Following September's web meeting, the Professional Accountants in Business Committee published a meeting summary report, Professional Accountants as Business Partners and Value Enablers.

The report shares the collective knowledge, ideas, and experience of the committee regarding the role of professional accountants as business leaders and value enablers for organizations, examining:

• Enterprise Performance Management;
• The Role of Finance Leaders and Business Partners in Technology;
• Effective Accountant Involvement in Risk Management;
• Creating and Communicating Value through Integrated Reporting and Thinking;
• PAO Support Tools;
• Audit Quality and Audit Committee Effectiveness; and
• Professional Skepticism

IFAC and the Committee are working to drive forward the major initiatives covered in the report. Professional accountancy organizations’ support and input into these initiatives is requested and most welcome. To achieve their mission and objectives, most IFAC member organizations continue to focus on the success of their members working in business and the public sector. However, it is important to continue raising the bar and learning from others so that their membership have the skills they need throughout their careers. In this fast changing world, ongoing skill and competency acquisition and development is more important than ever. Relevance is critical to the reputation of both individual members and their PAOs.

The IFAC accountants in business agenda addresses the areas of opportunity and risk for the profession in the 21st Century, while also enhancing the attractiveness of the profession. The accountancy profession needs to continually ensure our skills and competency remain relevant and support effective business partnership. 

Following the Professional Accountants in Business Committee’s September 2017 web meeting, this report shares the collective knowledge, ideas, and experience of the committee regarding the role of professional accountants as business leaders and value enablers for organizations.

The main themes in the report, and in the meeting it flows from, are:

The recent IFAC Global SMP Survey identified key challenges many small- and medium-sized practices (SMPs) face.

The International Public Sector Accounting Standards Board (IPSASB) has issued a revised IPSAS, Financial Reporting under the Cash Basis of Accounting. The amendments address some of the main barriers to adoption of this standard.  

This revised version of the Cash Basis IPSAS implements the proposals made in Exposure Draft 61, Amendments to Financial Reporting under the Cash Basis of Accounting.

The revised version takes effect on January 1, 2019, with earlier adoption encouraged.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has published a revised IPSAS, Financial Reporting under the Cash Basis of Accounting (the Cash Basis IPSAS). The amendments address some of the main barriers to adoption of this standard.  

This revised version of the Cash Basis IPSAS implements the proposals made in Exposure Draft 61, Amendments to Financial Reporting under the Cash Basis of Accounting. These amendments recast from mandatory to voluntary:

• Preparation of consolidated financial statements;
• Disclosure of information about external and other assistance; and
• Disclosure of information about payments made by third parties.

The amendments also ensure that the standard’s requirements and encouragements are better aligned with requirements in relevant accrual IPSAS issued since 2008.

The revised version takes effect on January 1, 2019, with earlier adoption encouraged.

“These amendments respond to the views of preparers by removing some of the obstacles to adoption of the Cash Basis IPSAS,” said IPSASB Chair Ian Carruthers. “Robust financial reporting on a cash basis can be an important foundation for broader improvements in public sector financial management. However, the revisions make clear that the IPSASB views the Cash Basis IPSAS as an important stepping stone on the journey to full accrual accounting rather than an end in itself.”

First issued in 2003, and modified in 2006 and 2007, the Cash Basis IPSAS is the only IPSASB pronouncement that deals with the cash basis of accounting. 

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

This publication was developed under the IFAC Professional Accountancy Organization (PAO) Capacity Building Program, currently funded by the UK Department for International Development (DFID). The guide will enable PAOs to develop ICT roadmaps that meet the individual needs of each PAO based on their infrastructure, level of development, regulatory obligations, and number of stakeholders, as well as consider external and environmental factors that may impact ICT planning. 

Highlights from the October 24-26 2017 meeting in New York, NY.

• 00:14 – Introduction: Matt Waldron, IAASB Technical Director
• 00:40 - Highlights: Arnold Schilder, IAASB Chair
• 03:09 – ISA 540 (Revised): Rich Sharko, IAASB Member
• 06:03 – ISA 315 (Revised): Fiona Campbell, IAASB Member
• 09:26 – IASB Liaison and Emerging Forms of External Reporting: Marek Grabowski, IAASB Member
• 15:16 - Closing Remarks: Matt Waldron, IAASB Technical Director