IFAC CEO Fayez Choudhury discusses the convergence of accounting standards and their central role in contributing to financial stability in an article published in The Australia Summit: Brisbane, to coincide with the November 2014 G-20 Leaders’ Summit.

The Australia Summit: Brisbane provides an in-depth analysis of the current views and future ideas of the leaders of the G-20, including introductions from current and future G-20 summit hosts, Australian Prime Minster Tony Abbott, and Turkish Prime Minister Ahmet Davutoglu—as well as other government and business leaders and others.

Read his article, “Building Resilience in Financial Systems.” 

The Notice of the Call for Nominations for the Independent Standard-Setting Boards in 2016 was issued today. The Notice of the Call sets out the upcoming opportunities for membership on 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^®).

For 2016, there are 25 vacancies on the independent standard-setting boards. All vacancies on the boards are open for nominations by all stakeholders, including professional accountancy and international organizations, governmental agencies, firms, and the public. Nominations of non-accountants for the public member vacancies are strongly encouraged.

The official Call for Nominations for the Independent Standard-Setting Boards in 2016 will be issued on January 14, 2015, and nominations may be submitted from January 14 to March 15, 2015. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for all stakeholders to prepare for the next nominations cycle.

To assist nominating organizations and self-nominees, the International Federation of Accountants^® (IFAC^®) has published Developing a Nominations Strategy, which was also released today. Along with the Notice of the Call, the documents provide information on the relevant membership qualifications, including the required time commitment and performance expectations for volunteers and to offer strategic and practical guidance in identifying the most qualified candidate for each available position.

The Nominating Committee follows an open and transparent process to select the best 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 the best candidate, please visit Nominating Committee web page.

About the 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 IFAC.

About the IAESB
The IAESB develops education standards, guidance, and information papers for use by IFAC member bodies 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 develops ethics 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 other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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.

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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®) and the donor signatories of MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) launched the MOSAIC website last week at the World Congress of Accountants in Rome, Italy.  IFAC, the global organization for the accountancy profession with members and associates in 130 countries, developed the website with support by the donors. The new site underpins the collaborative nature of MOSAIC, which aims to strengthen the accountancy profession globally by enabling international donors and professional accountancy organizations (PAOs) to better support development of the capacity of the accountancy profession in emerging and developing economies.

“The MOSAIC website provides a global platform to facilitate knowledge sharing,” said Fayez Choudhury, CEO of IFAC. “The launch of this website highlights an important step in a strategic approach to strengthen and maintain the capacity of the accountancy profession in both the public and private sectors and improve the global financial system.”

The site collates resources from diverse sources into one site, enabling users to access regulations governing accountancy in specific nations, guidance on best practices in growth of the profession in emerging economies, and the overall status of broader development issues in varying nations and regions, among other resources. The site features interactive maps that provide the status of the accountancy profession in specific nations, the development need, and national and regional PAOs and contact details. In addition to national and regional resources, the website also highlights five key topic areas for important resources and news—Education and Certification, International Standards, Legislation and Regulation, PAO Capacity Building, and Public Sector Financial Management, all critical areas for the profession.

MOSAIC is a historic Memorandum of Understanding that sets out the basis for improving cooperation and collaboration between IFAC, international donors, and the international development community. Its objective is to increase the capacity of professional accountancy organizations in partner countries to improve the quality of public and private sector accountancy and financial management with a view toward enhancing the effectiveness and efficiency of donor assistance, contributing to economic growth, and reducing poverty. MOSAIC’s signatories are the African Development Bank, Asian Development Bank, Australian Agency for International Development (now Department of Foreign Affairs and Trade Australia Aid), Finland Ministry of Foreign Affairs - Development Cooperation (FINNIDA), GAVI Alliance, Global Fund to Fight AIDS, Tuberculosis, and Malaria, Inter-American Development Bank, International Federation of Accountants, New Zealand Aid Programme (NZAid), Swedish International Development Cooperation Agency (SIDA), UK Department for International Development (DFID), US Agency for International Development (USAID), and The World Bank.

MOSAIC was signed on November 30, 2011, in Busan, Korea at the Fourth High Level Forum on Aid Effectiveness, hosted by the Organisation for Economic Co-operation and Development and convened to review global progress in improving the impact and value of development aid and to commit to further ensure that aid reduces poverty and support progress toward the United Nations’ Millennium Development Goals.

About the World Congress of Accountants (WCOA)
Sponsored by of the International Federation of Accountants (IFAC), the WCOA is the foremost international event for the profession, bringing together thousands of delegates from around the world to discuss, share, and debate ideas and global solutions to the issues affecting the profession in the interest of the world’s citizens, investors and businesses. It has been held every five years since 1977 and every four years since 2002, and attended by professionals and prominent business leaders, including professional accountants, international regulators, standard setters, government officials, and corporate leaders.

WCOA 2014, hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC), took place November 10-13 in Rome’s Auditorium Parco della Musica. The theme—2020 Vision: Learning from the Past, Building the Future—explored the pivotal role of accounting amid rapid economic, political, and social change. The Chartered Global Management Accountant (CGMA) designation was the imperial sponsor.

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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Notice of the Call for Nominations for the IFAC Board and Committees in 2016 was issued today along with the companion guide, Developing a Nominations Strategy. The Notice of the Call sets out the upcoming opportunities for membership on the Board of the International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession with more than 175 members and associates in 130 countries, and its Compliance Advisory Panel, Professional Accountancy Organization Development Committee, Professional Accountants in Business Committee, Small and Medium Practices Committee, and Nominating Committee.

For 2016, there are 31 vacancies on the Board and committees, including the chair of the Compliance Advisory Panel. All vacancies on the Board and committees are open for nominations by IFAC members.

The Nominating Committee encourages all IFAC members to review the Notice of the Call, including the detailed information regarding open vacancies, composition targets, specific membership qualifications, and requirements for the Board and each committee. It also offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position.

The official Call for Nominations will be issued on January 15, 2015, and nominations may be submitted from January 15 to March 15, 2014. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for stakeholders to prepare for the next nominations cycle.

The Nominating Committee follows an open and transparent process in selecting the best candidates for the available positions while also striving to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit 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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.