IFAC—the International Federation of Accountants—announced that Kevin Dancey will remain in his role as the organization’s Chief Executive Officer for a second term, which will begin June 1, 2021 and run through May 31, 2024.

Mr. Dancey, who has lead the organization since 2019, has provided critical guidance navigating issues and initiatives from the Monitoring Group, the Public Interest Oversight Board, the Global Public Policy Committee, and the independent standard-setting boards, while also managing external challenges brought on by the COVID-19 pandemic.

“Kevin’s steadfast leadership on issues currently affecting the accountancy profession and IFAC’s membership has been invaluable,” said IFAC President Alan Johnson. “IFAC’s ability to serve as the voice of more than three million professional accountants worldwide is critical to the accountancy profession and the global financial architecture, and that voice is stronger with Kevin as CEO.”

Mr. Dancey ushered in a new era for IFAC in terms of advocacy, outreach, and engagement with global stakeholders. From the recent call to action for the creation of an International Sustainability Standards Setting Board, to the relationships with the OECD, G20 and others, Mr. Dancey has led IFAC into new and positive territory.

“It is an honor to continue my role as IFAC’s Chief Executive Officer,” said Mr. Dancey. “While I am pleased with what we’ve been able to accomplish in the short time I’ve been here, especially with the unprecedented challenges brought on by the COVID-19 pandemic, I know there is more we can do for professional accountants worldwide. I look forward to working alongside the Board and the IFAC staff to push our profession further.”

Mr. Dancey’s extension was announced at IFAC’s 2020 Council meeting, held virtually on November 11-12.

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.

Today, the International Federation of Accountants (IFAC) awarded the 2020 IFAC Global Leadership Award in Honor of Robert Sempier to Ms. Ana Maria Elorrieta of Argentina, recognizing her tireless service and dedication to the accountancy profession. Ms. Elorrieta is distinguished as the first person from Latin America to win this award in its 23-year history.

Ms. Elorrieta has over 35 years of experience in the accountancy profession. Born in Buenos Aires, Argentina, she graduated with a degree in Accounting from the Universidad de Buenos Aires. She began her career with PwC Argentina, as a member of the first groups of female auditors, and then moved to Sao Paulo, Brazil to work with PwC Brazil, where she went on to become a partner.

Ms Elorrieta has served on the IFAC Board and the International Audit and Assurance Standards Board (IAASB). During her time at IAASB, she lead the task force that developed the International Standard on Quality Control (ISQC 1). She has also served in various roles at Brazil’s Federal Accounting Council and at the Institute of Independent Auditors of Brazil (IBRACON), where she was a member of the National Executive Board and the organization’s president from 2009 to 2011. In these roles, she worked to support Brazil’s adoption of IFRS, International SA’s and other key IAASB pronouncements.

Ms. Elorrieta has been recognized multiple times for her work in support of the accountancy profession in Brazil and globally. In 2012, she became the first non-Brazilian, and the first woman, to be appointed "Accountant Emeritus" by the Union of Accountants of the State of São Paulo. In 2013, she was listed by the International Accounting Bulletin as one of the 50 most powerful people in the accounting profession.

“I am honored to present the Global Leadership Award to Ana Maria Elorrieta, a dedicated and powerful voice for the accountancy profession world-wide,” said immediate past President of IFAC In-Ki Joo. “Ana Maria has worked tirelessly throughout her career to represent the interests of both Brazil and Latin America across the accountancy profession and has advanced the profession globally through her commitment to the widespread adoption of strong international standards.”

Established in 2017 by the IFAC Board, the IFAC Global Leadership Award in Honor of Robert Sempier recognizes individuals who make outstanding contributions to the global accountancy profession. The award honors the contributions of Robert Sempier, IFAC’s first executive director who greatly contributed to the development of the profession worldwide.

The Global Leadership Award was presented during IFAC’s 2020 Council meeting, held virtually on November 11-12.

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.

To assist governments and government entities wishing to report in accordance with the accrual-based International Public Sector Accounting Standards (IPSAS), IFAC has developed a package of training materials, collectively titled Train the Trainer: Introduction to IPSAS.

Accrual accounting information provides greater transparency and is useful for accountability and decision-making purposes. Implementation of accrual accounting in the public sector is a significant priority across many jurisdictions, especially as public finances face increasing scrutiny as a result of the pandemic.

The training materials are aimed primarily at entities currently using a cash basis of accounting and transitioning to, or planning a move to, accrual IPSAS. The materials, which are available to trainers at no cost, are designed to be used flexibly and can be tailored to the needs of training participants.

The course is structured over ten modules with each broken down into topics that stand alone and can be delivered as individual sessions. The training topics include assets, liabilities, financial instruments, and first-time adoption of accrual basis IPSAS. Each module includes a training manual and an accompanying set of slides, with some modules containing supplementary video content.

IFAC remains committed to advocating for strong public financial management and to supporting IPSAS adoption and implementation. The Train the Trainer: Introduction to IPSAS materials are meant to aid public sector entities around the globe as they adopt high-quality accounting practices.

To view all installments of Exploring the IESBA Code, visit the series landing page here.

Also available on the Corpul Expertilor Contabili si Contabililor Autorizati din Romania’s (CECCAR) website.

As the global accountancy profession began adapting to the COVID-19 pandemic and its consequences, IFAC (the International Federation of Accountants) convened a series of roundtable discussions to understand the implications of the pandemic for professional accountants and leaders, and how their experiences will affect the future of accountancy and accountancy skills.

Today, IFAC published a summary of these findings, Accountancy Skills Evolution: Impact of COVID-19 & the Path Forward. This whitepaper outlines the key themes our stakeholders shared, including accelerated ways of working, impact of technology, practices that align to new societal demands, and the right balance of skills, which collectively illustrate a roadmap for the professional accountant.

The roundtable discussions and emerging themes also influenced the structure and content of the upcoming virtual global summit, The Anticipatory Accountant: Global Trends Transforming Learning & Development. The summit, which features world-renowned futurist Daniel Burrus and special guest Tom Hood, continues these conversations and focuses on three broad themes: technology, the environment, and society.

This is the eleventh installment of a 12-month publication series titled Exploring the IESBA Code. This installment addresses bias and the role and mindset of the professional accountant. 

To view all installments of Exploring the IESBA Code, visit the series landing page here.

For more information about the Code, click here.

Together with ICAEW, The International Federation of Accountants (IFAC) today released the second installment in its Anti-Money Laundering: The Basics educational series: Installment 2: A Risk-Based Approach.  

The publication is part of a 6-month short series helping professional accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.

The first installment in the series provided a general overview of AML, including a definition of money laundering and an analysis of key concepts professional accountants must understand.  

The installment series, with its focus on accessibility and ease of use, will be a resource for Small and Medium Practices (SMPs,) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference.

Anti-Money Laundering: The Basics will be featured on both the IFAC and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point. 

For more information about IFAC, visit www.ifac.org.

For more information about ICAEW, visit https://www.icaew.com/.

Visit the Anti-Money Laundering: The Basics series page to view all installments

The SMP Advisory Group has issued a response to the IAASB's Proposed International Standard on Auditing 600 (Revised): Special Considerations -- Audits of Group Financial Statements (Including the Work of Component Auditors).