• 2017 INCP-IFAC Regional SMP Forum

    Bogota, Colombia English

    The Instituto Nacional de Contadores Públicos de Colombia (INCP), with IFAC’s support, will hold a Regional SMP Forum on November 24, 2017 to bring practitioners from small- and medium-sized accountancy practices (SMPs) together for a day-long seminar to focus on audit quality and how practitioners can build a successful practice.

    When/Where? The event will be held November 24, 2017, at the Casa Dann Carlton Hotel in Bogota, Colombia

    What? An international and regional line-up of subject matter experts will steer the forum and share important insights on pertinent areas of audit quality and practice management.

    The line-up of speakers includes:

    • Hugo Ospina INCP - CEO – President
    • Jose Sanabria – KPMG Partner
    • Cristobal Uribe – Amezquita Partner
    • Wilmar Franco – CTCP
    • Jorge Casteblanco – Crowe Horwarth Partner
    • Jorge Pineiro – EY Partner
    • Edgar Villamizar – Baker Tilly Partner
    • Paola Vacca – BDO Marketing Director
    • Monica Foerster – IFAC SMP Committee Chair
    • Dawn McGeachy – IFAC SMP Committee Member
    • Beverley Bahlmann – International Auditing and Assurance Standards Board Deputy Director
    • Christopher Arnold – IFAC Head of SME/SMP and Research

    Who Should Attend? The forum is open to accounting practitioners, as well as other professionals, who work directly or indirectly with SMP/SME affairs. 

    Why? The event will examine the structure of the ISA pronouncements and how they can be applied proportionately. Additionally, the forum will include a session on building a successful practice, including evolving to be future ready and building capacity to offer to advisory services. Both sessions will include an overview of relevant guidance, including the IFAC Guide to Practice Management.

    See the INCP Forum page for more information. 

  • Realizing the Power of PAOs Workshop

    English

    Accountancy education involves many different elements, from syllabus development to producing learning materials, from establishing tuition arrangements to delivering examinations and requiring practical experience. It can take years to build the foundation for a professional qualification, and while PAOs may not have the legal authority for every aspect of accountancy education, they play a key role in supporting educational programs and delivering qualifications.

    To support PAOs and this central role they play, more than 80 professional accountancy organization (PAO) representatives from 25 countries came together for a half-day, interactive workshop to discuss accountancy education successes and challenges. The workshop, organized by IFAC and the Pan African Federation of Accountants, and held alongside the 4th Africa Congress of Accountants in Kampala, Uganda.

    The workshop generated discussion on PAO efforts to design, develop and maintain their professional qualifications, as well as IFAC member organizations’ work to adopt and implement the International Education Standards (IES)—a requirement for all IFAC members as part of IFAC’s Statements of Membership Obligation—issued by the International Accounting Education Standards Board.

    Facilitated by IFAC PAO Development Committee members, workshop participants navigated:

    • pathways to entry and enrollment requirements;
    • branding and marketing qualifications;
    • syllabus content, learning materials, and tuition arrangements;
    • examination content, delivery, and marking and administration;
    • practical experience requirements and delivery arrangements; and
    • continuing professional development (CPD) to keep members’ knowledge current.

    The stories told and lessons learned provided useful insight and demonstrate PAOs’ ability to drive positive change and introduce international good practice regardless of their unique country circumstances. 

    Challenges and Solutions to Implementing International Education Requirements

  • Accountability. Now. eNews: September 2017

    English
    New International Public Sector Financial Accountability Index to Stimulate Reform

    At the Chartered Institute of Public Finance and Accountancy (CIPFA)’s 2017 Conference in Manchester, UK, IFAC and CIPFA announced the launch of the International Public Sector Financial Accountability Index.

    Developed jointly by both organizations, with the Zurich University of Applied Sciences as knowledge partner, the Index aims to provide a better understanding of accounting and budgeting reform plans to help stimulate wider public financial management (PFM) reform efforts. It covers the following arrangements in each jurisdiction:

    • Current accounting basis and the reporting standards used in financial statements
    • Financial reporting standard-setting structure and processes
    • Current recognition basis for budgets
    • Budget and accounting reform plans
    To include your jurisdiction’s data, update or comment on data included about your jurisdiction, please contact us.
    75% of OECD Countries Use Accrual Accounting for Year-End Financial Reports

    A report by IFAC and the International Organisation for Economic Co-operation and Development (OECD) explores accounting and budgeting practices at the national government level in OECD countries. It concludes that nearly three-quarters of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis.

    While there is low direct adoption by national governments of international accounting standards, such as the International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS), many standard setters use IPSAS or IFRS as primary or explicit references for developing their national standards.

    Caribbean Countries: On the Reform Path

    For years, Caribbean countries have been motivated to incorporate international accounting standards into their national regulations. Accrual Accounting Practices and Reform Expectations in the Caribbean, a survey organized by the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC and the World Bank, charts the state of the region’s public financial management (PFM) reforms. It facilitates a better understanding of reform designs, implementation challenges, and associated benefits.

    After reported reforms are implemented, the regional balance will move toward accrual-based accuonting with nine of the surveyed countries expected to implement IPSAS and another six to use N-IPSAS.

    A Focus on PFM in West Africa

    Commissioned by IFAC and the World Bank, Professor Emeritus Alain Burlaud examines the status of public sector financial reporting in 18 Francophone African countries, highlighting the urgent need to improve public financial reporting quality and increase the number of professional accountants in the region.

    Major Events in 2017
    CReCER

    June 6-9 – Mexico City, Mexico
    IFAC actively supported the 10th Regional CReCER Conference on Accounting and Accountability for Regional Economic Growth: Fostering Trust for Regional Economic Growth. The conference reflected the need for trust in both government and the private sector to help manage public resources more effectively.

    Open Government Partnership Americas Regional Meeting

    November 21-22 – Buenos Aires, Argentina
    As part of Open Government Week, this meeting will bring over 2,000 representatives from governments and civil society, digital innovators, journalists, and researchers to further the open government agenda in the face of current global challenges. IFAC will present its new International Public Sector Financial Accountability Index to stimulate PFM reform and will engage with regional representatives to further update the Index with information from their respective countries.

    More Resources
    OECD Budget Transparency Toolkit

    Developed in partnership with members of the Global Initiative of Fiscal Transparency (GIFT) Network, including IFAC, the OECD’s Budget Transparency Toolkit offers a gateway to global budget and fiscal transparency institutions. It also highlights official instruments, standards, and guidance materials and demonstrates how these tools can be applied across various areas of the budgeting cycle.
    Read more from OECD Deputy Head Ronnie Downes.

    Building Blocks of PFM – A Cash to Accruals Toolkit

    As part of its Better Government Series, the Institute of Chartered Accountants in England and Wales (ICAEW) recently issued a practical "how-to" guide which sets out six practical building blocks to improve the quality of public financial reporting and public financial management.

    Delivering Excellent Public Finance

    CIPFA has developed this interactive portal to support a diverse range of information and tools dedicated to the shared aim of strengthening PFM worldwide.

    Keeping Business Clean: A CGMA Guide to Countering Fraud and Corruption

    In a very timely piece, the Association of International Certified Professional Accountants (AICPA) outlines the role of management accountants in establishing best practices for combatting fraud and corruption in their organization.

  • Future Ready Workshop

    ICAC 35th Annual Caribbean Conference of Accountants
    Georgetown, Guyana English

    The Institute of Chartered Accountants of the Caribbean (ICAC) and IFAC held a joint workshop on June 21, 2017 in Guyana with representatives from 10 professional accountancy organizations in the region. Participants gathered together with the twin objectives of examining the role of the accountant in a changing world along with the trends (technological, economic, social, etc.) impacting the profession and tomorrow’s accountant as well as to discuss the challenging issues facing the accountancy profession and the future-readiness of today’s accountant and professional accountancy organizations.

  • SMP Committee Response to the IAASB ISA 540 Exposure Draft

    The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the IAASB Exposure Draft, Proposed International Standard on Auditing 540 (Revised) Auditing Accounting Estimates and Related Disclosures.

    IFAC
    English

  • Making Regulation Work

    Principles and Models for the Accountancy Profession

    Navigating the national regulatory environment is a crucial part of establishing and developing an effective professional accountancy organization (PAO). The right accountancy regulation model is vital to ensuring a well-functioning profession that produces high-quality financial information, supports economic growth and development, and is relevant to professional accountants and their clients. This publication is designed to support PAOs in their efforts to adapt to recent regulatory evolution, and actively influence stakeholders and influencers.

    IFAC
    English

  • New IFAC Guidance Helps Organizations Navigate the Complicated Terrain of Accountancy Regulation

    English

    Navigating the national regulatory environment is a crucial part of establishing and developing an effective professional accountancy organization (PAO). The right accountancy regulation model is vital to ensuring a well-functioning profession that produces high-quality financial information, supports economic growth and development, and is relevant to professional accountants and their clients. In light of regulatory evolution in recent years and the ongoing need for PAOs to adapt to, and actively influence, their environment, the International Federation of Accountants (IFAC) today released new guidance to support PAOs in these efforts.

    “There is no ‘one-size-fits-all’ solution for accountancy regulation; there are many different models in place around the world that work effectively,” said IFAC Executive Director Alta Prinsloo. “Understanding the key principles of accountancy regulation, and how they function in practical terms, helps PAOs and their key constituents ensure the profession’s long-term sustainability, and their ability to continue to function in the public interest.”

    Making Regulation Work: Principles and Models for the Accountancy Profession explores the scope of accountancy regulation, why it is needed, and key principles for consideration, as highlighted in IFAC Public Policy Position 1, Regulation of the Accountancy Profession and From Crisis to Confidence: A Call for Consistent, High-Quality Global Regulation. It also provides regulatory model examples used in a number of countries, with further information available in country profiles on the IFAC website.

    The guidance is part of the PAO Capacity Building Series, which includes guidance on PAO governance, advocacy and public policy, partnerships, and engaging professional accountants in business. It also builds on one of the key findings of the MOSAIC PAO Global Development Report, which cites strengthening PAOs’ legal and regulatory foundations and internal capacity as a critical need for the global accountancy profession.

     

    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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

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