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.

Video presentation (approx 9 min)

Video presentation (approx 11 min)

Video presentation (approx 14 min)

Video presentation (approx 21 min)

Video presentation (approx 14 min)

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, announced today at the IFAC Council meeting in Kuala Lumpur, Malaysia, that Mr. Göran Tidström of Sweden has been appointed president of IFAC for a two-year term ending in November 2012. The IFAC Council also approved the nomination of Mr. Warren Allen of New Zealand for deputy president, a role previously held by Mr. Tidström.

“I am pleased to assume the role of president of this remarkable organization. We have the vision and the resources that will further enhance the relevance of the accountancy profession to the global economy and make IFAC even more valuable to all member bodies,” said Mr. Tidström. “Over the next two years, we will be participating in many dialogues with global policy makers and regulators. I look forward to making our strong leadership position known on public interest issues where the accountancy profession’s expertise is most relevant.”

A European representative to IFAC since 2000, Mr. Tidström became a member of the IFAC Board in 2003, served as chair of the Planning and Finance Committee and is a member of the IFAC Regulatory Liaison Group. Mr. Tidström has more than 30 years of experience as a public accountant with PWC in Stockholm, Sweden, where he is a senior partner and former chair.

Mr. Allen will serve as deputy president for a two-year term, and also takes the role of chair of the Planning and Finance Committee, which in conjunction with staff develops the strategic plan for IFAC. An IFAC Board member since 2006, Mr. Allen has been involved with IFAC in numerous roles, including as chairman of the Education Committee (now called the International Accounting Education Standards Board) from 1998 to 2004 and as a member of the Nominating Committee from 2006 to 2009. He is a resident of New Zealand and is a partner at Ernst & Young.

“I have worked closely with Göran Tidström and Warren Allen on many initiatives while serving on the boards and committees supported by IFAC,” said Robert Bunting, outgoing president of IFAC. “Their combined expertise on international audit and accounting issues, as well as their dedication and commitment to serving the public interest, will further the great strides IFAC has made in tackling both the new and existing issues impacting the profession. I feel confident that under their leadership, IFAC will not only achieve but surpass its goals for the coming years.”

Other highlights from the IFAC Council meeting include the election of three new members to the IFAC Board: Ramon Casals Creus (Spain), Ana Maria Elorrieta (Brazil) and Robert R Harris (United States). The IFAC Council also re-elected four Board members for a second term: Jelil Bouraoui (Tunisia), Robert Hodgkinson (United Kingdom), Japheth Katto (Uganda), and Olivia Faulkner Kirtley (United States). These additions and re-appointments bring additional diversity and balance with respect to gender, geographical region, and professional experience.

In addition, five new associates were admitted to the organization: Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina; Croatian Audit Chamber; Institute of Certified Auditors of the Republic of Macedonia; Audit Chamber of Russia; and Institute of Certified Management Accountants of Sri Lanka. One existing associate was admitted to the organization as a member: Association of Accountants and Auditors of the Republic of Srpska. The official minutes from the meeting will be accessible on IFAC’s website in the coming weeks.

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.

Note to Editors – IFAC Board Members November 2010-November 2011:

Göran Tidström (President)
Ian Ball (Secretary), CEO, IFAC
Warren Allen (Deputy President)
Jelil Bouraoui**, Tunisia
Ramon Casals Creus*, Spain
Kevin Dancey, Canada
Ingrid Doerga, Netherlands
Ana Maria Elorrieta*, Brazil
Robert R Harris*, United States
Robert Hodgkinson**, United Kingdom
Gen Ikegami, Japan
Ved Kumar Jain, India
Japheth Katto**, Uganda
Olivia Faulkner Kirtley**, United States
Bernadette McGrory-Farrell, Ireland
Joycelyn Morton, Australia
Jacques Potdevin, France
Norbert Pfitzer, Germany
Roberto Resa Monroy, Mexico
Marta Rejman, Germany
Asad Ali Shah, Pakistan
Steve Vieweg, Canada
Zhiguo Yang, China

* New IFAC Board members as of November 2010
** IFAC Board members reappointed for a second term in November 2010

Proposes Definitional Framework Based on Responsibilities of the Accountancy Profession

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, has released for public exposure A Public Interest Framework for the Accountancy Profession(IFAC Position Paper #4).

In order to consider and address issues in the accountancy profession on a consistent and clearly articulated basis, IFAC has developed a principles-based framework of the public interest, which can be applied to standard-setting, governance processes, policy analysis, and regulatory issues. Although mainly designed for use by IFAC itself, it may also be useful to the accountancy profession as well as to policymakers, regulators, and business leaders.

IFAC considers that the accountancy profession, in serving the public interest, should be evaluated against three criteria: 1) consideration of costs and benefits for society as a whole; 2) adherence to democratic principles and processes; and 3) respect for cultural and ethical diversity. These criteria enable IFAC to assess the extent to which any policy, action, process, or condition is in the public interest.

"For IFAC to play its part in the financial system, we must be sure that our actions are consistent with the public interest. The primary purposes of this paper are to explain how we understand the public interest, and to be transparent about how we will use that understanding to shape our decisions and actions,” said IFAC Chief Executive Officer Ian Ball. “By exposing this paper for public comment, we seek both to receive input that can help us finalize our position and to stimulate other organizations to articulate how they interpret this fundamental concept.”

How to Comment
IFAC invites all stakeholders to comment on its proposals. To access the exposure draft or submit a comment, visit IFAC’s website. Comments on the exposure draft are requested by March 25, 2011.

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 159 members and associates in 124 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Auditing and Assurance Standards Board (IAASB) today released a progress report on its project to monitor the implementation of its clarified ISAs. The report—Implementation of the Clarified International Standards on Auditing (ISAs)—highlights key findings from the first phase of the IAASB’s initiative to develop a process for gathering information to help it evaluate the effective and consistent implementation of the clarified ISAs. Following completion of the Clarity Project,* the first phase of this IAASB initiative has focused on learning more about early implementation experiences.

“Effective implementation is key to realizing the full benefits of the clarified ISAs,” said Prof. Arnold Schilder, Chairman of the IAASB. “With extensive implementation efforts now underway around the world, it is important for the IAASB to obtain timely feedback on the clarified ISAs from a variety of key stakeholders. The information we gather from this first phase and subsequent efforts of our monitoring project will help the IAASB continue to meet its objective of developing high-quality ISAs.

To promote awareness and understanding of the clarified ISAs, the IAASB also has released a second series of ISA modules,** focusing on some of the new and more significantly revised ISAs. These modules cover ISAs that address materiality in planning and performing an audit of financial statements, the evaluation of identified misstatements, written representations, using the work of an auditor’s expert, and auditor reporting.

As further support for ISA implementation, IAASB staff has released Auditor Considerations Regarding Significant Unusual or Highly Complex Transactions, a questions-and-answers (Q&A) publication. The Q&A highlights considerations in the ISAs that are relevant to auditing such transactions, often an area that gives rise to risks of material misstatement of the financial statements.

“These new resources will assist people responsible for adopting and implementing the clarified ISAs and, in particular, auditors as they prepare for the upcoming audit season,” explained IAASB Technical Director James Gunn. He added, “This additional support underscores the IAASB’s commitment to facilitating effective implementation of the ISAs and, ultimately, to enhancing audit quality.”

The new ISA modules are available to download free of charge from the IAASB Clarity Center on the IAASB’s website (www.iaasb.org/clarity-center). The IAASB encourages IFAC members, associates, regional accountancy bodies, and firms to use these materials and to promote their availability to their members and employees.

About the IAASB
The IAASB (www.iaasb.org) 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 (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 159 members and associates in 124 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Notes to Editor:

* The Clarity Project, completed by the IAASB in March 2009, resulted in the issuance of 36 ISAs and one International Standard on Quality Control in a new style that is easier to understand, translate, and implement. Approximately half of the ISAs also contain substantive new requirements intended to improve practice in a variety of respects. The new set of clarified ISAs is now in effect for 2010 year-end audits.

** Developed by IAASB staff, each of the ISA modules combines short video presentations, accompanying slides, and supporting notes that explain the key principles of, and major changes in, individual ISAs.

The International Auditing and Assurance Standards Board (IAASB) today released for public exposure proposed International Standard on Related Services (ISRS) 4410, Compilation Engagements.

The proposed standard is the first step in the IAASB’S work to create robust standards for services that can be used by entities that are either not required or do not elect to be audited to meet their business reporting needs. Through a compilation engagement, practitioners can provide significant benefit by applying their expertise in accounting and financial reporting. This expertise is applied to assist the management of an entity in preparing and presenting historical financial information for use by the entity’s internal or external stakeholders.

“Regulations affecting financial reporting by small- and medium-sized entities (SMEs) continue to evolve, highlighting the critical need for standards that support quality services to meet the needs of those entities and their stakeholders,” said Prof. Arnold Schilder, IAASB Chairman. “Through the proposed ISRS 4410, as well as additional planned standards, the IAASB aims to address the growing international need for standards that support a range of services other than audit.”

“The proposed ISRS 4410 will help practitioners around the world converge on the use of a globally accepted benchmark for performance of compilation engagements,” noted IAASB Technical Director James Gunn. “Further, the ISRS will help promote development of practice in jurisdictions that currently do not have national standards in this area, and also provide clarity for users about what is delivered in a compilation engagement.”

How to Comment

The IAASB invites all stakeholders to comment on its proposals. To access the exposure draft or submit a comment, visit the IAASB’s website at www.iaasb.org/ExposureDrafts.php. Comments on the exposure draft are requested by March 31, 2011.

About the IAASB
The IAASB (www.iaasb.org) 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 (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 159 members and associates in 124 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.