Gillian Waldbauer FCA has been with the Institute of Public Auditors in Germany (IDW) since 2003 as a technical manager in the department of international affairs and from November 2014 as head of international affairs. In June 2023, she became the Principal of Public Affairs. Her work at IDW is concentrated on international issues in auditing and assurance, financial reporting, non-financial reporting and previously financial reporting in the public sector. Within the IDW she provides support to both the accounting and auditing boards in regard to international auditing and corporate reporting issues. She is also involved in drafting the IDW's comment letters on international auditing and accounting issues.

Ms. Waldbauer’s international experience includes active involvement in the Audit and Assurance Policy Group and the Sustainability Policy Group of Accountancy Europe; she is also currently technical advisor on the IFAC Board and the IFAC Small and Medium Practices Advisory Group.

Ms. Waldbauer is a fellow of the Institute of Chartered Accountants in England and Wales and has several years of audit experience with a medium-sized firm of professional accountants in London.

In cooperation with IFAC Member Colegio de Contadores Públicos de Costa Rica (CCPCR), IFAC is hosting a Statements of Membership Obligations (SMOs) workshop in San Jose, Costa Rica, on February 13. The workshop will bring together leaders and representatives from 17 professional accountancy organizations in Central and South America and the Caribbean to address regional issues affecting the profession.

The event will also provide insights on the status of fulfillment of the IFAC SMOs in the region and provide the opportunity for a greater explanation and discussion of the Dashboard Reports methodology now used by IFAC. In addition, the event will be a key opportunity to share experiences, both successes and challenges, and identify opportunities for regional collaboration.

The event also supports the IFAC Member Compliance Program’s strategic objective of collaboration and seeks to help IFAC and the Compliance Advisory Panel more fully understand the challenges some jurisdictions face in adopting or implementing some of the SMOs.

Nominations for the IFAC International Gold Service (IGS) award are now open. This prestigious award recognizes outstanding leaders for their contributions to the accountancy profession on the global level. These contributions should be unique, innovative, and recognized worldwide—beyond national professional accountancy organizations and IFAC.

Past recipients include Ian Ball in 2014, recognized for his many contributions to the global accountancy profession and his groundbreaking work in public sector accounting and transparency, as well as Professor Mervyn King in 2012, and Sir David Tweedie and Professor Stephen Zeff in 2011.

Please email a CV and letter of support, stating why the individual’s contributions to the global profession are worthy of recognition, to Anna Lee (AnnaLee@ifac.org) by March 15, 2016. The letter of support should be signed by the president and/or chief executive (or equivalents) of the nominating organization. IFAC members, associates, and affiliates may nominate candidates.

If awarded, the IGS Award will be presented at the annual Council meeting in Brazil in November 2016.

A report on global regulation issued today by the International Federation of Accountants^® (IFAC^®) calls for political leaders and governments around the world to follow ten principles for consistent, high-quality global regulation, to aid global economic growth.

The ten principles were identified by 30 senior executives and experts from regulatory agencies, financial markets, government, academia, listed companies, investment funds, and the accounting profession at a roundtable in Hong Kong convened by IFAC in partnership with the Hong Kong Institute of Certified Public Accountants (HKICPA).  The principles are intended to help guide regulators toward better decisions and protect the global economy from the dangers posed by a patchwork approach to regulation.

While business and finance are increasingly global, roundtable participants warned that important regulation is not. Instead, it is frequently focused on national interests, which can create barriers and impediments to inclusive growth and jeopardize global financial stability.

“This clear signal from a broad, non-partisan group in one of the world’s most important trading centers highlights the urgent need for a more globally consistent approach to regulation,” said Fayez Choudhury, IFAC Chief Executive Officer. “We need a clear change in the will—and resources available—for international regulatory cooperation.

“The current fragmentation is creating a regulatory environment that encourages more risky trading and financing activities in often unregulated domains, and allows for the exploitation of gaps in regulation globally,” Choudhury said.

Several actions were discussed to foster a more integrated global regulatory framework that can create a better environment for economic growth:

Stronger systems and incentives for cross-border regulatory collaboration and cooperation.

• Beyond consultation within the regulatory community, lack of resources and different national financial ecosystems make true collaboration with a broader set of stakeholders a challenge.
• Greater incentives are required before regulators can look beyond national interest, and consider long-term, global implications of regulation.

Systematic review of regulations to determine whether implementation and impact match expectations.

• Current regulatory systems often focus on writing regulation rather than evaluating effectiveness. Not all existing regulations are implemented in practice.
• Rapid change in business and financial markets requires continued flexibility. Much regulation is outdated by the time it is implemented, often years after originally proposed.
• Independent oversight of regulation would allow collaborative discussion and better analysis of costs and benefits.

10 clear principles for high quality financial regulation rather than a reactive response.

• To serve the public interest, regulation needs to be evidence-based, proportionate, appropriately resourced, collaboratively developed/implemented, consistent, subject to active oversight, systematically reviewed, have clear objectives, and be properly targeted and enforced to address intended issues.
• They must be developed in consultation with the public, and affected constituencies.

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

While business and finance are increasingly global, regulation is frequently not. Often focused on ‘national interest’ – which can create barriers to inclusive growth and jeopardize the global economy – this report identifies ten key principles for consistent, high-quality, global regulation.

The principles are derived from a round table held in Hong Kong in December 2015, which brought together 30 key senior executives and experts from regulatory agencies, financial markets, government, academia, listed companies, investment funds and the accounting profession. 

Implementing IPSAS^TM is a journey many countries are undertaking. Writing for Accountability. Now., Noel Camilleri, Director General of Malta's Department of Treasury, details how Malta is getting its ACT (Accountability, Credibility, Transparency) together as it takes the crucial early steps to implementing a five-year IPSAS adoption plan.

The International Federation of Accountants (IFAC) today published in the Spanish language the authorized translation of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, Parts I and II of the International Auditing and Assurance Standards Board (IAASB). The publication was translated as a result of the Ibero-American cooperation framework, known as the IberAm project.

This translation is of the 2013 edition of the IAASB Handbook, and it is the first time a single Spanish translation has been published of both Parts I and II. The translated publication also includes an unofficial Table of Equivalencies showing differences between terminology used in Spain and that commonly used in Latin America.

The publication is the result of extensive collaborative efforts by Instituto de Censores Jurados de Cuentas de España (ICJCE), Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), and Instituto Mexicano de Contadores Públicos (IMCP). The IberAm project—which was established in 2012 and includes IFAC and its members in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality Spanish translations of international standards and other IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is an observer to the project. In addition, the project involves a Review Committee of technical experts representing IFAC member organizations in nine Spanish-speaking countries.

Further Spanish translations will be forthcoming.