1 / 14

IFAC Update

IFAC Update. Kelly Ånerud , Deputy Director International Federation of Accountants INTOSAI Professional Standards Committee Manama, Bahrain May 20-22, 2014 . IFAC Operating Lines Developing and representing the profession; enhancing economic stability. Supporting standards development

suki
Download Presentation

IFAC Update

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. IFAC Update Kelly Ånerud, Deputy Director International Federation of Accountants INTOSAI Professional Standards Committee Manama, Bahrain May 20-22, 2014

  2. IFAC Operating LinesDeveloping and representing the profession; enhancing economic stability • Supporting standards development • Improving quality and capacity • Supporting the profession • Global representation and advocacy

  3. Improving Quality and CapacitySupporting high-quality PAOs and strengthening the profession • Member Body Compliance Program • Professional Accountancy Organization (PAO) Development • MOSAIC

  4. Supporting the ProfessionProviding thought leadership, resources, and insight; enhancing visibility and voice

  5. IFAC Key ThemesRepresenting the profession and the public interest • Government transparency and accountability • Enhanced organizational reporting (IR) • Credibility and usability of financial reporting (FRSC) • Accountants in society

  6. GovernmentTransparency and Accountability “Fiscal transparency is a critical element of effective fiscal policymaking and the management of fiscal risks.” - IMF 2012 report Fiscal Transparency, Accountability, and Risk

  7. Accountability Now! Initiative Rebuilding trust in public finances through the adoption and implementation of high-quality public sector accruals-based accounting standards (IPSAS).

  8. Accountants in Society Private Sector Public Sector Society

  9. IFAC and INTOSAI Working Together • Updated Memorandum of Understanding

  10. Independent Standard Setting Boards International Auditing and Assurance Standards Board (IAASB) • Auditor Reporting continues to be a priority – plans to finalize new and revised standards in 2014 • Work on ISA 720 (Other Information)and disclosures also relevant to public sector • Strategy for 2015–2019 and Work Program for 2015–2016 • Work on quality control, group audits, financial institutions, professional skepticism • Monitoring developments in Integrated Reporting and “big data”

  11. Independent Standard Setting Boards International Ethics Standards Board for Accountants (IESBA) • Code of Ethics for Professional Accountants • Principles-based standards • For PAs in in practice and in business (including public sector) • Global adoptionof Code – 120 jurisdictions • have adopted/are in the process of adopting/basing national ethics standards on/or are working to eliminate differences with the Code • Forum of Firms – 24 largest accounting networks conform policies and methodologies to the Code for transnational audits

  12. Independent Standard Setting Boards International Accounting Education Standards Board (IAESB) • Revision of IES 8, Competence Requirements for Audit Professionals • Revision of the IAESB Framework for International Education Standards for Professional Accountants • Development of Definition of the Professional Accountant • Development of the 2014-2016 IAESB Strategy and Work Plan

  13. Independent Standard Setting Boards International Public Sector Accounting Standards Board (IPSASB) • Governance • Response to Review Group on IPSASB Oversight • Only IFAC standard-setting board currently not subject to oversight • Conceptual Framework • Finalization in 2014 • Strategy & 2015-2019 Work Plan • First public consultation on strategy and first full consultation on work plan

More Related