An erratum to the Call for Nominations for Boards and Committees in 2014 regarding nominations to the International Public Sector Accounting Standards Board (IPSASB) was made available today.

The Call for Nominations contained an error when it was first published on January 15, 2013. The number of vacancies on the IPSASB for 2014 was incorrect—there will be five vacancies on the IPSASB in 2014, including at least one vacancy for a public member. The Call for Nominations originally indicated four vacancies and no vacancy for a public member.

Consequently, the deadline for submitting nominations for the IPSASB for 2014 has been extended to April 5, 2013. The erratum, which provides updated information regarding vacancies, qualifications, and deadlines, is available on the IFAC website.

We sincerely apologize for any inconvenience this error might cause.

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 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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In This Issue:

1. SMP Quick Poll—December 2012 Results and Year-End Report

STANDARDS AND REGULATION
2. IAASB Consults on Audit Quality Framework
3. Boards Seek Input on Strategy Development
4. Input to IESBA: Responding to a Suspected Illegal Act
5. IFRS for SMEs Update

RESOURCES AND REPORTS
6. Engagement Quality Control Reviews: Practical Considerations
7. Third Edition of Practice Management Guide Now Available
8. Business Reporting Processes Guidance
9. New Translations of SMP Guides

MEETINGS AND EVENTS
10. Upcoming IFAC SMP Forum
11. Next Committee Meeting and New Members
12. World Congress of Accountants 2014 to be Held in Rome; Sponsorship Opportunities

1. SMP Quick Poll—December 2012 Results and Year-End Report

The Nov.-Dec. 2012 IFAC SMP Quick Poll showed that the smallest accounting practices and their clients remain cautiously optimistic, despite concerns over continuing economic uncertainty and, in some cases, overly burdensome regulations and standards.

After keeping up with new regulations and standards, three issues related to the health of the economy—attracting and retaining clients, pressure to lower fees, and rising costs—topped the list of challenges faced by SMPs. Similarly, respondents indicated that their small- and medium-sized entity (SME) clients are most challenged by regulations, followed by economic uncertainty. Respondents generally expect little change in business performance in the coming year; however, slightly more SMPs (5 points more) indicated they expect business to improve in the coming year compared to those who said the same at the end of 2011. They expect this growth primarily to be driven by revenue from new clients.

The year-end 2012 poll was conducted in 17 languages from November 21 to December 31 and received 3,767 responses. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the poll. See the full report, which includes notable variations by region and size of practice in addition to selected trend data based on previous polls, in the SMP Committee area of the IFAC site: www.ifac.org/SMP. Also, listen to SMP Committee Chair Giancarlo Attolini’s podcast interview with Accountancy Ireland on key highlights from the poll.

STANDARDS AND REGULATION

2. IAASB Consults on Audit Quality Framework

The International Auditing and Assurance Standards Board (IAASB) has released for public comment a Consultation Paper, A Framework for Audit Quality, seeking input from all stakeholders. Through the proposed framework, the IAASB aims to raise awareness of the key elements of audit quality, encourage stakeholders to explore ways to improve audit quality, and facilitate greater dialogue on the topic. The SMP Committee will submit a comment letter and encourages individual SMPs to comment as well. The comment deadline is May 15, 2013. See also the At-a-Glance Summary.

3. Boards Seek Input on Strategy Development

The International Ethics Standards Board for Accountants (IESBA) is conducting a strategic review to develop a new strategy and work plan for 2014-2016. It is seeking the views of interested parties on key issues to address and their relative priorities as part of this strategy and work plan.

To contribute your views, participate at IESBA 2014-2016 Strategic Review Survey. The survey will close on March 15, 2013. Individual responses will not be made public.

At the International Auditing and Assurance Standards Board (IAASB) meeting in Brussels, the board discussed, among other projects, the development of its future strategy, including the stakeholder survey that will form part of its strategy development. See the relevant agenda paper and IAASB Meeting Page for more information.

4. Input to IESBA: Responding to a Suspected Illegal Act

The SMP Committee submitted a comment letter to the International Ethics Standards Board for Accountants (IESBA) on its Exposure Draft (ED), Responding to a Suspected Illegal Act, which closed on December 15, 2012. The IESBA will consider the significant comments from the nearly 70 responses received on the ED at its March 2013 meeting.

5. IFRS for SMEs Update

International Accounting Standards Board (IASB) member Darrel Scott has been appointed chairman of the SME Implementation Group (SMEIG), replacing Paul Pacter, whose term at the IASB ended last year. The SMEIG supports the international adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and monitors its implementation. The SMEIG met on Feb 4–5 in London. See the Meeting Page to learn more.

RESOURCES AND REPORTS

6. Engagement Quality Control Reviews: Practical Considerations

An Engagement Quality Control Review (EQCR) is an important component of an audit firm’s overall audit quality process. The staff of the Transnational Auditors Committee (the executive arm of the Forum of Firms) recently released an Information Paper, Engagement Quality Control Review: Practical Considerations, that illustrates the more judgmental elements relating to an EQCR to help practitioners evaluate and enhance their own processes for conducting such reviews. The paper states, “SMPs may very well apply a less comprehensive EQCR that covers all the requirements of the ISAs and ISQC 1.” SMPs are encouraged to refer to the Guide to Quality Control for Small- and Medium-Sized Practices for more guidance.

7. Third Edition of Practice Management Guide Now Available

The third edition of its Guide to Practice Management for Small- and Medium-Sized Practices (PM Guide) is now available. The comprehensive guide covers a broad range of topics to help practitioners effectively market, manage, and grow their accounting practices. The new edition of the guide features improvements in content and functionality, including new and updated material on value pricing, knowledge networks, social media marketing, building a business advisory practice, and cloud computing. The tables of contents of each of the eight standalone modules are now cross-linked to improve navigation, and the lists of further readings at the end of each module have been updated. See also the Companion Manual for ways that professional accountancy organizations can use the guide to benefit their members, and links to additional practice management resources from IFAC, its member organizations, and other sources.

8. Business Reporting Processes Guidance

The IFAC Professional Accountants in Business (PAIB) Committee has developed new International Good Practice Guidance to help professional accountants in business work with their organizations to enhance business reporting processes. Principles for Effective Business Reporting Processes discusses 11 key principles for evaluating and improving business reporting processes, which are complemented by practical guidance outlining the critical arrangements that need to be in place for effective business reporting. The guidance is designed for organizations of all sizes, structures, and sectors, as all organizations need to produce high-quality reports.

9. New Translations of SMP Guides

New translations of the SMP Committee’s three comprehensive guides have recently been released. To access these, filter by language in SMP Publications & Resources: 

• Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities in Arabic, Dutch, Latvian, Slovak, and Spanish
• Guide to Quality Control for Small- and Medium-Sized Practices in Italian
• Guide to Practice Management for Small- and Medium-Sized Practices in Italian and Spanish

MEETINGS AND EVENTS

10. Upcoming IFAC SMP Forum

The 2013 IFAC Small and Medium Practices (SMP) Forum will be held in Kampala, Uganda, on June 5, 2013, and jointly hosted with the Institute of Certified Public Accountants of Uganda (ICPAU) and the Pan African Federation of Accountants (PAFA). Each IFAC member organization may send up to ten delegates, who should be those responsible for SMP/small- and medium-sized entity (SME) affairs at their organization. Registration forms will be sent to IFAC member organizations closer to the event. If you are an individual member of an IFAC member organization and wish to attend, please register your interest with your organization. More information will be posted at www.ifac.org/2013SMPForum as it becomes available.

11. Next Committee Meeting and New Members
The SMP Committee will next meet February 18–19 in New York. The committee welcomes new members Dawn McGeachy-Colby, Katharine Bagshaw, and Subodh Agrawal, and technical advisors Eddy Wong, Makokha Wanjala, Ken McManus, and Gail McEvoy.

See bios for all SMP Committee members on the committee’s website: www.ifac.org/SMP.   

12. World Congress of Accountants 2014 to be Held in Rome; Sponsorship Opportunities

The next World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) in Rome, Italy in 2014. Themed 2020 Vision: Learning from the Past, Building the Future, the 2014 WCOA will be held November 10-13 at the Auditorium Parco della Musica. More than 4,000 professionals from all over the world will convene at this can’t-miss IFAC event, held every four years. WCOA 2014 will look back to explore the evolution of the accountancy profession and forward to showcase innovations that will shape the future of the profession. 

 The WCOA also affords an unparalleled opportunity for organizations and firms to share their projects and visions with the world by taking advantage of one of our carefully crafted sponsorship packages. There are numerous options so you’ll be able to select the one that best suits your organization’s unique strategy and goals. For more information, please contact info@wcoa2014rome.com or Dimarco@wcoa2014rome.com. 

This strategy and work plan sets out the vision, strategic direction and corresponding work plan of the International Federation of Accountants’ (IFAC) Professional Accountancy Organization Development Committee for the period 2011-2014. This vision exists within the context of the current and anticipated environment in addition to the perceived needs of Professional Accountancy Organizations (PAOs) in emerging and developing countries and their country contexts.

Welcome to IFAC's Translations and Permissions eNews.

In This Issue:

1. Ibero-American Cooperation Framework for Sustainable Spanish Translations Established
2. Update of Policy Statements
3. Updated Translations and Permissions Reference Materials Available
4. Event Scheduled Regarding Adoption and Implementation of International Standards in the Former Soviet Republics in Europe and Central Asia
5. Newly Available Translations: September 2012–December 2012

1. Ibero-American Cooperation Framework for Sustainable Spanish Translations Established

In October 2012, 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 formally agreed to establish an Ibero-American cooperation framework to achieve longer-term, sustainable processes for a single, Spanish translation of international standards and other IFAC publications.

The resulting landmark Memorandum of Understanding was commemorated with a formal signing ceremony that included the Interamerican Accounting Association, the IFAC recognized regional organization for Latin America and the Caribbean. The newly created Executive Committee of the Ibero-American Cooperation Framework will have its inaugural meeting in early February 2013 to plan the way forward.

For more information on Spanish-language or other translations, please visit the IFAC Translations Database. 

2. Update of Policy Statements

While IFAC greatly appreciates the significant contributions made by many of its stakeholders in the adoption and implementation of international standards, it also must adapt to the increased cost of high-quality international standard setting. In December 2012, the IFAC Board introduced an annual license fee, or waiver fee depending on the circumstances, for use of IFAC copyrighted materials. Such fees contribute to funding the continued activities and mission of IFAC and the independent standard-setting boards it supports.

The introduction of the fee structure is the only change of substance to the policy statements. The fee structure is outlined in Policy for Translating and Reproducing Standards Published by the International Federation of Accountants, and Policy for Reproducing, or Translating and Reproducing, Publications of the International Federation of Accountants.

3. Updated Translations and Permissions Reference Materials Available

4. Event Scheduled Regarding Adoption and Implementation of International Standards in the Former Soviet Republics in Europe and Central Asia

IFAC, the International Auditing and Assurance Standards Board (IAASB), and the International Accounting Standards Board (IASB) will be hosting an invitation-only event in London, May 15-16, 2013, focused on developments in International Standards on Auditing and International Financial Reporting Standards, with discussion of their adoption and implementation in the former Soviet Republics in Europe and Central Asia. Translations, including Russian and other languages, of IAASB and IASB pronouncements will be a significant topic of discussion.

5. Newly Available Translations: September 2012–January 2013

• Albanian—New IFAC Publication Provides Support for Professional Accountants Improving Internal Control (2012)
• Arabic—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition (2011)
• Azeri—Handbook of International Public Sector Accounting Pronouncements (2011)
• Danish—International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (2011), International Standard on Related Services (ISRS) 4410 (Revised), Compilation Engagements (2012)
• Dutch—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Second Edition (2010), International Auditing Practice Note (IAPN) 1000, Special Considerations in Auditing Financial Instruments (2011)
• Finnish—Handbook of the Code of Ethics for Professional Accountants (2012), Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012)
• French—International Framework for Assurance Engagements (2012)
• German—International Framework for Assurance Engagements (2012), Handbook of International Public Sector Accounting Pronouncements (2011)
• Hungarian—Integrating Governance throughout an Organization Helps Achieve Sustainable Success (2012)
• Italian—How to Cope with Pressure to Lower Fees (2012), SMP Quality Control Guide Orientation Slides (2012), Guide to Quality Control for Small- and Medium-Sized Practices, Third Edition (2011), Guide to Practice Management for Small- and Medium-Sized Practices, Second Edition (2011)
• Kazakh—Handbook of International Public Sector Accounting Pronouncements (2011)
• Latvian—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition (2011), Guide to Quality Control for Small- and Medium-Sized Practices (2011)
• Romanian—New IFAC Publication Provides Support for Professional Accountants Improving Internal Control (2012), How to Cope with Pressure to Lower Fees (2012), Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success (2013), International Good Practice Guidance: Principles for Effective Business Reporting Processes (2013)
• Russian—Handbook of International Quality Control, Auditing, Review, Other Assurance and Related Services Pronouncements - Part I (2010), Handbook of International Public Sector Accounting (2011)
• Slovak—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition (2011)
• Slovenian—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2010), International Auditing Practice Note (IAPN) 1000, Special Considerations in Auditing Financial Instruments (2011), International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (2011)
• Spanish—International Public Sector Accounting Standards (IPSAS) 32 and Improvements to IPSASs (2011), IAASB Strategy and Work Program, 2012–2014 (2012), Feedback Statement: The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications (2012), Helping Small- and Medium-Sized Practices Meet the Challenges and Seize the Opportunities of Tomorrow” (2012), Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (2010), Guide to Practice Management for Small- and Medium-Sized Practices (2011)
• Swedish—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012)
• Thai— Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2010), International Standards on Auditing Modules (2009/2010)
• Turkish—IFAC SMP Quick Poll: May-June 2012 (2012)

Please Check IFAC’s Translations Database Regularly for Updates

The list of new translations of IFAC publications by third parties is continuously updated; please visit the Translations Database  for the latest information available.

The latest IFAC SMP Quick Poll, conducted in late 2012, showed that the smallest accounting practices and their clients are not immune to macroeconomic instability. With the continuing sovereign debt crisis, a double-dip recession in the Eurozone, and rising inflation in some regions, economic uncertainty pervaded many of the responses to the poll of small- and medium-sized accounting practitioners (SMPs). Despite these concerns, SMPs remain cautiously optimistic, showing their resilience and perseverance during challenging times.

After keeping up with new regulations and standards, three issues related to the health of the economy—attracting and retaining clients, pressure to lower fees, and rising costs—topped the list of challenges faced by SMPs. Similarly, respondents indicated that their clients, small- and medium-sized entities (SMEs), are most challenged by regulations followed by economic uncertainty. Respondents generally expect little change in business performance in the coming year; however, slightly more SMPs (5 points more) indicated they expect business to improve in the coming year compared to those who said the same at the end of 2011. They expect this growth primarily to be driven by revenue from new clients.

While respondents identified the reputation and credibility of the profession as a top issue facing the profession in 2013, they generally ranked public perception of the profession in their country/jurisdiction as average to above average and expect this perception to improve by 2025.

“As drivers of growth and development, small businesses are extremely important to the health of local and global economies. We must not underestimate the value of this sector and the role that accountants play in supporting SMEs as trusted business advisors. Therefore, regulators and standard setters need to be mindful of the impact their requirements have on SMPs and SMEs; as the poll results show, this is an area that continues to challenge both small businesses and their accountants,” said SMP Committee Chair Giancarlo Attolini.

The poll report includes notable variations by region and size of practice in addition to trend data based on previous polls where available. 

The year-end 2012 poll received 3,767 responses and was conducted in 17 languages from November 21 to December 31. The poll, conducted twice in 2012, is intended to take a snapshot of key challenges and trends influencing SMPs globally; since the responses were not geographically balanced, the results are not necessarily representative of SMPs on a global or regional basis. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the poll. 

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. IFAC is comprised of 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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This report provides a summary and, where appropriate, analysis and commentary including possible limitations of the data from the poll conducted November 21-December 31, 2012. This edition of the poll received 3,767 responses and was conducted in 17 languages.

Welcome to IFAC's Professional Accountants in Business Committee (PAIB) eNews.

In This Issue:

1. Business Reporting Process Guidance Released by PAIB Committee
2. Reminder: Comment Period Coming to a Close for Strategy and Work Plan
3. PAIB Committee Submits Comment Letters on Relevant Issues, Publications
4. ACCA Virtual Conference Includes IFAC Presentation on Sustainability and Accountancy
5. PUMA Environmental P&L Methodology Receives Independent Approval
6. COSO Seeking New Board Chair
7. Recent News, Events, and Publications of Interest

1. Business Reporting Processes Guidance Released by PAIB Committee

Principles for Effective Business Reporting Processes, new International Good Practice Guidance (IGPG), has been released by the PAIB Committee. The guidance helps professional accountants in business work with their organizations to enhance business reporting processes, and discuss the key issues of developing effective processes. At the heart of the new guidance are 11 key principles for evaluating and improving business reporting processes, which are complemented by practical guidance outlining the critical arrangements that need to be in place for effective business reporting. The guidance can also be used to prepare for enhanced forms of business reporting, such as integrated reporting, and is designed for organizations of all sizes, structures, and sectors, as all organizations need to produce high-quality reports.

2. Reminder: Comment Period Coming to a Close for Strategy and Work Plan

The comment period for the proposed Professional Accountants in Business (PAIB) Strategy and Work Plan for 2013-2016 closes next week—January 31, 2013. The proposed plan outlines specific initiatives to improve recognition of the diverse roles professional accountants in business perform and how they need to be positioned to drive successful and sustainable organizations. As professional accountants in business make up more than half of all accountants in the world, they have the collective power to significantly influence their organizations in implementing effective governance and an ethical culture supported by integrated risk management and internal control, sustainable leadership, and effective reporting and performance management.

Additionally, the comment period for Project and Investment Appraisal for Sustainable Value Creation, proposed new International Good Practice Guidance, closes on February 28, 2013. The proposed IGPG will help the accountancy profession facilitate sustainable organizations, financial markets, and economies by taking into account economic, environmental, and social considerations for project appraisal and investment decisions.

3. PAIB Committee Submits Comment Letters on Relevant Issues, Publications

The PAIB Committee has submitted multiple comment letters recently on topics relating to the work and needs of professional accountants in business.

• Responding to a Suspected Illegal Act
  The PAIB Committee submitted a comment letter to the International Ethics Standards Board for Accountants (IESBA)’s proposed changes to the Code of Ethics for Professional Accountants, Responding to a Suspected Illegal Act. In the letter, the PAIB Committee makes the case for the IESBA to clarify the need for the proposed revisions, modify the wording to change aspects of reporting an illegal act from a “requirement” to “apply or be able to explain,” allow for cultural or legal differences, and clarify that resignation over a suspected illegal act should be the last resort of a professional accountant, among other recommendations.

• COSO’s Internal Control over External Financial Reporting
  In response to the Committee of Sponsoring Organizations of the Treadway Commission (COSO)’s Internal Control over External Financial Reporting: Compendium of Approaches and Examples and Illustrative Tools for Assessing Effectiveness of a System of Internal Control, the PAIB Committee advocated for greater integration between internal control and risk management frameworks; revision of the internal control framework to embrace a wider perspective beyond applying internal control to reporting, operations, and compliance; and shortening the text of the framework.

• Invitation to Comment: Improving the Auditor’s Report
  The PAIB Committee’s response to the International Auditing and Assurance Standards Board (IAASB)’s Invitation to Comment, Improving the Auditor’s Report, drew heavily from Integrating the Business Reporting Supply Chain, which recommended specific improvements to auditor communication. The committee’s response emphasized the primary need for high-quality business reporting from organizations.

4. ACCA Virtual Conference Includes IFAC Presentation on Sustainability and Accountancy

The Association of Chartered Certified Accountants (ACCA) recently invited IFAC's Head of Professional Accountants in Business, Stathis Gould, to address its Global Virtual Conference during the Business Models for a Green Economy session. Mr. Gould’s session, which drew more than 300 participants, touched on the overall global context for issues of sustainability, examples of models in use, and embedding sustainability into business practices. The presentation slides and audio file are available on the IFAC website.

5. PUMA Environmental P&L Methodology Receives Independent Approval

Footwear company PUMA recently received approval from independent experts gathered by its parent company, PPR, to review its approach to environmental profit and loss(P&L). In 2011, PUMA became the first major company to release an environmental P&L statement and put an economic value on greenhouse gas emissions and water consumption (see July 2011 PAIB Committee eNews for more information). The results of this independent methodology review found that PUMA’s approach “clearly applied credible valuation approaches.” For more information, see The Guardian Sustainability Blog.

6. COSO Seeking New Board Chair

COSO is seeking a new chair for a three-year term beginning June 1, 2013. The current chair, David Landsittel, is stepping down after serving for four years.

7. Recent News, Events, and Publications of Interest

• The World Bank has published a new report on climate change, Turning Down the Heat: Why a 4°C Warmer World Must Be Avoided. The report argues that the world could see significant, problematic changes, including extreme heat waves, declining food supplies, and rising sea levels, if greenhouse gas emissions aren’t lowered.
• The International Integrated Reporting Council (IIRC) has released its prototype of the International Integrated Reporting Framework to “demonstrate progress towards defining key concepts and principles that underpin [integrated reporting] and support organizations’ ability to produce an integrated report.” Additionally, the IIRC has released:
  
• Emerging Examples Database to demonstrate emerging best practices;
• Understanding Transformation: Building the Business Case for Integrated Reporting;
• Video interviews with Pilot Programme participants discussing their experiences and approaches; and
• The Pilot Programme 2012 Yearbook: Capturing the Experiences of Global Businesses and Investors.

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 129 countries, has issued new International Good Practice Guidance, Principles for Effective Business Reporting Processes. This principles-based guidance establishes a benchmark for professional accountants in business to establish more effective business processes in the organizations in which they work.

"An organization’s sustainable success depends on the support of stakeholders and the quality of their decision making,” said Roger Tabor, chair of the PAIB Committee. “High-quality reporting is essential to both, and needs effective business processes to deliver it."

This guidance is directed at all organizations wishing to enhance their reporting processes—no matter their size or structure, or whether they are private or public, as all organizations should have effective reporting processes to provide high-quality reports for their internal and external stakeholders.

“Professional accountants in business are often involved in the design, planning, execution, audit, evaluation, and improvement—or, in short, the implementation—of their organizations’ reporting processes,” said Karyn Brooks, chair of the PAIB Committee’s Business Reporting Task Force. “This International Good Practice Guidance covers the primary issues professional accountants in business should address in implementing effective reporting processes in their organizations.”

About International Good Practice Guidance
International Good Practice Guidance (IGPG) issued by the PAIB Committee cover areas of international and strategic importance in which professional accountants in business are likely to engage. In issuing principles-based guidance, IFAC seeks to foster a common and consistent approach to those aspects of the work of professional accountants in business not covered by international standards. IFAC seeks to clearly identify principles that are generally accepted internationally and applicable to organizations of all sizes in commerce, industry, education, and the public and not-for-profit sectors. Previously issued IGPGs are available on the IFAC website, including Preface to IFAC’s International Good Practice Guidance.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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This International Good Practice Guidance from the IFAC Professional Accountants in Business (PAIB) Committee helps organizations enhance their reporting processes and discusses the key issues professional accountants in business need to address when implementing effective reporting processes in their organization. At the heart of the new guidance are 11 key principles for evaluating and improving business reporting processes, which are complemented by practical guidance outlining the critical arrangements that need to be in place for effective business reporting.