The 3rd Africa Congress of Accountants (ACOA), held by the Pan African Federation of Accountants (PAFA) and the Mauritius Institute of Professional Accountants (MIPA), will be held May 12-14, 2015 in Mauritius. Rising Africa: Partnering for Results will include sessions on partnerships between the public and private sectors, professional accountancy organization development, women and accountancy, and public sector accountancy, among other topics. Full details are available on the ACOA website.

The 2014 IFAC Global SMP Survey asked practitioners operating in small- and medium-sized practices (SMPs) a number of questions about the challenges they face, the market factors and technologies most likely to affect them in the future, the consulting services they provide, and their performance, both in 2014 and projected for the year ahead. In addition, respondents were asked about their small- and medium-sized entity (SME) clients, including questions around the challenges they face, exposure to financial crimes, access to finance, and the extent of their international operations.

The International Federation of Accountants^® (IFAC^®) welcomes the release today of the International Public Sector Accounting Standards Board^® (IPSASB^®) Governance Review Group^[1] report on the future governance of the IPSASB, which is an important milestone in further strengthening its governance and credibility.

“We fully support the recommendations of the Review Group, and believe they will strongly enhance the robustness of the standard-setting arrangements and ultimately improve the legitimacy and acceptance of the International Public Sector Accounting Standards (IPSASs) across the globe” said Fayez Choudhury, Chief Executive Officer of IFAC. “High-quality internationally accepted standards provide the necessary foundation for high-quality financial reporting in the public sector—an area that needs vast improvement in many jurisdictions around the world, and which leads to better government decision-making, transparency, and accountability.”

Following a public consultation early last year, the Review Group made several important recommendations, including that:

• a governance body, the Public Interest Committee, be established to ensure that the public interest is served by the standard-setting activities of the IPSASB; the Committee’s membership should include, but not be limited to, individuals from the IMF, OECD, World Bank Group, and INTOSAI;
• the Committee’s objectives should be to review and advise IFAC and the IPSASB on the (i) terms of reference of the IPSASB; (ii) arrangements for nomination and appointment of IPSAB members; and (iii) procedures and processes for formulation of the IPSASB’s strategy and work plan and development of IPSASs to ensure that the views of all relevant stakeholders are sought and given due consideration;
• the Committee should not have a direct role in the development, adoption, and implementation of public sector accounting standards;
• IFAC should establish a Consultative Advisory Group (CAG) for the IPSASB; and
• a public consultation on the effectiveness of the IPSASB’s reformed governance arrangements be undertaken no later than 2020.

“The recommendations represent strong support for robust and balanced standard-setting arrangements, whereby the involvement of the profession, public sector, and international organizations ensure that the standards that are produced are in the public  interest and are high quality—and can be practically implemented.” Mr. Choudhury added, “IFAC is highly appreciative of the work done by the Review Group and its members and looks forward to working with these organizations to put the new arrangements in place in 2016.”

Pillar IV – Resource Revenue Management, will complete the IMF Fiscal Transparency Code by stating principles and practices for each stage of the resource revenue management process for resource-rich countries. It recognizes the need to account for differences in the institutional and legal systems which govern natural resource activity in individual countries, and follows the structure and approach of the first three pillars in measuring the transparency and quality of output rather than processes, and in placing greater emphasis on fiscal risk disclosure and management.

The IFAC SMP Committee supports the approach taken by the International Ethics Standards Board for Accountants (IESBA) and the general direction of the project to improve the usability of the structure of the Code of Ethics for Professional Accountants (the Code). In particular, the SMP Committee agrees with the proposal to clearly separate the requirements from guidance, as it will enhance users’ understanding of the spe

The International Federation of Accountants^® (IFAC^®) today published the following Question and Answer (Q&A) documents of the International Auditing and Assurance Standards Board^® (IAASB^®) and the International Ethics Standards Board for Accountants^® (IESBA^®) in the Spanish language:

• Staff Q&A - Applying ISAs Proportionately with the Size and Complexity of an Entity
• Staff Q&A - Applying ISQC 1 Proportionately with the Nature and Size of a Firm
• IESBA Staff Q&A - Implementing the Code of Ethics—Part I      
• IESBA Staff Q&A - Implementing the Code of Ethics—Part II 

These Spanish language translations 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 bodies Instituto de Censores Jurados de Cuentas de España, Federación Argentina de Consejos Profesionales de Ciencias Económicas, and Instituto Mexicano de Contadores Públicos—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single 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 bodies in nine Spanish-speaking countries.

The IAASB Staff Q&A publications highlight how the design of the International Standards on Auditing (ISAs) enables them to be applied in a manner proportionate with the size and complexity of an entity, and how the design of International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, enables it to be applied in a manner proportionate with the nature and size of a firm.

The IESBA Q&A publications are intended to assist professional accountancy organizations and others as they adopt and implement the Code of Ethics for Professional Accountants (the IESBA Code).

Additional Spanish translations of IFAC publications will be forthcoming.

About the IAASB
The International Auditing and Assurance Standards Board (IAASB) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA) develops ethics standards and other pronouncements for professional accountants worldwide under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and other pronouncements. The structures and processes that support the operation of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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. IFAC is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has signed an agreement with the University of Dayton (UD) Department of Accounting and School of Business Administration, securing subject-matter experts to contribute to several research projects in 2015. This year-long pilot program is a seminal initiative, as it reflects IFAC’s commitment to gathering and using empirical data, when appropriate, to enhance the strength and quality of its work. In addition, it signals IFAC’s efforts to evolve and strengthen its ties with the academic community.

Under the agreement, UD will supplement its capacity by engaging leading academics with subject-matter expertise from around the world, when appropriate, to meet IFAC’s diverse research needs. Identified projects for the coming year include: the IFAC Global Small- and Medium-Sized Practice (SMP) Survey; an examination of the role of SMPs in providing business support to small- and medium-sized entities (SMEs); a review of public sector financial reporting in Africa and the Caribbean; and a review of the role of accounting advice on the performance of entities of various sizes.

At the end of the UD agreement, IFAC will evaluate the pilot and consider next steps. 

IFAC Senior Technical Manager Vincent Tophoff was the keynote speaker at the seminar Municipal Control: A Different Contribution to Governance in Santiago, Chile, organized by the Comptroller General of Chile. The seminar was attended by government official and other professionals from the internal control units of the central and local public sector in Chile.

The presentation, “Risk Management and Control in the Public Sector,” describes the most internationally renowned standards for international control, some of the key flaws in risk management and internal control, and the International Framework: Good Governance in the Public Sector, released in 2014 by IFAC and the Chartered Institute of Public Finance and Accountancy.

IFAC Senior Technical Manager Vincent Tophoff was the keynote speaker at the seminar Municipal Control: A Different Contribution to Governance in Santiago, Chile, organized by the Comptroller General of Chile. The seminar was attended by government official and other professionals from the internal control units of the central and local public sector in Chile.

The presentation, “Risk Management and Control in the Public Sector,” describes the most internationally renowned standards for international control, some of the key flaws in risk management and internal control, and the International Framework: Good Governance in the Public Sector, released in 2014 by IFAC and the Chartered Institute of Public Finance and Accountancy.

IFAC Senior Technical Manager Vincent Tophoff recently addressed good governance in the public sector at a breakfast panel in Chile held by the Comptroller General of Chile. The event was attended by governmental officials and other professionals working in governance and the public sector.

The presentation, “Good Governance in the Public Sector,” addressed the key challenges for governance in the public sector and how methods to avoid and solve them. Mr. Tophoff also discussed the IFAC-CIPFA publication, International Framework: Good Governance in the Public Sector.