Una Foy Assistant Director, Policy and Technical CIPFA

1. Government Finance Profession Conference Brighton – Nov 2009 Una Foy Assistant Director, Policy and Technical CIPFA

2. Introductions • CIPFA Accountant • Assistant Director of Professional Standards and Central Government, Policy and Technical – CIPFA London • 5 years overseeing the professional qualification in CIPFA NI • 20 Years Central Government experience • 15 years on NI Branch Committee • CPD representative in NI • Diploma in IFRS

3. Agenda • Overview of CIPFA • Boards and Committees • Regional Committees • Overview of Policy &Technical Directorate • IFRS – How accounting standards are set • Questions and Answer Session

4. CIPFA Locations • CIPFA HQ • London • Croydon • Chester • Country Offices • Northern Ireland • Scotland • Wales • 11 Regions throughout UK and Europe

5. Information about CIPFA • CIPFA is one of the leading professional accountancy bodies in the UK • It is the only one which specialises in the public sector • CIPFA has over 14,000 elected members • CIPFA offers many services, including:- • information and guidance • courses and conferences • property and asset management solutions • consultancy and placements for a range of public sector clients • Internationally, CIPFA works with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.

6. CIPFA Institute Council • CIPFA is a registered charity - our work is overseen by a board of trustees, otherwise known as Council • Council, as the head of the governance structure, is responsible for taking decisions on the ongoing strategic direction of CIPFA and approving major developments • It approves the terms of reference and delegated powers of its committees and boards and is responsible, through them, for the day to day operations of CIPFA and its subsidiary companies • Council also oversees the workings of the committees set up in accordance with CIPFA's regulatory/disciplinary scheme

7. CIPFA Institute Council • The Council year runs from July to June and normally meets five times a year • Most Council members are elected from the CIPFA membership.  There are a number of non-members who are invited (co-opted) to sit on Council because of their sector expertise • Each Council member sits on at least one of CIPFA’s main boards or committees • There are eight boards and committees that report directly into Council. Some of these have panels to which work is delegated

8. CIPFA Boards and Committees Council has established 9 Boards and Committees:- • The Board • Members & Students Development Board • Public Finance & Management Board • International Strategy Board • Board for the Regions • Audit Committee • Remuneration Committee • Commercial Services Board • Nomination Committee

9. Board for the Regions - TOR • To encourage best practice in the Regions through the sharing of ideas and achievements • To act as a communications link between the Regions and with the CIPFA Council, its Committees and their Panels and Boards • To represent regional views on matters of common interest • To develop and manage an annual work programme in conjunction with the Regions and the Secretariat drawing on the output from the Conference for the Regions • To advise on, encourage and support the Regions in the marketing of CIPFA and its qualifications and in delivering CPD activities for members and students

10. Regional Committees • Within each of the 11 Regions there is a regional committee • Membership is elected from amongst the Region's members and students, with an appropriate balance of geographical, employment and specialist representation of members and students • Provides a forum to communicate polices, issues or consultation between the Institute and the Region • Responsible for member and student activities and it organises an annual programme of events to enhance professional skills of members and students – CPD • Promotes the profile and reputation of the Institute

11. Discussion • What region do you belong to? • Are you involved in regional committee? • Do you know what activities are being organised? • Can you offer anything to your regional committee?

12. Policy and Technical

13. What do we do? Provide professional support and technical guidance to CIPFA members Develop professional, technical and ethical standards Input to the public policy making process

14. Howdo we work? • Working groups and panels of volunteers • In-house technical staff • Outputs include publications, courses, articles and presentations • Technical enquiry service for members • Information service for staff

15. How do we work? • Professional, technical and ethical standards • Working with other accountancy bodies • UK • International • Managing CIPFA’s Disciplinary Scheme

16. Disciplinary Scheme • Developing Standards of Professional Practice • Ethics • Specific technical areas • Regulating members and students • Investigations, Disciplinary and Appeals Committees

17. Areas of expertise • A range of subjects connected with public services, including… • Local Government • Health • Central Government • Charities • Housing Associations • Further and Higher Education

18. Technical subject areas • Including… • Accounting • Audit • Treasury Management • Corporate Governance • Information Technology

19. How Accounting Standards are set!

20. QUIZ!

21. Who or What is IASB? • International Accounting Standards Board (IASB) is an independent standard-setting board which issues IFRSs • It engages with investors, regulators, business leaders and the global accountancy profession at every stage of the standard setting process • Overseen by a body of trustees • Supported by external technical advisors and an interpretations committee who offers guidance where divergence in practice occurs

22. What? Why? How? When? Objectives of the IASB • To develop a single set of high quality, understandable and enforceable global accounting standards… • …that require transparent and comparable • information in general purpose financial statements • To promote the use and rigorous application of those standards; and • To bring about convergence of national accounting standards around the world

23. Structure

24. How Standards are Developed • Extensive research with stakeholders • Discussion Paper (optional) • Exposure Draft • Published Standard

25. The European Dimension

26. EU Adoption Process • The EFRAG – European Financial Reporting Advisory Group - was set up in 2001 to assist the European Commission in the endorsement of IFRSs • It provides advice to the European Commission on the endorsement of new or amended IFRSs and IFRIC interpretations • EFRAG is a private sector body • The Standard is then adopted by EU Parliament

27. Public Sector Adoption • FRAB – Financial Reporting Advisory Board – an independent body from HMT whose remit is to provide advice on financial and reporting standards for Central Government and Health – produces FReM • CIPFA/LASAAC (Local Authority Scotland Accounts Advisory Committee) – responsible for the development of the authoritative source of accounting for Local Authorities across the UK • The new code for 2010/11 will be prepared under the oversight of the FRAB instead of ASB – this will allow LA to participate directly in the same standard setting process and central government and NHS

28. Any Questions or Comments