The effects of the financial crisis continue to be felt by small businesses, according to the small- and medium-sized accountancy practitioners recently polled by the International Federation of Accountants. Economic uncertainty is still the biggest challenge facing small- and medium-sized entities (SMEs), said the largest group of respondents—nearly 30%—while the burden of regulation was a close second. Regulations and standards challenge small- and medium-sized accounting practices (SMPs) as well: over 40% said that keeping up with regulations and standards is the most important issue now facing their practice.

Despite the prevalence of economic uncertainty, nearly 40% of SMPs expect their practices to perform better this year than last year. Only slightly more (43%) expect business to be even with 2010, and 19% expect business to shrink in 2011.

SMPs continue to generate the largest proportion of their revenue from traditional compliance-based services. Nearly 45% of respondents indicated that audit and assurance is their biggest source of revenue, followed closely by accounting and compilation (40%). Tax and advisory/consulting services comprised only 15% combined.

With the aim of taking a snapshot of the key issues confronted by SMPs and their SME clients, the IFAC SMP Quick Poll will be issued quarterly throughout 2011 in the SMP eNews, IFAC’s free newsletter for SMPs. The first Quick Poll collected 425 responses from all regions of the world over a 14-day period (January 27, 2011 to February 9, 2011). To subscribe to the SMP eNews, and participate in our next poll, sign up here.

IFAC wishes to thank those member bodies and regional organizations that published the poll in their newsletters, or otherwise helped promote it. The full survey results are available here.

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 Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, has issued an announcement to alert its members and the public of its Call for Nominations for IFAC Boards and Committees in 2012.

Both the Call for Nominations and its companion guide, Developing a Nominations Strategy, are designed to help the members of IFAC, and others, identify the most qualified person for nomination to each available position on the boards and committees, while also achieving a gender, regional, and professional balance. These in-depth documents, located on the IFAC website, contain strategic and practical advice for nominating organizations, which allows them to make more informed decisions in their selections and to understand the requirements and expectations of the nominees.

Nominations may be submitted online from January 15 to March 15, 2011.

Each year, roughly one-third of the 150+ positions on the boards and committees come up for rotation, though for some of those positions serving members may be re-appointed. The nominations process is designed to ensure a diverse membership, and a transparent and consistent approach to filling available positions. For more information about the nominations strategy, its due process, Nominating Committee members, or for guidance in selecting the best candidate, please visit www.ifac.org/NominatingCommittee.

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.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, has issued an announcement to alert its members and the public of its Notice of the Call for Nominations to IFAC Boards and Committees in 2012.

Both the Notice of the Call for Nominations and its companion guide, Developing a Nominations Strategy, are designed to help the members of IFAC, and others, identify the most qualified person for nomination to each available position on the boards and committees, while also achieving a gender, regional, and professional balance. These in-depth documents, located on the IFAC website, contain strategic and practical advice for nominating organizations, which allows them to make more informed decisions in their selections and to understand the requirements and expectations of the nominees.

The official 2012 Call for Nominations for Boards and Committees supported by IFAC will be issued on January 15, 2011, and nominations may be submitted from January 15 to March 15, 2011.

Each year, roughly one third of the 150+ positions on the boards and committees come up for rotation, though for some of those positions serving members may be re-appointed. The nominating process is designed to ensure a diverse membership, and a transparent and consistent approach to filling available positions. For more information about the nominations strategy, its due process, nominating committee members or for guidance in selecting the best candidate, please visit www.ifac.org/NominatingCommittee.

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.

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.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, today commented on the Monitoring Group’s Review of the IFAC Reforms — Final Report.

In the report, the Monitoring Group states that virtually all of the changes called for by the IFAC Reforms have been implemented. It also acknowledges that the initial implementation of the IFAC Reforms has been a significant undertaking, and it recognizes the numerous achievements with respect to their implementation.

The concept of the IFAC Reforms originated in 2002, when IFAC and a group of six international financial institutions—the Basel Committee on Banking Supervision, the European Commission, the Financial Stability Board, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, and the World Bank (the Monitoring Group)—began a dialogue about the importance of high-quality audits of financial statements and the need to restore and enhance public confidence in financial reporting and auditing. The result of this dialogue was the IFAC Reforms.

The IFAC Reforms changed the structure and processes for the auditing, ethics, and education standard-setting boards supported by IFAC. The Reforms called for the Monitoring Group to perform a five-year review of their implementation.

In addition to recognizing the successful breadth and depth of achievements of the IFAC Reforms, the Monitoring Group has identified a number of near-term actions for IFAC and the standard-setting boards it supports, focused on further enhancing diversity, transparency, and accountability.

“We welcome the publication of this report,” said Ian Ball, CEO of IFAC, “and we appreciate the collaborative manner in which the Monitoring Group has undertaken the review, as well as their recommendations.”

“We are in complete agreement that international standard-setting in the public interest is a challenge that requires ongoing continuous improvement,” concluded Ball, “and we look forward to working with the Monitoring Group in determining how the recommendations they have raised can best be addressed.”

To view the final report, visit: www.iosco.org/monitoring_group/pdf/MG_Doc_4.pdf.

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.

Robert Mednick, René Ricol, and Dr. Wang Jun Honored

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, yesterday presented the IFAC Sempier Award to Robert Mednick. In addition, René Ricol and Dr. Wang Jun were presented with special awards from IFAC to recognize their outstanding contributions to the international accounting profession. All three awards were presented at the Opening Ceremony of the World Congress of Accountants (WCOA) in Kuala Lumpur, by Robert Bunting, president of IFAC.

The IFAC Sempier Award recognizes outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the quadrennial World Congress of Accountants. Robert Mednick was selected for his achievements in the development of the accountancy profession internationally, including his two consecutive terms as chair of IFAC’s Compliance Advisory Panel, his participation on IFAC’s Accountants Legal Liability Task Force, and his service as a consultant to the World Bank in the establishment of its ROSC Program and as a peer reviewer. In these roles, Mr. Mednick has advanced convergence of global accounting and auditing standards, development of professional accountancy bodies in emerging economies, public oversight/regulation of the accountancy profession, reform of accountants’ legal liability, and expansion of the audit function to broader assurance services.

“I am honored to present the Sempier Award to Robert Mednick,” said Mr. Bunting. “His dedication and achievements in strengthening the profession internationally have raised the bar for all of us and exemplified Sempier’s vision for IFAC and for the international accounting profession.”

IFAC presented a special award to RenéRicol in recognition of his professional contributions and his achievements in the development of the accountancy profession internationally, including his roles as an IFAC Officer and as a member of its Board. In particular, the award acknowledges Mr. Ricol’s role aspresident of IFAC during the “IFAC Reforms,” and his key role in developing and implementing those reforms and promoting IFAC’s mission internationally.

“I’m delighted to present this award to René Ricol. In addition to his accomplishments and contributions through the French accounting profession and IFAC, we also wish to recognize his work with the French government on various initiatives in response to the global economic and financial crisis,” said Mr. Bunting.

IFAC presented a special award to Dr. Wang Jun in recognition of his outstanding contributions to the accountancy profession and to the finance and business world. This includes his leadership in the reform of the Chinese accountancy profession as Vice Minister of Finance in the People’s Republic of China, his promotion of the development, adoption, and implementation of new Chinese Accounting and Auditing Standards, and his advocacy for the convergence of Chinese and international accounting and auditing standards.

“I’m pleased to see the important contributions of Dr. Wang Jun recognized by the global profession. In addition to his leadership in financial reforms and accounting standards, the award recognizes his leadership in the adoption of corporate governance good practice for the largest Chinese enterprises,” said Mr. Bunting.

“I am extremely gratified that IFAC has been able to recognize Robert Mednick’s, René Ricol’s, and Wang Jun’s exceptional contributions to the international accountancy profession,” said Ian Ball, CEO of IFAC. “These three recognitions remind us of the very diverse ways in which these three leaders have served the public interest through their work in, or related to, the accounting profession.

About the IFAC Robert Sempier Award
The IFAC Robert Sempier Award was created by the IFAC Council in 1991 to honor the contributions of Robert Sempier, IFAC’s first executive director. It is intended to recognize outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the World Congress of Accountants every four years. Previous award recipients have been Bob Sempier (1992), Gordon H. Cowperthwaite (1997), Sir Bryan Carsberg (2002), and Marilyn Pendergast (2006).

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.

18th WCOA Co-Hosted by the International Federation of Accountants and the Malaysian Institute of Accountants

The 18^th World Congress of Accountants (WCOA) opened today with the participation of 6,000 distinguished delegates from 134 countries, a record-breaking number.

The Congress, which originated in 1904 and has been held regularly since 1977, was jointly organised by the Malaysian Institute of Accountants (MIA) and the International Federation of Accountants (IFAC). It was officiated by the Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop on behalf of the Prime Minister Datuk Seri Najib Tun Razak.

Najib’s speech was delivered by Nor Mohamed Yakcop.

Themed “Accountants: Sustaining Value Creation,” the Congress, which is being held in Malaysia for the first time, will bring together 183 eminent speakers from over 40 countries.

“The theme of the Congress is consistent with the role of the accountants to add value to the performance of an organisation,” said MIA President Abdul Rahim Abdul Hamid at the opening of the Congress here today.

Abdul Rahim said as value creation becomes vital to the business agenda, more accountants are taking on strategic and leadership roles and increasingly being held accountable for the business performance of their organisations.

World-renowned speakers will explore the issues related to key areas that affect the accountancy profession now and in the future and provide concrete solutions to overcome the challenges faced by the industry in four plenary sessions and 35 concurrent sessions beginning tomorrow.

“The accountancy profession continues to evolve,” said IFAC Chief Executive Officer Ian Ball. “Years from now, the profession will be quite different, with different skills and competencies. At this Congress, we will explore new opportunities and potential challenges, and how we will meet them.”

The key issues that will be discussed include accounting ethics, governance, standards, and development of the accounting profession. Issues such as International Financial Reporting Standards (IFRS) convergence will also be deliberated upon.

Among the distinguished speakers are China’s Vice Minister of Finance Dr. Wang Jun; Chairman of the International Public Interest Oversight Board Prof. Stavros Thomadakis; Chairman of the International Accounting Standards Board Sir David Tweedie; Chairman of the International Valuation Standards Council Mr. Michel Prada; Bank Negara Malaysia Governor Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz; Securities Commission Chairman Tan Sri Zarinah Anwar; Khazanah Nasional Bhd’s Tan Sri Dato’ Sri Azman Mokhtar; and SME Corp Malaysia CEO Dato’ Hafsah Hashim.

“As we move forward, it is more important than ever that we continue to learn from each other, exchange ideas, and discuss best practices,” said Robert Bunting, President of IFAC. “I look forward to engaging discussions and debates in the days to come.”

Chief Executive Officer of MIA Rosli Abdullah said the Congress provides benefits to all participants. “The Congress gives insights on critical issues such as the development of global accounting standards and opportunities to network with business professionals and thought leaders worldwide,” Rosli added.

The World Congress of Accountants, also dubbed “the Olympics of the accountancy profession,” is the foremost international event for the accountancy profession. The Congress gathers influential communities, including leaders in accountancy, business, and regulation, to explore the latest issues and innovative ideas on a platform of international and regional interests.

The choice of Malaysia as the host for WCOA 2010 by IFAC reflects the trust and confidence of the global accountancy profession in the high professional standing of the Malaysian accountancy profession.

About the Malaysian Institute of Accountants (MIA)
MIA (www.mia.org.my) is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has close to 27,000 members. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as the International Federation of Accountants, the Confederation of Asian and Pacific Accountants (CAPA), and the Asean Federation of Accountants (AFA). MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

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.

The Malaysian Institute of Accountants (MIA) and International Federation of Accountants (IFAC) today announced a series of initiatives to offset carbon emissions from their co-hosted event, the 18^th World Congress of Accountants (WCOA) 2010.

The WCOA will be held in Kuala Lumpur from 8-11 November, 2010 and is the largest international congress in Malaysia for 2010. During the World Congress, the more than 6,000 expected delegates will be encouraged to contribute to offset carbon emissions.

Abdul Rahim Abdul Hamid, President of the Institute, said, “This initiative demonstrates the seriousness that the WCOA has taken with regards towards sustainability for the environment in the long term. It is also to support MIA’s and IFAC’s objectives of giving back to society. As a profession, we recognise the importance not only of reporting about it but also of participating in initiatives to offset carbon emissions.”

Rahim added, “As part of our other sustainability efforts, we will also do our little bit by providing our delegates with re-useable water bottles in place of plastic water bottles during the four-day World Congress. By doing this, we will save an estimated 100,000 plastic water bottles if each person were to consume four bottles of water per conference day.”

MIA and IFAC are also providing thumbdrives so that participants can download the presentations of the 183 speakers after the Congress, as part of the effort to reduce the carbon footprint.

“Imagine the innumerable number of trees that we have saved from being cut with this small initiative. Our other environmental-friendly initiative is to encourage our foreign delegates upon their arrival to take the fast and convenient Express Rail Link from the Kuala Lumpur International Airport to the city centre to help offset carbon emissions,” said Rahim.

“We are very pleased to work together with the MIA to support these initiatives,” said Ian Ball, Chief Executive Officer of IFAC.

“As an organization, IFAC is committed to sustainability—in our daily office environment, as well as through active involvement in The Prince’s Accounting for Sustainability (A4S) Project and the International Integrated Reporting Committee (IIRC).” Mr. Ball is co-chair of the IIRC’s Working Group.

“We believe that the accountancy profession has a critical role to play in developing a concise, consistent, and comparable integrated reporting framework so that organisations around the world can report in a manner that addresses sustainability and can embed sustainability into their decision-making processes.

“We will also participate in planting trees to offset carbon emissions. We hope it serves as a starting point and that the World Congress delegates will also see the importance of supporting this important initiative,” said Mr. Ball.

About the Malaysian Institute of Accountants (MIA)
MIA (www.mia.org.my) is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has close to 27,000 members. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as the International Federation of Accountants, the Confederation of Asian and Pacific Accountants (CAPA), and the Asean Federation of Accountants (AFA). MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

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.