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.

The Nominating Committee of IFAC has today issued the Call for Nominations for Boards and Committees in 2014. This announcement represents the beginning of the period for submitting nominations for available positions on the independent standard-setting boards* and the IFAC Board and committees. The period for nominations ends on March 15, 2013.

For 2014, there are 46 vacancies on boards and committees, including two leadership positions—the chairs of the Professional Accountancy Organization Development Committee and the Professional Accountants in Business Committee.

“The independent standard-setting boards and the IFAC Board and committees attract extremely talented and qualified individuals with wide-ranging experience, which contributes to their authority,” said IFAC President Warren Allen. “We thank all our stakeholders, including our members and the Forum of Firms, for their continued support and look forward to receiving their nominations.”

The Nominating Committee is looking for highly-qualified nominees who possess knowledge of the subject matters considered by the relevant board or committee, are proficient in English, and are willing to commit between 300 and 600 hours per year, depending on the board or committee. Nominations from the Africa-Middle East and the Latin America-Caribbean regions, as well as BRICS (Brazil, Russia, India, China, and South Africa) are particularly encouraged, as are nominations of female candidates.

All vacancies on the independent standard-setting boards are open for nominations by the public, including, for the first time, the International Public Sector Accounting Standards Board. For more information regarding open vacancies, requirements for membership, and how to apply, please refer to the Call for Nominations.

The Nominating Committee follows an open and transparent process in selecting the best 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 www.ifac.org/about-ifac/structure-governance/nominating-committee.

IFAC encourages all members and associates to share the Call for Nominations with their membership in order to solicit the most talented professionals.

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.

 *The independent standard-setting boards are 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).

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During the May 2012 Professional Accountancy Organization (PAO) Development Committee meeting held in Tunis, Tunisia, discussions were held on the success factors, opportunities, and challenges relevant to the accountancy profession in Africa. Key points have been summarized and refined into the following informal high-level guidance, which may be particularly informative and insightful to those individuals and organizations working to establish, strengthen, and/or further develop PAOs throughout Africa.

Dr. Gary Pflugrath is the Executive General Manager, Policy & Advocacy at CPA Australia. 

Dr. Pflugrath was a member of IFAC's staff from 2011-2018, where he had responsibility for the public policy and regulation as well as IFAC's performance reporting and risk management. He also has responsibility for the IFAC's governance activities.

Dr. Pflugrath’s positions prior to joining IFAC include nearly 20 years at the Reserve Bank of Australia and serving as a lecturer in accounting at the University of New South Wales while completing his doctoral studies. Subsequently, he was a policy adviser (audit and assurance) at CPA Australia.

Dr. Pflugrath holds a Bachelor of Business (Accounting) Degree, (Chisholm Institute of Technology, now Monash University), and a Master of Business Administration Degree (University of Melbourne). He received his Doctorate of Philosophy (PhD) from UNSW in 2008. He has published referred articles in several academic journals, including Auditing: A Journal of Practice and Theory, the Journal of Business Ethics, and the International Journal of Auditing. Dr. Pflugrath has been a CPA in Australia for more than twenty years.

The SMP Committee submitted this comment letter to the International Ethics Standards Board for Accountants (IESBA)'s proposed changes to the Code of Ethics for Professional Accountants addressing Responding to a Suspected Illegal Act.

The business advisory video series features interviews with SMP Committee Members Florin Toma, CPA, Romania, and Stuart Black, FCA, Australia. View all on the IFAC YouTube Channel.

The business advisory video series features interviews with SMP Committee Members Florin Toma, CPA, Romania, and Stuart Black, FCA, Australia. View all on the IFAC YouTube Channel.

The business advisory video series features interviews with SMP Committee Members Florin Toma, CPA, Romania, and Stuart Black, FCA, Australia. View all on the IFAC YouTube Channel.