The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, welcomes the Spanish translation of the Handbook of International Public Sector Accounting Pronouncements – 2011 Edition.

This Spanish translation was undertaken by faculty members from the Department of Accounting and Finance, Faculty of Economics and Business Administration, at the University of Zaragoza, Spain. It has been reviewed by an international committee consisting of public sector experts from Argentina, Chile, Mexico, Spain, and Uruguay.

“This Handbook provides a comprehensive set of accounting requirements and guidance developed specifically for preparers of public sector financial statements. Due to the increasing pace of adoption in Spain and Latin America of these standards, this Spanish language translation is especially welcome,” said Andreas Bergmann, Chairman of the International Public Sector Accounting Standards Board (IPSASB).

IFAC’s Chief Executive Officer Ian Ball stated, “Availability of this translation will facilitate and support the adoption and implementation of the International Public Sector Accounting Standards in Spanish-speaking countries. The current sovereign debt issues in many countries around the world makes clear that financial management and reporting reform in the public sector is sorely needed. This translation will help contribute to that reform, as well as to enhanced comparability, transparency, and accountability in the public sector globally.” 

IFAC is presenting a global seminar, The Sovereign Debt Crisis, A Matter of Urgency—from Lessons to Reform, March 19-20, 2012.  The Seminar will feature prestigious guest speakers that include: Vincenzo LaVia, Chief Financial Officer of the World Bank Group; Hon. David Walker, Founder and CEO of the Comeback America Initiative and Former United States Comptroller General; and Göran Persson, Former Prime Minister of Sweden.  The two-day seminar will include discussions on the role of IPSAS adoption and implementation, the success of  accrual accounting, the role of the finance professional in reform and convergence, the complexity of public interest reporting, and more. For more information please contact sdseminar@ifac.org.

A Spanish translation of IPSASB’s Study 14 - Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities was also recently published.

Both projects were made possible with the assistance of the World Bank and contributions from the government of Spain through the Spanish Fund for Latin America and the Caribbean. These publications can be downloaded free of charge in PDF format from the IFAC website. They have not been published in print format. Reproduction, distribution or dissemination of these publications requires permission of IFAC. Contact permissions@ifac.org for further information. For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database: www.ifac.org/about-ifac/translations-permissions/translations-database.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the United Nations and the governments of Canada, China, New Zealand, and Switzerland.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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Over 40 participants representing 19 countries gathered in Dubai, United Arab Emirates, for IFAC’s Mentoring Insights – The Mentor Perspective workshop on February 17, 2012. The roundtable workshop brought together representatives from countries all over the world, including Australia, Canada, China, India, Kazakhstan, Nigeria, and the UK. Discussions centered around the drivers for undertaking mentoring; the areas in which support is most commonly sought; and the key success factors and challenges based on the experiences of those attending the event. The range of information gathered will be used to inform the PAO Development Committee Mentoring Program, and in particular the mentoring toolkit.

Below are some of the presentations given by attendees. The extended agenda for the event, Mentoring: The Path to Sustainable Development, and the Event Summary are also available.

In recent years there has been an increased focus on mentoring activity between professional accountancy organizations (PAOs) as a valuable way of sharing knowledge and transferring sustainable expertise. Recognizing the value of these relationships, IFAC member bodies around the world are working together through twinning arrangements, donor-funded projects, and a wide range of collaborative partnerships to support each other and less-established PAOs.

This is the executive summary for Investor Demand for Environmental, Social, and Governance Disclosures:Implications for Professional Accountants in Business, which considers trends in investor demand for and use of environmental, social, and governance (ESG) information, and recommends how professional accountants can better support their organizations in responding to these demands, and ultimately improve the management and reporting of ESG performance.

Ian Ball, IFAC’s Chief Executive Officer, recently attended the L'Institut des Réviseurs d'Entreprises’ European Study Day conference in Brussels, Belgium. Mr. Ball delivered a presentation on Auditing in the Public Sector, which details the societal role of the audit, the need for adoption of accrual-based accounting by governments and public sector institutions, and IFAC’s commitment to global convergence of international standards

Presentation given by Giancarlo Attolini, chair of the Small and Medium Practices Committee to the IFAC Chief Executives Strategic Forum in New York, NY, February 27, 2012.

See the press release and article on the cover of the April 2012 IFAC Newsletter. See also the brochure or email SMPForum@ifac.org for more information.

Forum Program

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, today released the results of its 2011 IFAC Global Leadership Survey of the Accounting Profession.

Respondents identified three issues of particular concern to the profession in 2012: the Difficult global financial climate, Enhancing the reputation/credibility of the profession, and Addressing the needs of SMPs and SMEs. Additional concerns for this year include: Issues related to EU draft legislation, Public sector/sovereign debt issues, Increased regulation, Global regulatory convergence, Role of the professional accountant in business, and Auditor independence.

“The difficult financial climate was a strong theme in this year’s survey,” said Ian Ball, chief executive officer of IFAC. “Accountancy leaders around the world told us that a key concern is addressing the needs of SMPs and SMEs, important engines of economic growth and development that could be instrumental in improving the world’s economies. Continued global regulatory convergence—which can help promote growth and development, reduce economic uncertainty, and enhance international financial stability—was also highlighted as a significant issue. Addressing the ongoing sovereign debt issues, which are impacting growth and contributing to economic uncertainty, were also highlighted as key concerns for 2012.”

About the Survey
The 2011 IFAC Global Leadership Survey on the Accountancy Profession asked officers (generally presidents and chief executive officers) from IFAC’s member bodies, associates, affiliates, and regional accountancy organizations and groupings a variety of questions regarding the accountancy profession. The survey results include data from 123 respondents from 71 countries and jurisdictions who took the survey from December 1, 2011 to January 11, 2012.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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IFAC believes that the accountancy profession will have an essential role to play in resolving the current crisis and in building a reformed international financial system. Therefore, IFAC would like to support the G20 in its work in facilitating change throughout the world. In doing so, IFAC submitted separate letters (of which this is one) to three of the four G20 Working Groups. In each letter, IFAC provides recommendations in response to the general objectives stated in the G20’s Declaration from the Summit on Financial Markets and the World Economy issued on November 15, 2008.