The launch of the Pan-African Federation of Accountants (PAFA)/Fédération Panafricaine des Experts-Comptables (FEPEC) is a historical event for the accountancy profession and the African continent, according to the International Federation of Accountants (IFAC). IFAC is the global organization for the accountancy profession, with members and associates in 125 countries.

PAFA is composed of 37 professional accountancy organizations from 35 countries, which have joined together to give voice to Africa’s economies and strategy on the global stage.

The PAFA President, Major General Sebastian Owuama, Institute of Chartered Accountants of Nigeria, stated: “As the economies of African countries continue to grow, the contribution of the accountancy profession to sound corporate and public sector financial reporting and good governance is now more important than ever. PAFA will accelerate the development of the profession and strengthen the voice of the profession within Africa and worldwide.”

The PAFA launch in Dakar, on May 5, 2011, was hosted by Ordre National des Experts Comptables et Comptables Agrées du Sénégal (ONECCA) with the strong support of IFAC and the World Bank. Dr. Mussa J. Assad, National Board of Accountants and Auditors, Tanzania, was named vice president. The PAFA Secretariat will be hosted by the South African Institute of Chartered Accountants in Johannesburg.

“The formation of PAFA demonstrates the commitment of the African accountancy profession, acting in the public interest, to strengthen its means of collaboration and to further develop the profession to support the emerging economies on the continent,” said Göran Tidström, IFAC President.

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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Professional Accountancy Organization (PAO) Development Committee of the International Federation of Accountants (IFAC) has issued a revised edition of its Good Practice Guide, Establishing and Developing a Professional Accountancy Body (the Guide), which was first released in 2005 and updated in 2007 to support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession.

The structure of the Guide, enhanced and simplified from the original version, is now organized in two sections: Establishing and Developing a Professional Accountancy Body, which covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development; and Tools and Resources to Support the Development of the Accounting Profession, which includes new case studies, practical illustrations, and supplementary guidance.

PAO Development Committee Chairwoman Deborah Williams noted, “Building on the hard work undertaken by the former Developing Nations Committee, we are very pleased to release a completely revised and updated Good Practice Guide as our first PAO Development Committee publication, which was written in response to demand from the developing profession. Strengthening professional accountancy organizations is an essential element of developing financial infrastructures, which in turn assists in achieving financial stability. Our committee and the guidance it provides helps newer professional accountancy organizations, and all of their development partners, along the path to building an effective, sustainable profession.”

The Guide should be a valuable resource for individuals and organizations involved in building the capacity of the accountancy profession, IFAC members and associates seeking further development, and other organizations involved in the regulation of accounting and auditing activities. While primarily aimed at building the capacity of the profession in emerging countries, the guide will also be useful for more developed professional accountancy organizations considering revisions to governance structures, the development of education programs, and the adoption and implementation of international standards.

This revised edition includes the following additions:

• Further guidance on enhancing public sector focus
• Expanded information about the IFAC Statements of Membership Obligations (SMOs)
• Sample Action Plans on quality assurance, and adoption and implementation of international standards
• Guidance on strengthening governance

In addition, the guide was developed in the English language with plans for translation into Arabic, French, Russian, and Spanish by December 2011.

Establishing and Developing a Professional Accountancy Body can be downloaded free of charge from the IFAC website.

About IFAC
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

To support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession, the PAO Development Committee Good Practice Guide Part 1, Establishing and Developing a Professional Accountancy Body which covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development; and Good Practice Guide Part 2, Tools and Resources to Support the Development of the Accounting Profession, which includes new case studies, practical illustrati

The IAASB has provided comments on matters raised in the Green Paper that are directly within the remit of the IAASB. The IAASB will be following the progress of the European Commission's consultation on its Green Paper with interest, in particular as the IAASB works to develop its 2012-2014 strategy and work program.

Accountants Must Embrace Change and Seize Opportunities, According to Chief Executive Officers from Around the World

Chief executive officers of accounting institutes from around the world shared their visions on the accountants of the future at the World Congress of Accountants 2010.

The World Congress closed today with the final plenary session titled “Accountants in the Next Decade – Embracing Change and Seizing Opportunities,” which asked the following questions:

• How has the recent global economic crisis changed the environment for the accountancy profession?
• What impact will increased globalization have on the profession?
• How should the audit evolve to meet new needs?
• How might the skills and competencies of accountants change in the years ahead?
• Will accountancy still be an attractive option for young people in the future?

“The clear consensus among the panel was that increased globalization and the recent financial crisis have placed the profession squarely in the spotlight,” said Ian Ball, Chief Executive Officer of IFAC. “Professional accountants play a key role in reporting on financial results and providing assurance on those reports, which is particularly important in this challenging time.”

“Going forward, the profession is certain to continue to evolve,” continued Ball. “For example, integrated reporting—which encompasses an organization’s economic, social, and environmental results—will become the norm, and the profession will play a key role in providing assurance on non-financial results, as well as embedding these results into strategy and performance management. As we lead this transformation, we will need to enhance our collective skills and competencies. We expect these changes will increase the profile of the profession and help us continue to attract the best and brightest to the profession.”

Chaired by Mr. Ball, the plenary session panel also included Alex Malley, CEO, CPA Australia; Barry Melancon, President & CEO, American Institute of Certified Public Accountants; Michael Izza, CEO, Institute of Chartered Accountants of England and Wales; Helen Brand, CE, Association of Chartered Certified Accountants; and Charles Tilley, CEO, Chartered Institute of Management Accountants.

The 18th World Congress of Accountants, hosted by the Malaysian Institute of Accountants and IFAC, was held November 8–11, 2010, in Kuala Lumpur, Malaysia. Featuring the theme Accountants: Sustaining Value Creation, the World Congress offered four plenary sessions and 35 concurrent sessions featuring 183 high-profile speakers from over 40 countries and from organizations including the World Bank, Transparency International, the Financial Stability Board, the European Commission, the International Forum of Independent Audit Regulators, and the International Accounting Standards Board, among others. A record-breaking number of delegates attended—over 6,000 from 134 countries—including professional accountants, international regulators, standard setters, government officials, and corporate leaders. These delegates came together to discuss, share, and debate ideas and global solutions to the issues affecting the profession in the interest of the global economy, investors, and businesses, such as:

• Integrated reporting and sustainability;
• Trends in the roles and responsibilities of professional accountants;
• XBRL and the communication of business information;
• Governance and international standards;
• The role of and challenges for small and medium practices;
• IFRS and the convergence of accounting standards; and
• Islamic finance.

About the International Federation of Accountants (IFAC)
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Robert Mednick, René Ricol, and Dr. Wang Jun Honored

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, yesterday presented the IFAC Sempier Award to Robert Mednick. In addition, René Ricol and Dr. Wang Jun were presented with special awards from IFAC to recognize their outstanding contributions to the international accounting profession. All three awards were presented at the Opening Ceremony of the World Congress of Accountants (WCOA) in Kuala Lumpur, by Robert Bunting, president of IFAC.

The IFAC Sempier Award recognizes outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the quadrennial World Congress of Accountants. Robert Mednick was selected for his achievements in the development of the accountancy profession internationally, including his two consecutive terms as chair of IFAC’s Compliance Advisory Panel, his participation on IFAC’s Accountants Legal Liability Task Force, and his service as a consultant to the World Bank in the establishment of its ROSC Program and as a peer reviewer. In these roles, Mr. Mednick has advanced convergence of global accounting and auditing standards, development of professional accountancy bodies in emerging economies, public oversight/regulation of the accountancy profession, reform of accountants’ legal liability, and expansion of the audit function to broader assurance services.

“I am honored to present the Sempier Award to Robert Mednick,” said Mr. Bunting. “His dedication and achievements in strengthening the profession internationally have raised the bar for all of us and exemplified Sempier’s vision for IFAC and for the international accounting profession.”

IFAC presented a special award to RenéRicol in recognition of his professional contributions and his achievements in the development of the accountancy profession internationally, including his roles as an IFAC Officer and as a member of its Board. In particular, the award acknowledges Mr. Ricol’s role aspresident of IFAC during the “IFAC Reforms,” and his key role in developing and implementing those reforms and promoting IFAC’s mission internationally.

“I’m delighted to present this award to René Ricol. In addition to his accomplishments and contributions through the French accounting profession and IFAC, we also wish to recognize his work with the French government on various initiatives in response to the global economic and financial crisis,” said Mr. Bunting.

IFAC presented a special award to Dr. Wang Jun in recognition of his outstanding contributions to the accountancy profession and to the finance and business world. This includes his leadership in the reform of the Chinese accountancy profession as Vice Minister of Finance in the People’s Republic of China, his promotion of the development, adoption, and implementation of new Chinese Accounting and Auditing Standards, and his advocacy for the convergence of Chinese and international accounting and auditing standards.

“I’m pleased to see the important contributions of Dr. Wang Jun recognized by the global profession. In addition to his leadership in financial reforms and accounting standards, the award recognizes his leadership in the adoption of corporate governance good practice for the largest Chinese enterprises,” said Mr. Bunting.

“I am extremely gratified that IFAC has been able to recognize Robert Mednick’s, René Ricol’s, and Wang Jun’s exceptional contributions to the international accountancy profession,” said Ian Ball, CEO of IFAC. “These three recognitions remind us of the very diverse ways in which these three leaders have served the public interest through their work in, or related to, the accounting profession.

About the IFAC Robert Sempier Award
The IFAC Robert Sempier Award was created by the IFAC Council in 1991 to honor the contributions of Robert Sempier, IFAC’s first executive director. It is intended to recognize outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the World Congress of Accountants every four years. Previous award recipients have been Bob Sempier (1992), Gordon H. Cowperthwaite (1997), Sir Bryan Carsberg (2002), and Marilyn Pendergast (2006).

About IFAC
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

18th WCOA Co-Hosted by the International Federation of Accountants and the Malaysian Institute of Accountants

The 18^th World Congress of Accountants (WCOA) opened today with the participation of 6,000 distinguished delegates from 134 countries, a record-breaking number.

The Congress, which originated in 1904 and has been held regularly since 1977, was jointly organised by the Malaysian Institute of Accountants (MIA) and the International Federation of Accountants (IFAC). It was officiated by the Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop on behalf of the Prime Minister Datuk Seri Najib Tun Razak.

Najib’s speech was delivered by Nor Mohamed Yakcop.

Themed “Accountants: Sustaining Value Creation,” the Congress, which is being held in Malaysia for the first time, will bring together 183 eminent speakers from over 40 countries.

“The theme of the Congress is consistent with the role of the accountants to add value to the performance of an organisation,” said MIA President Abdul Rahim Abdul Hamid at the opening of the Congress here today.

Abdul Rahim said as value creation becomes vital to the business agenda, more accountants are taking on strategic and leadership roles and increasingly being held accountable for the business performance of their organisations.

World-renowned speakers will explore the issues related to key areas that affect the accountancy profession now and in the future and provide concrete solutions to overcome the challenges faced by the industry in four plenary sessions and 35 concurrent sessions beginning tomorrow.

“The accountancy profession continues to evolve,” said IFAC Chief Executive Officer Ian Ball. “Years from now, the profession will be quite different, with different skills and competencies. At this Congress, we will explore new opportunities and potential challenges, and how we will meet them.”

The key issues that will be discussed include accounting ethics, governance, standards, and development of the accounting profession. Issues such as International Financial Reporting Standards (IFRS) convergence will also be deliberated upon.

Among the distinguished speakers are China’s Vice Minister of Finance Dr. Wang Jun; Chairman of the International Public Interest Oversight Board Prof. Stavros Thomadakis; Chairman of the International Accounting Standards Board Sir David Tweedie; Chairman of the International Valuation Standards Council Mr. Michel Prada; Bank Negara Malaysia Governor Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz; Securities Commission Chairman Tan Sri Zarinah Anwar; Khazanah Nasional Bhd’s Tan Sri Dato’ Sri Azman Mokhtar; and SME Corp Malaysia CEO Dato’ Hafsah Hashim.

“As we move forward, it is more important than ever that we continue to learn from each other, exchange ideas, and discuss best practices,” said Robert Bunting, President of IFAC. “I look forward to engaging discussions and debates in the days to come.”

Chief Executive Officer of MIA Rosli Abdullah said the Congress provides benefits to all participants. “The Congress gives insights on critical issues such as the development of global accounting standards and opportunities to network with business professionals and thought leaders worldwide,” Rosli added.

The World Congress of Accountants, also dubbed “the Olympics of the accountancy profession,” is the foremost international event for the accountancy profession. The Congress gathers influential communities, including leaders in accountancy, business, and regulation, to explore the latest issues and innovative ideas on a platform of international and regional interests.

The choice of Malaysia as the host for WCOA 2010 by IFAC reflects the trust and confidence of the global accountancy profession in the high professional standing of the Malaysian accountancy profession.

About the Malaysian Institute of Accountants (MIA)
MIA (www.mia.org.my) is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has close to 27,000 members. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as the International Federation of Accountants, the Confederation of Asian and Pacific Accountants (CAPA), and the Asean Federation of Accountants (AFA). MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

About the International Federation of Accountants (IFAC)
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Malaysian Institute of Accountants (MIA) and International Federation of Accountants (IFAC) today announced a series of initiatives to offset carbon emissions from their co-hosted event, the 18^th World Congress of Accountants (WCOA) 2010.

The WCOA will be held in Kuala Lumpur from 8-11 November, 2010 and is the largest international congress in Malaysia for 2010. During the World Congress, the more than 6,000 expected delegates will be encouraged to contribute to offset carbon emissions.

Abdul Rahim Abdul Hamid, President of the Institute, said, “This initiative demonstrates the seriousness that the WCOA has taken with regards towards sustainability for the environment in the long term. It is also to support MIA’s and IFAC’s objectives of giving back to society. As a profession, we recognise the importance not only of reporting about it but also of participating in initiatives to offset carbon emissions.”

Rahim added, “As part of our other sustainability efforts, we will also do our little bit by providing our delegates with re-useable water bottles in place of plastic water bottles during the four-day World Congress. By doing this, we will save an estimated 100,000 plastic water bottles if each person were to consume four bottles of water per conference day.”

MIA and IFAC are also providing thumbdrives so that participants can download the presentations of the 183 speakers after the Congress, as part of the effort to reduce the carbon footprint.

“Imagine the innumerable number of trees that we have saved from being cut with this small initiative. Our other environmental-friendly initiative is to encourage our foreign delegates upon their arrival to take the fast and convenient Express Rail Link from the Kuala Lumpur International Airport to the city centre to help offset carbon emissions,” said Rahim.

“We are very pleased to work together with the MIA to support these initiatives,” said Ian Ball, Chief Executive Officer of IFAC.

“As an organization, IFAC is committed to sustainability—in our daily office environment, as well as through active involvement in The Prince’s Accounting for Sustainability (A4S) Project and the International Integrated Reporting Committee (IIRC).” Mr. Ball is co-chair of the IIRC’s Working Group.

“We believe that the accountancy profession has a critical role to play in developing a concise, consistent, and comparable integrated reporting framework so that organisations around the world can report in a manner that addresses sustainability and can embed sustainability into their decision-making processes.

“We will also participate in planting trees to offset carbon emissions. We hope it serves as a starting point and that the World Congress delegates will also see the importance of supporting this important initiative,” said Mr. Ball.

About the Malaysian Institute of Accountants (MIA)
MIA (www.mia.org.my) is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has close to 27,000 members. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as the International Federation of Accountants, the Confederation of Asian and Pacific Accountants (CAPA), and the Asean Federation of Accountants (AFA). MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

About the International Federation of Accountants (IFAC)
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC President Robert Bunting spoke at the 2010 American Accounting Association Annual Meeting on accounting education in a global environmnent. Watch the video here.