At its meeting last week in Toronto, Canada, the Board of the International Federation of Accountants (IFAC) approved increasing the involvement of developing nations in its activities by expanding the IFAC Developing Nations Committee and by providing financial support to qualified individuals from developing nations who would like to participate on IFAC boards and committees. It also gave further recognition to the role of its Professional Accountants in Business (PAIB) Committee in developing global guidance by clarifying its mission.
The Board also approved the following appointments, which are effective January 1, 2007:
- Edward Chow of Hong Kong as the Chair of the IFAC Professional Accountants in Business Committee;
- Mike Hathorn of the United Kingdom as Chair of the IFAC International Public Sector Accounting Standards Board; and
- Ignatius Sehoole of South Africa as Chair of the Developing Nations Committee.
In addition to taking these actions, the Board focused a part of its discussion on convergence to international standards. Guest speakers Paul Cherry, Chair, Accounting Standards Board, Canada, and Ron Salole, Vice President of Standards for the Canadian Institute of Chartered Accountants, addressed the challenges and successes they have faced in moving from national standards to international standards and the benefits that have been realized as a result of this transition. In addition, Sheila Fraser, Auditor General of Canada, discussed the ways in which the Canadian Government accounts to its electorate, the significance of international public sector financial reporting standards, and the need for the use of an international set of standards recognized by governments and legislative bodies.
"Canada's recognition of the importance of international standards was further exemplified by the Canadian government's recent donation of US $1 million to the International Public Sector Accounting Standards Board and the Canadian Institute of Chartered Accountants' (CICA) willingness to second staff to that Board," states IFAC President Graham Ward. "We are very grateful for this and other support provided by IFAC's member organizations."
About IFAC
The International Federation of Accountants (IFAC) is dedicated to serving the public interest, strengthening the worldwide accountancy profession, and contributing to the development of strong international economies. Its current membership consists of approximately 160 professional accountancy bodies in 120 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization sets international standards of ethics, auditing and assurance, education and public sector accounting and develops guidance for professional accountants in business.