The IFAC SMP Committee generally supports IESBA’s proposed revisions to the extant Code pertaining to the conceptual framework. However, it believes that the new overarching requirements for all PAs to apply the Conceptual Framework (R120.3 and R300.2) should be replaced with overarching objectives for the PA, which are supported by more specific requirements.
The IFAC SMP Committee acknowledges that the global environment is changing rapidly and many of the trends identified will impact the profession and may have potential implications for the IAESB’s International Educations Standards (IESs) in the future. However, the SMP Committee does not believe that any new IESs should be developed at this time to address emerging matters. In its opinion, the Board should focus its resources on a robust implementation monitoring exercise and continue promoting the adoption of the newly revised IESs.
Summaries of the International Federation of Accountants® (IFAC)’s eight Policy Position Papers (PPPs) are now available in Spanish. The papers cover a variety of topics including standard setting in the public interest, regulation and global regulatory convergence, effective governance, risk management and internal control, and enhancing organizational reporting. These publications include:
The full-length English language versions of the eight policy position papers are available under the Publications and Resources section of the IFAC website.
These Spanish translations were performed by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), and are a result of the Ibero-American cooperation framework, known as the IberAm project. Established in 2012, the IberAm project—which includes IFAC and its member organizations in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality Spanish translations of international standards and other IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is an observer to the project. In addition, the project involves a Review Committee of technical experts representing IFAC member organizations in nine Spanish-speaking countries.
For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database.
The Institute of Chartered Accountants of Jamaica (ICAJ), with support from the International Federation of Accountants (IFAC), will hold a regional SMP Forum on May 3 to bring practitioners from small- and medium-sized accountancy practices (SMPs) together for a day-long seminar to focus on audit quality and how practitioners can build a successful practice.
When/Where? The event will be held May 3, 2016, at the Jamaica Pegasus Hotel in Kingston, Jamaica.
What? An international and regional line-up of subject matter experts will steer the forum and share important insights on pertinent areas of audit quality and practice management.
The line-up of speakers includes:
Bruce Scott, President, Institute of Chartered Accountants of Jamaica
Paul Thompson, Director, IFAC Global Accountancy Profession Support
Monica Foerster, Deputy Chair, IFAC SMP Committee
George Willie, Member, IFAC SMP Committee
Who Should Attend? The forum is open to accounting practitioners, as well as other professionals, who work directly or indirectly with SMP/SME affairs.
Why? The event will examine the structure of the ISA™ pronouncements and how they can be applied proportionately. Additionally, the forum will include a session on building a successful practice, including evolving to be future ready and building capacity to offer to advisory services. Both sessions will include an overview of relevant guidance, including the IFAC Guide to Practice Management.
See the ICAJ Forum page for more information as the event date approaches.