The IAESB Personal Perspectives Series shares insights from board members and technical advisors on some of the challenges affecting aspiring professional accountants and the importance of effective accountancy learning and development. This Perspective, Promoting Trust for Sustainable Growth, is from Blanca Tapia, IAESB Member and a faculty member at Universidad Nacional Autónoma de México, and Dr. Sylvia Meljem, IAESB Technical Advisor and faculty member of the Instituto Tecnológico Autónomo de México.

Highlights from the IESBA's December 4 - 8, 2017 meeting in Livingstone, Zambia.

• 00:13 - Introduction: Ken Siong, IESBA Technical Director
• 00:50 - Highlights & Key Developments: Stavros Thomadakis, IESBA Chairman
• 03:07 - Part C of the IESBA Code: Helene Agelii, IESBA Member 
• 05:04 - Professional Skepticism – Richard Fleck, IESBA Deputy Chair 
• 08:08 - Safeguards: Gary Hannaford, IESBA Member 
• 12:11 - Structure of the IESBA Code, Don Thomson, Task Force Chair and former IESBA Member 
• 14:26 - Closing Remarks: Ken Siong, IESBA Technical Director

A call for nominations for the four international standard-setting boards is issued today. For nearly two decades, the global economy and financial market stability have been supported by the work of these international, independent standard-setting boards. Members of these boards are highly knowledgeable and informed individuals with insight and perspectives relevant to global standards.

The Call for Nominations for 2019 details the upcoming opportunities for qualified individuals to join the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB). Serving on these boards allows individuals with diverse professional backgrounds to contribute to the development of international standards, and to gain international experience while serving the public interest.

Nominations for the 22 open volunteer positions can come from all stakeholders, interested parties, and the general public. Travel support is available to qualified candidates from developing nations, self-nominees, and public members.

Gender equality is especially important to the Nominating Committee and, therefore, nominations of strong female candidates are strongly encouraged. Although candidates are ultimately selected based on professional background and experience, nominations from Africa, Asia, the Caribbean, Latin America, and the Middle East are particularly welcome to promote greater diversity on each board.

Candidates should have relevant subject-matter knowledge as well as strong English proficiency. Each board meets up to four times per year; the required time commitment is approximately 300 to 850 hours per year, depending on the board, member involvement, preparation, and travel time. 

The Nominating Committee requests submissions by February 15, 2018 via the Nominations Database. 

About the IAASB
The IAASB is an independent standard-setting board that develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

About the IAESB
The IAESB is an independent standard-setting board that develops education standards, guidance, and information papers for use by IFAC member organizations under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.

About the IESBA
The IESBA is an independent standard-setting board that develops ethical standards and other pronouncements for professional accountants worldwide under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC.

About the IPSASB
The IPSASB is an independent standard-setting board that works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards (IPSAS) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC).

About the Nominating Committee
The Nominating Committee follows an open and transparent process with public interest oversight to select the most suitable candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting candidates, please visit the Nominating Committee web page.

About the PIOB
The Public Interest Oversight Board (PIOB) is the global independent oversight body that seeks to improve the quality and public interest focus of the international standards formulated by the IAASB, IAESB and IESBA in the areas of audit and assurance, education, and ethics. Through its oversight activities, the PIOB works to bring greater transparency and integrity to the audit profession, thereby contributing to the enhanced quality of international financial reporting.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

Narrada pelo técnico do IPSASB, João Carlos Fonseca, esta apresentação fornece uma visão geral do Exposure Draft 63, Benefícios Sociais.

O Exposure Draft aborda a contabilização de benefícios sociais, tais como reforma, desemprego e incapacidade, com o objetivo de melhorar a consistência, transparência e relato de benefícios sociais por entidades do setor público, os quais representam uma grande percentagem dos gastos públicos em muitas jurisdições.

O Exposure Draft 63 define benefícios sociais e propõe requisitos para o reconhecimento e mensuração de esquemas de benefícios sociais. Também propõe requisitos de divulgação que fornece informação adicional para os utilizadores avaliarem o efeito dos benefícios sociais nas finanças públicas no futuro.

Tradução parcialmente baseada na lei portuguesa.

Translation partially based on Portuguese law.

Khalilullah Shaikh joined the IFAC Board in November 2023. He was nominated by the Institute of Chartered Accountant of Pakistan (ICAP). Mr. Shaikh is a Fellow member of the Institute of Chartered Accountants of Pakistan (ICAP/ Institute) and has been serving as elected Council member of ICAP since 2013. Formerly, he served a past president and vice president of the Institute and chaired various committees and task forces of ICAP, including Investigation Committee and Professional Accountants in Business Committee. Mr. Khalilullah Shaikh has also served as elected member of Southern Regional Committee of ICAP. He is also a member of PAIB Advisory Group of the International Federation of Accountants (IFAC) since 2016.

Mr. Khalilullah Shaikh has more than 15 years of work experience in senior management roles. He is currently working as Chief Financial Officer of Pakistan International Airlines. Prior to this, he was associated with K-Electric and served in various roles, as Head of Supply Chain, Director Finance and Chief Internal Auditor. Mr. Shaikh has also served as Head of Treasury at Pakistan Refinery Limited.

Mr. Khalilullah Shaikh has a passion for human development. He has been conducting weekend lectures for CA Final students and his student alumni include over 1,500 Chartered Accountants of Pakistan. On the academic front, he secured Five Gold Medals in CA Final examinations, which is a record in the history of ICAP.

Ms. Asmaa Resmouki has more than thirty years of experience in the profession, including serving as audit partner in the large auditing firms (Deloitte and EY) in Morocco. In 2020, she started her consultancy practice firm where she has been assisting different organizations in projects relating to the profession and to advisory services.

Ms. Asmaa Resmouki became IFAC President in November 2022. Prior to becoming President, Ms. Resmouki was appointed Deputy President in November 2020 after serving on the IFAC board since November 2017, originally nominated to the board by the Ordre Des Experts Comptables—Morocco. As Deputy President, Ms. Resmouki chaired the IFAC Planning and Finance Committee, having previously chaired the board's Governance Subcommittee prior to her election as Deputy President.

Ms. Resmouki is a Past President of the Pan African Federation of Accountants (PAFA). She served on the PAFA Board since 2011, as vice president and chair of the Planning, Human Capital, and Financial Committee from 2013 to 2015 and as president from 2015 to 2017. Asmaa had also served in voluntary roles in the Moroccan accounting profession from 2008 to 2014, especially in Quality Control field.

Thanks to her diverse and wide experience, Ms. Resmouki has developed as a thought leader in the development and strengthening of the accountancy/auditing profession, as well as an expert in good corporate governance and best practices to manage and lead robust Boards and committees.

The International Federation of Accountants (IFAC) has published its initial views to the Monitoring Group Consultation Paper on changes to the international audit and ethics standard-setting process.

While IFAC agrees with some aspects of the Monitoring Group Consultation Paper, including the introduction of a multi-stakeholder model, broad geographical representation, sufficient checks and balances, and a review of the nominations process, it has concerns about far reaching proposals that would fundamentally dismantle the current model.

IFAC is also concerned that the consultation paper offers no evidence for such a drastic change and that fundamental key issues are omitted from the consultation or deferred, including: funding, oversight and governance, transition process, and an impact and risk assessment. Additionally, aspects of the Consultation Paper do not accurately reflect the current standard-setting arrangements, and offer proposals that are contrary to the Monitoring Group’s stated aims.

As an alternative to the proposals in the Monitoring Group Consultation Paper, IFAC proposes changes, which further enhance the independence of international standard setting while retaining separate audit and ethics boards and allowing ethics standards to remain applicable to all professional accountants, including auditors. They reinforce a multi-stakeholder approach across all aspects of standard setting, including the Public Interest Oversight Board (PIOB) and Nominating Committee; clarify the role of the PIOB and enhance transparent, independent public interest oversight; and advocate for a funding model with contributions from all stakeholders.

IFAC welcomes regular reviews of the standard-setting process that are in the public interest and ensure that the structures for international standard setting remain relevant in a changing world.

The Monitoring Group is considering all feedback from stakeholders. Comments should be submitted by February 9, 2018 to: MG2017consultation@iosco.org.

About IFAC
IFAC is the global 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 comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Auditing and Assurance Standards Board (IAASB) has agreed to collaborate with the World Business Council for Sustainable Development (WBCSD) to strengthen international assurance standards on sustainability reporting.

The collaboration supports WBCSD’s Redefining Value program and its objective to incorporate sustainability reporting within mainstream reporting, while ensuring external reporting follows the applicable IAASB international assurance standards (or their national equivalents). This consistency will champion the road to create greater alignment across reporting frameworks and build trust and confidence in sustainability reporting.

The WBCSD engaged IAASB as a key collaborator for this new project because it is the global standard setter for auditing and assurance standards.

Assurance of sustainability information continues to be an issue for preparers and assurance providers. Investors have consistently stated that assurance is important for building confidence in sustainability information in order for the information to be relevant and decision-useful. External assurance provides a critical role in building trust and confidence around sustainability information.

With support and funding from WBCSD, the IAASB approved a major new project to develop voluntary guidance on applying its existing assurance standards to emerging forms of external reporting (EER). EER goes beyond traditional financial reporting to include sustainability (or ESG) information and integrated reporting.

Recent publications by WBCSD and IAASB highlight the need to develop guidance on how EER assurance engagements are performing. This is because companies are at different stages of maturity in applying assurance and may face various barriers or challenges that they need help to overcome. WBCSD considers the independence of IAASB’s decision making to be a fundamental strength in supporting better EER assurance

Rodney Irwin, Managing Director of Redefining Value at WBCSD, said, “The scale of the challenges we face in moving towards a system that considers financial and non-financial information requires unprecedented collaboration. We have chosen to work with the IAASB because of their internationally renowned methods of setting the highest standards and encouraging companies/countries to adhere to them. We look forward to a working together towards an economy that values the true cost, true profit, true value of business.”

Work will begin in December 2017 and draft guidance on key challenges is expected to be published in Q4 2018.

Notes to Editors
This project is part of the Conservation and Financial Markets Initiative, a five-year effort of the Gordon and Betty Moore Foundation that aims to leverage the power of mainstream financial markets in order to help drive the food sector away from practices that degrade natural ecosystems.

About the World Business Council for Sustainable Development (WBCSD)
WBCSD is a global, CEO-led organization of over 200 leading businesses working together to accelerate the transition to a sustainable world. We help make our member companies more successful and sustainable by focusing on the maximum positive impact for shareholders, the environment and societies.

Our member companies come from all business sectors and all major economies, representing a combined revenue of more than $8.5 trillion and 19 million employees. Our global network of almost 70 national business councils gives our members unparalleled reach across the globe. WBCSD is uniquely positioned to work with member companies along and across value chains to deliver impactful business solutions to the most challenging sustainability issues.

Together, we are the leading voice of business for sustainability: united by our vision of a world where more than 9 billion people are all living well and within the boundaries of our planet, by 2050.

www.wbcsd.org
Follow us on Twitter and LinkedIn

About IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Gordon and Betty Moore Foundation:
The Gordon and Betty Moore Foundation fosters path-breaking scientific discovery, environmental conservation, patient care improvements and preservation of the special character of the Bay Area. Visit www.moore.org or follow @MooreFound. 

The International Federation of Accountants^® (IFAC^®) is seeking exceptional candidates with a strong commitment to the public interest to contribute to the strength and vitality of accounting globally by filling open volunteer positions.

The Call for Nominations for the IFAC Board and Committees in 2019, issued today, details openings and the requirements for successful nominations for membership on the IFAC Board, Compliance Advisory Panel, and three IFAC committees—Professional Accountants in Business Committee, Professional Accountancy Organization Development Committee, and Small and Medium Practices Committee.

For 2019, the Nominating Committee is seeking nominations for the next IFAC Deputy President. Nominees for this key leadership position should be senior and highly respected members of the profession, able to demonstrate a commitment to IFAC’s strategy and mission, and make astute business decisions in the best interest of the public and the global profession. The IFAC Deputy President is a two-year term position with a significant annual time and travel commitment.

Nominees are also sought for Chair of the Compliance Advisory Panel for 2018, an important leadership role that works directly with IFAC’s member organizations and global adoption and implementation of international standards.

“Each year, we ask our members to help us find diverse, accomplished leaders committed to the public interest and advancing the global accountancy profession,” said IFAC President Rachel Grimes. “With an emphasis on diversity and two significant leadership positions open, we are seeking nominations from all sectors and jurisdictions. We also thank our member organizations for the time and resources devoted to ensure continuing leadership development for future nominations.”

The Nominating Committee encourages all IFAC members to review the Call for Nominations, including the detailed information on vacancies and composition targets as well as specific membership qualifications and requirements. The companion guide offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position. IFAC members are encouraged to make diverse nominations that reflect the depth and breadth of the global accountancy profession. Gender equality is especially important to the Nominating Committee to ensure balance on the IFAC Board and other committees; nominations of qualified female candidates are strongly encouraged.

Nominations can be submitted online via the Nominations Database by February 15, 2018. Additional information on the Nominating Committee and its open, transparent selection process is available on the Nominating Committee web page.

About IFAC
IFAC is the global 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 comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®) is pleased to announce that three new Board Members were elected, and two Member Organizations and one Associate Organization were admitted to the organization, at its 40^th Annual Council meeting.

Three new IFAC Board Members are:

• Asmâa Resmouki, Morocco, nominated by Ordre Des Experts Comptables;
• ElbanoDe Nuccio, Italy, nominated by Consiglio Nazionale Dei Dottori Commercialisti Degli Esperti Contabili;
• YacoobSuttar, Pakistan, nominated by the Institute of Chartered Accountants of Pakistan.

Two existing IFAC Associates were admitted as Members:

• Association of Accounting Technicians of Sri Lanka, sponsored by the Institute of Chartered Accountants of Sri Lanka;
• Institute of Certified Accountants of Montenegro, sponsored by the Slovenian Institute of Auditors.

And a professional accountancy organization was admitted as an IFAC Associate:

• Lithuanian Association of Accountants and Auditors, sponsored by the Lithuanian Chamber of Auditors.

“We are delighted to welcome our newest Board Members, as well as two Member Organizations and an Associate,” said IFAC President Rachel Grimes. “Our Board Members bring passion and experience from their home countries to support the global accountancy profession in the public interest.”

“When IFAC was founded in 1977, it had 63 founding members. Today, we have more than 175 members. This tremendous growth has been made possible by thousands of volunteers—who like today’s Board and Committee Members and their Technical Advisors—are committed public interest champions,” she said.

IFAC’s Council meeting this year brought more than 100 member and associate organizations from around the world to Brussels. The next Council meeting will take place in Sydney, Australia, in November 2018, to coincide with the 20^th World Congress of Accountants.

About IFAC
IFAC is the global 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 comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce