The Framework is an opportunity for organizations to improve the quality of information provided about governance, strategy, prospects, and performance that reflects the commercial, social, and environmental contexts within which they operate. It enables them to engage with investors and others and focus on value creation over time. Ultimately, it will contribute to a more financially stable global economy and is a force for sustainability.

It will bring cohesion, technical rigor, and efficiency to a process that has grown organically and through market pressure over the last three years. Organizations that are able to adopt “integrated thinking” will benefit by breaking down internal silos and reducing duplication. Finance and accounting leaders need to act as change agents in their organizations and facilitate integrated thinking across the organization so that integrated reporting can be successful. These leaders have a crucial role in putting their organizations on a path of sustainable performance.

As a co-founder of the IIRC, IFAC has played a central role in the development of the IIRC and the Integrated Reporting Framework. IFAC President Warren Allen serves on the IIRC and former IFAC CEO Ian Ball is continuing his role as Working Group chair on IFAC’s behalf. IFAC has also provided staff support to the development of the IR Framework.

We encourage our member bodies and other stakeholders to communicate about the Integrated Reporting Framework and to get involved in its next stages, and we look forward to continuing to perform a constructive and central role in 2014 and beyond

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 179 members and associates in 130 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, today released the Guide to Review Engagements. The guide, developed in conjunction with CPA Canada, aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), effective for periods ending on or after December 31.

“Many small- and medium-sized entities (SMEs) around the world are not required, or do not elect, to have an audit. They may, however, wish to enhance the credibility of, and confidence in, their unaudited financial statements by having some degree of independent assurance on them,” said SMP Committee Chair Giancarlo Attolini. “A review engagement, which offers limited assurance, may be the ideal solution. The guide can help practitioners prepare themselves to meet the potentially increasing demand in this area.”

To help practitioners develop a deeper understanding of ISRE 2400 (Revised), the guide includes illustrative examples alongside relevant extracts from the standard. It also includes practical points for practitioners’ consideration and tips on how to efficiently implement the standard. Checklists and forms that can be adapted to meet the particular requirements and circumstances of individual review engagements and jurisdictions are also included.

To assist IFAC member organizations, the SMP Committee has also updated its Companion Manual, a supplementary user guide to help organizations understand the various ways they can use, translate, and adapt the committee’s implementation guides.

To download the guide, visit SMP Publications & Resources. See also the article “Review Engagements for SMEs: Limited Assurance, Numerous Benefits,” which was developed to help IFAC members communicate the value of a review engagement and the availability of the guide to their members.

About the 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 develops guidance and tools and works to ensure the needs of SMPs are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

#   #   #

Highlights from the IESBA's December 4-6, 2013 meeting in New York, New York.

00:33 Overview 

1:03 Long Association 

2:50 Structure of the Code

6:14 Non-Compliance with Laws and Regulation

10:16 Future Strategy and Work Plan

In today’s global economy, there is strong public interest in high quality, relevant assurance on information beyond the audit or review of financial statements. Recognizing this, the International Auditing and Assurance Standards Board (IAASB) today released an updated and enhanced International Standard on Assurance Engagements (ISAE), titled ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, which addresses a broad range of assurance engagements.

“The importance of relevant and consistent high quality engagements for assurance services cannot be understated. Preparers and users alike already look to the accountancy profession to provide assurance services on an expansive range of information, and this is anticipated to continue to grow. ISAE 3000 (Revised) provides the platform for practitioners to provide such services, and to develop new assurance services over many different subject matters, while enhancing the quality of such engagements,” noted Prof. Arnold Schilder, IAASB Chairman.

ISAE 3000 (Revised) covers a wide variety of engagements, ranging from assurance on statements about the effectiveness of internal control, for example, to assurance on sustainability reports and possible future engagements addressing integrated reporting. The standard covers both reasonable and limited assurance engagements, and introduces guidance designed to help readers better understand these two levels of assurance.

“ISAE 3000 (Revised) is the overarching standard for current and future topic-specific ISAEs and assurance engagements where no separate ISAE exists. As a result, the IAASB’s revision involved striking an appropriate balance between ensuring that the standard is sufficiently robust, and that it is able to also facilitate innovation in the dynamic and evolving field of assurance,” noted James Gunn, IAASB Technical Director.

Accompanying the release of ISAE 3000 (Revised) are conforming amendments to the International Framework for Assurance Engagements; ISAE 3402, Assurance Reports on Controls at a Service Organization; ISAE 3410, Assurance Engagements on Greenhouse Gas Statements; and ISAE 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

#   #   #

This revised assurance standard deals with assurance engagements other than audits or reviews of historical financial information.

The SMP Committee submitted this comment letter on the International Auditing and Assurance Standards Board (IAASB)'s Auditor Reporting Exposure Draft.

The Notice of the Call for Nominations for the IFAC Board and Committees in 2015 was issued today along with the companion guide, Developing a Nominations Strategy. The Notice of the Call sets out the upcoming opportunities for membership on the Board of the International Federation of Accountants (IFAC), the global organization for the accountancy profession with 179 members and associates in 130 countries, and its Compliance Advisory Panel,  Professional Accountancy Organization Development Committee, Professional Accountants in Business Committee, Small and Medium Practices Committee, and Nominating Committee.

For 2015, there are 29 vacancies on the Board and committees, including two leadership positions—the IFAC deputy president and the chair of the Small and Medium Practices Committee. All vacancies on the Board and committees are open for nominations by IFAC Members.

The Nominating Committee encourages all IFAC Members to review the Notice of the Call, including the detailed information regarding open vacancies, composition targets, specific membership qualifications, and requirements for the Board and each committee. It also offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position.

The official Call for Nominations will be issued on January 15, 2014, and nominations may be submitted from January 15 to March 15, 2014. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for stakeholders to prepare for the next nominations cycle.

The Nominating Committee follows an open and transparent process in selecting the best candidates for the available positions while also striving to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit the Nominating Committee web page.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

#   #   #