This At-a-Glance is a summary of Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Measurement of Assets and Liabilities in Financial Statements

This At-a-Glance is a summary of Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements.

The staff of the International Ethics Standards Board for Accountants (IESBA) today released additional questions and answers (Q&As) to support the adoption and implementation of the IESBA’s Code of Ethics for Professional Accountants (the Code). The new Q&As cover issues related to materiality, partner rotation, public interest entities, and network firms, among several other topic areas.

To aid consistent application of the Code, the IESBA monitors the adoption and implementation of the Code to identify areas where support is needed. These Q&As respond to the needs identified.

The 141 member organizations of the International Federation of Accountants (IFAC), the global organization for the accountancy profession, are required to apply ethical standards at least as stringent as those stated in the Code. (IFAC associates are progressing toward this status.) In addition, under their membership obligations, members of the Forum of Firms, an association of international networks of accounting firms, agree to have policies and methodologies for transnational audits which conform to the Code.

“This publication reinforces the IESBA’s public interest mandate to support the global adoption and implementation of the Code. Globally adopted, high-quality ethics standards, including independence requirements, are vital to promoting sustainable, efficient capital markets,” said IESBA Chair Jörgen Holmquist. “Inconsistent application of the Code could undermine not only our efforts to promote global adoption but also the credibility of the Code itself,” he added. “So promoting consistent implementation is of critical importance.”

The new publication builds on a previous set of Q&As released in 2010 that includes support on the application of the conceptual framework approach, taxation services, related entities, and the definition of key audit partner, among a number of other topics. 

About the IESBA
The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information.

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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This questions and answers (Q&As) publication was released by the staff of the International Ethics Standards Board for Accountants (IESBA) to support the adoption and implementation of the IESBA’s Code of Ethics for Professional Accountants (the Code). These Q&As cover issues related to materiality, partner rotation, public interest entities, and network firms, among several other topic areas.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, today released for comment the Professional Accountants in Business Strategy and Work Plan for 2013-2016.

Since more than half of all professional accountants in the world work in business and the public and not-for-profit sectors, addressing their needs is of great importance to IFAC and the international accountancy organizations that comprise IFAC’s membership.

The strategy and specific initiatives aim to improve recognition of the diverse roles professional accountants in business perform and how they need to be positioned to drive successful and sustainable organizations. Professional accountants in business can be found working as employees or advisors, often at senior levels such as chief financial officer or controller. They have the collective power to significantly influence their organizations in implementing effective governance and an ethical culture supported by integrated risk management and internal control, sustainable leadership, and effective reporting and performance management.

“The Strategy and Work Plan for 2013–2016 sets out a vision to achieve global recognition of the contribution of professional accountants in business as partners in facilitating sustainable organizational success,” said Roger Tabor, chair of the Professional Accountants in Business (PAIB) Committee, which is tasked with carrying out the strategy and initiatives. “The key theme supporting this vision is that professional accountants in business should facilitate integrated governance, thinking, and management, as well as reporting, in organizations. These are the critical areas that organizations are grappling with and require the accountancy profession to raise awareness of their contribution and ensure that their competency matches the needs and expectations of their employing organizations.”

The proposed Strategy and Work Plan for 2013-2016 includes specifics for planned projects and initiatives. IFAC member organizations and other stakeholders are invited to provide feedback on the proposals.

How to Comment
IFAC and the PAIB Committee invite all stakeholders to comment. To access the Exposure Draft and submit a comment, visit the PAIB Committee section of the IFAC website. Comments on the Exposure Draft are requested by January 31, 2013. You must register on the IFAC website to submit a comment.

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.

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 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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This IAASB Staff Questions & Answers publication highlights how the design of International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, enables it to be applied in a manner proportionate with the nature and size of a firm.