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  • IFAC Forum Addresses Challenges and Opportunities Facing SMPs in an Ever-Changing Global Marketplace

    Singapore/New York English

    Today over 200 delegates from 40 professional accountancy organizations in 36 countries convened in Singapore for the sixth annual IFAC Small and Medium Practices (SMP) Forum. Co-hosted with the Institute of Certified Public Accountants of Singapore (ICPAS), this year’s event featured a keynote address by Ms. Jessica Tan, Chairman of the Government Parliamentary Committee for Finance and Trade & Industry in Singapore, and speakers from the Singapore Business Federation (SBF) and Accounting and Corporate Regulatory Authority (ACRA) of Singapore.

    Delegates from IFAC member bodies convened with representatives from the regulatory community, leading regional business associations, and international standard setters to discuss the hot-button challenges facing the SMP sector and to collaborate on the solutions on a global level. Plenary panel session topics included shaping regulations and standards and how SMPs can capitalize on emerging opportunities in an ever-changing marketplace.

    In his opening remarks, IFAC Deputy President Warren Allen gave an overview of IFAC’s role in the changing SME/SMP landscape: “The results of the 2011 IFAC Global Leadership Survey highlighted that the needs of SMPs and small- and medium-sized entities (SMEs) continue to be a high-priority area among IFAC’s membership. This may be because SMEs—and the SMPs that serve them—often constitute the backbone of economic stability. Here in Singapore, for instance, SMEs and small components (subsidiaries, branches, etc.) of multinational corporations contribute up to half of gross domestic product (GDP). And that is why IFAC is speaking out to ensure that world leaders recognize that the small business sector is a public interest issue, and that policy, regulation, and standards are developed in a way that will facilitate the growth of this sector.”

    ICPAS President Dr. Ernest Kan said, “ICPAS is honored to co-host this year’s SMP Forum with IFAC. The focus on SMPs and SMEs dovetails with ICPAS’ strategic focus on SMP development. In today’s complex global economic environment, SMPs and SMEs face unique challenges in value creation and capacity building. With the forum, we aim to provide a platform for international representatives to share insights on supporting this sector.”

    IFAC SMP Committee Chair Giancarlo Attolini added, “We can see from the attendance here today and the high level of participation in the SMP Quick Poll throughout 2011 that IFAC members are committed to serving their SMP constituents. IFAC shares this commitment since small accountancy practices typically serve small businesses, and when small businesses prosper, their local economies tend to prosper as well. We believe that SMEs and SMPs can be a part of the solution to the global economic recession.”

    For media enquiries:

    IFAC

    ICPAS

    Laura Wilker
    Head of Communications
    1 212 471 8707

    Low Xiao Jing
    Communications Executive
    65 6597 5609
    65 9171 8852

     
    About the IFAC Small and Medium Practices Forum

    This annual event provides a unique, global platform for delegates of IFAC member bodies to learn, debate, and collaborate on the opportunities and challenges facing SMPs and their small- and medium-sized entity clients. Learn more at www.ifac.org/2012SMPForum. This year’s event was made possible by the generous support of its co-host, the Institute of Certified Public Accountants of Singapore, and the sponsorship of the following IFAC member bodies: Association of Chartered Certified Accountants; Body of Expert and Licensed Accountants of Romania (CECCAR); Certified General Accountants Association of Canada; Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili; CPA Australia; Hong Kong Institute of Certified Public Accountants; and Institute of Chartered Accountants in England and Wales.

    About the Institute of Certified Public Accountants of Singapore
    Established in 1963, the Institute of Certified Public Accountants of Singapore (ICPAS) is the national accountancy body that develops, supports, and enhances the integrity, status, and interests of the profession.

    ICPAS accords the Certified Public Accountant Singapore (CPA Singapore) designation. The CPA Singapore is a professional in accountancy, finance, and business distinguished by their technical expertise, integrity, and professionalism, in addition to a recognized accountancy qualification and relevant work experience. CPAs Singapore serve every corner of the world in every industry. Many of them helm some of the most prominent local and international corporations. Presently, there are close to 25,000 members in ICPAS.

    About the IFAC SMP Committee
    The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee collaborates with IFAC member bodies to develop guidance and tools and speaks out on behalf of SMPs and small- and medium-sized entities (SMEs) to raise awareness of their role and value. The committee also works to ensure that the needs of the SMP and SME sectors are considered by standard setters, regulators, and policy makers.

    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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

     

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  • Public Sector Financial Management Transparency and Accountability: The Use of International Public Sector Accounting Standards

    Policy Position Paper #4
    Governments must implement the necessary institutional arrangements required to enhance public sector financial management transparency and accountability. An integral and essential part of these arrangements is the use of accrual-based accounting—through the adoption and implementation of International Public Sector Accounting Standards (IPSASs), which promote greater transparency and accountability in public sector finances and allows for enhanced monitoring of government debt and liabilities for their true economic implications.
    IFAC
    English
  • MOSAIC Steering Committee Meeting: IFAC, An Overview

    Russell Guthrie
    Executive Director, Quality and Member Relations
    Jaipur, India English

    Presentation given at the inaugural Steering Committee meeting for MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) in Jaipur, India, co-hosted by the Institute of Chartered Accountants in India and the Institute of Cost Accountants in India.

    Additional information on MOSAIC is available in the launch press release and signing ceremony materials.

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  • IFAC Releases Revisions to Policy Position Paper Two; Promoting a Single Set of Auditing Standards for All Audits, Including of Small- and Medium-Sized Entities

    New York, New York English

    The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, today released a revised version of Policy Position Paper 2, A Single Set of Auditing Standards: Audits Of Small- And Medium-Sized Entities.

    “IFAC reaffirms its view that a single set of auditing standards that can be applied to all audits is in the public interest,” stated Ian Ball, chief executive officer of IFAC. “A key objective of financial reporting is to provide users with relevant and reliable information for decision making; a single set of standards gives users confidence that audits—whether small or large, simple or complex—have been performed to the same high standards.”

    The use of International Standards on Auditing (ISAs) for audits of small- and medium-sized entities has again been brought into focus following the release of the European Commission’s proposed audit legislation late last year.

    “The International Auditing and Assurance Standards Board (IAASB)’s ISAs are designed to be applied in a manner proportionate to the size and complexity of an entity,” continued Prof. Arnold Schilder, chairman of the IAASB. “IAASB is committed to addressing the needs of small- and medium-sized entities and small and medium practitioners.”

    Policy Position Paper 2, A Single Set of Auditing Standards: Audits Of Small- And Medium-Sized Entities, was first issued by IFAC in 2008. The main revisions to the position paper include updated references to:

    • the Clarified ISAs;
    • other standards that the IAASB has issued and that are relevant to small and medium practitioners; and
    • tools and guidance made available to practitioners by IFAC and the IAASB.

    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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

     

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  • A Single Set of Auditing Standards: Audits of Small- and Medium-Sized Entities

    Revised Policy Position Paper #2

    This paper discusses the public interest considerations relevant to the application of International Standards of Auditing (ISAs), set by the International Auditing and Assurance Standards Board (IAASB), for audits of small- and medium-sized entities (SMEs). It highlights how IFAC and the IAASB take into account the needs and views of SMEs and small- and medium-sized accountancy practices (SMPs), as well as describing initiatives undertaken so that ISAs can be used cost-effectively for the financial statement audits of entities of all sizes.

    IFAC
    English
  • IFAC Welcomes Publication of Spanish Translation of the Handbook of International Public Sector Accounting Pronouncements

    New York, New York English

    The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, welcomes the Spanish translation of the Handbook of International Public Sector Accounting Pronouncements – 2011 Edition.

    This Spanish translation was undertaken by faculty members from the Department of Accounting and Finance, Faculty of Economics and Business Administration, at the University of Zaragoza, Spain. It has 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).

    IFAC’s Chief Executive Officer Ian Ball stated, “Availability of this translation will facilitate and support the adoption and implementation of the International Public Sector Accounting Standards in Spanish-speaking countries. The current sovereign debt issues in many countries around the world makes clear that financial management and reporting reform in the public sector is sorely needed. This translation will help contribute to that reform, as well as to enhanced comparability, transparency, and accountability in the public sector globally.” 

    IFAC is presenting a global seminar, The Sovereign Debt Crisis, A Matter of Urgency—from Lessons to Reform, March 19-20, 2012.  The Seminar will feature prestigious guest speakers that include: Vincenzo LaVia, Chief Financial Officer of the World Bank Group; Hon. David Walker, Founder and CEO of the Comeback America Initiative and Former United States Comptroller General; and Göran Persson, Former Prime Minister of Sweden.  The two-day seminar will include discussions on the role of IPSAS adoption and implementation, the success of  accrual accounting, the role of the finance professional in reform and convergence, the complexity of public interest reporting, and more. For more information please contact sdseminar@ifac.org.

    A Spanish translation of IPSASB’s Study 14 - Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities was also recently published.

    Both projects were made possible with the assistance of the World Bank and contributions from the government of Spain through the Spanish Fund for Latin America and the Caribbean. These publications can be downloaded free of charge in PDF format from the IFAC website. They have not been published in print format. Reproduction, distribution or dissemination of these publications requires permission of IFAC. Contact permissions@ifac.org for further information. For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database: www.ifac.org/about-ifac/translations-permissions/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 United Nations and the governments of Canada, China, 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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

     

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  • Mentoring Insights - The Mentor Perspective

    IFAC
    Dubai, United Arab Emirates English

    Over 40 participants representing 19 countries gathered in Dubai, United Arab Emirates, for IFAC’s Mentoring Insights – The Mentor Perspective workshop on February 17, 2012. The roundtable workshop brought together representatives from countries all over the world, including Australia, Canada, China, India, Kazakhstan, Nigeria, and the UK. Discussions centered around the drivers for undertaking mentoring; the areas in which support is most commonly sought; and the key success factors and challenges based on the experiences of those attending the event. The range of information gathered will be used to inform the PAO Development Committee Mentoring Program, and in particular the mentoring toolkit.

    Below are some of the presentations given by attendees. The extended agenda for the event, Mentoring: The Path to Sustainable Development, and the Event Summary are also available.

     

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  • Mentoring: The Path to Sustainable Development

    In recent years there has been an increased focus on mentoring activity between professional accountancy organizations (PAOs) as a valuable way of sharing knowledge and transferring sustainable expertise. Recognizing the value of these relationships, IFAC member bodies around the world are working together through twinning arrangements, donor-funded projects, and a wide range of collaborative partnerships to support each other and less-established PAOs.

    IFAC
    English