To facilitate the contribution of professional accountants to integrated thinking—and help align capital allocation, corporate behavior, financial stability, and sustainable development—the International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today published Creating Value with Integrated Thinking: The Role of Professional Accountants.

The thought paper sets out a vision for integrated thinking and explores what professional accountants working in the public and private sectors can do in practical terms to facilitate it in their organization, regardless of whether their organization is planning to publish an integrated report. It identifies five key elements, which, if implemented, can lead to more effective organizations. This ultimately provides the basis for shifting from today’s financially oriented reporting to integrated reporting.

“Integrated reporting continues to gain global momentum and help change the way businesses think about creating value over time. But it is integrated thinking that will ultimately change corporate behavior and lead to more resilient organizations and greater trust in business and government,” said IFAC CEO Fayez Choudhury. ”Professional accountants—as business partners involved in organizational leadership and decision support—can use integrated thinking as a means of engaging those beyond the finance and accounting departments to facilitate resilient organizations that create value over the short, medium, and long term.”

The thought paper reflects integrated thinking as we understand it today, given that this is a period of experimentation for many organizations. It explores what integrated thinking involves, as well as its challenges and how they can be overcome, and advances a meaningful understanding of its role and power. Notably, the publication also discusses how integrated reporting both improves and is improved by integrated thinking.

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 approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

This thought paper helps facilitate the contribution of professional accountants to integrated thinking—and help align capital allocation, corporate behavior, financial stability, and sustainable development. It sets out a vision for integrated thinking and explores what professional accountants working in the public and private sectors can do in practical terms to facilitate it in their organization, regardless of whether their organization is planning to publish an integrated report. It identifies five key elements, which, if implemented, can lead to more effective organizations.

The Call for Nominations for the Independent Standard-Setting Boards in 2017 was issued today. The Call sets out the upcoming opportunities for membership on the International Auditing and Assurance Standards Board^® (IAASB^®), International Accounting Education Standards Board™ (IAESB™), International Ethics Standards Board for Accountants^® (IESBA^®), and International Public Sector Accounting Standards Board^® (IPSASB^®).

For 2017, there are 22 vacancies on the independent standard-setting boards. Vacancies on the boards are open for nominations by all stakeholders, including professional accountancy and international organizations, governmental agencies, firms, and the public. Nominations of non-accountants for the public member vacancies are strongly encouraged. Travel support is available to qualified candidates from developing nations, self-nominees, and public members.

Candidates should have knowledge of the subject matters considered by a particular board, as well as English proficiency.  Each board meets up to four times per year and the required time commitment is approximately 200 to 800 hours per year, depending on the board, including preparation and travel time.  Although each candidate will ultimately be selected based on experience, nominations of highly qualified candidates from Africa, Middle East, and Latin America are strongly encouraged. Nominations of female candidates are particularly welcome.

Nominations can be submitted through the Nominations Database. All nominations should be submitted before January 31, 2016.

To provide nominating organizations and nominees with some insights on the nominations process and the value of serving on the standard-setting boards, the following documents are available on the Nominating Committee webpage: Developing a Nominations Strategy, and Giving Back to the Profession: The Value of Serving.  

The Nominating Committee follows an open and transparent process to select the most suitable candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit the Nominating Committee web page.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

About the IAESB
The IAESB develops education standards and guidance for use by IFAC member organizations under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.

About the IESBA
The IESBA develops ethics standards and other pronouncements for professional accountants worldwide under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. It receives advice from the Public Interest Committee, which promotes the public interest in the IPSASB’s standard-setting activities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

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 approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

“International Federation of Accountants,” “IFAC,” “International Auditing and Assurance Standards Board,” “IAASB,” “International Accounting Education Standards Board,” “IAESB,” “International Ethics Standards Board for Accountants,” “IESBA,” “International Public Sector Accounting Standards Board,” “IPSASB,”  the IAASB logo, the IAESB logo,  the IESBA logo, the IPSASB logo, and the IFAC logo are trademarks or registered trademarks of IFAC in the US and other countries.

The IFAC SMP Committee is pleased to respond to the IAASB Exposure Draft: Proposed Amendments to the IAASB’s International Standards—Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations. The Committee supports the IAASB and IESBA working together to consider amendments to International Standards in response to the IESBA project on NOCLAR.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today released an updated Companion Manual, which has been revised to include the recently launched Guide to Compilation Engagements. The Companion Manual provides member bodies and other professional accountancy organizations with guidance on how they can make the best use of four implementation guides produced by IFAC’s Small- and Medium-sized Practices (SMP) Committee: Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide), Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (ISA Guide), the Guide to Review Engagements, and the Guide to Compilation Engagements. This includes reproducing, adapting, translating, or incorporating the guides into continuing professional development (CPD) courses and/or training programs.

The Companion Manual also includes a new orientation PowerPoint slide deck on the Guide to Compilation Engagements to introduce users to the value and benefits of compilation engagements, key elements in the Guide, and highlights from a practitioner perspective. Member bodies may have access to the slides for use in training and CPD courses. Email permissions@ifac.org for access.

The four guides provide non-authoritative guidance on applying ISQC™ 1, ISA™, ISRE™ 2400 (Revised), and ISRS™ 4410 (Revised), developed exclusively by the International Auditing and Assurance Standards Board^® (IAASB^®), and are intended as a supplement to help practitioners apply the standards consistently and effectively when developing their quality control systems and performing audit, review, and compilation engagements for small- and medium-sized entities (SMEs). See the IAASB Handbook for access to the standards ISQC™ 1 ISA™, ISRE™ 2400 (Revised), and ISRS™ 4410 (Revised).

The Guides can be downloaded from the SMP area of the IFAC website.

Download the Companion Manual.

The International Federation of Accountants^® (IFAC^®) has today submitted 12 recommendations for endorsement by the Group of Twenty (G-20), urging action on issues impacting the G-20 priorities of robust, inclusive growth.

“Quite a bit has been achieved through the G-20’s leadership under the substantial pressures of the global financial crisis—but now is no time for complacency,” said Fayezul Choudhury, IFAC’s Chief Executive Officer.

IFAC’s 12 recommendations focus on:

• Good governance and regaining trust in key public and private sector structures, frameworks, and organizational and regulatory arrangements;
• Globally consistent, good regulation, that enables, promotes, and does not hamper growth and good governance;
• Resolving poor financial management, transparency, and accountability that persists in many G-20 countries and beyond; and
• A transparent, fair, and effectual international taxation system, and the need for collaboration and inclusiveness in implementing reforms.

“We’re at a crucial juncture—growth continues to wane or completely elude economies around the world despite massive, unsustainable monetary stimulus since the global financial crisis. A complex, fragmented regulatory environment is emerging, and there is no clear sight of how this is impacting growth,” said Mr. Choudhury.

Approximately two-thirds of respondents to IFAC’s 2015 Global Regulatory Survey, a study of accounting, finance, and business professionals worldwide, said regulation is having a significant or very significant impact on their organizations’ opportunities to grow and innovate.

In addition to an urgent assessment of the evolving regulatory environment, IFAC’s recommendations include that the G-20 promote development and adoption of clear principles for high quality regulation, and that it issues a clear call for the adoption and implementation of international accounting and auditing standards.

“The public’s trust and confidence in government is at the heart of achieving robust, inclusive growth. Poor public sector financial management, accountability, and transparency remain significant problems in many countries—resolving this is long overdue,” said Mr. Choudhury.

IFAC recommends that the G-20 commission urgent and fundamental work toward changes needed in the public sector to protect the public and investors in government bonds, promote greater transparency and accountability, and actively encourage and facilitate accrual-based accounting by governments and public sector institutions.

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 over 2.8 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has today submitted 12 recommendations for endorsement by the Group of Twenty (G-20), urging action on issues impacting the G-20 priorities of robust, inclusive growth.

IFAC’s 12 recommendations focus on:

Although there may be many diverse views within the accountancy profession, in its role as representing more than 2.8 million accountants globally, IFAC is providing the perspective of the global profession in this comment letter on IFRS Foundation Trustees’ Review of Structure and Effectiveness: Issues for the Review.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today announced a major milestone for the accountancy profession in Uganda. A joint venture between global accountancy body ICAS and the Chartered Institute of Public Finance and Accountancy (CIPFA) has been selected to partner with the Institute of Certified Public Accountants of Uganda (ICPAU) to strengthen accountancy education, qualification, and examinations; quality assurance; continuing professional development; and public sector financial management in Uganda.

In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund professional accountancy organization (PAO) capacity building in ten emerging countries over a period of seven years. Today’s announcement continues to build on the promise of the 2014 funding agreement.

“By working together, ICAS and CIPFA will combine world-class expertise in PAO capacity building and public sector financial management, both of which are areas of development opportunity  in Uganda,” according to IFAC Executive Director, Strategy, and COO Alta Prinsloo. “This joint venture will draw from ICAS’ 20+ years of development experience and CIPFA’s specialization in the public sector—a marriage that will produce strong, sustainable results for the accountancy profession in Uganda and, ultimately, contribute to the economy in Uganda.”

“ICAS and CIPFA together are extremely well placed to deliver a partnership and program with ICPAU,” said ICAS CEO Anton Colella. “ICAS has a long-standing relationship with ICPAU and Uganda, which we will be drawing from and building on—and which we believe will lead to a profession and PAO in Uganda that is robust, sustainable, prepared for the future, and ready to grow with the nation.”

“CIPFA champions improved performance of public services across the world by driving effective and efficient use of public money,” CIPFA CEO Rob Whiteman said. “Helping ICPAU work with the Ugandan central and local governments to improve public financial management and training to all levels of the government will lead to accountants working in the public sector to ensure transparency and accountability.”

The selection of ICAS and CIPFA was made following a global Call for Expressions of Interest and an extensive proposal and review process involving multiple global organizations and the IFAC PAO Capacity Building Program Oversight Committee and Independent Selection Panel. This partnership is the second in a series of projects around the world making use of the funding IFAC received from DFID.

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 approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

About ICAS
ICAS is a professional body for more than 20,000 world class business men and women who work in the UK and in more than 100 countries around the world. Members have all achieved the internationally recognised and respected CA qualification (Chartered Accountant). ICAS is an educator, examiner, regulator and thought leader. Almost two thirds of ICAS’ working membership are in business; many leading some of the UK's and the world's great companies. The others work in accountancy practices ranging from the Big Four in The City to the small practitioner in rural areas.

About CIPFA
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world's only professional accountancy body to specialise in public services, we champion high performance in public services, translating our experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services

About DFID
The UK Department for International Development (DFID) leads the UK’s work to end extreme poverty. They are ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information, visit www.gov.uk/dfid.

A fin de brindar apoyo a los contadores en el desarrollo de un mayor conocimiento sobre cómo pueden ayudar a sus organizaciones a abordar los temas de sostenibilidad e integrarlos completamente en las decisiones empresariales, la Federación Internacional de Contadores^® (IFAC^®) ha publicado el informe, Accounting for Sustainability. From Sustainability to Business Resilience (Contabilidad para la sostenibilidad. De la sostenibilidad a la resiliencia empresarial).

El informe resalta la importancia del rol que puede y que debe desempeñar el contador al asumir los desafíos de sostenibilidad y al garantizar el fortalecimiento de su organización, incorporando estos desafíos en un plan y una estrategia empresariales de mayor envergadura.

“Las empresas son resistentes cuando son capaces de crear valor y de seguir generándolo para las partes interesadas. Esto implica considerar tanto los riesgos como las oportunidades que se derivan de los temas de sostenibilidad, incluyendo aspectos ambientales y sociales, los cuales afectan el rendimiento financiero y la creación de valor”, señaló la señora Presidente de IFAC, Olivia Kirtley.  “Los contadores que trabajan en el sector público y privado desempeñan un rol importante en el apoyo y la toma de decisiones que permiten que la organización desarrolle su capacidad de resiliencia”.

El informe analiza la relación entre la sostenibilidad y la resiliencia empresarial, cómo la integración de la sostenibilidad genera un mejor rendimiento y los elementos clave en el desarrollo de una estrategia y un modelo empresarial sostenibles.

Esclarece igualmente cómo los contadores profesionales pueden marcar la diferencia e incluye referencias a algunos de los numerosos recursos y herramientas disponibles para el desarrollo de conocimientos y habilidades.

Se presentó una vista preliminar del informe a inicios de la última semana del mes de julio durante la Cumbre Global de Contabilidad Gerencial del Instituto de Contadores Gerenciales Certificados de Sri Lanka, la cual se realizó en Colombo, Sri Lanka, bajo la dirección de la Sra. Kirtley. La conferencia, cuya temática fue el Fortalecimiento Empresarial a través de la Información Integrada, abordó diferentes asuntos relacionados con la información integrada, incluyendo la sostenibilidad.

Acerca de IFAC
IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y la contribución para el desarrollo de economías internacionales sólidas. IFAC se compone de 175 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,8 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio.