• SMPC Response to IESBA Consultation Paper: Improving Structure of the Code of Ethics for Professional Accountants

    The IFAC SMP Committee supports the approach taken by the International Ethics Standards Board for Accountants (IESBA) and the general direction of the project to improve the usability of the structure of the Code of Ethics for Professional Accountants (the Code). In particular, the SMP Committee agrees with the proposal to clearly separate the requirements from guidance, as it will enhance users’ understanding of the spe

    IFAC
    English

  • IFAC Publishes IAASB and IESBA Question and Answer Documents in Spanish

    New York, New York English

    The International Federation of Accountants® (IFAC®) today published the following Question and Answer (Q&A) documents of the International Auditing and Assurance Standards Board® (IAASB®) and the International Ethics Standards Board for Accountants® (IESBA®) in the Spanish language:

    These Spanish language translations are a result of the Ibero-American cooperation framework, known as the IberAm project. Established in 2012, the IberAm project—which includes IFAC and its member bodies Instituto de Censores Jurados de Cuentas de España, Federación Argentina de Consejos Profesionales de Ciencias Económicas, and Instituto Mexicano de Contadores Públicos—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single 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 bodies in nine Spanish-speaking countries.

    The IAASB Staff Q&A publications highlight how the design of the International Standards on Auditing (ISAs) enables them to be applied in a manner proportionate with the size and complexity of an entity, and how the design of International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, enables it to be applied in a manner proportionate with the nature and size of a firm.

    The IESBA Q&A publications are intended to assist professional accountancy organizations and others as they adopt and implement the Code of Ethics for Professional Accountants (the IESBA Code).

    Additional Spanish translations of IFAC publications will be forthcoming.

    About the IAASB
    The International Auditing and Assurance Standards Board (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 IESBA
    The International Ethics Standards Board for Accountants (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 operation of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

    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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

     

    Other Spanish Publications to Follow

  • IFAC Signs Agreement with University of Dayton to Increase Research Capacity

    New York, New York English

    The International Federation of Accountants (IFAC) has signed an agreement with the University of Dayton (UD) Department of Accounting and School of Business Administration, securing subject-matter experts to contribute to several research projects in 2015. This year-long pilot program is a seminal initiative, as it reflects IFAC’s commitment to gathering and using empirical data, when appropriate, to enhance the strength and quality of its work. In addition, it signals IFAC’s efforts to evolve and strengthen its ties with the academic community.

    Under the agreement, UD will supplement its capacity by engaging leading academics with subject-matter expertise from around the world, when appropriate, to meet IFAC’s diverse research needs. Identified projects for the coming year include: the IFAC Global Small- and Medium-Sized Practice (SMP) Survey; an examination of the role of SMPs in providing business support to small- and medium-sized entities (SMEs); a review of public sector financial reporting in Africa and the Caribbean; and a review of the role of accounting advice on the performance of entities of various sizes.

    At the end of the UD agreement, IFAC will evaluate the pilot and consider next steps. 

  • Gestión de Riesgos y Control Interno en el Sector Público

    Vincent Tophoff
    Gerente Técnico Senior, IFAC
    Seminario Un Aporte de Gobernanza Distinto: El Control Interno
    Santiago,Chile Spanish

    IFAC Senior Technical Manager Vincent Tophoff was the keynote speaker at the seminar Municipal Control: A Different Contribution to Governance in Santiago, Chile, organized by the Comptroller General of Chile. The seminar was attended by government official and other professionals from the internal control units of the central and local public sector in Chile.

    The presentation, “Risk Management and Control in the Public Sector,” describes the most internationally renowned standards for international control, some of the key flaws in risk management and internal control, and the International Framework: Good Governance in the Public Sector, released in 2014 by IFAC and the Chartered Institute of Public Finance and Accountancy.

  • Risk Management and Internal Control in the Public Sector

    Vincent Tophoff
    Senior Technical Manager, IFAC
    Municipal Control: A Different Contribution to Governance
    Santiago,Chile English

    IFAC Senior Technical Manager Vincent Tophoff was the keynote speaker at the seminar Municipal Control: A Different Contribution to Governance in Santiago, Chile, organized by the Comptroller General of Chile. The seminar was attended by government official and other professionals from the internal control units of the central and local public sector in Chile.

    The presentation, “Risk Management and Control in the Public Sector,” describes the most internationally renowned standards for international control, some of the key flaws in risk management and internal control, and the International Framework: Good Governance in the Public Sector, released in 2014 by IFAC and the Chartered Institute of Public Finance and Accountancy.

  • Buen Gobierno en el Sector Público

    Vincent Tophoff
    Gerente Técnico Senior, IFAC
    Contribución de la Contraloría General de la República (CGR) para el Buen Gobierno en el Sector Público
    Santiago,Chile Spanish

    IFAC Senior Technical Manager Vincent Tophoff recently addressed good governance in the public sector at a breakfast panel in Chile held by the Comptroller General of Chile. The event was attended by governmental officials and other professionals working in governance and the public sector.

    The presentation, “Good Governance in the Public Sector,” addressed the key challenges for governance in the public sector and how methods to avoid and solve them. Mr. Tophoff also discussed the IFAC-CIPFA publication, International Framework: Good Governance in the Public Sector.

  • Good Governance in the Public Sector

    Vincent Tophoff
    Senior Technical Manager, IFAC
    Contribution of the Comptroller General of Chile to Good Governance in the Public Sector
    Santiago,Chile English

    IFAC Senior Technical Manager Vincent Tophoff recently addressed good governance in the public sector at a breakfast panel in Chile held by the Comptroller General of Chile. The event was attended by governmental officials and other professionals working in governance and the public sector.

    The presentation, “Good Governance in the Public Sector,” addressed the key challenges for governance in the public sector and how methods to avoid and solve them. Mr. Tophoff also discussed the IFAC-CIPFA publication, International Framework: Good Governance in the Public Sector.

  • IFAC Response to Malaysian CSAP Report

    IFAC has formally responded to the Malaysian Committee to Strengthen the Accountancy Profession (CSAP)’s Report on the Strengthening of the Accountancy Profession in Malaysia addressing regulation, meeting the demand for professional accountants, accountancy education, and making public accountancy practices more competitive.

    IFAC
    English

  • IFAC Global SMP Survey Identifies Key Challenges Facing SMPs Globally

    New York, New York English

    The biggest challenges facing small- and medium-sized accounting practices (SMPs) worldwide are complying with regulations and standards and attracting new clients, according to the 2014 IFAC® Global SMP Survey. Conducted annually, the Global SMP Survey provides unique insights into the challenges and opportunities facing SMPs around the world.

    “IFAC is committed to building the capacity of SMPs worldwide, and the findings from our SMP Survey are critical to that mission,” commented IFAC CEO Fayezul Choudhury. “Understanding the challenges that SMPs and their clients face, both on a regional and global scale, helps IFAC and our member organizations better serve this important constituency and accurately represent them in our interactions with regulators, standard setters, and policy makers.”

    The key findings from the 2014 IFAC Global SMP Survey include:

    Challenges Facing SMPs

    • Keeping up with regulations and standards (57%) and attracting new clients (58%) were identified as the two greatest challenges facing SMPs worldwide. Pressure to lower fees (51%), rising costs (50%), and differentiating from the competition (50%) were nearly tied as the next biggest challenges.
    • Attracting new clients was found to be a key concern in the Middle East (80%), but much less of a concern in North America (33%) and Australasia/Oceania (36%).  
    • Regulatory concerns ranked highly at firms in Central and South America (68%), the Middle East (65%), and Europe (63%).

    Challenges Facing SME Clients

    • Rising costs (67%) and economic uncertainty (66%) were identified as the top two challenges facing SME clients.
    • This was especially apparent in the Middle East and Africa, where these challenges were ranked higher than any other region.

    Percentages in the above represent respondents rating these challenges as a “high challenge” or “very high challenge.”

    Performance and Outlook

    • SMPs show promising economic growth, with 72% of firms maintaining or growing the previous year’s practice fee revenues (31% reported that practice fee revenues stayed the same, 37% reported a moderate increase, and 4% reported a substantial increase).
    • Australia/Oceania (63%), North America (56%), and Africa (55%) ranked as the top three regions reporting moderate to substantial growth in practice fee revenues.
    • Tax (48%) and advisory/consulting services (50%) were projected to be the two biggest sources of revenue growth for the year ahead. (Percentages represent respondents rating these services as “increase moderately” or “increase substantially.”)

    “It is encouraging to see SMPs maintaining or growing their revenues as they are a crucial part of the global economy,” said SMP Committee Chair Giancarlo Attolini. “With solid performance this past year, and optimism regarding revenue growth in the coming year, SMPs reflect the current state of the global economy and the spectrum of opportunities for small businesses.”

    The year-end 2014 survey, which is being undertaken in collaboration with lead researchers from the University of Dayton in the US, received 5,083 responses from 135 countries, and was conducted in 21 languages. For full results of the IFAC Global SMP Survey, expected in March 2015, please visit and subscribe to SMP updates from: www.ifac.org/SMP. Due to different response rates in different geographic areas, results may not be statistically representative of global or regional populations of SMPs. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the survey.

    About the SMP Committee
    The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee develops guidance and tools and works to ensure the needs of the SMPs are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

    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.

  • Intellectual Property, Translations & Permissions eNews: January 2015

    English
    WCOA 2014 Translations Workshop Session a Big Success

    At the World Congress of Accountants (WCOA) 2014 in Rome, the session “Translating International Standards and Guidance: Best Practices and Tools to Achieve Quality Translation” offered an opportunity to share best practices, technical tools, and IFAC® policies on translation. Interest in this session ran high and WCOA 2014 officials had to relocate it to accommodate a larger audience.

    Chaired by Kelly Anerud, IFAC Deputy Director, Intellectual Property, it provided a comprehensive overview of resources and competencies required to achieve high-quality and widely accepted translations of international standards and related guidance.

    In addition to the Chair’s presentation, “Translating International Standards and Guidance,” the session included presentations by Hilde Blomme, Deputy CEO of the Federation of European Accountants (FEE), who focused on the challenges of representing one region with many languages, by Javier Quintana, Secretary of the Ibero-American Cooperation Framework (IberAm Project) and CEO of the Instituto de Censores Jurados de Cuentas de España, who discussed the experiences of the IberAm Project in working with several regions and numerous countries represented by one language; and by Mariarita Cafulli, Head of the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabli Translation Department, who shared useful tools and resources, such as computer software, for translating international standards.

    New “IFAC Translator Forum” Launched on LinkedIn

    IFAC's Intellectual Property, Translations, & Permissions Department recently introduced the “IFAC Translator Forum,” a subgroup of IFAC’s LinkedIn group. The “IFAC Translator Forum,” which has nearly 100 members, is targeted to IFAC-designated translating body contacts and related stakeholders as a way to share best practices, collaborate, submit questions and offer responses on topics related to the translation of standards, handbooks, guides, and tools. To request membership, click “Join” and the request will be reviewed by the group manager. Membership in the IFAC LinkedIn group, which is open to all, is required to join the IFAC Translator Forum. 

    French Translating Bodies Formalizing Cooperative Efforts

    Following a meeting at WCOA 2014 between 10 organizations representing 30 Francophone nations, the French translating bodies are progressing in their efforts to produce a more formal structure for collaboration on high-quality French translations of international standards and other IFAC publications. Representatives from a subgroup of the French translating bodies will meet with IFAC in March to work on a draft cooperation framework and to prepare a preliminary Memorandum of Understanding. 

    Spanish Translation of Statements of Membership Obligations Published

    In December, the IberAm Project published the authorized Spanish translation of IFAC’s Statements of Membership Obligations (SMOs). IFAC officials called this a “milestone development” for the IberAm Project, as it represents the first document to have undergone the complete IberAm process, which includes translation, transfer to translation memory software, review, approval, formatting, and publication. The IberAm Project Memorandum of Understanding was signed on October 2, 2012, at IFAC’s New York offices with the goal of developing single, high-quality Spanish language translations of international standards and other IFAC publications.

    Update on IberAm Project Activities

    The IberAm Project Executive Committee recently approved the final translation of the International Auditing and Assurance Standards Board® (IAASB®) 2013 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, Volume I, and other documents, including publications from the IAASB, the International Ethics Standards Board for Accountants® (IESBA®), the Professional Accountants in Business (PAIB) and Professional Accountancy Organization (PAO) Development committees, and a summary of IFAC Policy Position Papers 1-8. These translations will now proceed to be published in various formats over the coming months. Other documents, such as IAASB Exposure Drafts, IAASB video modules, Small and Medium Practices (SMP) guidance, toolkits from the PAO Development Committee, and publications from the PAIB Committee are in various stages of the IberAm process and will be published over the coming months.

    Online Permission Request and Inquiry Management System

    IFAC’s Intellectual Property, Translations & Permissions department encourages stakeholders to utilize the recently launched Online Permission Request and Inquiry (OPRI) Management system, which is designed to streamline the process of submitting requests for reproduction, translation, and information. OPRI allows registered users to submit new requests by type (reproduction, translation of international standards, translation of other publications, or inquiry) as well as manage all their requests in one place, duplicate existing requests to save time when placing new ones, and view the status of pending requests.

    Updates on Recent Translations Posted on Twitter

    IFAC is now using social media to update stakeholders on recently translated publications and resources, via IFAC’s @IFAC_Update handle on Twitter. Here are the latest translated publications:

    Revisions and Updates to “Frequently Asked Questions” Section

    IFAC has recently revised and updated the Frequently Asked Questions (FAQs) section of the Intellectual Property, Translations & Permissions web page. This section includes 50 responses related to areas of interest such as IFAC’s relevant policies and processes, performing quality translations, the process for obtaining an agreement with IFAC to perform or reproduce translations, terminology used in translations, and use of IFAC logos, trademarks, and graphics. The FAQs are a useful resource for a range of stakeholders, including IFAC member bodies, national standard-setting bodies, adopting authorities, training providers, and commercial publishers. 

    Translations Database to Incorporate New Features

    IFAC’s Translations Database is adding new enhancements, including an improved search/sort function, publication title in the language of translation, and links from the translated publications to the original English-language documents. The publicly available Translations Database lists authorized translations of IFAC publications, including the international standards, and the ongoing enhancements are aimed at improving user-friendliness and expanding its search functionality. These new features are expected to be available during the second quarter of 2015.

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