This document sets out amendments to IPSASs and the related Bases for Conclusions, Comparisons with IFRSs/IASs and guidance. Part I of this document contains amendments that are drawn from the IASB document, Improvements to IFRSs issued in April 2009. The IASB's rationale for its amendments is documented in the related Bases for Conclusions in that IASB document. The effective date of each amendment is included in the IPSAS affected.

The International Public Sector Accounting Standards Board (IPSASB) today published Improvements to IPSASs—2010. The publication completes the IPSASB’s improvements project for 2010. The IPSASB’s improvements project is modeled on the IASB’s annual update program. Improvements are made to existing IPSASs to maintain alignment with International Financial Reporting Standards (IFRSs), as well as other general improvements. The 2010 amendments relate primarily to requirements for recognition, measurement, and disclosure. They do not represent substantive revisions to the content of existing standards.

“The IPSASB continually reassesses the IPSASs to ensure that they remain relevant to users of public sector financial statements," said IPSASB Chair Andreas Bergmann.

Improvements to IPSASs—2010 is available to download free of charge from the IPSASB section of IFAC's Publications and Resources site (web.ifac.org/publications). The IPSASB encourages IFAC members, associates, regional accountancy bodies, and firms to use these materials and to promote their availability to members and employees.

About the IPSASB
The IPSASB (www.ifac.org/publicsector) 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.

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.

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.

The Chinese Auditing Standards Board (CASB) and the International Auditing and Assurance Standards Board (IAASB) met today to discuss convergence of international standards.

“As the largest developing country in the world, China firmly supports the efforts of the International Federation of Accountants (IFAC) and the IAASB to promote international convergence of auditing standards,” stated Dr. Wang Jun, Vice Minister of the Chinese Ministry of Finance and Chairman of the CASB. “The fundamental principle of drafting the Chinese auditing standards is to continuously improve them, as well as achieve continuous and comprehensive convergence with international auditing standards in line with the development of Chinese market economy and the overall trend of economic globalization and international convergence.”

“International convergence of auditing standards—the importance of which has been further manifested during the global financial crisis—is a strategic objective for the IAASB and IFAC,” stated IAASB Chairman Prof. Arnold Schilder. “We applaud the great efforts and the enormous progress that China is making toward international convergence. The Chinese government and the Chinese accountancy profession made the decision to converge and moved rapidly to give effect to that decision. We hope this serves as a model for developing countries and countries with economies in transition.”

Previously, the parties had signed a milestone joint statement in December 2005, which pointed out that establishing and improving a single set of high-quality global auditing standards is a logical response to the trend of economic globalization. It also acknowledged the key role these standards play in reducing the risk of decision-making by investors for efficient capital allocation, as well as in promoting economic development and maintaining financial stability all over the world.

In recent years, the IAASB has conducted the Clarity Project to enhance the clarity of International Standards on Auditing (ISAs), which involved the application of new drafting conventions to all ISAs and substantial revisions of a number of ISAs. On February 27, 2009, the Clarity Project reached its completion with the approval of the Public Interest Oversight Board (PIOB). Auditors worldwide now have access to 36 newly updated and clarified ISAs and a clarified International Standard on Quality Control (ISQC).

In accordance with the principle of continuous and comprehensive convergence, the CASB has completed the revision of Chinese Standards of Audit (CSAs), and achieved full convergence with the clarified ISAs. The revised CSAs were officially released in early November 2010, and are effective for audits of financial statements for periods beginning on or after January 1, 2011. During the process of international convergence, the CASB made limited additions it considered necessary and maintained some standards dealing with matters that are not specially covered in ISAs to reflect China’s unique circumstances and business requirements, such as standards for the verification of capital contributions and communication between predecessor and successor auditors. The IAASB recognizes that such additional requirements may be necessary and are acceptable where they do not conflict with ISAs.

About the CASB and the CICPA
As a specialized board under the Chinese Institute of Certified Public Accountants (CICPA), the CASB is responsible for developing CPA practice standards. Founded in 1988, the CICPA, in line with relevant laws and regulations, exercises the function of, among others, providing services to its members, monitoring service quality and professional ethics of members, regulating the CPA profession and coordinating the relationship within and beyond the CPA profession. The CICPA has more than 7,800 group members and over 170,000 individual members. The CICPA became a member of IFAC in 1997.

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 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. 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.

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.