IFAC Update
Kelly Ånerud, Deputy Director
International Federation of Accountants
INTOSAI Professional Standards Committee
Manama, Bahrain
May 20-22, 2014
Page 1 | Confidential and Proprietary Information
IFAC Operating Lines
Developing and representing the profession;
enhancing economic stability
• Supporting standards
development
• Improving quality and
capacity
• Supporting the profession
• Global representation and
advocacy
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Improving Quality and Capacity
Supporting high-quality PAOs and strengthening
the profession
• Member Body Compliance
Program
• Professional Accountancy
Organization (PAO)
Development
• MOSAIC
Page 5 | Confidential and Proprietary Information
Supporting the Profession
Providing thought leadership, resources, and insight;
enhancing visibility and voice
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IFAC Key Themes
Representing the profession and the public interest
• Government transparency
and accountability
• Enhanced organizational
reporting (IR)
• Credibility and usability of
financial reporting (FRSC)
• Accountants in society
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Government Transparency and Accountability
“Fiscal transparency is a critical
element of effective fiscal
policymaking and the management
of fiscal risks.”
- IMF 2012 report Fiscal Transparency,
Accountability, and Risk
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Accountability Now! Initiative
Rebuilding trust in public
finances through the adoption
and implementation of highquality public sector accrualsbased accounting standards
(IPSAS).
Page 11 | Confidential and Proprietary Information
Accountants in Society
Private
Sector
Public
Sector
Society
Page 15 | Confidential and Proprietary Information
IFAC and INTOSAI Working Together
• Updated Memorandum
of Understanding
Page 16 | Confidential and Proprietary Information
Independent Standard Setting Boards
International Auditing and Assurance Standards
Board (IAASB)
• Auditor Reporting continues to be a priority – plans to
finalize new and revised standards in 2014
• Work on ISA 720 (Other Information) and disclosures also
relevant to public sector
• Strategy for 2015–2019 and Work Program for 2015–2016
– Work on quality control, group audits, financial institutions,
professional skepticism
– Monitoring developments in Integrated Reporting and “big data”
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Independent Standard Setting Boards
International Ethics Standards Board for
Accountants (IESBA)
• Code of Ethics for Professional Accountants
– Principles-based standards
– For PAs in in practice and in business (including public sector)
• Global adoption of Code – 120 jurisdictions
– have adopted/are in the process of adopting/basing national ethics
standards on/or are working to eliminate differences with the Code
– Forum of Firms – 24 largest accounting networks conform policies
and methodologies to the Code for transnational audits
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Independent Standard Setting Boards
International Accounting Education Standards
Board (IAESB)
• Revision of IES 8, Competence Requirements for Audit
Professionals
• Revision of the IAESB Framework for International
Education Standards for Professional Accountants
• Development of Definition of the Professional Accountant
• Development of the 2014-2016 IAESB Strategy and Work
Plan
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Independent Standard Setting Boards
International Public Sector Accounting Standards
Board (IPSASB)
• Governance
– Response to Review Group on IPSASB Oversight
– Only IFAC standard-setting board currently not subject to oversight
• Conceptual Framework
– Finalization in 2014
• Strategy & 2015-2019 Work Plan
– First public consultation on strategy and first full consultation on
work plan
Page 20 | Confidential and Proprietary Information
See you in Rome in November 2014
www.wcoa2014rome.com
www.ifac.org