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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

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IFAC Update

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  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

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