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  • Global Ethics Webinar Explaining the Newly Effective Code of Ethics

    English

    On Wednesday, November 20th, at 10:00 AM SST (Singapore) the International Ethics Standards Board for Accountants (IESBA), the ASEAN Federation of Accountants, and the Institute of Singapore Chartered Accountants will co-host a 90-minute webinar focusing on the key features of the International Code of Ethics for Professional Accountants.

    Wednesday November 20, 2019 at 10:00 AM SST (Singapore Standard Time): Register now

    During the webinar, the IESBA representatives will explain the Code’s new structure; as well as the substantive revisions, including enhancement to the conceptual framework and provisions relating to inducements, including gifts and hospitality; pressure; and preparing and presenting information. The webinar will also touch on the new Non-compliance with Laws and Regulation (NOCLAR) and revised Long Association provisions; as well as the IESBA’s new eCode which was launched in June 2019.

    Effective since mid-June 2019, the Code reinforces professional accountants’ responsibility to comply with the five fundamental principles of ethics and emphasizes the International Independence Standards that apply in performing audits, reviews and other assurance engagements.

    More information about the Code is available at the IESBA’s website.   

    If you have questions about this webinar, please email Geoff Kwan at geoffkwan@ethicsboard.org.  

    Those using, applying and enforcing the Code are invited to this exciting program

  • IPSASB October 2019 eNews

    English
    The IPSASB held its third meeting of 2019 from September 24-27, 2019 in Lisbon, Portugal. The Ministry of Finance of Portugal generously hosted the meeting.
    Collective and Individual Services & Emergency Relief

    The IPSASB reviewed responses to ED 67, Collective and Individual Services and Emergency Relief. The IPSASB noted the significant issues raised on emergency relief and decided to remove this guidance. The IPSASB agreed some minor changes to the wording of the remainder of the ED and approved Collective and Individual Services (Amendments to IPSAS 19). The IPSASB agreed an effective date of January 1, 2022, to align with the effective date of IPSAS 42, Social Benefits.

    Please register on the IPSASB website to ensure that you receive updates when this document and others are published: https://www.ifac.org/user/register
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    Infrastructure Assets

    The IPSASB approved the comprehensive list and categorization of issues identified by stakeholders for accounting for infrastructure assets. The IPSASB instructed staff to refine the flowchart that will be used to analyze these issues, noting that it is a positive development with broader potential.  The revised flowchart and draft additional guidance prepared by staff to address the selected infrastructure assets issues will be considered by the IPSASB at the December 2019 Board meeting.
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    Revenue with Performance Obligations

    The IPSASB approved the staff proposals to add disclosure requirements dealing with materiality and aggregation, to ED 70, Revenue with Performance Obligations, as well as disclosure requirements for transactions arising from the statutorily required provision of services where collection of revenue is not probable. The staff also provided the IPSASB with an update on the Revenue Task Force’s activities, which resulted in revisions to the illustrative examples and other minor amendments to ED 70. These changes will be presented to the IPSASB in December 2019.
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    Revenue without Performance Obligations

    The IPSASB decided that binding arrangements without performance obligations (as defined in draft ED 70) will give rise to a present obligation of the recipient if they contain requirements for enforceable activities or eligible expenditure. Revenue will be recognized either as enforceable activities are completed or eligible expenditure is incurred. The IPSASB also agreed that revenue from capital transfers should be recognized as for any other transfer - that is in accordance with the details of the binding arrangement. The IPSASB also tentatively agreed that transfers that are subject to appropriations of the transfer provider should not be recognized by the transfer recipient until the recipient has control of resources.  Accounting will be subject to jurisdictional and entity- specific factors.
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    Transfer Expenses

    The IPSASB considered the authoritative sections of ED 72, Transfer Expenses. Subject to minor amendments, the IPSASB agreed the definitions. Accounting for transfer expenses with performance obligations will mirror the treatment in ED 70, Revenue with Performance Obligations. Entities will recognize transfer expenses without performance obligations at the earlier of the point at which they have a present obligation to transfer resources, or the point at which they lose control of the resources they transfer.
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    Leases

    he Leases Task Force Chair reported back to the IPSASB on the Task Force’s discussions in the third quarter of 2019. The IPSASB tentatively formed a view that departure from the lessor accounting requirements of IFRS 16, Leases, would be justified on conceptual grounds. The IPSASB began its consideration of the practical and cost-benefit implications of departing from IFRS 16 by receiving presentations on the implementation of IFRS 16 in the public and private sectors and the statistical accounting perspective. The IPSASB will continue this phase of its deliberations in December.
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    Heritage

    The IPSASB considered four issues with a potential impact on accounting - different usages of heritage assets, heritage assets held in trust and the implications of stewardship, depreciation/amortization and impairment, and the treatment of subsequent expenditure on heritage. The IPSASB instructed staff to provide further analysis of these issues at the December meeting. The IPSASB also approved a plan for development of guidance on heritage-related financial reporting issues.
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    Meeting Podcast
    A podcast highlighting key points of the September 2019 meeting is now available here.
    Next Meeting

    The next meeting of the IPSASB will be in Abu Dhabi, United Arab Emirates from December 10-13, 2019. For more information, or to register as an observer, visit the IPSASB website.

  • New Report Highlights Accountancy Profession as Key Driver of Progress in Adoption of International Standards

    New York, NY English

    In celebration of World Standards Day, IFAC (International Federation of Accountants) today released a new report detailing how and where international accountancy standards—which focus on audit and assurance, ethics, education, and private and public sector accounting—are being adopted and implemented globally.

    The report, which includes data from the more than 170 professional accountancy organizations that comprise IFAC’s membership, shows strong and sustained support for both the adoption and implementation of international standards, especially in areas where IFAC member organizations are involved in the process from start to finish.

    The International Standards: 2019 Global Status Report reveals:

    • 90+% of jurisdictions examined use International Standards on Auditing, International Financial Reporting Standards, and the International Code of Ethics for Professional Accountants.
    • 80+% of jurisdictions examined have monitoring & enforcement mechanisms for quality assurance and investigation and discipline.
    • 76% of IFAC member organizations have some level of authority in adopting international standards and best practices.
    • IFAC member organizations are instrumental in ensuring high-quality standards’ implementation through advocacy, raising awareness, technical support, translation, training and enforcement.

    The report also shines a light on the important and often untold story of how standards are adopted and implemented—a process that can be as complex as developing a standard.

    “Since there are no international laws requiring nations to adopt and implement international standards, support from IFAC’s member organizations for these dual objectives is critically important to progress,” according to IFAC CEO, Kevin Dancey. “This new report reinforces the impact of standards in driving transparency and creating a common language for high-quality financial information.”

     According to the new report, there is a positive trend in international standards’ usage where IFAC member organizations have at least some authority in the standard-setting and regulatory environment. However, additional multi-stakeholder support from international policymakers and regulatory organizations, as well as leaders from government, academia, and business, is required to extend the adoption success story by creating the right conditions for implementation.

    “International standards have come a long way since 2000 when there was little to no global adoption. While there is always more to be done, IFAC member organizations play a vital role in ensuring the successful implementation of international accountancy standards, which ultimately help drive sustainable economic growth and financial market stability in their respective jurisdictions,” said Dancey.

    About the Report
    The International Standards: 2019 Global Status Report's data comes from the IFAC Member Compliance Program and covers 173 IFAC member organizations and the 130 jurisdictions in which they operate. The report establishes a baseline on international standards’ adoption and implementation and explores how accountancy best practices and IFAC member organizations have a positive impact.

    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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

    Since 2000, IFAC Member Organizations Have Been Instrumental in the Adoption and Implementation Process, Driving Further Economic Growth and Stability

  • IPSASB September 2019 Meeting Podcast

    English

    Highlights from the IPSASB September 2019 meeting in Lisbon, Portugal:

    00:10 Welcome and introduction; John Stanford, Technical Director
    01:20 Chair’s meeting overview; Ian Carruthers, Chair
    03:10 Collective and Individual Services; Paul Mason, Consultant
    04:21 Revenue with Performance Obligations; Edwin Ng, Principal
    05:25 Revenue without Performance Obligations; Joanna Spencer, Manager
    07:16 Transfer Expenses; Paul Mason, Consultant
    08:39 Leases; João Carlos Fonseca, Principal
    09:44 Chair’s concluding comments; Ian Carruthers, Chair
    12:44 Closing remarks; John Stanford, Technical Director

  • IESBA September 2019 Meeting Highlights Podcast

    English

    00:10 - Introduction: Diane Jules, IESBA Deputy Technical Director

    01:16 - Highlights & Key Developments: Stavros Thomadakis, IESBA Chairman

    04:39 - Alignment of Part 4B with ISAE 3000: Liesbet Haustermans, IESBA Member

    08:12 - Non-Assurance Services: Richard Fleck, IESBA Deputy Chair 

    09:37 - Fees: Ian McPhee, IESBA Member 

    12:11 - Technology: Patricia Mulvaney, IESBA Member 

    15:40 - Final thoughts: Stavros Thomadakis, IESBA Chairman

    18:01 - Closing Remarks: Diane Jules, IESBA Deputy Technical Director

    Meeting Highlights Listen & Subscribe in iTunes
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