The Colegio de Contadores Públicos de Nicaragua, along with the World Bank, the Inter-American Development Bank, the Global Public Policy Committee, and IFAC, with the support of the Inter-American Accounting Association, will co-host CReCER 2012, Quality Financial Information for Regional Economic Development, October 29–31, 2012, in Managua, Nicaragua, at the Crowne Plaza Convention Center. The conference will include sessions on implementation of International Public Sector Accounting Standards, the auditor’s report, integrated reporting, updating education curriculum, and adoption and enforcement of ethics in Latin America. For more information, please see http://crecer2012.org.

Source: CReCER 2012 

 

 

The Canadian Institute of Chartered Accountants (CICA) and the Canadian Public Accountability Board have begun a new collaborative consultation project on audit quality, including the role of the audit committee and auditor reporting and independence. The initiative, Enhancing Audit Quality, is designed to ensure Canada “has a voice in discussions on international audit proposals that stem from the 2008 financial crisis.” The steering committee for the initiative includes audit committee members, standard setters, auditors, institutional investors, banking and securities regulators, and preparers of financial statements.

Source: Canadian Institute of Chartered Accountants

 

 

The Institute of Certified Public Accountants of Rwanda (iCPAR) has launched two new qualification programs for accountants in Rwanda, Certified Public Accountants (leading to a CPA-R) and Certified Accounting Technicians (leading to a CAT-R). These new programs will allow accountants in Rwanda to gain accreditation locally instead of needing to sit for exams in neighboring nations or with foreign accountancy organizations. Both programs were developed based on international standards and best practices and adapted for specifics in Rwanda. In launching the programs, iCPAR seeks to become more involved with other professional accountancy organizations in the region, involve itself actively with other regional accounting bodies across the East African Community, and attract additional highly-skilled accountancy professionals.

Sources: Institute of Certified Public Accountants of Rwanda and AllAfrica.com

 

 

The integration of sustainability information into corporate reports should be included in the outcomes of the upcoming United National Conference on Sustainable Development (Rio+20), according to the Association of Chartered Certified Accountants (ACCA). Making a Difference at Rio+20 seeks to influence policymakers and create debate prior to Rio+20, taking place June 20–22, 2012, in Rio de Janeiro, Brazil. ACCA argues for the importance of inclusion of paragraph 24—on integration of sustainability information into corporate reports—of the draft outcome document for Rio+20.

Source: Association of Chartered Certified Accountants

 

 

The American Institute of Certified Public Accountants (AICPA) has called on its members to help their local public sector entities use historical financial information to make better budget decisions. The AICPA has also created a dedicated web page to address issues with the US federal government’s finances to help CPAs educate themselves and others on the topic and possible means to address it.

Sources: AICPA Insights and American Institute of Certified Public Accountants

 

 

The Vice President of Ghana, John Dramani Mahama, has called upon the Institute of Chartered Accountants in Ghana to develop “creative financial models that are feasible and suitable to achieve faster public sector reform.” While praising the work and achievements of the Institute, Mr. Mahama said the Ghanaian government is ready to partner with the Institute to achieve reform. Institute President Joseph Blankson has said it is on the path toward adopting International Public Sector Accounting Standards and is currently working with the Ministry of Finance and multiple government bodies to “see the process through.”

Source: Ghana Broadcasting Corporation

 

 

As of April 1, 2012, the Hong Kong stock exchange now requires auditors of listed companies to attend annual general meetings to answer questions about the conduct of the audit, the preparation and content of the auditor’s report, accounting policies, and auditor independence. In response, the Hong Kong Institute of Certified Public Accountants has collected advice for those who are new to the undertaking. Additionally, the Institute looks at auditors’ liability and duty of care issues when fulfilling the new requirement.

Source: A Plus (p. 38-42, 44-45)

 

 

The Conseil Supérieur de l'Ordre des Experts-Comptables Supreme (OEC) has submitted 80 proposals to the French government designed to reduce the regulatory burden on small- and medium-sized entities (SMEs), including delayed timeframes for new requirements, possible IT assistance, and removal of some requirements.

Source: Conseil Supérieur de l'Ordre des Experts-Comptables Supreme

 

 

• Regardless of commitments to ethical performance by companies around the world, there is still a great deal of pressure to act unethically according to Managing Responsible Business, a new report from Chartered Global Management Accountant, the joint initiative from the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants.

Sources: American Institute of Certified Public Accountants and Chartered Institute of Management Accountants

• The Institute of Chartered Accountants in England and Wales and the Philippine Institute of Certified Public Accountants have agreed to work more closely to develop talent, share knowledge, and advance the profession in the Philippines and Asian region.

Sources: Institute of Chartered Accountants in England and Wales, Philippine Institute of Certified Public Accountants, and Inquirer Global Nation

 

 

 

 

The US Financial Accounting Foundation (FAF) has announced the creation of a new accounting standard-setting body for private companies in the US, the Private Company Council (PCC). FAF, which oversees the US Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board, said the PCC will have two main responsibilities: a) determine whether exceptions or modifications to existing nongovernmental US GAAP are necessary to address the needs of users of private company financial statements, and b) identify, deliberate, and vote on proposed changes, which will be subject to endorsement by FASB. After establishing the PCC, FAF issued its call for nominations for the council, the deadline for which is June 30, 2012. The American Institute of Certified Public Accountants has issued a statement in support of FAF’s decision and published a blog post detailing its support.

Source: Financial Accounting Foundation 

 

 

The world’s first International Integrated Reporting Framework will be published by the end of 2013, the International Integrated Reporting Council (IIRC) recently confirmed. The upcoming Framework will include information learned and gathered during the Pilot Programme, which is currently underway to test principles, content, and practical application. The IIRC also published its Discussion Paper Summary of responses to the Discussion Paper published in September 2011; the collected responses assisted the IIRC in identifying areas that need further exploration.

Source: International Integrated Reporting Council

 

 

According to Michel Prada, chair of the International Financial Reporting Standards (IFRS) Foundation, high-quality, international standards are here to stay, although there is still a great deal of work to be done to achieve global adoption. The comments came during a recent address to the annual conference of the International Organization of Securities Commissions (IOSCO), which he called one of the founding fathers of the move toward global standards. Mr. Prada also encouraged a closer relationship between the two organizations.

Source: inAudit

 

 

Chinese authorities have issued new requirements for audit firms regarding the makeup of partners, which will likely necessitate restructuring by large firms. Scheme for Localized Transformation of Sino-foreign Cooperative Accounting Firms includes a new regulation that no more than 40% of partners in a joint venture may be foreign-qualified accountants. This new rule will apply when current joint venture agreements expire. Additionally, the new regulations will require a further increase in Chinese-qualified partners by 2017—no more than 20% of partners may be foreign-qualified. The Scheme, issued by the Ministry of Finance, Administration for Industry and Commerce, Ministry of Commerce, State Administration of Foreign Exchange, and the China Securities Regulatory Commission, also requires firms to “localize” staff to bring them in line with Chinese laws on qualifications, age, and experience.

Source: China Briefing

 

 

 

Financial regulators in the US and the UK are creating a concrete plan to protect the broader international financial system from damage if one of the seven leading cross-border banks were to collapse. The Bank of England, the UK Financial Services Authority, and the US Federal Deposit Insurance Corporation are working on a “resolution plan,” the first of its kind, which will reportedly authorize authorities to take over for a failing bank and force shareholders and bondholders to take losses in order to keep critical operating companies open. The organizations hope that by creating such a plan, they will be encouraging other regulators around the world to do the same. The Bank of England also recently made recommendations to bank regulators regarding reliance on banks’ in-house computer models that could be flawed; a more hands-on approach to supervising individual banks was recommended.

Source: Financial Times