IFAC welcomes the UK Prudential Regulation Authority (PRA)’s emphasis on the importance and relevance of the auditor-supervisor relationship, but urges care in developing and implementing new requirements for written auditor reporting to supervisors.
The Institute of Chartered Accountants, Ghana, and IFAC® hosted two days of roundtables in Accra, Ghana, May 21-22, focused on adoption and implementation of International Public Sector Accounting Standards™ (IPSAS™).
Day One provided senior government officials in Ghana with the opportunity to discuss the status of adoption and implementation in Ghana, share experiences, identify challenges to be addressed, and agree on next steps for full adoption and implementation in 2016. Both the Minister of Finance and the Accountant General of Ghana attended day one of the roundtables.
Day Two targeted those government officials with budget and/or accounts responsibility in Ghana—those who are responsible for implementation of IPSAS—to provide an opportunity to review the implementation plan and discuss practical, technical challenges, actions, and next steps.
Both days of roundtables featured global and regional leaders and experts in IPSAS adoption and implementation working with Ghanaian leaders and technical staff to build a smooth transition to IPSAS. IPSAS will provide Ghana with transparent financial information that captures the entire picture of funding commitments, encourages wise spending, and helps strengthen the economy. Both the accountancy profession and ICAG are committed to supporting Ghana during the transition.
The IFAC Annual Review 2014, Leveraging Our Global Advantage, explains our approach to IFAC’s strategic and operational priorities—with the aim of leveraging our global advantage in a targeted manner, and allocating our substantial staff talent and experience to the greatest extent possible. Our equation for IFAC’s success is laid out in our business model, which consists of five operating lines:
supporting standard setting for a globalized world;
enhancing quality to strengthen our profession;
building capacity for the profession;
positioning accountants for success; and
influencing policy and public debate.
Within this framework, this Annual Review 2014 discusses our operating environment, explains our strategic response and future direction, and demonstrates our performance and achievements. Along with our Financial Statements, the Annual Review comprises our suite of reporting for the year ended December 31, 2014.
During CReCER 2015, IFAC Senior Technical Manager and Head of Professional Accountants Stathis Gould gave a presentation on integrated reporting, discussing both the work of the International Integrated Reporting Council and IFAC's efforts to support integrated reporting.
IFAC has welcomed the European Commission’s emphasis on jobs and growth, removing regulatory barriers and work toward a single rule book across the European Union. These issues are certainly not confined to the EU region and IFAC will continue to pursue the importance of effective regulatory collaboration, consistency and proportionality around the globe. IFAC supports the need for common and appropriate standards for use in SME Growth Markets, but cautions against the development of yet another new set of standards.
With the increased volatility in the modern business environment and continuing effects of the financial and economic crises, effective management of risk in organizations—including good internal control—has taken on even greater importance. Effective management of risk helps organizations achieve their objectives, while complying with legal, regulatory, and societal expectations, and enables them to better respond and adapt to surprises and disruptions.
With these key issues in mind, the International Federation of Accountants® (IFAC®) today published a thought paper, From Bolt-on to Built-in, on managing risk as an integral part of managing an organization.
The paper positions the management of risk as an indispensable and integral part of decision making and subsequent execution in order for boards and management to ensure their organization makes the best decisions and achieves its objectives. The paper also a) demonstrates the benefits of properly integrating the management of risk, including internal control, into the governance, management, and operations of an organization; b) provides ideas and suggestions on how such integration can be achieved; and c) furnishes practical examples of how professional accountants in business can support their organizations with this integration.
“This paper recognizes what risk management was originally intended to do for an organization—help support effective decision making and improve performance,” said IFAC CFO Fayez Choudhury. “Too many organizations don’t realize how useful risk management can be if integrated properly. Without this step—building risk management into your organization—too many management teams are missing the point, and missing the benefits.”
The thought paper is applicable to all organizations—regardless of size or structure, public or private—seeking to improve how they manage risk.
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 2.5 million accountants in public practice, education, government service, industry, and commerce.
Managing Risk as an Integral Part of Managing an Organization
Effective management of risk helps organizations achieve their objectives, while complying with legal, regulatory, and societal expectations, and enables them to better respond and adapt to surprises and disruptions. This paper positions the management of risk as an indispensable and integral part of decision making and subsequent execution in order for boards and management to ensure their organization makes the best decisions and achieves its objectives.
The Wall Street Journal mentioned IFAC and Accountability. Now. coalition partners in an article on the increasing support for International Public Sector Accounting Standards (IPSAS) and the benefits of the Eurozone adopting IPSAS.
La Federación Internacional de Contadores® (IFAC®) ha publicado la versión en español de los siguientes documentos desarrollados para Contadores Profesionales en Empresas (PAIB):
La publicación Marco Internacional: Buen Gobierno de la Entidad en el Sector Público fue elaborada en conjunto entre IFAC y el Colegiado de Finanzas Públicas y Contabilidad (CIPFA por sus siglas en inglés), para mejorar y promover el gobierno efectivo en el sector público. El Marco promueve un mejor gobierno y gestión de las entidades en el sector público optimizando la toma de decisión y el uso eficiente de los recursos. Una mayor participación de las partes interesadas, un control estricto, y la supervisión de aquellos encargados de la responsabilidad principal frente a la definición de la dirección estratégica, las operaciones y la responsabilidad de una empresa, son aspectos que generan intervenciones más efectivas y mejores resultados para el público en general.
Competente y Versátil brinda apoyo a la profesión contable global, respondiendo a las expectativas cambiantes de la sociedad, los mercados financieros y las organizaciones, y promueve en las organizaciones el valor de los contadores profesionales en empresas. Dado que las necesidades organizacionales están evolucionando más rápido que nunca, los contadores profesionales deben adaptarse a estos cambios para poder ofrecer los mejores servicios a sus empleadores, y conservar la relevancia y confianza pública. Con esta publicación, el Comité de Contadores Profesionales en Empresas pretende brindar apoyo a la profesión contable global y ayudar a sus miembros a guiar a sus organizaciones en la creación de valor sostenible.
Estas traducciones al español son producto del marco de cooperación iberoamericana, conocido como el proyecto IberAm. Creado en el 2012, el proyecto IberAm—que incluye a la IFAC y sus organismos miembros Instituto de Censores Jurados de Cuentas de España, Federación Argentina de Consejos Profesionales de Ciencias Económicas y el Instituto Mexicano de Contadores Públicos—cuenta con la autorización de la IFAC para realizar traducciones y revisiones, con el objeto de alcanzar procesos sostenibles a largo plazo para traducciones únicas de alta calidad al español de los estándares internacionales y otras publicaciones de la IFAC. La Asociación Interamericana de Contabilidad, la organización regional de la IFAC para Latinoamérica y el Caribe, actúa como observador del proyecto. Adicionalmente, el proyecto involucra a un Comité de Revisión de expertos técnicos que representan a los organismos miembros de la IFAC en nueve países hispanoparlantes.
Seguiremos compartiendo otras traducciones al español de las publicaciones de IFAC.
Para acceder al resumen de las traducciones de las publicaciones IFAC, favor visitar la Base de datos de traducciones de la IFAC.
Acerca de la IFAC La IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y contribuir en el desarrollo de economías internacionales sólidas. La IFAC se compone de 175 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,5 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio.
Acerca del Comité de PAIB El Comité de PAIB trabaja para los organismos miembros de la IFAC y los contadores profesionales alrededor del mundo que se desempeñan en los sectores del comercio, la industria, los servicios financieros y la educación, además de los sectores públicos y sin ánimo de lucro. Su objetivo consiste en promover y contribuir en el valor de los contadores profesionales en empresas, creando mayor consciencia sobre los importantes roles que desempeñan los contadores profesionales, brindando apoyo a los organismos miembros para mejorar la competencia de sus integrantes, facilitando la comunicación y compartiendo las buenas prácticas e ideas.
IFAC Publishes Spanish-Language Versions of International Framework: Good Governance in the Public Sector, Competent and Versatile
