IFAC representatives participated in the Third Regional Forum for Professional Accountancy Organizations (PAOs) in Europe and Central Asia in Vienna, Austria, on April 28. The event was organized by the World Bank Center for Financial Reporting Reform as part of the “Road to Europe: Program of Accounting Reform and Institutional Strengthening” and the “Strengthening Auditing and Reporting in the Countries of the Eastern Partnership” programs (also known as EU-REPARIS and STAREP, respectively).

The Forum brought together representatives from over 20 PAOs from countries in Central, Southeast, and Eastern Europe, as well as experts from the World Bank and the International Accounting Standards Board.

IFAC staff shared the IFAC Member Compliance Program Strategy for 2016-2018, which focuses on producing both qualitative and quantitative analyses of standards adoption, enhanced monitoring of compliance with the IFAC Statements of Membership Obligations, and revising its enforcement framework.

In addition, representatives of IFAC member organizations from Ireland and Singapore, as well as the Chair of the Forum of Firms, participated in panel discussions on the role of PAOs in economic growth and the challenges they face in developing a sustainable business model.

The International Good Practice Guidance series, developed to support professional accountants in business, is now available in Spanish. These publications include:

• Prefacio a la Guía Internacional de Buenas Prácticas de la IFAC (Preface to IFAC´s International Good Practice Guidance);
• Desarrollo y redacción de medidas financieras complementarias—Definición, principios e información a revelar (Developing and Reporting Supplementary Financial Measures—Definition, Principles, and Disclosures);
• Evaluar y mejorar el control interno en las organizaciones (Evaluating and Improving Internal Control in Organizations);  
• Definición y desarrollo de un código de conducta efectivo para las organizaciones (Defining and Developing an Effective Code of Conduct for Organizations);
• Evaluar y mejorar los costes en las organizaciones (Evaluating and Improving Costing in Organizations);
• Evaluar y mejorar el gobierno en las organizaciones (Evaluating and Improving Governance in Organizations);
• Análisis predictivo del negocio: Mejora del resultado de negocios con medidas orientadas al futuro (Predictive Business Analytics: Improving Business Performance with Forward-Looking Measures);
• Valuación de proyectos e inversiones para sustentabilidad. Creación de Valor (Project and Investment Appraisal for Sustainable Value Creation);
• Evaluación de un proyecto utilizando flujo de efectivo descontado (Project Appraisal Using Discounted Cash Flow)

These guidance reports cover areas of international and strategic importance where professional accountants in business are likely to engage. By issuing principles-based guidance, IFAC seeks to foster a common and consistent approach to those areas not covered by international standards but frequently under the domain of accountants in business. IFAC seeks to clearly identify principles that are generally accepted internationally and applicable to organizations of all sizes in commerce, industry, education, and the public and not-for-profit sectors.

These Spanish translations were performed by the Instituto Mexicano de Contadores Públicos and Federación Argentina de Consejos Profesionales de Ciencias Económicas and are a result of the Ibero-American cooperation framework, known as the IberAm project. Established in 2012, the IberAm project—which includes IFAC and its members in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality Spanish translations of international standards and IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is a project observer. The project includes a Review Committee of technical experts representing IFAC member organizations in nine Spanish-speaking countries.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database.

Leaders from the public sector and professional accountancy organizations from throughout the Caribbean are meeting in Nassau to revitalize efforts to improve public sector financial management and support the region’s economic growth.

Opening the three-day strategic dialogue, The Bahamas Minister of State for Finance, The Hon. Michael Halkitis, MP, said: “Public sector spending comprises a significant proportion of Caribbean gross domestic product. Given the sums involved, it’s vital that we get our houses in order. Our regional economy depends on us making wise spending decisions based on accurate information. Enhanced public financial budgeting, accounting, and reporting, based on accrual accounting, will enable us to shine a light in every corner of our finances, and help bring sustainability to government expenditure, and the communities we serve.”

Sponsored by The Bahamas Government and donor partner CPA Canada, and hosted by the Institute of Chartered Accountants of the Caribbean (ICAC), the International Federation of Accountants^® (IFAC^®), and the World Bank, the groundbreaking gathering was convened to bring closer inter-governmental collaboration, and strengthen relationships between public sector leaders and the accounting profession.

ICAC President Jasmine Davis, welcoming delegates, commented: “The accountancy profession possesses strong skills to help our peers working in government build confidence in public sector finances. We wholeheartedly support their efforts to better integrate our region with the global economy—a task that can only achieve its full potential when capital markets, investors and our own citizens know that our government finances are based on solid foundations.” 

IFAC Chief Operating Officer Alta Prinsloo, said: “The last global financial crisis highlighted the inherent weaknesses of heavily indebted governments around the world, including in the Caribbean. Managing and forecasting public revenues and expenditure, and controlling fiscal imbalances, can only be achieved via robust accounting practices. Via our Accountability. Now. campaign, we are delighted to support this exciting event that will stimulate intensive communication, consultation, and collaboration across the Caribbean governments, the accounting profession, and international partners including the World Bank.”

Samia Msadek, Director of the World Bank Group’s Governance Global Practice emphasized that strong public financial management is critical to national success and prosperity. “How governments manage taxation, borrowing, and spending is essential to economic growth, to poverty-reduction, and to ensuring that the Caribbean’s residents can improve their lives through inclusion and shared prosperity,” she said. 

The three day invitation-only roundtable discussions will cover regional economic, social, and business imperatives; public financial reporting reforms (regional and international perspectives); engaging stakeholders; challenges of the accountancy profession in the Caribbean and capacity-building strategies; and technical training on latest developments in International Public Sector Accounting Standards.

About ICAC
Since its establishment in 1988, the Institute of Chartered Accountants of the Caribbean has provided a forum for the advancement of the accountancy profession in the Caribbean. Today, with a network of approximately 3,700 professionals, the ICAC is the leading regional organization dedicated to advancing the interest of accountants and professionals in the finance industry within the Caribbean through the promotion of internationally acceptable standards and best practices, thought leadership, research and continuing professional development. In 2006, the ICAC was recognized as an “Acknowledged Regional Grouping” of IFAC. www.icac.org.jm

About the World Bank Group
The World Bank Group is a development finance institution that provides financial and technical assistance to developing countries around the world. Its mission centers around two main goals: Ending extreme poverty by 2030 by decreasing the percentage of people living on less than $1.90 a day to no more than 3 percent, and promoting shared prosperity by fostering the income growth of the bottom 40 percent for every country. The World Bank Group is headquartered in Washington, DC, and has more than 10,000 employees in more than 120 offices worldwide. www.worldbank.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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. Accountability. Now. is an IFAC initiative to help drive awareness of the critical need for high-quality, transparent, comparable public sector financial reporting, and the importance of engaging citizens in the process of holding governments to account. 

The International Federation of Accountants^® (IFAC^®) has published the IPSAS™ 33-38 and Recommended Practice Guideline 3 in Spanish. The IPSAS pronouncements deal with a variety of important issues, including first-time adoption of accrual basis IPSAS. These publications include:

• NICSP 33, Adopción por Primera vez de las Normas Internacionales de Contabilidad del Sector Público de Base de Acumulación (o devengo) (IPSAS 33, First-time Adoption of Accrual Basis IPSASs)           
• NICSP 34, Estados Financieros Separados (IPSAS 34, Separate Financial Statements)
• NICSP 35, Estados financieros consolidados (IPSAS 35, Consolidated Financial Statements)
• NICSP 36, Inversiones en Asociadas y Negocios Conjuntos (IPSAS 36, Investments in Associates and Joint Ventures)
• NICSP 37, Acuerdos conjuntos (IPSAS 37, Joint Arrangements)
• NICSP 38, Información a Revelar sobre Participaciones en Otras Entidades (IPSAS 38, Disclosure of Interests in Other Entities)
• Guía de Práctica Recomendada 3 - Presentación de Información sobre el Rendimiento de los Servicios (Recommended Practice Guideline 3 - Reporting Service Performance Information) 

These Spanish translations were performed by faculty members from the Department of Accounting and Finance, Faculty of Economics and Business Administration, at the University of Zaragoza, Spain. They have been reviewed by an international committee consisting of public sector experts from Argentina, Chile, Mexico, Spain, and Uruguay.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database.

Leaders from the public sector and professional accountancy organizations from throughout the Caribbean met Nassau April 12-14, 2016, to revitalize efforts to improve public sector financial management and support the region’s economic growth.

Hosted by the Institute of Chartered Accountants of the Caribbean (ICAC), the International Federation of Accountants (IFAC), and the World Bank, Strengthening Public Financial Reporting and Accountability explored the Caribbean social-economic situation and how better public financial management, especially improved financial accounting and reporting, can support sustainable development.

International and regional experts shared their experiences of overcoming challenge and realizing the benefits of public sector financial management reform. Forward-looking sessions discussed how stakeholders can make public financial accounting and reporting reform a success. The roundtable concluded by summarizing the actions that governments and stakeholders can take toward strengthening public financial reporting and accountability.

This invitation-only event covered regional economic, social, and business imperatives; public financial reporting reforms (regional and international perspectives); engaging stakeholders; challenges of the accountancy profession in the Caribbean and capacity-building strategies; and technical training on latest developments in International Public Sector Accounting Standards.

The event opened on Tuesday 12th April by the The Hon. Michael Halkitis, MP, Minister of State for Finance, Government of The Bahamas.

For more information, please contact Jasmine Davis, ICAC President, president@icacorg.com, Misha Lobban Clarke, ICAC CEO, ceo@icacorg.com or Vincent Tophoff, Senior Technical Manager, Accountability. Now.

The International Federation of Accountants^® (IFAC^®) has published the 2014 edition of the International Auditing and Assurance Standard Board^® (IAASB^®) Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, Volume II and Volume III in Russian. This translation was performed by the National Organization for Financial Accounting and Reporting Standards Foundation. To ensure wide acceptability of the translation, it was reviewed by a committee consisting of experts from the Russian Federation as well as from Belorussia, Kazakhstan, and Kyrgyzstan.

For an overview of translations of IFAC’s publications, visit the Translations Database.

The IFAC SMP Committee generally supports IESBA’s proposed revisions to the extant Code pertaining to the conceptual framework. However, it believes that the new overarching requirements for all PAs to apply the Conceptual Framework (R120.3 and R300.2) should be replaced with overarching objectives for the PA, which are supported by more specific requirements.

The IFAC SMP Committee acknowledges that the global environment is changing rapidly and many of the trends identified will impact the profession and may have potential implications for the IAESB’s International Educations Standards (IESs) in the future. However, the SMP Committee does not believe that any new IESs should be developed at this time to address emerging matters. In its opinion, the Board should focus its resources on a robust implementation monitoring exercise and continue promoting the adoption of the newly revised IESs.

Summaries of the International Federation of Accountants^® (IFAC)’s eight Policy Position Papers (PPPs) are now available in Spanish. The papers cover a variety of topics including standard setting in the public interest, regulation and global regulatory convergence, effective governance, risk management and internal control, and enhancing organizational reporting. These publications include:

• Resumen - Posición de Política de la IFAC No 1 - Regulación de la Profesión Contable (Summary of PPP1 - Regulation of the Accountancy Profession)
• Resumen - Posición de Política de la IFAC No 2 –  Apoyo de la Ifac a un Conjunto Unico de Normas de Auditoría: Auditorías de Entidades Pequeñas y Medianas (Summary of PPP2 - A Single Set of Auditing Standards: Audits of Small- and Medium-Sized Entities)
• Resumen - Posición de Política de la IFAC No 3 - Establecimiento de Normas Internacionales en el Interés Público (Summary of PPP3 - International Standard Setting in the Public Interest
• Resumen - Posición de Política de la IFAC No 4 –  Transparencia y Rendición de Cuentas en la Gestión Financiera del Sector Público: el Uso de las Normas Internacionales de Contabilidad Para el Sector Público (Summary of PPP4 - Public Sector Financial Management Transparency and Accountability: The Use of International Public Sector Accounting Standards)
• Resumen - Posición de Política de la IFAC No 5 –  Una Definición del Interés Público (Summary of PPP5 - A Definition of the Public Interest)
• Resumen - Posición de Política de la IFAC No 6 –  Convergencia Regulatoria Global y la Profesión Contable (Summary of PPP6 - Global Regulatory Convergence and the Accountancy Profession)
• Resumen - Posición de Política de la IFAC No 7 –  Gobierno de la Entidad Eficaz, Gestión de Riesgos y Control Interno (Summary of PPP7 - Effective Governance, Risk Management, and Internal Control)
• Resumen - Posición de Política de la IFAC No 8 –  Cómo Mejorar los Informes Organizacionales (Summary of PPP 8 - Enhancing Organizational Reporting)

The full-length English language versions of the eight policy position papers are available under the Publications and Resources section of the IFAC website.

These Spanish translations were performed by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), and are a result of the Ibero-American cooperation framework, known as the IberAm project.  Established in 2012, the IberAm project—which includes IFAC and its member organizations in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality Spanish translations of international standards and other IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is an observer to the project. In addition, the project involves a Review Committee of technical experts representing IFAC member organizations in nine Spanish-speaking countries.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database.