Leaders of accountancy institutes worldwide met in Istanbul, Turkey on November 9-13 to participate in the International Federation of Accountants' (IFAC) Board and Council meetings. The reins of the organization were turned over to new IFAC President Juan José Fermín del Valle of Argentina, and the Council approved the nomination of Robert L. Bunting of the United States as Deputy President. Each of these individuals will serve in their respective capacity through November 2008. In addition, the Council approved the appointment of five new members to the IFAC Board and the reappointment of three Board members to a second term.
Newly elected IFAC President Fermín del Valle emphasized his commitment to enhancing societies around the world by contributing to their economic growth and development. He encouraged Board and Council members to "lead by example" by following the highest ethical standards, urged IFAC's member bodies to collaborate with IFAC in serving the public interest, and called on member and regional accountancy bodies to join IFAC in its initiatives to develop the profession worldwide.
Supporting these goals, the IFAC Council approved an updated Strategic Plan that emphasizes the need for ongoing collaboration between IFAC and its member bodies and external stakeholders, calls for increased efforts for the development of the global profession, and outlines standard-setting priorities for the next two years.
"As part of our ongoing planning, we recognize that the profession should continue to look at the markets it serves - both within organizations and public practice - as well as the needs of these markets. We must be willing to be flexible and innovative to address these needs," states Mr. del Valle.
During the meeting, Developing Nations Committee Chair Ndung'u Gathinji announced the production of new French and Spanish language versions of the IFAC good practice guidance for the profession in developing nations, entitled Establishing and Developing a Professional Accountancy Body. The IFAC Council also approved a new constitution designed to modernize IFAC's approach to constitutional issues and to enhance specific aspects of governance. The Council also accepted the Certified Practicing Accountants Papua New Guinea as an associate of IFAC.
About IFAC
IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is currently comprised 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. IFAC, through its independent standard-setting boards, sets international standards of ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.
IFAC Board Members (November 2006 - November 2007)
Juan José Fermín del Valle, President Robert Bunting, Deputy President United States Warren Allen, New Zealand * Yugui Chen, China ** Kevin Dancey, Canada * Roberto D'Imperio, Italy Ingrid Doerga, Netherlands * Ndung'u Gathinji, Kenya Charles Horstmann, United States Gen Ikegami, Japan David Leonard, United Kingdom ** Bernadette McGrory-Farrell, Ireland Ofer Minirav, Israel Joycelyn Morton, Australia William Nahum, France ** Norbert Pfitzer, Germany * Roberto Resa, Mexico * Haji Alias Abdul Samad, Malaysia Göran Tidström, Nordic Federation Charles Tilley, United Kingdom Kamlesh Vikamsey, India Sylvie Voghel, Canada
* New IFAC Board members as of November 2006
** IFAC Board members reappointed for a second term in November 2006