May 2013

IFAC News in Brief

1. 2013 Handbook of the Code of Ethics Now Available
2. IESBA Requests Input on Long Association
3. Progress Made on Nominations for 2014 Board and Committee Membership
4. Constitutional Review Survey Closed; Next Steps Determined
5. SMP Quick Poll Now Open; Available in 16 Languages
6. Internal Control Guidance Published as Executive Summary; Available for Local Customization
7. IFAC is Hiring
8. Newly Available Translated Publications

Recent and Upcoming Events

1. IFAC and GPPC Host Symposium in the ASEAN Region
2. 2nd Annual Africa Conference of Accountants Features IFAC Leaders
3. Upcoming: SMP Forum in Uganda
4. World Congress of Accountants 2014 to be Held in Rome; Sponsorship Opportunities Available

Open Consultation and Exposure Drafts

1. IPSASB Exposure Draft

Conceptual Framework Exposure Draft 4, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports—Comment Deadline: August 15, 3013 

IFAC News in Brief

1. 2013 Handbook of the Code of Ethics Now Available

The 2013 edition of the Handbook of the Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants, is now available online for download and purchase. This edition includes the revisions to the Code that were approved and published on the IESBA’s website in March. The changes to the Code concern provisions related to breaches of a requirement of the Code, conflicts of interest, and the definition of “engagement team.” The changes are effective in 2014 (see handbook for details).

Additionally, handbooks for the International Auditing and Assurance Standards Board and International Public Sector Accounting Standards Board are available for pre-sale on the IFAC website.

2. IESBA Requests Input on Long Association

The International Ethics Standards Board for Accountants (IESBA) is undertaking a project to consider whether the current provisions in the Code addressing long association of senior personnel with an audit client continue to provide robust and appropriate safeguards against the familiarity and self-interest threats that arise from the long association of such personnel with an audit client, or whether those provisions should be reconsidered further to strengthen auditor independence. As part of this project, the IESBA is gathering views of a broad range of stakeholders, in particular, audit committee members, company directors, investors, regulators, and standard setters. Please share this survey and encourage feedback from your contacts in these groups: Long Association of Senior Personnel with an Audit Client. The survey should take 15-20 minutes to complete.

3. Progress Made on Nominations for 2014 Board and Committee Membership

The Nominating Committee received 168 nominations for the 48 vacancies on the independent standard-setting boards, IFAC Board, and IFAC committees, including two leadership positions—the chairs of the Professional Accountancy Organization Development Committee and the Professional Accountants in Business Committee. The Nominating Committee reviewed all nominations and is currently interviewing nominees, a process that involves the board or committee chair and a member of the Nominating Committee. The Nominating Committee will finalize recommendations over the coming months prior to submission to the IFAC Board and the Public Interest Oversight Board in September. The Nominating Committee will inform nominating organizations on the outcome of the nominations process after the September IFAC Board meeting.

4. Constitutional Review Survey Closed; Next Steps Determined

The IFAC Constitution Review survey closed on May 8 having received 82 responses from IFAC members and stakeholders. Responses are being reviewed by the IFAC Constitution Review Working Group, chaired by IFAC Deputy President Olivia Kirtley. The Working Group anticipates releasing an Exposure Draft of the revised Constitution and Bylaws for comment during the third quarter of 2013.

5. SMP Quick Poll Now Open; Available in 16 Languages

Does your organization serve practitioners operating in small- and medium-sized practices (SMP)? If so, please help us promote the June 2013 edition of the SMP Quick Poll. Intended to take a snapshot of the key issues confronting SMPs and their small- and medium-sized entity (SME) clients, this edition of the poll is being conducted in 16 languages thanks to the generous translation support provided by SMP Committee members and IFAC member organizations. The semi-annual poll only takes three minutes to complete and will close on June 21, 2013. Look for the results in the next issue of the SMP eNews (register and subscribe here). Results from previous editions of the poll are available on the IFAC website.

6. Internal Control Guidance Published as Executive Summary; Available for Local Customization

The Professional Accountants in Business Committee recently published Evaluating and Improving Internal Control in Organizations: Executive Summary, part of the International Good Practice Guidance series. The condensed version of the guidance summarizes the principles and importance of effective systems of internal control, as well as explains some of the pitfalls that can be avoided. The executive summary is available to IFAC members and associates for local customization and/or translation. If your organization is interested, please visit the Translations and Permissions page of the IFAC website for the permission request form, which will need to be completed and submitted to permissions@ifac.org. If you have any questions, please contact Vincent Tophoff (vincenttophoff@ifac.org).


7. IFAC is Hiring

IFAC is hiring for a number of different positions, including a deputy director for the International Auditing and Assurance Standards Board, technical managers in multiple areas, and a communications manager. While positions require a familiarity with the accounting profession and global financial issues, an accounting degree is not required for all positions. Visit Working at IFAC to learn more. Qualified candidates should send a resume and salary requirements to jobs@ifac.org.

8. Newly Available Translated Publications

Bulgarian—Good Practice Checklist for Small Business (2012)

Danish—International Standard on Auditing (ISA) 610 (Revised), Using the Work of Internal Auditors (2012), International Standard on Auditing (ISA) 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (2012)

Dutch—International Standard on Assurance Engagements (ISAE) 3402, Assurance Reports on Controls at a Service Organization (2009)

Korean—The Role of Ethics in Restoring Confidence, Interview with IESBA Chair Jцrgen Holmquist (2013)

Polish—International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity (2012)

Romanian—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012)

Russian—Handbook of International Public Sector Accounting Pronouncements (2010)

Spanish—IFAC Update March 2013 (2013), IESBA eNews April 2013 (2013), SMP eNews April 2013 (2013)

Turkish—IFAC SMP Quick Poll: 2012 Round-Up (2013)

Recent and Upcoming Events

1. IFAC and GPPC Host Symposium in the ASEAN Region

ASEAN Capital Markets—The Importance of a Strong Financial Reporting Environment, organized by Global Public Policy Committee (GPPC) and IFAC, discussed the importance of high-quality financial reporting, which is essential for investor confidence and economic growth. Attendees included more than 150 senior government officials and policy makers, senior company executives, company directors and audit committee members, investors, audit regulators, and leaders of the accounting and auditing profession from the 14 Association of Southeast Asian Nations (ASEAN) and other nations. The event was supported by the Institute of Certified Public Accountants of Singapore, US-ASEAN Business Council, and the Asian Corporate Governance Association.

2. 2nd Annual Africa Conference of Accountants Features IFAC Leaders

On May 16, IFAC President Warren Allen was in Accra, Ghana, to speak to the 2nd Annual Africa Conference of Accountants, hosted by the Pan African Federation of Accountants (PAFA) and the Institute of Chartered Accountants of Ghana. In his speech, “Governance and Accountability in Africa,” he spoke of the importance of public sector financial management reform and the need to adopt International Public Sector Accounting Standards (IPSASs). Chair of the IFAC Professional Accountancy Organizations (PAO) Development Committee, Deborah Williams, spoke during a session on shaping the accountancy profession in Africa, highlighting the increased number of IFAC members in Africa and how the committee supports less-established PAOs in the region. While in Accra, IFAC also held a workshop on addressing the Statements of Membership Obligations and a meeting of the IFAC PAO Development Committee.

3. Upcoming: SMP Forum in Uganda

The 2013 IFAC Small and Medium Practices (SMP) Forum will be held in Kampala, Uganda, on June 5, 2013, and jointly hosted with the Institute of Certified Public Accountants of Uganda and the Pan African Federation of Accountants. IFAC member organizations have been invited to send up to ten delegates, who should be those responsible for SMP/small- and medium-sized entity (SME) affairs at their organizations. An updated agenda and more information is available at www.ifac.org/2013SMPForum.

4. World Congress of Accountants 2014 to be Held in Rome; Sponsorship Opportunities Available

The next World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) in Rome, Italy in 2014. Themed 2020 Vision: Learning from the Past, Building the Future, the 2014 WCOA will be held November 10-13 at the Auditorium Parco della Musica. More than 4,000 professionals from all over the world will convene at this IFAC event, which is held every four years. WCOA 2014 will look back to explore the evolution of the accountancy profession and forward to showcase the innovations that will shape the future of the profession.

The WCOA also provides a global platform for organizations and firms to share their projects and visions via various sponsorship opportunities. For more information, please contact info@wcoa2014rome.com or Dimarco@wcoa2014rome.com.

Open Consultation and Exposure Drafts

1. IPSASB Exposure Draft

The International Public Sector Accounting Standards Board (IPSASB) has released the fourth Exposure Draft (ED) related to it's project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. Conceptual Framework Exposure Draft 4, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports, further develops and modifies the conceptual approach highlighted in the Consultation Paper published in 2012. The ED describes presentation as the selection, location and organization of information that is displayed and disclosed in General Purpose Financial Reports (GPFRs). GPFRs include both financial statements and other reports providing additional information that enhances, complements, and supplements the financial statements. The ED also describes display and disclosure, and identifies three presentation decisions—information selection, location, and organization. Comment Deadline: August 15, 2013.

_______________________________________________________________________

Prepared by IFAC's Communications Department. Contact communications@ifac.org for further information. This newsletter is sent to all volunteers and key contacts. To unsubscribe, email communications@ifac.org. To subscribe to our other electronic publications, please visit My Subscriptions (you must sign in to manage your account).

If you have trouble viewing this email, please click here.

Copyright © May 2013 by the International Federation of Accountants (IFAC). All rights reserved. Written permission from IFAC is required to reproduce, store or transmit, or to make other similar uses of, this document, except as permitted by law. Contact permissions@ifac.org.