The International Federation of Accountants^® (IFAC^®) today announced the selection of the Chartered Institute of Public Finance and Accountancy (CIPFA) to partner with the Institute of Chartered Accountants of Zimbabwe (ICAZ) and the Public Accountants and Auditors Board, Zimbabwe (PAAB), to strengthen the capacity of public sector accountancy.

“This partnership will enhance the ability of Zimbabwe’s accountancy profession to fully support the needs of the country’s public sector,” said Alta Prinsloo, IFAC Executive Director, Strategy, and Chief Operating Officer. “Stronger accountancy capacity in the public sector will contribute to transparency and accountability, which are crucial for all nations.”

The partnership will have two main components: establishing a project stakeholder advisory group and developing a comprehensive roadmap to strengthen accountancy capacity in the public sector.

“We are looking forward to working with our colleagues in Zimbabwe to help improve public services for the people who need them,” said Gillian Fawcett, Head of CIPFA’s Governments Faculty. “As the world’s only professional accountancy body dedicated to public finance, we can offer insight into best practice from around the globe. Our work, such as conducting public financial management readiness assessments for the World Bank, including in Zimbabwe in 2011, means we are geared up for this challenge. Working with our partners, ICAZ and PAAB, we have a real opportunity to strengthen public financial management in Zimbabwe.” 

In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund professional accountancy organization (PAO) capacity building in ten emerging countries over a period of seven years. The selection of CIPFA was made following a global Call for Expressions of Interest and an extensive proposal and review process involving multiple global organizations and the IFAC PAO Capacity Building Program Oversight Committee and Independent Selection Panel. This new partnership will continue to build on the funding agreement and Zimbabwe will join Ghana, Rwanda, and Uganda, where projects making use of the funding are underway.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. ‘International Federation of Accountants’ and ‘IFAC’ are registered trademarks of IFAC in the US and other countries.

About CIPFA
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world's only professional accountancy body to specialise in public services, we champion high performance in public services, translating our experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services

About DFID
The UK Department for International Development (DFID) leads the UK’s work to end extreme poverty. They are ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information, visit www.gov.uk/dfid.

IFAC representatives participated in the Third Regional Forum for Professional Accountancy Organizations (PAOs) in Europe and Central Asia in Vienna, Austria, on April 28. The event was organized by the World Bank Center for Financial Reporting Reform as part of the “Road to Europe: Program of Accounting Reform and Institutional Strengthening” and the “Strengthening Auditing and Reporting in the Countries of the Eastern Partnership” programs (also known as EU-REPARIS and STAREP, respectively).

The Forum brought together representatives from over 20 PAOs from countries in Central, Southeast, and Eastern Europe, as well as experts from the World Bank and the International Accounting Standards Board.

IFAC staff shared the IFAC Member Compliance Program Strategy for 2016-2018, which focuses on producing both qualitative and quantitative analyses of standards adoption, enhanced monitoring of compliance with the IFAC Statements of Membership Obligations, and revising its enforcement framework.

In addition, representatives of IFAC member organizations from Ireland and Singapore, as well as the Chair of the Forum of Firms, participated in panel discussions on the role of PAOs in economic growth and the challenges they face in developing a sustainable business model.

The International Good Practice Guidance series, developed to support professional accountants in business, is now available in Spanish. These publications include:

• Prefacio a la Guía Internacional de Buenas Prácticas de la IFAC (Preface to IFAC´s International Good Practice Guidance);
• Desarrollo y redacción de medidas financieras complementarias—Definición, principios e información a revelar (Developing and Reporting Supplementary Financial Measures—Definition, Principles, and Disclosures);
• Evaluar y mejorar el control interno en las organizaciones (Evaluating and Improving Internal Control in Organizations);  
• Definición y desarrollo de un código de conducta efectivo para las organizaciones (Defining and Developing an Effective Code of Conduct for Organizations);
• Evaluar y mejorar los costes en las organizaciones (Evaluating and Improving Costing in Organizations);
• Evaluar y mejorar el gobierno en las organizaciones (Evaluating and Improving Governance in Organizations);
• Análisis predictivo del negocio: Mejora del resultado de negocios con medidas orientadas al futuro (Predictive Business Analytics: Improving Business Performance with Forward-Looking Measures);
• Valuación de proyectos e inversiones para sustentabilidad. Creación de Valor (Project and Investment Appraisal for Sustainable Value Creation);
• Evaluación de un proyecto utilizando flujo de efectivo descontado (Project Appraisal Using Discounted Cash Flow)

These guidance reports cover areas of international and strategic importance where professional accountants in business are likely to engage. By issuing principles-based guidance, IFAC seeks to foster a common and consistent approach to those areas not covered by international standards but frequently under the domain of accountants in business. IFAC seeks to clearly identify principles that are generally accepted internationally and applicable to organizations of all sizes in commerce, industry, education, and the public and not-for-profit sectors.

These Spanish translations were performed by the Instituto Mexicano de Contadores Públicos and Federación Argentina de Consejos Profesionales de Ciencias Económicas 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 members 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 IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is a project observer. The project includes 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.

Leaders from the public sector and professional accountancy organizations from throughout the Caribbean are meeting in Nassau to revitalize efforts to improve public sector financial management and support the region’s economic growth.

Opening the three-day strategic dialogue, The Bahamas Minister of State for Finance, The Hon. Michael Halkitis, MP, said: “Public sector spending comprises a significant proportion of Caribbean gross domestic product. Given the sums involved, it’s vital that we get our houses in order. Our regional economy depends on us making wise spending decisions based on accurate information. Enhanced public financial budgeting, accounting, and reporting, based on accrual accounting, will enable us to shine a light in every corner of our finances, and help bring sustainability to government expenditure, and the communities we serve.”

Sponsored by The Bahamas Government and donor partner CPA Canada, and hosted by the Institute of Chartered Accountants of the Caribbean (ICAC), the International Federation of Accountants^® (IFAC^®), and the World Bank, the groundbreaking gathering was convened to bring closer inter-governmental collaboration, and strengthen relationships between public sector leaders and the accounting profession.

ICAC President Jasmine Davis, welcoming delegates, commented: “The accountancy profession possesses strong skills to help our peers working in government build confidence in public sector finances. We wholeheartedly support their efforts to better integrate our region with the global economy—a task that can only achieve its full potential when capital markets, investors and our own citizens know that our government finances are based on solid foundations.” 

IFAC Chief Operating Officer Alta Prinsloo, said: “The last global financial crisis highlighted the inherent weaknesses of heavily indebted governments around the world, including in the Caribbean. Managing and forecasting public revenues and expenditure, and controlling fiscal imbalances, can only be achieved via robust accounting practices. Via our Accountability. Now. campaign, we are delighted to support this exciting event that will stimulate intensive communication, consultation, and collaboration across the Caribbean governments, the accounting profession, and international partners including the World Bank.”

Samia Msadek, Director of the World Bank Group’s Governance Global Practice emphasized that strong public financial management is critical to national success and prosperity. “How governments manage taxation, borrowing, and spending is essential to economic growth, to poverty-reduction, and to ensuring that the Caribbean’s residents can improve their lives through inclusion and shared prosperity,” she said. 

The three day invitation-only roundtable discussions will cover regional economic, social, and business imperatives; public financial reporting reforms (regional and international perspectives); engaging stakeholders; challenges of the accountancy profession in the Caribbean and capacity-building strategies; and technical training on latest developments in International Public Sector Accounting Standards.

About ICAC
Since its establishment in 1988, the Institute of Chartered Accountants of the Caribbean has provided a forum for the advancement of the accountancy profession in the Caribbean. Today, with a network of approximately 3,700 professionals, the ICAC is the leading regional organization dedicated to advancing the interest of accountants and professionals in the finance industry within the Caribbean through the promotion of internationally acceptable standards and best practices, thought leadership, research and continuing professional development. In 2006, the ICAC was recognized as an “Acknowledged Regional Grouping” of IFAC. www.icac.org.jm

About the World Bank Group
The World Bank Group is a development finance institution that provides financial and technical assistance to developing countries around the world. Its mission centers around two main goals: Ending extreme poverty by 2030 by decreasing the percentage of people living on less than $1.90 a day to no more than 3 percent, and promoting shared prosperity by fostering the income growth of the bottom 40 percent for every country. The World Bank Group is headquartered in Washington, DC, and has more than 10,000 employees in more than 120 offices worldwide. www.worldbank.org

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. Accountability. Now. is an IFAC initiative to help drive awareness of the critical need for high-quality, transparent, comparable public sector financial reporting, and the importance of engaging citizens in the process of holding governments to account. 

The International Federation of Accountants^® (IFAC^®) has published the IPSAS™ 33-38 and Recommended Practice Guideline 3 in Spanish. The IPSAS pronouncements deal with a variety of important issues, including first-time adoption of accrual basis IPSAS. These publications include:

• NICSP 33, Adopción por Primera vez de las Normas Internacionales de Contabilidad del Sector Público de Base de Acumulación (o devengo) (IPSAS 33, First-time Adoption of Accrual Basis IPSASs)           
• NICSP 34, Estados Financieros Separados (IPSAS 34, Separate Financial Statements)
• NICSP 35, Estados financieros consolidados (IPSAS 35, Consolidated Financial Statements)
• NICSP 36, Inversiones en Asociadas y Negocios Conjuntos (IPSAS 36, Investments in Associates and Joint Ventures)
• NICSP 37, Acuerdos conjuntos (IPSAS 37, Joint Arrangements)
• NICSP 38, Información a Revelar sobre Participaciones en Otras Entidades (IPSAS 38, Disclosure of Interests in Other Entities)
• Guía de Práctica Recomendada 3 - Presentación de Información sobre el Rendimiento de los Servicios (Recommended Practice Guideline 3 - Reporting Service Performance Information) 

These Spanish translations were performed by faculty members from the Department of Accounting and Finance, Faculty of Economics and Business Administration, at the University of Zaragoza, Spain. They have been reviewed by an international committee consisting of public sector experts from Argentina, Chile, Mexico, Spain, and Uruguay.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database.

Leaders from the public sector and professional accountancy organizations from throughout the Caribbean met Nassau April 12-14, 2016, to revitalize efforts to improve public sector financial management and support the region’s economic growth.

Hosted by the Institute of Chartered Accountants of the Caribbean (ICAC), the International Federation of Accountants (IFAC), and the World Bank, Strengthening Public Financial Reporting and Accountability explored the Caribbean social-economic situation and how better public financial management, especially improved financial accounting and reporting, can support sustainable development.

International and regional experts shared their experiences of overcoming challenge and realizing the benefits of public sector financial management reform. Forward-looking sessions discussed how stakeholders can make public financial accounting and reporting reform a success. The roundtable concluded by summarizing the actions that governments and stakeholders can take toward strengthening public financial reporting and accountability.

This invitation-only event covered regional economic, social, and business imperatives; public financial reporting reforms (regional and international perspectives); engaging stakeholders; challenges of the accountancy profession in the Caribbean and capacity-building strategies; and technical training on latest developments in International Public Sector Accounting Standards.

The event opened on Tuesday 12th April by the The Hon. Michael Halkitis, MP, Minister of State for Finance, Government of The Bahamas.

For more information, please contact Jasmine Davis, ICAC President, president@icacorg.com, Misha Lobban Clarke, ICAC CEO, ceo@icacorg.com or Vincent Tophoff, Senior Technical Manager, Accountability. Now.

The International Federation of Accountants^® (IFAC^®) has published the 2014 edition of the International Auditing and Assurance Standard Board^® (IAASB^®) Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, Volume II and Volume III in Russian. This translation was performed by the National Organization for Financial Accounting and Reporting Standards Foundation. To ensure wide acceptability of the translation, it was reviewed by a committee consisting of experts from the Russian Federation as well as from Belorussia, Kazakhstan, and Kyrgyzstan.

For an overview of translations of IFAC’s publications, visit the Translations Database.

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.