The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment two Exposure Drafts (EDs): ED 57, Impairment of Revalued Assets, and ED 58, Improvements to IPSASs 2015.

ED 57 proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of the IPSASB’s two standards on impairment―IPSAS™ 21, Impairment of Non-Cash-Generating Assets, and IPSAS 26, Impairment of Cash-Generating Assets. These changes seek to provide users with relevant information on impairments to these assets. They also clarify that an impairment to one or more individual assets within a class of property, plant, and equipment does not necessitate a revaluation of the entire class to which that impaired asset belongs.

ED 58 proposes minor changes as follows:

• Consequential amendments arising from the first four chapters of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities;
• General improvements to International Public Sector Accounting Standards™;
• Improvements to increase consistency with Government Finance Statistics reporting guidelines; and
• Improvements to maintain convergence with International Financial Reporting Standards.

This is the first IPSASB Improvements project to consider broader improvements, rather than focusing solely on those to maintain convergence with IFRS.

“Although the changes proposed in these Exposure Drafts are minor, they address concerns directly raised by our stakeholders,” said IPSASB Chair Andreas Bergmann. “As an increasing number of jurisdictions adopt IPSAS, it is important that we respond to the issues they identify. We look forward to receiving constituents’ views on these proposals.”

How to Comment
To access the EDs, or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the EDs are requested by January 15, 2016. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of these EDs to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. “International Public Sector Accounting Standards Board,” “IPSASB,” and “IPSAS” are trademarks or registered trademarks of IFAC in the US and other countries.

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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce. “International Federation of Accountants” and “IFAC” are trademarks or registered trademarks of IFAC in the US and other countries.

IFAC commissioned independent economics and business research consultancy, Cebr, to analyze our membership data from 2009 to 2013.  Nexus 1: The Accountancy Profession, Behind the Numbers is the first of two reports to look behind Cebr’s analysis, and provide a snapshot of professional accountancy’s importance to the global economy and its contribution to society.

If you cannot view the publication below, please click here.

A report released today by the International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, reveals that growth in membership of professional accountancy organizations (PAOs) far exceeded total employment growth across almost all global regions and economies for the period 2009-2013.

Fayez Choudhury, IFAC Chief Executive Officer, said, “This study reinforces the importance of the global accountancy profession in good times and bad. In challenging environments, expert and trusted professional accountants help make sense of rapidly changing regulation and provide strategic advice that strengthens organizations and advances economies.”

Nexus 1: The Accountancy Profession, Behind the Numbers, a study conducted for IFAC by the independent Centre for Economics and Business Research (Cebr), analyzes data from IFAC’s more than 175 members and associates in 130 countries and jurisdictions. The findings show that, following the global financial crisis, the number of professional accountants IFAC represents through its members grew:

• 20% in advanced economies, despite low total employment growth of 2.6%;
• 15% in BRIC (Brazil, Russia, India, China) countries, despite low total employment growth of 2.9%; and
• 18% and 11%, respectively, in MINT (Mexico, Indonesia, Nigeria, Turkey) countries and emerging markets, while their economies enjoyed total employment growth, respectively, of approximately 10% and 5%.

“From emerging to advanced economies, the report indicates the importance of the strong, vibrant profession IFAC’s members support. It tells motivated young people considering career choices that accountants are required in all economic conditions; that rapid growth in emerging economies means there is need for more and better trained accountants; and that strong PAOs and professional accountants are intrinsic to the success of advancing economies,” Mr. Choudhury said. “In addition, the role of accountants is not one-dimensional: more than half of the professional accountants IFAC represents through our members work in business and industry, the public sector, and academia, and some 45% work in public practice.”

In another key finding, the study estimates for the first time how many people are working in accountancy-related fields worldwide. The number of people identified as working in the field of accountancy or supporting its function is approximately three times the size of IFAC PAOs’ membership.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.

About Cebr:
Centre for Economics and Business Research Ltd (Cebr) is an independent consultancy with a reputation for sound business advice based on thorough and insightful research. Since 1992, Cebr has been at the forefront of business and public interest research, providing analysis, forecasts and strategic advice to major UK and multinational companies, financial institutions, government departments and agencies, trade bodies and the European Commission.

Following a global nominations process, the International Federation of Accountants^® (IFAC^®), the global organization representing the accountancy profession with more than 175 members and associates in 130 countries, today announced the appointment of Kathryn A. Byrne, CPA, as the new chair of the Compliance Advisory Panel (CAP). The appointment was approved by the Public Interest Oversight Board. Ms. Byrne will serve a three-year term beginning January 1, 2016.

In this role, Ms. Byrne will lead the CAP as it oversees the implementation of the IFAC Member Compliance Program (the Program). The CAP is a critical component of the Program, which serves the public interest by promoting the adoption and support of implementation of international standards on private and public sector accounting, auditing, ethics, education as well as the establishment of related quality assurance and enforcement mechanisms. It does this through the Statements of Membership Obligations (SMOs), a recognized international framework for credible and high-quality professional accountancy organizations (PAOs) and the role these organizations play in the global financial system. The CAP also provides expert advice to IFAC staff on membership and enforcement issues, setting strategy in relation to membership, and developing assessment methodology, tools, and guidance in support of the Program.

Ms. Byrne comes to her new role having worked with IFAC and the accountancy profession for a number of years. She has served as the Deputy Chair for the CAP since early 2013 and been a member since 2010. Ms. Byrne is currently a Partner at WeiserMazars LLP and a member of the American Institute of CPAs, the New York State Society of CPAs, and the Women’s Corporate Directors group. She serves on the Board of Directors of Signature Bank and its Audit Committee and the James Madison University College of Business Board of Advisors. Ms. Byrne previously served as a member of the Transnational Audit Committee of the Forum of Firms from 2001 to 2003.

“Kathryn’s experience with the CAP, IFAC, and as a professional accountant make her an excellent leader for the important work that the CAP does for the global profession and in the public interest,” according to IFAC CEO Fayez Choudhury. “As the profession continues to evolve, Kathryn will be able to help ensure that it provides a suitable framework for PAOs to fulfill the SMOs and support their local economies.”

“The IFAC Member Compliance Program helps PAOs support their national accountancy professionals, who provide the foundation for strong and sustainable economies and organizations, which in turn, support the global financial system,” Ms. Byrne said. “As the new Chair of the CAP, I look forward to working with my colleagues to implement the recently issued 2016-2018 Program strategy, maintaining its focus on the role of PAOs and their contribution to the adoption and implementation of international standards.”

About the Compliance Advisory Panel and IFAC Member Body Compliance Program
The Compliance Advisory Panel (CAP) oversees the IFAC Member Body Compliance Program, which serves the public interest by promoting the adoption and support of implementation of international standards on private and public sector accounting, auditing, ethics, education as well as the establishment of related quality assurance and enforcement mechanisms through the Statements of Membership Obligations (SMOs), which serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest. As one of IFAC’s public interest activities, the CAP is overseen by the Public Interest Oversight Board. The CAP’s Terms of Reference further describe its role and responsibilities.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.