IFAC has issued the revised results of the Third Annual Global Leadership Survey. Key findings cover a wide-range of topics, including the need to support small and midsize businesses in the current environment, the increasing importance of adoption and implementation of international standards, and the improvements made in the area of corporate governance.

The International Public Sector Accounting Standards Board (IPSASB) is seeking comments on an exposure draft (ED) that addresses accounting for service concession arrangements by the grantor. Service concession arrangements, often called Private Public Partnerships or PPPs, involve an operator providing services to the public on behalf of a grantor--usually the government or another public sector entity. For many countries, such arrangements are a means to ensure large-scale, infrastructure projects, such as the building of roads and airports, can be developed and provided to the public for use. However, in some cases, they are not recognized in the financial statements, effectively concealing the financial position of the grantor.

Entitled Service Concession Arrangements: Grantor, the ED presents requirements and guidance on how grantors recognize, account for, and disclose assets in service concession arrangements. Currently, there is no international standard to address the accounting for such arrangements from the grantor's perspective as IFRIC 12, Service Concession Arrangements, issued by the International Financial Reporting Interpretations Committee (IFRIC), applies only to the operators of these arrangements.

The IPSASB's proposals seek to assist the public sector in ensuring the assets used to provide the public service in the service concession arrangements are recognized appropriately in public sector financial statements and provide relevant disclosures about the arrangement. To ensure consistency in accounting by both parties to the service concession arrangement, the criteria for recognizing the assets are based on principles set out in IFRIC 12.

"The use of service concession arrangements as a means for the public sector to build and improve public services has increased dramatically in recent years. This increase in volume coupled with the lack of an international standard for grantors in such arrangements made action in this area of critical importance for the financial stability of governments," said IPSASB Chair Andreas Bergmann, adding, "This ED aligns with the IPSASB's long-held goal of promoting and enhancing the transparency, accountability, and decision making of the public sector."

How to Comment
To access the exposure draft or submit a comment, visit the IFAC website at www.ifac.org/Guidance/EXD-Outstanding.php. Comments on the exposure draft are requested by June 30, 2010.

The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this exposure draft to their members and employees.

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, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB) has published a new International Public Sector Accounting Standard (IPSAS) that covers the accounting for and disclosure of intangible assets: IPSAS 31, Intangible Assets. It fills a gap in the IPSASB literature and adds some guidance on public sector-specific issues, including intangible heritage assets.

"Until this new IPSAS, there has been no direct guidance to address intangible assets that exist in the public sector. The new standard will enhance consistency in accounting for intangible assets, while also laying the groundwork for dealing with some of the more complex public sector-specific issues going forward," states Andreas Bergmann, IPSASB Chairman.

IPSAS 31 is primarily drawn from the International Accounting Standards Board's (IASB) IAS 38, Intangible Assets. It also contains extracts from the IASB's Standing Interpretations Committee Interpretation 32 (SIC 32), Intangible Assets--Web Site Costs, adding application guidance and illustrations that have not yet been incorporated into the IAS. At this point, IPSAS 31 does not deal with uniquely public sector issues, such as powers and rights conferred by legislation, a constitution, or by equivalent means; the IPSASB will reconsider the applicability of the standard to these powers and rights in the context of its conceptual framework project, which is currently in progress.

The IPSASB has also published Improvements to IPSASs, to conform with minor changes to International Financial Reporting Standards (IFRSs) that were made since the related IPSASs were originally released. These are part of a series of annual improvements that is modeled on a successful IASB annual update program.

"While we have achieved substantial convergence with IFRSs (dated December 2008), it is necessary for the IPSASB to continually reassess the IPSASs to ensure that they remain relevant to users of public sector financial statements," states Mr.  Bergmann.

IPSAS 31 and Improvements to IPSASs are 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 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 more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

This document sets out amendments to IPSASs and the related Bases for Conclusions, Comparisons with IFRSs/IASs, and guidance. These amendments are drawn from the IASB document, Improvements to IFRS issued in May 2008. The IASB's rationale for its amendments is documented in the related Bases for Conclusions in the IASB's document, Improvements to IFRS.

The International Federation of Accountants (IFAC) has posted a notice to alert its members, recognized regional organizations, acknowledged accountancy groupings, and the public of the withdrawal of the report on the 2009 Third Annual Global Leadership Survey. The report was issued on January 15, 2010.

The report has been withdrawn to incorporate additional responses and update the list of respondents. The report will be re-issued within the next few weeks.

If you have any questions, please contact Alta Prinsloo, Director, Governance and Operations, at altaprinsloo@ifac.org or Sylvia Barrett, Acting Deputy Director, Communications at sylviabarrett@ifac.org.

About IFAC
IFAC (http://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 more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has announced the promotion of two senior staff who lead its Quality and Member Relations initiatives focused on enhancing the capacity of the profession and addressing the needs of audit practices around the world.

The appointments are:

• Russell A. Guthrie, CPA, to the position of Executive Director - Quality and Member Relations; and
• Sylvia Barrett, CA, to the position of Director - Quality and Member Relations.

Mr. Guthrie and Ms. Barrett will focus on IFAC's initiatives supporting global practice quality and the role of IFAC's member bodies, which are professional accountancy organizations. IFAC plans to continue to address emerging issues facing practitioners and to further increase opportunities for collaboration with key stakeholders, including development agencies.

Russell Guthrie appointed to Executive Director - Quality and Member Relations
In his new position, Mr. Guthrie, who joined IFAC in March 2001, will have a prominent role in the IFAC Management Team and lead the strategy for the Quality and Member Relations initiatives. His key areas of focus will be stakeholder relations, the continued implementation of the Member Body Compliance Program, and enhancing IFAC's efforts to support the growth of the accountancy profession in developing and emerging economies.

"Promotion to the role of Executive Director recognizes the broad range of Russell's responsibilities," states Ian Ball, IFAC Chief Executive Officer. "His extensive experience within IFAC and the global profession ideally positions him to lead IFAC's quality initiatives as well as develop and maintain positive relationships with external groups and stakeholders."

Sylvia Barrett appointed to Director - Quality and Member Relations
Ms. Barrett will utilize her knowledge about the roles and needs of professional accountants and her experience in implementing strategic programs to advance IFAC's activities for small and medium practices, transnational audit practices, and the adoption, translation, and implementation of global standards. Ms. Barrett first joined IFAC in April 2002, as a Technical Manager with the International Auditing and Assurance Standards Board (IAASB). In her current position as Deputy Director of Member Body Development, Ms. Barrett supports IFAC's Member Body Compliance Program, Developing Nations Committee, and is currently acting as head of the Communications Department.

"Sylvia not only has made significant contributions to IFAC's success over the past several years, but she also has extensive knowledge of the challenges facing the global accountancy profession," notes Mr. Ball. "Sylvia's promotion to Director and to the IFAC Management Team reflects the expansion of her job responsibilities and the important role she will play in advancing the next phase of key IFAC programs." Ms. Barrett will transition into her new position and responsibilities during the second quarter of 2010.

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 more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

This IAASB Staff Q&A highlights the growing interest in, and use of, XBRL and raises awareness about how XBRL-tagged data is prepared and how it may affect financial reporting. It also clarifies that the IAASB's auditing pronouncements do not impose requirements on auditors with respect to XBRL-tagged data or the representation of this data.

Recognizing the growing international use of Extensible Business Reporting Language (XBRL)--a language for the electronic communication of business and financial data that is changing business reporting around the world--the staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question-and-answer publication. It is designed to raise awareness about how XBRL-tagged data is prepared and how it may affect financial reporting.

Entitled XBRL: The Emerging Landscape, the publication explains that the IAASB's current International Standards on Auditing (ISAs) were not developed with XBRL in mind and, accordingly, do not require auditors to perform procedures on XBRL-tagged data as part of a financial statement audit. It clarifies how XBRL may lead to a demand for various types of assurance and related services engagements, and describes the scope of the IAASB's planned consultations to determine whether to develop a new international pronouncement addressing XBRL.

"As more and more financial authorities begin to require or permit entities to provide financial information in XBRL, now is the time to help educate users about some XBRL fundamentals, and for the IAASB to explore whether and how a related international standard might help address assurance needs," says James Gunn, IAASB Technical Director. "A number of organizations are involved in XBRL initiatives and we look forward to hearing the viewpoints of preparers, users, regulators, national standard-setters, auditors, and others on this important topic," adds Mr. Gunn.

The publication is available to download free of charge from the IAASB section of IFAC's Publications and Resources site: web.ifac.org/publications.

About the IAASB and IFAC
The IAASB (www.ifac.org/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.

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 more than 2.5 million accountants in public practice, education, government service, industry, and commerce.