Insights from IFAC’s Professional Accountants in Business Advisory Group
Convening virtually over two days, IFAC’s Professional Accountants in Business (PAIB) Advisory Group, a dynamic global group of business and finance leaders, shared their insights on how accountants a
The International Federation of Accountants (IFAC), the voice of the global accountancy profession, this week announced its new board members, and that it is maintaining a female-majority board for the third consecutive year in a row. Over the course of the past decade, IFAC is proud to have improved the gender balance on its key governing bodies.
The new and reappointed IFAC Board members and their nominating member organizations are:
New appointments:
Gregory Anton (Association of International Certified Professional Accountants, USA)
Tashia Batstone (Chartered Professional Accountants of Canada, Canada)
Jeanine Poggiolini (South African Institute of Chartered Accountants, South Africa)
Reappointments:
Lisa Padmore (Institute of Chartered Accountants of Barbados, Barbados)
Margret Pétursdóttir (Nordic Federation of Public Accountants, Iceland)
Dr. Jianhua Tang (Chinese Institute of Certified Public Accountants, China)
Ayşe Arıak Tunaboylu (Union of Chambers of Certified Public Accountants of Turkey / Expert Accountants' Association of Turkey, Turkey)
New IFAC Member Organizations Admitted
In addition to the election of new Board members, the IFAC Council also approved new members and associate member organizations.
New IFAC Members:
Institut Akuntan Publik Indonesia (IAPI) – Indonesia
Vietnam Association of Certified Public Accountants (VACPA) – Vietnam
New Associates:
United Arab Emirates Accountants and Auditors Association (UAE AAA) – United Arab Emirates
Yemeni Association of Certified Public Accountants (YACPA) – Yemen
The new appointments, reappointments and membership decisions were approved at IFAC’s 2021 Council meeting, held virtually on November 10-11.
Join the IAASB for the final LinkedIn Live session discussing the recently proposed new standard for audits of less complex entities on November 17 at 8 am EST. The session will feature IAASB Member Julie Corden, LCE Reference Group Member Andrew Brathwaite, and IAASB LCE Task Force Member Brendan Murtagh discussing what the proposed new standard could mean for audit firms and practitioners that serve less complex entities, including the benefits of the standard and what firms, engagement partners and teams need to consider when deciding to use it.
The previous sessions in the series are available on LinkedIn and YouTube. The first session addressed the journey to the proposed new standard and its key principles (watch on LinkedIn or YouTube). The second session addressed for which entities the proposed standard can be used, who makes decisions regarding use of the standard, and how those decisions are made (watch on LinkedIn or YouTube).
The IAASB strongly encourages all interested stakeholders to provide their feedback on the proposed new standalone standard for audits of less complex entities by January 31, 2022. The standard is relevant to users of financial statements, owners, management, and those charged with governance of entities, preparers of financial statements, legislative or regulatory authorities, relevant local bodies with standard-setting authority, professional accountancy organizations, academics, regulators and audit oversight bodies, and auditors and audit firms, among others.
Final Discussion, What Could the Proposed LCE Standard Mean to Firms and Practitioners?, Livestreams November 17, 8 am EST
We are firmly in an age of disruption. No matter what the “new normal” looks like, it will not look that way for long.
To anticipate events—as a society and as a profession—we need to see them as the effects of simultaneous and dynamic trends. The climate crisis and digitalization are accelerating at the same time; the effects of each trend will influence the other, and in turn, shape and re-shape our lives, livelihoods, and environment. The same could be said of the COVID-19 pandemic, and the next public health emergency—and the one after that.
Six volunteers are being sought to serve as members on the International Public Sector Accounting Standards Board (IPSASB). The Nominating Committee has issued a call for nominations looking for candidates to serve for an initial term of up to three years, commencing January 1, 2023.
“Volunteers with diverse backgrounds and skills are essential to the development of high-quality international standards, as well as the promotion of IPSAS adoption,” said Ian Carruthers, IPSASB Chair. “I strongly encourage our key stakeholders to consider applying and/or nominating candidates. Participation in the IPSASB’s work is a valuable experience for both the volunteer as well as being beneficial for the nominating and/or employing organization."
Nominations from a wide range of relevant backgrounds are sought, including, but not limited to:
Users of general-purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies;
Preparers of accrual-based financial statements, such those reporting directly or indirectly in accordance with IPSAS, or in the process of transitioning to IPSAS or another accrual-based accounting framework;
Ministries of Finance and Treasury departments; and,
Public sector external auditors.
Candidates will ideally have a public sector background and/or experience in standard setting to be able to contribute value to the work of the Board. English proficiency (both written and oral) is essential, as this is the language in which the IPSASB operates.
Regional balance is important to ensure diverse input from a wide range of jurisdictions to the Board’s discussions. Nominations of qualified candidates from all regions of the world are encouraged and, particularly from the Africa–Middle East and Latin America regions. Nominations from jurisdictions where English is not the native language are particularly encouraged. .
For more details and information on how to submit an application, please see the Call for Nominations.
Deadline for submitting applications is January 31, 2022.
Audit & Assurance
Sustainability
Professional Accountants in Business (PAIB)
Professional Accountancy Organization (PAO) Development
Attractiveness of the Profession
Technology
The first fully digital International Auditing and Assurance Standards Board (IAASB) handbook of pronouncements is now live on a new web application, e-International Standards (eIS). The first iteration of the platformmarks a milestone in the IAASB’s commitment to improving the usability of and access to its standards by harnessing technology. For the first time, users will be able to benefit from optimized search functions, cut and paste capabilities, and easy navigation.
“The launch of our digital standards platform responds to the demand for increased accessibility and is another step in pursuing our strategic objective of benefiting from technological innovation,” said IAASB Chair Tom Seidenstein. “Over time, we will continue to improve e-International Standards to account for user feedback and improve the usability of the platform and of the IAASB standards.”
eIS was launched by the International Federation of Accountants (IFAC) and developed collaboratively with IAASB, the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB). Designed to meet stakeholders’ needs, the platform allows for quick reference to other standard-setting boards’ standards and related resources, driving a strong connection between adherence to IAASB standards and the IESBA’s International Code of Ethics for Professional Accountants.
About the IAASB The International Auditing and Assurance Standards Board 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 the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
Available on New Online Platform, e-International Standards
“Rooted in our commitment to the public interest, this platform responds to stakeholder needs by making international standards and their accompanying resources accessible and easy to use,” said Kevin Dancey, CEO of IFAC. “As we continue to focus on modern approaches and the use of technology to enhance our profession, the development of eIS was a natural next step in supporting our members around the world, and the 3.5 million professional accountants they represent.”
IFAC worked together with the standard-setting boards to develop a better way to access the standards. Through surveys and conversations with key stakeholders, IFAC identified the key elements required to deliver a modern platform allowing the profession easier access to international standards, while providing enhanced functionality in how the standards are used.
eIS features include:
a responsive design that can be used on mobile, tablet and desktop;
advanced and intuitive search capabilities;
easy access to related resources;
easy pop-up access to references;
version control functionality; and
easy-to-navigate pages with multiple viewing modes.
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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
eIS aims to enhance adoption and implementation of professional standards on ethics, audit & assurance, and public sector accounting
The International Federation of Accountants (IFAC), which comprises 180 member and associate organizations and represents over 3 million professional accountants globally, welcomes the establishment of the International Sustainability Standards Board (ISSB) working in close cooperation with the International Accounting Standards Board (IASB), under the governance structure and leadership of the IFRS Foundation.
IFAC congratulates the IFRS Foundation Trustees for moving with unprecedented speed to meet the needs of investors, provide a holistic view of enterprise value, and address the climate crisis. Climate and other sustainability issues are global in nature and the ISSB will deliver a global solution for sustainability disclosure. The multi-jurisdictional footprint of the ISSB reflects this realty and can hopefully facilitate implementation of the ISSB’s standards.
IFAC also welcomes commitments to combine the CDSB and Value Reporting Foundation with the IFRS Foundation—providing much needed consolidation and contributing support and resources toward the success of the new ISSB. This positions the ISSB to build upon the high-quality work of existing sustainability-related initiatives and harmonize the standard-setting landscape—delivering a comprehensive global baseline of sustainability information material to enterprise value, connected to financial reporting through the fundamental concepts and guiding principles of integrated reporting.
“Now is the time for policymakers around the world to focus on how to capitalize on the forthcoming work of the ISSB,” said IFAC CEO Kevin Dancey. “As with the success of IFRS Standards for financial reporting, IOSCO’s support is key. Jurisdictions around the world need to take the next step—deciding to use, implement, and enforce IFRS Sustainability Disclosure Standards as part of a Building Blocks Approach that will deliver the global baseline for sustainability-related reporting needed for investors and capital markets.”
This approach enables global standards set by the ISSB—compatible with any multistakeholder-focused disclosures that some jurisdictions may require—to result in consistent, comparable, and assurable sustainability-related information that enhances corporate reporting.
IFAC urges its member organizations to support this initiative and engage now, at the local level, to help make new global standards into local reporting requirements.
Read more about IFAC’s support for global sustainability-related standards on the IFAC website.
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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
Global Standards to Be Set for Investor-Focused Sustainability Disclosure
The International Auditing and Assurance Standards Board (IAASB) announces the following new appointments and re-appointments to take effect on January 1, 2022:
New Members
Mr. William Edge, Chair, Australian Auditing and Assurance Standards Board
Dr. Warren Maroun, Professor, School of Accountancy, University of the Witwatersrand, South Africa
Re-appointed Members
Mr. Kai Morten Hagen, Technical Director at Den norske Revisorforening (Norwegian Institute of Public Accountants)
Ms. Sachiko Kai, Technical Director, Japanese Institute of Certified Public Accountants
Mr. Eric Turner, Former Director, Canadian Auditing and Assurance Standards Board
"It is a pleasure to welcome the new IAASB members and congratulate re-appointed members,” said Tom Seidenstein, IAASB Chair. “One of the IAASB’s hallmarks is our diversity in thought and experiences that strengthen our deliberations. I look forward to these new voices adding to that diversity and expanding our conversations.”
The IAASB also announces the re-appointment of Mr. Len Jui as its deputy chair for 2022.
“I am also extremely pleased that Len will continue serving as IAASB deputy chair," said Mr. Seidenstein. “Len’s dedication to the IAASB is tireless and we are collectively stronger because of his efforts.”
About the IAASB The International Auditing and Assurance Standards Board 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 the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
