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  • Search for Influential Leader to Chair IAASB to Restart

    New York, New York English

    The global search for an exceptional leader to Chair the International Auditing and Assurance Standards Board (IAASB) will be restarted by the Interim Nominating Committee.  Mr. Martin Baumann, who had been appointed to become Chair of the IAASB on January 1, 2019, has decided not to assume the post for personal reasons.

    “I am disappointed that unforeseen personal circumstances will prevent me from taking on this important role,” said Martin Baumann. “I remain impressed with the public interest work that the IAASB has already achieved and continue to see remarkable opportunities for the future.”

    The Interim Nominating Committee, which was formed by the Monitoring Group in February 2018 to conduct the process for the next IAASB Chair, will again follow an open, timely and transparent process to select the most suitable candidate to chair the IAASB for a 2019-2021 term.

    Prof. Arnold Schilder, whose term as IAASB Chairman is scheduled to conclude at end of 2018, has agreed to stay on through early 2019, as necessary, to ensure a smooth transition to a new Chair.

    "While we are disappointed that Mr. Baumann cannot take on the important role to lead the IAASB during this crucial period, we wish him our best in the future,” said Gerben Everts, Chair of the Monitoring Group. “We are pleased that Prof. Schilder has agreed to extend his service until a new Chair is found, and have asked the Interim Nominating Committee to restart this important search.”

    “This is a crucial inflection point for high-quality International audit standard setting,” said Rachel Grimes, IFAC President. “It is disappointing that Marty is unable to assume the position, but we are confident that the Interim Nominating Committee will find a similarly well-suited, high-caliber candidate to lead the IAASB into the future.”

    For more information about the work of the IAASB, visit www.iaasb.org.

    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 the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

    Martin Baumann steps down from role for personal reasons

  • IPSASB eNews: October 2018

    English
    Social Benefits

    Good progress was made on the landmark Social Benefits IPSAS with a view to approval in December. The IPSASB made important decisions on disclosures, including to require a breakdown of expenditure on material schemes, narrative about whether a scheme meets the insurance accounting criteria, and a description of the demographic and economic factors that influence the expenditure on a scheme. The Obligating Event approach has been renamed the General Approach.

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    Non-Exchange Expenses

    The IPSASB discussed a draft ED, Collective and Individual Services and Disaster Relief, proposing additional guidance to IPSAS 19, Provisions, Contingent Liabilities and Contingent Assets. The IPSASB agreed to include relevant definitions in IPSAS 19, and decided that the ED should cover emergency relief more broadly, not just disaster relief.

    The IPSASB decided that the Public Sector Performance Obligation Approach could be applied to non-exchange grants and transfers. Staff will further consider when a liability should be recognized, what constitutes enforceability and develop examples.

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    Improvements to IPSAS, 2018

    The IPSASB discussed the responses to ED 65, Improvements to IPSAS, 2018. The IPSASB agreed to most of the amendments proposed in ED 65, with little or no change. However, the IPSASB agreed to amend paragraph 76 of IPSAS 16, Investment Property, to provide guidance on measuring investment property under construction at fair value initially, rather than deleting the paragraph as proposed in the ED. The IPSASB also agreed to an effective date of January 1, 2021 for the new cash flow disclosure added to IPSAS 2, Cash Flow Statements. The IPSASB approved Improvements to IPSAS, 2018.

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    Public Sector Measurement

    The IPSASB decided on the approach for development of Exposure Draft (ED), Measurement. The ED will define major measurement bases and provide guidance on, and how to derive measures, under these bases. Individual IPSAS will specify where these measurement bases are to be used. Next steps include development of application guidance for historical cost, replacement cost, fair value, and the cost of fulfillment and identification of generic measurement-related disclosures. The majority of the text of IFRS 13, Fair Value Measurement, will be adopted as application guidance in IPSASB’s literature. The IPSASB also further developed the Consultation Paper (CP), Public Sector Measurement. 

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    Revenue

    The IPSASB considered the terminology in IFRS 15, Revenue from Contracts, from a public sector perspective. The IPSASB decided that the term ‘binding arrangement’ should replace ‘contract’. However the terms ‘consideration and exchange’ and ‘goods and services’ will be retained. Staff will provide alternatives to ‘customer’. Explanatory text will note that the ‘expected cost plus margin method’ for estimating stand-alone selling prices can be used for goods and services that are provided on a cost-recovery basis. The Board decided that the ability to reduce future funding would be included as a potential enforcement mechanism.

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    Leases

    The IPSASB considered the responses to ED 64, Leases for the first time. There was overall support for ED 64’s proposal for the ‘right-of-use model’ on lessee accounting. The IPSASB tentatively decided to adopt the model in the IPSAS on Leases. The IPSASB acknowledged the diversity and complexity of constituents’ views on the proposals on lessor accounting and concessionary leases and decided to extend the timeline of the project in order to allow a detailed discussion of all the issues raised by respondents.

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    Public Sector Specific Financial Instruments

    The IPSASB supported the approach, which its Financial Instruments Task Force is following for Public Sector Specific Financial Instruments. This involves the development of non-authoritative guidance in the core Financial Instruments standards where the transaction meets the definition of a financial instrument in IPSAS 41, Financial Instruments, and  non-authoritative guidance outside the core Financial Instruments standards where that definition is not met. Following a face-to-face Task Force meeting in October 2018, Task Force recommendations will be presented to the IPSASB at future meetings.  

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    2018 IPSASB Handbook

    The 2018 Handbook of International Public Sector Accounting Pronouncements is now available for electronic download on the IPSASB website. The 2018 Handbook includes the revised Cash Basis IPSAS. Hard copy editions will be available for purchase in November.

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    Strategy and Work Plan 2019-2023

    The IPSASB discussed feedback received on the Strategy and Work Plan 2019-2023 consultation; including input from the four regional roundtables and the 53 formal comment letters submitted. Overall, the IPSASB concluded that the inclusive approach followed in developing the consultation proposals, and the open outreach process using roundtables during the consultation period, have contributed to the strong support for key proposals. The IPSASB will continue to work to finalize the Strategy and Work Plan 2019-2023 by discussing it with the Consultative Advisory Group and The Public Interest Committee over the next month, and will look to approve the Strategy and Work Plan at its December 2018 meeting. 

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    Call for Nominations for the IPSASB Consultative Advisory Group

    The IPSASB seeks nominations from individuals, or representatives from organizations, interested in serving as a member of the IPSASB Consultative Advisory Group (CAG). Nominations are due by October 31, 2018. More information on the role of the CAG and the types of skills and experience nominees should have can be found here: http://www.ipsasb.org/cagnom

    Meeting Podcasts

    A podcast highlighting key points of the September 2018 meeting is now available:

    Next Meeting

    The next meeting of the IPSASB will be in Kuala Lumpur, Malaysia from December 4-7, 2018. The CAG will meet on December 3, 2018, also in Kuala Lumpur. For more information, or to register as an observer, visit the IPSASB website.

  • New Global SMP Survey Reveals Keys to Growth for Small Accounting Firms

    The 2018 IFAC Global SMP Survey found that accountants working in small- and medium-sized practices (SMPs) are embracing technology to better serve clients and attract and retain top talent. The survey received more than 6,000 responses from SMPs, representing 150 countries, about their performance in 2018 and marketplace factors most likely to affect them in the future.

    IFAC
    English

  • Accountancy Without Borders: Global Standards Achieving Worldwide Adoption

    New York, New York English

    Transparent, high-quality international standards are essential pillars of the global financial architecture. Their adoption and implementation improve the availability of high-quality financial information for stakeholders, investors and the public, which result in greater economic growth, development, and accountability.

    The 2017 Global Status Report is a first-of-its-kind report utilizing information collected through the IFAC Member Compliance Program to measure progress in adoption of international accountancy standards and highlight the essential role of professional accountancy organizations (PAOs) in strengthening economies through the adoption and promotion of these best practices.

    Don’t have time to read the whole report? You can read interviews on the key trends and highlights in Accounting Today, Bloomberg BNA and Public Finance International or listen to our podcast with Accounting Today!
    Explore more: IFAC regularly adds new comprehensive profiles of our member organizations and the jurisdictions. For more information, take a look at our Gateway article and previous eNews.

    #PAOGovernanceSeries

    In January 2018, IFAC released Focusing on Performance, which raises awareness of the importance good corporate governance practices and principles for PAOs. This new article series features PAO stories from across the globe on the importance of adapting governance arrangements to drive performance while considering current and past governance arrangements.

    Read first-hand experiences from PAOs in Barbados, the Bahamas, Kosovo, and the Cayman Islands on key issues such as succession planning, balancing board and executive management responsibilities, and committee restructuring. Stay tuned for more stories coming from the Philippines, Costa Rica and more!

    Don’t forget these additional resources to help support your PAO’s good governance review and planning:

    Does your PAO have experience driving corporate governance reforms to enhance performance? Let us know—we would love to showcase your work in action!

    Spotlight On: Global Initiatives to Strengthen Accountancy Profession
    • New Syllabus for Institute of Chartered Accountants (Ghana)
      ICAG launched a newly revised syllabus for its professional examinations. The revisions reflect changing trends in the global economy and professional educational and align with the revised International Education Standards’ requirements. Key highlights of the new syllabus>>
    • A Quality Alliance: Uniting for Quality Assurance Reviews in Panama
      The Colegio de Contadores Públicos Autorizados de Panamá has been a driving force in establishing Panama’s Quality Alliance, a voluntary QA review mechanism. Read CCPAP’s QA review journey in English and Spanish>>
    • Brazil Enhances Transparency and Accountability with Convergence of IPSAS
      The Federal Accounting Council has forged a partnership with the National Treasury Secretariat to implement a conceptual framework for the convergence of Brazilian standards with International Public Sector Accounting Standards. Through the partnership, it is expected that Brazil will fully adopt and implement IPSAS by 2024. Learn more about Brazil’s progress (in Portuguese)>>
    • Malaysian Institute of Accountants Launches Technology Blueprint
      MIA launched its MIA Digital Technology Blueprint at its inaugural AccTech Conference 2018. The guidance and the conference are both part of the institute’s ongoing initiatives to future-proof the Malaysian accountancy profession and provide more value to the ecosystem. Explore the Blueprint here>>
    Supporting Member Organizations: Enhancing Accountancy Education and Increased Collaboration Will Ready PAOs for the Future

    A Future-ready Accountancy Profession
    As professional accountants and PAOs are preparing for the future, there is an emphasis on implementing a comprehensive, integrated approach to international accountancy education to equip current and future professional accountants with the skills, capabilities and ethical foundation required for a rapidly changing environment. IFAC has been speaking out on this topic alongside partners such as the Institute of Chartered Accountants of the Caribbean, the PAO Development Committee, the World Bank, and the Interamerican Accounting Association

    Greater Cooperation, Greater Growth
    IFAC continues to convene key groups and partake in knowledge-sharing opportunities in order to identify, debate, and seek solutions to key issues and challenges. In 2018, IFAC continued to advocate for greater collaboration between PAOs and firms in Asia-Pacific, amongst PAOs in the Western Balkans, and among accountant generals, auditor generals, and PAOs in Sub-Saharan Africa. By leveraging and sharing global experiences and resources, the accountancy profession worldwide will continue to be strengthened.

    A-Z: Worldwide Stakeholder Engagement

    Albania, Belarus, Croatia, Ecuador, Georgia, Haiti, Mexico, Paraguay, Suriname, Uruguay, Ukraine, and Zimbabwe: 2018 has been a busy year for engagement and efforts to strengthen and develop PAOs and advance economies. Meetings with key accountancy stakeholders, such as PAOs, regulators, universities, and audit oversight entities, in these countries have been essential in furthering national accountancy regulations alignment with international standards and best practices. 2018 will close out with meetings and events in Australia, Guatemala, Mozambique, Sri Lanka, and the UK.

    Intellectual Properties Corner

    The International Code of Ethics for Professional Accountants (including International Independence Standards) is now completely rewritten, easier to use, navigate and enforce. Beyond its new structure, the new Code brings together substantive revisions to ethics and independence provisions and clarifies how professional accountants should apply the conceptual framework to comply with the fundamental principles of ethics, and where applicable, be independent. The new Code will be effective June 2019.

    Does your PAO want to proactively reproduce, share, and/or translate the revised Code in advance of the effective date? Submit a permissions request here!

    Upcoming Events in 2018
    • PAO Development Committee Meeting, October, New York, US
    • Compliance Advisory Panel Meeting, October, New York, US
    • PAO Forum, October, Colombo, Sri Lanka
    • World Congress of Accountants, November 2018, Sydney, Australia—register today!
    Resources
    IFAC Quality & Development Team

    The IFAC Quality & Development Team supports IFAC member organizations’ efforts to adopt and implement international standards (thus improving SMO fulfillment) and build the capacity of the global accountancy profession.
    The team manages the Member Compliance Program and the membership admission process, PAO Capacity Building Program, including the PAO Development Committee, Accountability. Now. and sustainable accountancy development efforts. The Member Compliance Program is overseen by the Compliance Advisory Panel and the Public Interest Oversight Board as one of IFAC’s public interest activities.
    Questions? Contact us at compliance@ifac.org.

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