• NICSP 36, Inversiones en Asociadas y Negocios Conjuntos

    IPSAS 36, Investments in Associates and Joint Ventures

    NICSP 36 explica la aplicación del método de equivalencia, que se utiliza para contabilizar las inversiones en asociadas y negocios conjuntos. Los requisitos son muy similares a la orientación actual de la NICSP 7, Inversiones en asociadas. Debido a que método de participación ahora debe ser utilizado cuando la contabilidad de empresas conjuntas, el título de la norma ahora también se refiere a las empresas conjuntas.

    En contraste con la NICSP 7, la NICSP 36 no permite un tratamiento contable diferente para las inversiones temporales.

    IPSASB
    Spanish
    Completed

  • NICSP 35, Estados financieros consolidados

    IPSAS 35, Consolidated Financial Statements

    NICSP 35 reemplaza los requerimientos de la NICSP 6 con respecto a los estados financieros consolidados. Esta norma aún requiere que el control se evalúa teniendo en cuenta los beneficios y el poder, pero la definición de control ha cambiado y ahora la norma proporciona considerablemente más orientación sobre la evaluación de control. La definición de control se centra en la capacidad de una entidad para influir en la naturaleza y la cantidad de beneficios a través de su poder sobre otra entidad.

    IPSASB
    Spanish
    Completed

  • NICSP 34, Estados Financieros Separados

    IPSAS 34, Separate Financial Statements

    Los requerimientos para los estados financieros separados de la NICSP 34 son muy similares a los requisitos actuales para los estados financieros individuales de la NICSP 6, Estados financieros consolidados y separados.

    IPSASB
    Spanish
    Completed

  • 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

    Norma Internacional de Contabilidad del Sector Público (NICSP) 33 concede exenciones transitorias a las entidades que adopten NICSP de base de acumulación, por primera vez, proporcionando una herramienta importante para ayudar a las entidades a lo largo de su viaje para implementar las NICSP. Permite a quienes adoptan por primera vez, tres años para reconocer activos y pasivos específicos. Esta disposición permite disponer de suficiente tiempo para desarrollar modelos fiables para el reconocimiento y medición de los activos y pasivos durante el período de transición.

    IPSASB
    Spanish
    Completed

  • IFAC Signing Ceremony Marks Establishment of Cooperation Framework for French Language Translations

    English

    The International Federation of Accountants® (IFAC®) and Fédération Internationale des Experts Comptables et Commissaires aux Comptes Francophones (FIDEF), an acknowledged grouping of French-speaking accountancy bodies, have signed a Memorandum of Understanding (MoU) to establish a cooperation framework to achieve longer-term, sustainable processes for French translations of international standards and other IFAC publications. The agreement was commemorated with a formal signing ceremony in connection with the IFAC Council meeting held in Singapore on November 11, 2015. French is a significant language for translations as it is spoken by about 274 million people around the world and is an official language in 29 countries. The MoU will enable creation of high-quality, up-to-date, sustainable French-language translations of the international standards and other agreed-upon IFAC publications, and enhance adoption and consistent implementation of international standards in the French-speaking world.

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

  • IFAC Welcomes Publication of Russian Translation of the IAASB Handbook, 2014 Edition, Volume I

    English

    The International Federation of Accountants® (IFAC®) has published in the Russian language 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 I. This Russian translation was performed by the National Organization for Financial Accounting and Reporting Standards Foundation “NOFA 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 IFAC Translations Database.

  • Companion Manual: Updated to Include the Guide to Compilation Engagements

    English

    The International Federation of Accountants® (IFAC®), the global organization for the accountancy profession, today released an updated Companion Manual, which has been revised to include the recently launched Guide to Compilation Engagements. The Companion Manual provides member bodies and other professional accountancy organizations with guidance on how they can make the best use of four implementation guides produced by IFAC’s Small- and Medium-sized Practices (SMP) Committee: Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide), Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (ISA Guide), the Guide to Review Engagements, and the Guide to Compilation Engagements. This includes reproducing, adapting, translating, or incorporating the guides into continuing professional development (CPD) courses and/or training programs.

    The Companion Manual also includes a new orientation PowerPoint slide deck on the Guide to Compilation Engagements to introduce users to the value and benefits of compilation engagements, key elements in the Guide, and highlights from a practitioner perspective. Member bodies may have access to the slides for use in training and CPD courses. Email permissions@ifac.org for access.

    The four guides provide non-authoritative guidance on applying ISQC™ 1, ISA™, ISRE™ 2400 (Revised), and ISRS™ 4410 (Revised), developed exclusively by the International Auditing and Assurance Standards Board® (IAASB®), and are intended as a supplement to help practitioners apply the standards consistently and effectively when developing their quality control systems and performing audit, review, and compilation engagements for small- and medium-sized entities (SMEs). See the IAASB Handbook for access to the standards ISQC™ 1 ISA™, ISRE™ 2400 (Revised), and ISRS™ 4410 (Revised).

    The Guides can be downloaded from the SMP area of the IFAC website.

    Download the Companion Manual.

  • Ethics Standard Setting in the Public Interest

    Dr. Stavros Thomadakis
    IESBA Chair
    Public Interest Oversight Board 10th Anniversary Seminar
    Madrid, Spain English

    In her introduction of Dr. Thomadakis, panel moderator and IFAC President Olivia Kirtley cited the following statement from his 2009 speech entitled "Estonia" given during his tenure as chairman of the Public Interest Oversight Board (PIOB):

    "To do the accounts of one entity well is indeed a matter of private interests. To do all accounts well, so that entities can compete with one other and so that outsiders can compare the outcomes of competition with a common yard stick, is a matter of public interest. In other words, the ability to ensure that all accountants maintain high quality standards produces social value add."

    Good morning ladies and gentlemen, dear colleagues.

    Let me start by saying that I am very happy to be here today to congratulate the PIOB on its 10th anniversary—and in particular to congratulate its members and staff on bringing the PIOB to that state of being an institution of oversight. It is one thing to start a venture, but to standardize and institutionalize it is something else. My warm congratulations to all of you.

    Now, let me offer a few thoughts about the IESBA's Code of Ethics for Professional Accountants. The Code is principles-based for global use. The Code is widely adopted and used around the world in more than 100 jurisdictions. Although we are not quite at 110 jurisdictions as the ISAs or 116 jurisdictions as the IFRSs, we are in quick pursuit of similar global adoption levels. And of course the 27 transnational global audit firms are also already applying the Code. This means that the Code is quite powerful and influential.

    The Code applies to not only professional accountants in public practice, but to all professional accountants, including those in private industry, the public sector, academia, and elsewhere.  This is an important component of the Code, and it can sometimes be a neglected or overlooked area. But it should not be. The corporate world and the ethical responsibilities of the professional accountants who operate in it are of critical importance to a trustworthy financial reporting supply chain.

    The ultimate objective of the Code is to shape behavior—to raise the bar of ethical attitudes.  So it seems to me that ethical norms must be sturdy long-term constructs and should not be restrained by short-term considerations. When designing the Code, therefore, we think of the long-term horizon and strive to put together clear and durable constructs.

    I share and echo PIOB Chairman Eddy Wymeersch's comment that the Code is a public good. I say this not only in the sense of it being implemented by end users, but also as an example. There is a need for ethics codes for groups beyond just accountants and those in auditing practice. There is a strong need for corporate ethics, including a code of ethics for stewards of financial institutions, as just an example.  So it seems to me that the IESBA Ethics Code can radiate as an example to other areas that could use it as a basis for their own behaviors or codes.

    One of the major responses by the IESBA to the public interest that is very recent and happening now is our Structure of the Code Project. It involves a large innovation of the Code in response to a widely acknowledged need for clarity, usability and enforceability. In a sense, the Ethics Code is going through a similar type of change as undertaken by the IAASB on its ISAs under the Clarity Project a few years back. We believe completion of the restructuring of the Code will make a major contribution to the public interest not only in terms of effective implementation but also in terms of its wider global adoption. Accordingly, we are devoting a lot of attention, resources and effort to the Code under its new format.

    Other projects of the IESBA that are underway include the well-known Non-Compliance with Laws and Regulations Project—commonly referred to as NOCLAR. This proposed standard defines expectation of action—and charts a pathway to such action—for auditors and all professional accountants when faced with the ethical dilemma of breaking confidentiality and acting in the public interest.

    We are also working on another important  project dealing with Safeguards. This aims to enhance the conceptual framework approach of the Code and the effectiveness of safeguards when used to address threats to independence and generally to the compliance with the Code's Fundamental Principles.

    In addition, our project on Long-Association, addresses threats to auditor independence due to familiarity and enhances a "fresh look" by auditors through auditor rotation.

    Finally, we are working to review Part C of the Code—covering Professional Accountants in Business—which, as I mentioned earlier, addresses a very important segment of the global accountancy profession.

    All these projects together will represent a radical refurbishing of the Code. Our management challenge is to address these matters in a coordinated fashion—not piecemeal—so that it all comes together at the end of 2017. The importance of doing so reflects, in part, the general concerns of users-at-large of the Code (indeed of any standards) about burden and confusion arising from continuous rule-changes. The totality of this work, I believe, will make a significant contribution to the international public interest at this time.

    Now, let me say a few words about our relationship with stakeholders. Consultation is, of course, an important part of our due process, and we do issue formal consultation papers and exposure drafts for public comment. But besides that we undertake extensive outreach—and we want to further develop and grow our strategy for relationship with stakeholders. This is with not only regulators, audit oversight bodies and the accounting firms, but importantly with investors, preparers and those charged with governance as they are equally critical stakeholders with essential perspectives and needs.

    In this regard, I also want to mention the national standard setters. They are an extremely valuable source of input to our work, particularly as they provide viewpoints from their perspective when examining adoption and implementation of the Code at the national level.

    Finally, let me say that I feel—and have done so for a long time—that complex reality on the ground is also a very important 'stakeholder'. We really have to know what is going on in the audit market, in the regulatory landscape, and in terms of actual behavior from evidenced-based research and from IFIAR inspection finding, to name a few. We all must stay cognizant of the reality in which we operate, so that change can be both relevant and aspirational.

    Let me conclude by saying that our relationship with the PIOB is of course very important.  We will continue to nurture it in a coordinated fashion, so that our interaction on specific issues is effective. However, I believe we should also interact on matters of policy, and on direction for forward strategies. Having been on both sides of the table, I believe this would be a very important step forward. I know all are willing and capable.

    Thank you.

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