The Professional Accountancy Organization (PAO) Development Committee of the International Federation of Accountants (IFAC) has issued a revised edition of its Good Practice Guide, Establishing and Developing a Professional Accountancy Body (the Guide), which was first released in 2005 and updated in 2007 to support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession.

The structure of the Guide, enhanced and simplified from the original version, is now organized in two sections: Establishing and Developing a Professional Accountancy Body, which covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development; and Tools and Resources to Support the Development of the Accounting Profession, which includes new case studies, practical illustrations, and supplementary guidance.

PAO Development Committee Chairwoman Deborah Williams noted, “Building on the hard work undertaken by the former Developing Nations Committee, we are very pleased to release a completely revised and updated Good Practice Guide as our first PAO Development Committee publication, which was written in response to demand from the developing profession. Strengthening professional accountancy organizations is an essential element of developing financial infrastructures, which in turn assists in achieving financial stability. Our committee and the guidance it provides helps newer professional accountancy organizations, and all of their development partners, along the path to building an effective, sustainable profession.”

The Guide should be a valuable resource for individuals and organizations involved in building the capacity of the accountancy profession, IFAC members and associates seeking further development, and other organizations involved in the regulation of accounting and auditing activities. While primarily aimed at building the capacity of the profession in emerging countries, the guide will also be useful for more developed professional accountancy organizations considering revisions to governance structures, the development of education programs, and the adoption and implementation of international standards.

This revised edition includes the following additions:

• Further guidance on enhancing public sector focus
• Expanded information about the IFAC Statements of Membership Obligations (SMOs)
• Sample Action Plans on quality assurance, and adoption and implementation of international standards
• Guidance on strengthening governance

In addition, the guide was developed in the English language with plans for translation into Arabic, French, Russian, and Spanish by December 2011.

Establishing and Developing a Professional Accountancy Body can be downloaded free of charge from the IFAC website.

About IFAC
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

To support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession, the PAO Development Committee Good Practice Guide Part 1, Establishing and Developing a Professional Accountancy Body which covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development; and Good Practice Guide Part 2, Tools and Resources to Support the Development of the Accounting Profession, which includes new case studies, practical illustrati

The International Public Sector Accounting Standards Board (IPSASB) has released an updated and improved version of Study 14, Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities. The third edition of Study 14, which features links to many useful resources, provides guidance on how to migrate to the accrual basis of accounting in accordance with International Public Sector Accounting Standards (IPSASs), and is relevant to governments and other public sector entities, including international governmental organizations.

The latest edition of Study 14 covers all 31 IPSASs, including first-time coverage of the five IPSASs issued in late 2009 and early 2010: IPSAS 27, Agriculture; IPSAS 28, Financial Instruments: Presentation; IPSAS 29, Financial Instruments: Recognition and Measurement; IPSAS 30, Financial Instruments: Disclosures; and IPSAS 31, Intangible Assets. In light of the much increased global knowledge and experience in adopting IPSASs, the non-technical sections of Study 14 were also substantially improved. They now reflect the current state-of-the-art in adoption and implementation.

"This edition of Study 14 includes significant changes from the previous edition, and demonstrates the IPSASB’s commitment to support the global implementation of IPSASs," noted IPSASB Chair Andreas Bergmann.

How to Order
The full text of Study 14 can be downloaded free of charge from the IPSASB section of IFAC’s Publications & Resources site: web.ifac.org/publications. It is available in electronic form only.

About the IPSASB
The IPSASB (www.ifac.org/publicsector) develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

About IFAC
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

My Lord Mayor, CIPFA President Jaki Meekings Davis, Distinguished Guests, Ladies, and Gentlemen.  Thank you, Jaki, for your kind introduction and for your welcome to this marvelous occasion, being held in such a historic building.

125 years - 1885 to 2010. 1885, apart from being the year in which CIPFA was founded and incorporated not long after as the Corporate Treasurers and Accountants Institute, it was also the year of the first election in which the electoral franchise in England was extended to all men; and the audience tonight evidences significant further progress in this regard!  In the same year professional football was legalized in Britain and, close to my heart, it was the year in which Gottfried Daimler patented the first motorcycle. A memorable year!

The International Public Sector Accounting Standards Board (IPSASB) today released for comment an exposure draft (ED) and two Consultation Papers related to its project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. The Conceptual Framework is the IPSASB’s key strategic objective for 2010–2012 and is of fundamental importance to the future of global public sector standard setting for at least the next 10–15 years.

Conceptual Framework Exposure Draft 1 (CF-ED1), Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Role, Authority, and Scope; Objectives and Users; Qualitative Characteristics; and Reporting Entity, refines the issues highlighted in a Consultation Paper published in 2008 and reflects the IPSASB’s consideration of the responses to that Consultation Paper. CF-ED1 proposes that the objectives of financial reporting should be to provide information for accountability and decision-making purposes. It also proposes that the scope of financial reporting should extend beyond the traditional financial statements to include more comprehensive financial and non-financial information.

The Consultation Paper, Elements and Recognition in Financial Statements, identifies alternative asset and liability-led and revenue and expense-led approaches to financial statements and considers the key characteristics of assets, liabilities, revenue and expenses. It also discusses whether further elements should be defined and examines approaches to the recognition of elements.

The Consultation Paper, Measurement of Assets and Liabilities in Financial Statements, considers the measurement bases that may be appropriate for the elements that are recognized in financial statements. It discusses historical cost, market value, and replacement cost and then examines deprival value as an approach to select the most relevant measurement basis.

Summaries of the Consultation Papers can be found in the “At a Glance” publications, which have been posted along with the Consultation Papers. A staff draft, Key Characteristics of the Public Sector, identifies and provides an overview of some of the main characteristics of the public sector that distinguish it from the private sector and, therefore, have a potential impact on the development of a public sector Conceptual Framework. The IPSASB is not seeking comments on this draft at this time. This document will be further considered by the IPSASB in 2011 and, following approval, will be formally exposed for comment.

“The Conceptual Framework provides the set of principles that underpin the IPSASB’s standard-setting activities over the long term,” said IPSASB Chair Andreas Bergmann. "Given the central role that the Conceptual Framework will play in the IPSASB’s future standard-setting activities, I strongly urge all stakeholders to submit comments on this ED and the two Consultation Papers."

How to Comment
To access the Exposure Draft and Consultation Papers, or to submit a comment, visit the IFAC website at www.ifac.org/Guidance/EXD-Outstanding.php. Comments on the exposure draft and Consultation Papers are requested by June 15, 2011. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of these documents to their members and employees.

About the IPSASB
The IPSASB (www.ifac.org/publicsector) develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

About IFAC
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Accountants Must Embrace Change and Seize Opportunities, According to Chief Executive Officers from Around the World

Chief executive officers of accounting institutes from around the world shared their visions on the accountants of the future at the World Congress of Accountants 2010.

The World Congress closed today with the final plenary session titled “Accountants in the Next Decade – Embracing Change and Seizing Opportunities,” which asked the following questions:

• How has the recent global economic crisis changed the environment for the accountancy profession?
• What impact will increased globalization have on the profession?
• How should the audit evolve to meet new needs?
• How might the skills and competencies of accountants change in the years ahead?
• Will accountancy still be an attractive option for young people in the future?

“The clear consensus among the panel was that increased globalization and the recent financial crisis have placed the profession squarely in the spotlight,” said Ian Ball, Chief Executive Officer of IFAC. “Professional accountants play a key role in reporting on financial results and providing assurance on those reports, which is particularly important in this challenging time.”

“Going forward, the profession is certain to continue to evolve,” continued Ball. “For example, integrated reporting—which encompasses an organization’s economic, social, and environmental results—will become the norm, and the profession will play a key role in providing assurance on non-financial results, as well as embedding these results into strategy and performance management. As we lead this transformation, we will need to enhance our collective skills and competencies. We expect these changes will increase the profile of the profession and help us continue to attract the best and brightest to the profession.”

Chaired by Mr. Ball, the plenary session panel also included Alex Malley, CEO, CPA Australia; Barry Melancon, President & CEO, American Institute of Certified Public Accountants; Michael Izza, CEO, Institute of Chartered Accountants of England and Wales; Helen Brand, CE, Association of Chartered Certified Accountants; and Charles Tilley, CEO, Chartered Institute of Management Accountants.

The 18th World Congress of Accountants, hosted by the Malaysian Institute of Accountants and IFAC, was held November 8–11, 2010, in Kuala Lumpur, Malaysia. Featuring the theme Accountants: Sustaining Value Creation, the World Congress offered four plenary sessions and 35 concurrent sessions featuring 183 high-profile speakers from over 40 countries and from organizations including the World Bank, Transparency International, the Financial Stability Board, the European Commission, the International Forum of Independent Audit Regulators, and the International Accounting Standards Board, among others. A record-breaking number of delegates attended—over 6,000 from 134 countries—including professional accountants, international regulators, standard setters, government officials, and corporate leaders. These delegates came together to discuss, share, and debate ideas and global solutions to the issues affecting the profession in the interest of the global economy, investors, and businesses, such as:

• Integrated reporting and sustainability;
• Trends in the roles and responsibilities of professional accountants;
• XBRL and the communication of business information;
• Governance and international standards;
• The role of and challenges for small and medium practices;
• IFRS and the convergence of accounting standards; and
• Islamic finance.

About the International Federation of Accountants (IFAC)
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Video presentation (approx 9 min)