The International Federation of Accountants^® (IFAC^®) today published in the Spanish language the Handbook of International Public Sector Accounting Pronouncements – 2014 Edition, and the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (Conceptual Framework).             

These Spanish translations were undertaken 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.

“This Handbook provides a comprehensive set of accounting requirements and guidance developed specifically for preparers of public sector financial statements. Due to the increasing pace of adoption in Spain and Latin America of these standards, this Spanish language translation is especially welcome,” said Andreas Bergmann, Chairman of the International Public Sector Accounting Standards Board^®(IPSASB^®).

The Conceptual Framework provides the IPSASB with the concepts that will underpin the development of International Public Sector Accounting Standards™ (IPSASs™) and Recommended Practice Guidelines (RPGs) in the coming years. It enables the IPSASB to improve the consistency of its standard-setting by strengthening the linkage between IPSASs. Additionally, the transparency of the concepts underpinning the development of IPSASs and RPGs enhances the IPSASB’s accountability.

The Conceptual Framework also responds to key public sector characteristics in its approach to elements (the building blocks of financial statements), the measurement of assets and liabilities, and the presentation of financial reports, while focusing on service recipients’ and resource providers’ needs for high-quality financial reporting information for both accountability and decision-making purposes.

The publication of these Spanish translations is timely, in advance of the 2015 CReCER conference, “Preserving Economic Gains and Investing in the Future: Promoting Growth through Improved Financial Accountability,” May 5-8 in Quito, Ecuador.

CReCER, which represents the Spanish acronym for Contabilidad y Responsibilidad para el Crecimiento Economico (Accounting and Accountability for Regional Economic Growth), is a regional event focusing on accounting and auditing. It promotes improved financial and fiscal reporting policies and practices in the public and private sectors in Latin America and the Caribbean, in support of the region’s economic growth and development agenda. The conference is co-sponsored by IFAC, the World Bank, Inter-American Development Bank, and the Global Public Policy Committee.

Additional Spanish translations of IFAC publications will be forthcoming.

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

About the IPSASB
The IPSASB 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. The IPSASB 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.

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 2.5 million accountants in public practice, education, government service, industry, and commerce.

Convened by the International Federation of Accountants^® (IFAC^®), the Accountability. Now. coalition, comprising civil society organizations, major international bodies, and the accountancy profession, met for the first time to develop strategies to encourage high-quality public sector financial reporting, greater government transparency and accountability, and empowered citizen engagement.

IFAC Chief Executive Officer Fayez Choudhury commented, “Poor public sector financial management can lead to economic stagnation and contraction; severe social problems that impact future generations; and a widened gulf between government and its citizens.

“IFAC initiated Accountability. Now. 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.

“Some of the world’s poorest countries have the most to gain from having high-quality government reporting to better manage scarce public sector resources, attract investment, and promote accountability. IFAC will be focusing much of its efforts on helping these countries implement strategies to embrace high-quality reporting, based on International Public Sector Accounting Standards™, and encourage citizens to be part of the fiscal process.

“Understanding the true costs of government services, including all assets and liabilities, is central to good government and global growth. This is an issue that should be of concern to everyone, not just accountants and that’s the exciting part of Accountability. Now.

“The coalition represents a range of different organizations with the skills and experience to help push for a better social contract between governments and their citizens, at a time when there is enormous pressure on governments to work with tighter budgets and deliver better social outcomes,” Choudhury said.

In addition to the accountancy profession, represented by IFAC and the Big 6 accountancy firms, the coalition includes the Organisation for Economic Co-operation and Development and the Global Initiative for Fiscal Transparency, whose members include International Budget Partnership, International Monetary Fund, World Bank Group, and the Brazilian and Philippines Governments. 

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 2.5 million accountants in public practice, education, government service, industry, and commerce.

To assist developing professional accountancy organizations (PAOs) around the world communicate their value and establish or advance public policy efforts, the International Federation of Accountants^® (IFAC^®) today released new guidance for PAOs, Finding Your Voice: PAOs, Advocacy, and Public Policy. The guidance offers practical advice to help PAOs create an environment in which professional accountants are listened to, can speak out on topical societal issues, and are seen as an integral, respected, and contributing part of society.

“The success of any PAO relies in large part on its ability to effectively communicate and demonstrate its relevance to society,” said IFAC CEO Fayez Choudhury. “As part of IFAC’s support for developing PAOs, we want to help them find and use their voices effectively in support of the public interest and in a way that builds trust and confidence—in them and in the profession.”

As the global body for the accountancy profession that regularly engages with PAOs around the world, IFAC is in the unique position of being able to collate and communicate good practices based on real experiences shared by existing and prospective IFAC member bodies.

The guidance outlines the essential elements of an effective approach to engaging stakeholders and includes practical tips as well as short case studies of PAOs who have experienced success.

“We know that the accountancy profession is most successful and sustainable when PAOs have the support of their national and regional stakeholders, including government and regulators,” said Alta Prinsloo, Executive Director, Strategy, and Chief Operating Officer, IFAC. “Obtaining that support requires sustained, targeted outreach to decision makers and stakeholders, focused on demonstrating a PAO’s value. This guidance will help PAOs on that journey.”

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 2.5 million accountants in public practice, education, government service, industry, and commerce.

The IFAC SMP Committee supports the approach outlined in the IAASB Exposure Draft, Proposed International Standards on Auditing, which includes: ISA 800 (Revised), Special Consideration—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or

The International Federation of Accountants^® (IFAC^®) today published in Spanish the following documents developed for Professional Accountants in Business (PAIBs):

• International Framework: Good Governance in the Public Sector (full document)
• International Framework: Good Governance in the Public Sector (executive summary)
• Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success (full document)
• Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success (employer brochure)

The publication International Framework: Good Governance in the Public Sector was jointly developed by IFAC and the Chartered Institute of Public Finance and Accountancy (CIPFA) to help improve and encourage effective public sector governance. The Framework encourages better governed and managed public sector organizations by improving decision making and the efficient use of resources. Enhanced stakeholder engagement, robust scrutiny, and oversight of those charged with primary responsibility for determining an entity’s strategic direction, operations, and accountability leads to more effective interventions and better outcomes for the public at large.

Competent and Versatile supports the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations. Since organizational needs are evolving faster than ever, professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust. With this publication, the Professional Accountants in Business Committee is striving to support the global accountancy profession and help its members guide their organizations to create sustainable value.

These Spanish language translations 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 bodies Instituto de Censores Jurados de Cuentas de España, Federación Argentina de Consejos Profesionales de Ciencias Económicas, and Instituto Mexicano de Contadores Públicos—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 bodies in nine Spanish-speaking countries.

Additional Spanish translations of IFAC publications will be forthcoming.

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

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 2.5 million accountants in public practice, education, government service, industry, and commerce.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

Los contadores profesionales en las empresas desempeñan un papel clave en las organizaciones de los roles que a menudo van mucho más allá de las percepciones estereotipadas de los contadores. Puede que no sea evidente para todos los empresarios y dueños de negocios, pero se puede sacar provecho de formación, conocimientos y de habilidades contables profesionales' para ayudar a guiar a sus organizaciones hacia el éxito sostenible a largo plazo.

Los Contadores Profesionales en Empresas ( PAIB ) Comité publicó este artículo para apoyar la profesión contable mundial para responder a los cambios en las expectativas de la sociedad , los mercados financieros, y de las organizaciones, y promueve el valor de los contadores profesionales en el negocio para sus organizaciones. Dado que las necesidades organizativas están evolucionando más rápido que nunca , los contadores profesionales tienen que adaptarse a estos cambios para servir mejor a sus empleadores, y mantener la pertinencia y la confianza del público.

The IFAC Professional Accountants in Business (PAIB) Committee values the opportunity to comment on the International Ethics Standards Board for Accountants (IESBA)’s Exposure Draft proposing changes to Part C of the Code of Ethics for Professional Accountants (the Code) addressing presentation of information and pressure to breach the fundamental principles.

In early March, IFAC Senior Technical Manager Vincent Tophoff presented at the Institute of Internal Auditors 2015 General Audit Management Conference on risk management. The conference brought together internal audit leaders and key stakeholders, including audit committee and board members.

Mr. Tophoff’s presentation reminded the audience that the main objective of any organization is not to have effective controls, nor to effectively manage risk, but to properly set and achieve its goals, avoid surprises, and create sustainable value. But managing risk is an inseparable and integral part of this.