IFAC Update October 2012

Data: 14.11.2012

Categoria: NEWS from International organizations

October 2012

1. IFAC Signs MoUs with IVSC, IIRC
2. IAASB Staff Q&A Publication Released—Proportionate Application of ISQC 1
3. IAASB ITC Comments Posted Online
4. Forum of Firms Focuses on Auditor Reporting
5. SMP Committee Approves Development of Guide on Review Engagements
6. PAIB Committee: Integrating Governance throughout an Organization Helps Achieve Sustainable Success
7. IFAC CEO Financial Times Letter to the Editor Published
8. IFAC Is Hiring
9. Newly Available Publications Translations

--- 2 ---

1. 2013 IFAC Small and Medium Practices Forum to Be Held in Uganda
2. MOSAIC Steering Committee Meeting Held; Gains New Signatories
3. MBD Meets with PAOs and Leaders in Sri Lanka, Maldives
4. PAO Development Committee Meeting Held in London

--- 3 ---

1. IAESB Exposure Draft

IES 8, Professional Development for Engagement Partners Responsible for Audits of Financial Statements—Comment Deadline: December 11, 2012

2. IESBA Exposure Draft

Responding to a Suspected Illegal Act—Comment Deadline: December 15, 2012

3. IPSASB Exposure Drafts

Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements—Comment Deadline: April 30, 2013
Measurement of Assets and Liabilities in Financial Statements—Comment Deadline: April 30, 2013

4. PAIB Exposure Draft

Professional Accountants in Business Strategy and Work Plan for 2013-2016—Comment Deadline: January 31, 2013

1. IFAC Signs MoUs with IVSC, IIRC

A new Memorandum of Understanding (MoU) has been signed between IFAC and the International Valuation Standards Council (IVSC) to create a cooperation process to enable valuers and auditors to obtain a better mutual understanding of standards relevant to financial statements, and help both organizations pursue their objective of maintaining confidence in business reporting in both the public and private sectors. The MoU acknowledges the ongoing working relationships between the IVSC, IFAC, and the International Auditing and Assurance Standards Board (IAASB), which is supported by IFAC and anticipates closer working relationships between IVSC and other IFAC activity groups. This MoU is a renewal of an agreement first signed in 2009.

IFAC has also signed an MoU with the International Integrated Reporting Council (IIRC) to work together more closely to promote, support, and contribute to the realization of mutual interests, including an internationally accepted framework for integrated reporting. The MoU underscores the value of this continued partnership, and its role in helping to secure an evolution in corporate reporting that supports efficient and productive capital markets, and a more sustainable global economy.

2. IAASB Staff Q&A Publication Released—Proportionate Application of ISQC 1

Following from the 2009 International Auditing and Assurance Standards Board (IAASB) Staff Questions and Answers (Q&A) publication, Applying International Standards on Auditing Proportionately with the Size and Complexity of an Entity, the IAASB staff has released a Q&A publication titled Applying International Standards on Quality Control (ISQC) 1 Proportionately with the Nature and Size of a Firm. ISQC 1 applies to firms of all sizes that provide services covered by the IAASB’s international standards, including International Standards on Auditing (ISAs) , International Standards on Review Engagements (ISREs), International Standards on Assurance Engagements (ISAEs), and International Standards on Related Services (ISRSs).

The publication highlights how the design of 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 proportionate manner. While ISQC 1 applies to all firms, the Q&A focuses on matters that are likely to be of particular relevance to the application of ISQC 1 in the context of smaller firms.

3. IAASB ITC Comments Posted Online

The International Auditing and Assurance Standards Board (IAASB) has posted comments to its Invitation to Comment (ITC): Improving the Auditor’s Report. The ITC sets out the indicative direction of the board’s future standard-setting proposals to improve how and what auditors report in accordance with International Standards on Auditing (ISAs). To access the ITC's comments and submit a late comment, please visit the IAASB’s ITC web page.

4. Forum of Firms Focuses on Auditor Reporting

In October, the Forum of Firms held its annual symposium, which convened over 50 senior audit professionals from 23 international networks of accounting firms. This year’s event focused on proposed revisions to auditor reporting, and, in particular, those proposed by the International Auditing and Assurance Standards Board (IAASB) in their public consultation, Invitation to Comment (ITC): Improving the Auditor’s Report. Participants representing various jurisdictions and network sizes lent a variety of perspectives to the debate. To learn more, see the press release.

5. SMP Committee Approves Development of Guide on Review Engagements

The Small and Medium Practices (SMP) Committee approved a proposal to develop a new publication that will help member bodies support their SMP constituents with the implementation of the IAASB’s recently revised International Standard on Review Engagements (ISRE) 2400, Engagements to Review Historical Financial Statements. The publication, which will supplement the committee’s existing implementation guides, is expected to be released in late 2013.

6. PAIB Committee: Integrating Governance throughout an Organization Helps Achieve Sustainable Success

The Professional Accountants in Business (PAIB) Committee has released a report on integrating good governance into the key drivers of sustainable organizational success, Integrating Governance for Sustainable Success. The report uses illustrative case studies to analyze how professional accountants support their organizations in integrating governance beyond compliance with regulatory requirements. This publication is available for local customization and/or translation by IFAC members and associates. If your organization is interested, please visit the Translations and Permissions page of the IFAC website for a sample permissions request, 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 CEO Financial Times Letter to the Editor Published

IFAC Chief Executive Officer Ian Ball recently had a letter to the editor published in the Financial Times. “Ђ133bn in gold says take federal auditing seriously” discusses the inadequacy of accounting and auditing by many governments, highlighting the German fiscal position.

8. IFAC Is Hiring

IFAC is searching for a Technical Director to supervise and coordinate the work of the International Ethics Standards Board for Accountants. Qualified candidates will have senior-level accounting experience, including significant technical experience and a deep working knowledge of ethical and independence standards, in particular, the Code of Ethics for Professional Accountants. Visit Working at IFAC to learn more. Qualified candidates should send a resume and salary requirements to jobs@ifac.org.

9. Newly Available Publication Translations

Latvian—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, 3e (2011)
Thai—International Standards on Auditing Modules (2009)
Turkish—IFAC SMP Quick Poll: May-June 2012 (2012)
Slovenian—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements(2010), International Auditing Practice Note (IAPN) 1000, Special Considerations in Auditing Financial Instruments (2011), International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (2011)

1. 2013 IFAC Small and Medium Practices Forum to be Held in Uganda

The next IFAC Small and Medium Practices (SMP) Forum will be held in Kampala, Uganda, on June 5, 2013. At this annual event, leaders of the accounting profession from around the world will meet to discuss how to address the unique challenges and opportunities facing SMPs and their SME clients. This year’s event will be co-hosted with the Institute of Certified Public Accountants of Uganda (ICPAU) and the Pan African Federation of Accountants (PAFA). IFAC members are invited to send up to 10 delegates, as space is limited. If you are a member of an IFAC member organization, please register your interest with your organization. More information will be posted at 2013 IFAC Small and Medium Practices Forum as it becomes available. To learn more about the event, see the presentations, videos, and highlights from the 2012 Forum. For sponsorship opportunities, contact paulthompson@ifac.org by December 31, 2012.

2. MOSAIC Steering Committee Meeting Held; Gains New Signatories

The second steering committee for MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) was recently held in London, UK, hosted by the Chartered Institute of Public Finance and Accountancy. During the meeting, MOSAIC welcomed two new signatories, the Australian Agency for International Development (AusAID) and The Global Fund to Fight AIDS, Tuberculosis, and Malaria. The steering committee meeting members and observers also discussed the draft Professional Accountancy Organization (PAO) Global Development Report, which is co-financed by the African Development Bank, the Asian Development Bank, the Inter-American Development Bank, and the World Bank. When final, the report will provide MOSAIC signatories with a global view of PAO development and a shared starting point to guide future MOSAIC activities. Please see the press release and MOSAIC web page for additional details.

3. MBD Meets with PAOs and Leaders in Sri Lanka, Maldives

IFAC Member Body Development (MBD) staff recently travelled to Sri Lanka to conduct outreach with the three professional accountancy organizations (PAOs) located there to discuss implementation of Statements of Membership Obligations (SMO) Action Plans and ongoing challenges and priorities. Additionally, MBD staff met with other IFAC member bodies and national, regional, and international delegates at three events: the Institute of Chartered Accountants of Sri Lanka’s 33rd National Conference; an integrated reporting conference; and an Accounting Technician Workshop organized by the Confederation of Asian and Pacific Accountants. While in the region, IFAC staff also met with the CPA Institute, the Auditor General’s office, and other national stakeholders in the Maldives as they revise the country’s accounting law.

4. PAO Development Committee Meeting Held in London

The IFAC Professional Accountancy Organization (PAO) Development Committee met in London, UK, in October 2012 to discuss strategy implementation and global priorities and to explore accountancy development in the Europe and Central Asia region. The two-day meeting was generously hosted by the Association of Chartered Certified Accountants. A summary of the meeting will be available on the IFAC website soon.

--- 3 full ---

1. IAESB Exposure Draft
The International Accounting Education Standards Board (IAESB) has released proposed revisions of International Education Standard (IES) 8, Professional Development for Engagement Partners Responsible for Audits of Financial Statements, which is part of a project to improve the clarity of the IAESB’s eight standards. Each standard addresses an aspect of developing the technical competence, professional skills, and professional values, ethics, and attitudes of an aspiring professional accountant or aspiring engagement partner. Comment Deadline: December 11, 2012

2. IESBA Exposure Draft
The International Ethics Standards Board for Accountants (IESBA) has released Responding to a Suspected Illegal Act, which addresses a professional accountant’s responsibilities regarding the disclosure of suspected illegal acts committed by a client or employer. The proposals describe the circumstances in which a professional accountant is required or expected to breach confidentiality and disclose the act to an appropriate authority. The IESBA proposes adding two new sections addressing illegal acts to the Code of Ethics for Professional Accountants—one each for professional accountants in public practice and in business—and several revisions to other related sections. Comment Deadline: December 15, 2012

3. IPSASB Exposure Drafts
The International Public Sector Accounting Standards Board (IPSASB) recently released two Exposure Drafts—Conceptual Framework Exposure Draft (ED) 2, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements and Conceptual Framework Exposure Draft (ED) 3, Measurement of Assets and Liabilities in Financial Statements.

Both EDs are related to IPSASB’s project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. ED 2 proposes definitions of eight elements: assets, liabilities, revenue, expenses, deferred inflows, deferred outflows, ownership contributions, and ownership distributions and considers how to deal with the uncertainty that can arise over the existence and measurement of elements. ED 3 identifies the measurement concepts that should guide the IPSASB in the selection of measurement bases for International Public Sector Accounting Standards. It stresses the importance of selecting measurement bases that meet the objectives of financial reporting-decision making and accountability. Comment Deadline: April 30, 2013

4. PAIB Exposure Draft
T he pro posed Professional Accountants in Business (PAIB) Strategy and Work Plan for 2013-2016 outlines specific initiatives to improve recognition of the diverse roles professional accountants in business perform and how they need to be positioned to drive successful and sustainable organizations. As professional accountants in business make up more than half of all accountants in the world, they have the collective power to significantly influence their organizations in implementing effective governance and an ethical culture supported by integrated risk management and internal control, sustainable leadership, and effective reporting and performance management. Comment Deadline: January 31, 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 © November 2012 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that each copy bears the following credit line: Copyright © November by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Permission is granted to make copies of this work to achieve maximum exposure and feedback.

IFAC Update October 2012

ULTIMELE EVENIMENTE