the profession, such as sustainability and integrated reporting; stay connected to the most pressing accountancy issues and news of the day; and interact by exchanging views, making recommendations, and sharing what they find with their own social networks.
 

IFAC and the Institute of Chartered Accountants of Scotland (ICAS) have collaborated to encourage engagement and debate regarding the International Accounting Standards Board (IASB)’s Conceptual Framework for Financial Reporting through a new joint paper, Do We Need a Roadmap for Financial Reporting? The paper seeks to align the theoretical considerations with practical ones, and generate debate and discussion that can assist the IASB as it begins to consider revisions to the existing Conceptual Framework.
 

The most recent IFAC SMP Quick Poll of small- and medium-sized accounting practices (SMPs) indicated that fewer of their small business clients are burdened by economic uncertainty, perhaps suggesting a more favorable economic climate and signaling future growth in this sector. For additional findings and the complete report, see the IFAC SMP Quick Poll, 2013 Year-End Round-Up in the SMP Committee area of the IFAC site: www.ifac.org/SMP. The year-end 2013 poll received 3,709 responses and was conducted November–December 2013 in 17 languages. The poll is intended to take a snapshot of key challenges and trends influencing SMPs globally. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the poll.
 

The IFAC Small and Medium Practices (SMP) Committee recently released a set of PowerPoint slides to support IFAC member organizations and their members, especially those operating in SMPs, in understanding and applying the guidance in IFAC’s recently published Guide to Review Engagements. The slides include an overview of the Guide and an introduction to review engagements.
 

In addition, IFAC recently published an article on review engagements that explains this cost effective, value-adding service for clients. IFAC invites member bodies to use and adapt the slides, and to share the article via their publications and websites. For access and permission, contact permissions@ifac.org. Visit www.ifac.org/SMP and/or subscribe to the SMP Committee press releases and eNews to stay informed.
 

To view translated publications, please see the Translations Database. 

• Arabic—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2013); Handbook of the Code of Ethics for Professional Accountants (2013)

• Bulgarian—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2013)

• Portuguese—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012)

• Thai—International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (2013); International Standard on Auditing (ISA) 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (2013); ISA 610 (Revised 2013), Using the Work of Internal Auditors and Related Conforming Amendments (2013)

• Turkish—ISAs 530, 540, 550, 560, 570, 580, and 610 (2012)

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

News in Brief: Standard-Setting Boards
 

 

The International Auditing and Assurance Standards Board (IAASB) has released a new publication, A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. Through this Framework, the IAASB aims to raise awareness of the key elements of audit quality, encourage key stakeholders to challenge themselves to do more to increase audit quality in their particular environments, and facilitate greater dialogue between key stakeholders on the topic. The Framework describes in a holistic manner the different input, process, and output factors relevant to audit quality at the engagement, firm, and national levels
 

The International Public Sector Accounting Standards Board (IPSASB) has released a policy paper, Process for Considering GFS Reporting Guidelines during Development of IPSASs. It sets out the IPSASB’s process for considering Government Finance Statistics (GFS) reporting guidelines during the development of International Public Sector Accounting Standards (IPSASs).
 

The International Accounting Education Standards Board (IAESB) has published an International Education Information Paper to help professional organizations conduct written examinations of aspiring accountants seeking qualification. The paper is intended to help professional accountancy organizations implement the revised International Education Standard (IES) 6, Initial Professional Development, Assessment of Professional Competence, issued in November 2012, and covers the many policies and procedures to develop, administer, and grade written examinations. It is especially useful to still-developing organizations that need to make decisions on assessment practices for their education programs.

   

 

 

 

IFAC CEO Fayez Choudhury will be speaking at the Economist ‘s 2014 CFO Summit on March 6, 2014, in London. The conference is a leading annual event that brings together more than 120 senior finance executives to discuss the evolution of the CFO function. Conference organizers are offering IFAC members, colleagues, and friends a 20% discount on admission (use the code IFAC20 when registering). For more information, please visit: www.cfosummit.co.uk or email emeaevents@economist.com.
 

The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) is holding three global roundtables to gain additional feedback on its project to address professional accountants’ responsibilities regarding the disclosure to an appropriate authority of suspected non-compliance with laws and regulations (formerly called suspected illegal acts) by a client or employer:

• Hong Kong S.A.R, China, May 20, 2014;

• Brussels, Belgium, June 3, 2014; and

• Washington DC, US, July 10, 2014.

 

As space is limited, attendance is by invitation only. Expressions of interest, including name, job title, organization, and preferred location, should be emailed to KaushalGandhi@ethicsboard.org as soon as possible.
 

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. Themed 2020 Vision: Learning from the Past, Building the Future, the 2014 WCOA will be held November 10-13, 2014, 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.
 

IFAC President Warren Allen will be one of the executives featured at GLOBE 2014, March 26-28, in Vancouver, Canada. He will participate in “Green is the New Black: The Growing Role of the C-Suite in Sustainability,” an interactive panel discussion focusing on what metrics chief financial officers are using to move forward on their companies’ sustainability initiatives. 
 

   

 

 

The International Auditing and Assurance Standards Board (IAASB) has released its Proposed Strategy for 2015–2019 and Proposed Work Program for 2015–2016. The Consultation Paper includes questions to obtain stakeholders’ views on the appropriateness of the board’s strategic objectives, and topics chosen as focal points in light of these objectives; and the approach taken to the development of the work program, in particular the IAASB’s decision to focus on fewer key projects. Comment Deadline: April 4, 2014

The International Accounting Education Standards Board (IAESB) has released for public exposure a proposed revision of International Education Standard (IES) 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements. The revised standard focuses on the professional competence requirements for engagement partners who have responsibility for audits of financial statements. Comment Deadline: April 17, 2014
 

The IFAC Professional Accountants in Business (PAIB) Committee has issued proposed International Good Practice Guidance, Developing and Reporting Supplementary Financial Measures, for public comment. This guidance seeks to establish a benchmark for the use of supplementary financial measures, in order to improve understanding of an organization’s performance among management, investors, and other stakeholders. An article [LINK] has also been published on the use and value of the guidance, which is available to member bodies to share via their publications and websites. For access and permission, contact permissions@ifac.org. Comment Deadline: May 26, 2014
 

The PAIB Committee also issued a Discussion Paper, The Role and Expectations of a CFO: A Global Debate on Preparing Accountants for Finance Leadership, which is designed to stimulate a global debate on preparing accountants for finance leadership roles, including chief financial officer (CFO). The Discussion Paper will be used as a basis to engage professional accountancy organizations, employers, and other stakeholders on sharing and enhancing approaches to preparing professional accountants for finance leadership. Comment Deadline: March 17, 2014