Welcome to the first issue of the IFAC Member Body Development eNews.

IFAC's Member Body Development activities include promoting and supporting the role of professional accountancy organizations, facilitating the work of its members in the adoption and implementation of international standards, collaborating with the donor community to build capacity in emerging economies, and raising awareness about the issues being addressed by the profession globally. These activities are carried out by the Member Body Development staff with advice and consultation from the IFAC Compliance Advisory Panel and the Developing Nations Committee.

The Member Body Development eNews will highlight the work of IFAC members, recognized regional organizations, and acknowledged accountancy groupings, and the development community to strengthen and contribute to the worldwide accountancy profession.

We welcome all of your comments and suggestions for making this new publication even better. For further information, please contact communications@ifac.org.

In this Issue:

1) IFAC Members Focus on Actions and Continuous Improvement
2) Capacity Building Initiatives
3) New IFAC Members and Associates
4) International Standards Adoption - ISA Update
5) Share MBD eNews With Your Colleagues

1) IFAC Members Focus on Actions and Continuous Improvement

The IFAC Member Body COmpliance Program was launched in 2004 to encourage continuous improvement by IFAC members and associates. The foundation of the program is articulated in IFAC's membership requirements (Statements of Membership Obligations (SMOs)). The SMOs cover seven areas of relevance to the profession and focus on promoting the adoption and implementation of international standards, as well as investigation and disciplinary mechanisms and external quality assurance.

The program is currently in the Part 3, Action Plan phase, launched after the initial two phases that were designed to gather information about national standard setting and regulatory frameworks. Action Plans are developed by IFAC members and associates to illustrate how these organizations are addressing SMOs requirements. In the interest of transparency, action plans are published on the IFAC website. To date, 76 organizations have published their Action Plans on the IFAC website with an additional 39 plans under review by the Compliance staff.

The Action Plan process recognizes that IFAC members and associates are at different stages of development and operate in different jurisdictions. However, the primary purpose of the process is to encourage continuous improvement.

 "Participating in the Compliance Program has been a truly meaningful and rewarding experience for CICPA, leading to important improvements in major areas of the development of the accounting profession in China. The Policy Recommendation and Action Plan process, in particular, have been very helpful for us to work out the convergence plan, enhance the quality assurance program, and communicate effectively with regulators, the government, and other key stakeholders." (The Chinese Institute of Certified Public Accountants)

In the coming issues of this eNews, we will be highlighting interesting and insightful developments related to the process.

2) Capacity Building Initiatives

Through Member Body Development activities, IFAC seeks to represent the profession in developing nations, and provide guidance and other resources to meet their needs. IFAC also seeks funding from the donor community for the strengthening of the accountancy profession in developing nations. Some of these initiatives are highlighted below.

West Africa Workshop
In November 2009, several professional accountancy bodies of West Africa participated in the conference organized by the Association of Accountancy Bodies in West Africa (ABWA) in Senegal. In addition to participating in the event, IFAC staff and Developing Nations Committee members organized a workshop attended by 12 of the 15 ABWA member bodies, ABWA leadership, and representatives from the World Bank to focus on the role of professional accountancy organizations and the requirements for IFAC membership. The workshop participants discussed the IFAC membership application process and Member Body Compliance Program. They also discussed the international standard-setting process in the region of West Africa. The economic size and unique regulatory framework of the region has resulted in establishing a regional mechanism coordinating standard setting for the francophone countries in the region.

Outreach in Poland, Latvia, Lithuania
Also in November 2009, Member Body Development staff met with IFAC members in Poland, Lithuania, and Latvia. The meetings with these national professional accountancy organizations served as an opportunity to follow-up on recent developments with regards to implementation of European Union regulations relating to the profession, as well as the progress of their Action Plans. Additional meetings were held with key stakeholders in each country, including representatives of Ministries of Finance and Public Oversight bodies. Information was exchanged on the roles of the profession and the oversight body in meeting EU requirements, and the general progress of oversight mechanisms.

Central America Workshop
IFAC representatives organized and lead discussions at a workshop on the IFAC Action Plan process in Panamá in January 2010. The initiative was proposed and hosted by the Colegio de Contadores Públicos Autorizados de Panamá (CCPAP) with the event being attended by IFAC members in the Dominican Republic, Nicaragua, and Costa Rica, the president of the regional organization, the Inter-American Accounting Association, and a World Bank financial management specialist for the sub-region. Representatives from an accountancy organization in El Salvador also attended the workshop as part of their interest in IFAC membership. Representatives from the member bodies presented on their progress with drafting Action Plans and exchanged experience on region-specific challenges, including strengthening education requirements and providing meaningful implementation support for the international standards being adopted in their countries. A representative from the World Bank also presented on the World Bank perspective of the Action Plan process, noting particular usefulness of the process for the capacity building of the accountancy profession. At the conclusion of the workshop, all participants and presenters agreed that going forward this type of collaborative approach is the best way for progress to be achieved and sustained.

3) New IFAC Members and Associates

During IFAC's 32nd Annual Council Meeting, the IFAC Council approved five new organizations to member or associate status. We congratulate them on this significant achievement.

New Members

1. Iran - Iranian Association of Certified Public Accountants (IACPA)

The Iranian Association of Certified Public Accountants was created by law in 1994 and became operational in 2001. IACPA members, in addition to audits of financial statements, perform management consultancy, accountancy work, insolvency and liquidation management, internal audits, and management (performance) audits. IACPA has about 1,800 CPA members employed in the public practice, business, and public sectors. In September 2009, IACPA finalized its IFAC Compliance Program Part 3, Action Plan, which is published on the IFAC website.

2. Latvia - Latvian Association of Certified Auditors (LACA)

The Latvian Association of Certified Auditors was created pursuant to the Law on Certified Auditors of January 1, 1977. LACA is officially recognized as the only professional organization in Latvia authorized to unite all certified auditors and commercial companies of certified auditors. Presently, LACA is comprised of 160 certified auditors and 140 audit firms and this number is adequate for the size of the audit market in Latvia. According to the Audit Law, only members of LACA are authorized to perform statutory audits. Additional information about LACA's planned activities are described in its Action Plan.

3. Kosovo - Society of Certified Accountants and Auditors of Kosovo (SCAAK)

The Society of Certified Accountants and Auditors of Kosovo was created under the framework established by the Law on Financial Reporting of 2001. SCAAK is the only professional accounting and auditing body in Kosovo and has a clear objective of supporting adoption of international standards. SCAAK membership includes 124 certified auditors, 548 certified accountants, and 1,318 accounting technicians. Additional information about SCAAK's planned activities are described in its Action Plan.

New Associates

4. Brunei Darussalam - Brunei Darussalam Institute of Certified Public Accountants (BICPA)

The Brunei Darussalam Institute of Certified Public Accountants was registered with the Registrar of Societies of Brunei Darussalam on June 7, 1987. It was formed to allow the accountants in Brunei Darussalam to develop and promote the profession in the country. BICPA plays a role in advising the Ministry of Finance of Brunei in standard-setting activities and supporting implementation of standards. Members of BICPA are recognized by the Ministry of Finance as public accountants (Authorized Auditors). BICPA membership, currently 70 members, reflects the small population of the country. As an IFAC associate, BICPA will work on developing its IFAC Compliance Program Part 3, Action Plan.

5. Luxembourg - Ordre des Experts-Comptables du Luxembourg (OEC)

The Ordre des Experts-Comptables du Luxembourg joins IFAC as the second organization representing Luxembourg. OEC is the professional accountancy organization representing the profession of experts-comptables in the country. It was originally established as the Ordre des Experts-Comptables Luxembourgeois (OECL) in 1950. Following the changes in the country's legal framework, it was transformed into OEC in 1999. OEC has close to 1,000 members that provide a wide range of services, including preparation of financial statements and contractual audits. As an IFAC associate, OEC will work on developing its IFAC Compliance Program Part 3, Action Plan.

4) International Standards Adoption - ISA Update

Professional accountancy organizations play an important role in the adoption and implementation of international standards within effective regulatory frameworks. This includes the adoption and of International Standards on Auditing (ISAs) as developed by the International Auditing and Assurance Standards Board (IAASB). To help the public, member bodies, and other stakeholders better understand the ongoing nature of the adoption process, IFAC has released an interactive chart that captures the status of ISA adoption process in different jurisdictions around the world Basis of ISA Adoption chart.

The chart, at the time of publication of this eNews, shows that a total of 126 jurisdictions worldwide have adopted ISAs to at least some degree. The basis of ISA adoption used in preparing the chart is categorized as follows:  

Adoption of ISAs, including the clarified ISAs, and changes to strengthen local regulatory and standard-setting frameworks is an ongoing process. Consequently, the chart and related notes will be updated as national standard-setters and IFAC members provide information about their country's progress. Compliance staff encourages information to be submitted to Technical Manager Szymon Radziszewicz.   

5) Share MBD eNews with Your Colleagues

Going forward, the MBD staff will issue regular eNews updates to keep you current on recent developments. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive the next issue of MBD eNews.

For more information about any of the items mentioned above or other information about the Member Body Compliance Program, the Compliance Advisory Panel, or the Developing Nations Committee and IFAC, please contact communications@ifac.org.

Register and Login to subscribe to the Member Body Development and Professional Accountantcy Organization Development Committee eNews.

Below you will find an update of recent and upcoming IFAC Translations & Permissions news. One of IFAC's primary objectives is to develop high-quality standards and guidance that enable accountants worldwide to provide services of consistently high-quality in the public interest. To achieve this objective, IFAC strives to make its publications widely available by enabling individuals to freely download them from itswebsite and permitting interested parties to reproduce and translate them.

In this Issue

1. 2010 Translations Achievements--Official UN Languages
2. Other Translations Activities
3. What to Watch for in 2011
4. Russian Translations Meeting
5. Trados Translation Memory Software
6. Request for Translation Proposals
7. Important Points Regarding IFAC Translations; Q&As and other Resources
8. IFAC Job Posting: Associate, Translations and Permissions

1. 2010 Translations Achievements--Official UN Languages

We continue to encourage a single, high-quality translation per language. The following are highlights in regard to translation of standards and other documents published by IFAC into the official languages of the United Nations (UN). More information can be found in the IFAC Translations Database at www.ifac.org/about-ifac/translations-permissions/translations-database.

• Arabic--An Arabic translation of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2010 Edition and the Handbook of the Code of Ethics for Professional Accountants - 2010 Edition were published by the Arab Society of Certified Accountants (Jordan).
  
  The Arabic language translation of the IFAC Professional Accountants in Business Committee publication,Defining and Developing an Effective Code of Conduct for Organizations (June 2007), was completed by the Saudi Organization for Certified Public Accountants.
• Chinese--The Chinese translation of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2010 Edition and the Handbook of the Code of Ethics for Professional Accountants - 2010 Edition is being performed by the Chinese Institute of Certified Public Accountants (CICPA). 
  
  In addition, a translation of the Handbook of International Public Sector Accounting Pronouncements - 2010 Edition is in progress by the China Financial and Economic Publishing House, on behalf of the Ministry of Finance of the People's Republic of China.
  
  Information about Chinese translations of the IFAC Professional Accountancy Organization Development Committee (formerly the Developing Nations Committee) publication, Good Practice Guide: The Education, Training, and Development of Accounting Technicians (2009), and the IFAC Professional Accountants in Business Committee publication, Financial Reporting Supply Chain-Current Perspectives and Directions(2008), performed by CICPA has been posted on the IFAC Translations Database. 
• French--Several IFAC member bodies collaborated to produce a single, high-quality French translation of the Code of Ethics for Professional Accountants (July 2009) of the International Ethics Standards Board for Accountants (IESBA). See more about this achievement in the most recent version of IFAC News.
  
  CGA-Canada has published a French translation of the IFAC Small and Medium Practices (SMP) Committee publication Guide to Quality Control for Small- and Medium-Sized Practices - Second Edition(July 2010).
• Russian--The Chamber of Auditors of the Republic of Kazakhstan is translating the Handbook of International Standards on Auditing and Quality Control - 2009 Edition into both Russian and Kazakh. 
  
  The Ministry of Finance of the Republic of Kazakhstan is translating the Handbook of International Public Sector Accounting Pronouncements - 2010 Edition into both Russian and Kazakh.
  
  Russian translations of the SMP Committee publication, Guide to Quality Control for Small- and Medium-Sized Practices (March 2009), and the Framework for International Education Standards for Professional Accountants (December 2009) of the International Accounting Education Standards Board (IAESB) were performed by the Collegium of Auditors (Kazakhstan).
• Spanish--The Latin American Review Committee, coordinated by the Federación Argentina de Consejos Profesionales de Ciencias Económicas and including participants from IFAC member bodies in numerous Latin American countries, has completed the review of the translation of the IAASB Glossary of Terms performed by the translating bodies of Spain--Instituto de Censores Jurados de Cuentas de España (ICJCE) and Instituto de Contabilidad y Auditoría de Cuentas (ICAC)--and is in the process of reviewing the translations of the individual ISAs and ISQC 1 performed by the two Spanish bodies. The goal is to publish, during the first part of 2011, a Spanish language translation of the 2009 IAASB Handbook that is acceptable for use in Spain and Latin America.
  
  ICJCE has completed a Spanish language translation of the revised Code of Ethics for Professional Accountants (July 2009) and is in the process of finalizing its review

2. Other Translations Activities

• Translations of the IAASB's clarified standards have been published in numerous European languages, including Croatian, Czech, German, Finnish, Lithuanian, Norwegian, Polish, Portuguese, Romanian, Slovakian, Slovenian and Swedish. Translations of the clarified standards into other official languages of the European Union have been completed and are presently subject to finalization of the review by the European Commission's Directorate General of Translations (DGT), prior to their publication.
• Numerous translations of the revised IESBA Code of Ethics for Professional Accountants, various SMP Committee implementation guidance documents, and other publications issued by IFAC have been performed. Please see the IFAC Translations Database for more information.

3. What to Watch for in 2011

The following is an overview of some developments to watch for in 2011:

• Planned publication by the Arab Society of Certified Accountants (Jordan) of the Arabic translation of theHandbook of International Public Sector Accounting Pronouncements - 2010 Edition
  
• Planned publication by IFAC of the following policy statements/positions in the five official UN languages (Arabic, Chinese, French, Russian, and Spanish):
1. Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants (December 2008) 
2. Policy for Translating and Reproducing Standards Issued by the International Federation of Accountants(December 2008) 
3. Modifications to International Standards of the International Auditing and Assurance Standards Board (IAASB) - A Guide for National Standard Setters that Adopt the IAASB's International Standards but Find It Necessary to Make Limited Modifications (Policy Position, July 2006)
• Translations of the IAASB's clarified standards in the other official languages of the European Union, to be published upon completion of the DGT review (including major world languages such as French, German, Italian, and Spanish)
• Planned publication of a Russian translation of the Handbook of International Standards on Auditing and Quality Control - 2009 Edition by the Chamber of Auditors of the Republic of Kazakhstan and Handbook of the Code of Ethics for Professional Accountants - 2010 Edition, being performed the Siberian Academy of Finance and Banking (Private Educational Institution of Higher Professional Education) (SAFB) and reviewed by representatives of various IFAC member bodies
• Possible Spanish language translations of certain SMP Committee implementation guides and the 2010 edition of the Handbook of International Public Sector Accounting Pronouncements (the latter with proposed funding by the World Bank)
• Possible translations of IFAC's Professional Accountancy Organization Development Committee's updated Toolkits into selected official UN languages

In connection with the 2010 World Congress of Accountants in Kuala Lumpur, Malaysia, IFAC hosted a meeting regarding the possibility of developing a single, high-quality Russian language translation of the IAASB's clarified standards that would be recognized by all Russian-speaking countries. Representatives of 14 organizations (mainly IFAC member bodies and associates) representing eight countries participated in the meeting.

There was strong interest in creating a multinational Russian language Review Committee to work towards this goal. By combining expertise and pooling resources, participating organizations will be able to achieve synergies and sustainable translation processes, thereby facilitating adoption and implementation of the clarified standards in individual countries.

5. Trados Translation Memory Software

IFAC's Translations function has recently commenced populating the translation memory software Trados with key terms and certain translated content. In addition to providing a central repository of translations, Trados will enable the creation of translation assets and development of sustainable translation processes. By storing translated content once in Trados, it will be possible to share and reutilize that content, thereby reducing processing time and the need to perform multiple or new translations. It will also enhance consistency in the use of translated terminology.

IFAC's member bodies and associates are encouraged to use Trados where possible to enhance the quality and efficiency of their translations and to more easily and effectively collaborate in regard to translations of standards and publications issued by IFAC. Please contact IFAC staff with questions or for relevant information.

6. Request for Translation Proposals

IFAC would especially welcome translation proposals for the following standards:

• Arabic, Chinese, or French translations of the Handbook of International Education Pronouncements - 2010 Edition
  
• Updated French translation of the Handbook of International Public Sector Accounting Pronouncements - 2010 Edition (the most recent French translation of the IPSASB Handbook is the 2007 edition)

7. Important Points Regarding IFAC Translations; Q&As and other Resources

• IFAC's publications are copyrighted material. Please refer to our relevant policy statements on www.ifac.org/about-ifac/translations-database and always ask permission before reproducing or translating any IFAC publications. You can ask for permission by contacting permissions@ifac.org.

• IFAC member bodies and other stakeholders are among our best resources for keeping the Translations Database up to date. Always feel free to alert us to any errors or issues.

• Use your fellow IFAC members and stakeholders as a resource in your reproduction and translation efforts. Cooperating with other IFAC bodies helps to reduce duplication of efforts and leads to more efficient use of existing resources. You will also find a helpful Questions and Answers (Q&A) document on our website:www.ifac.org/about-ifac/translations-permissions.

8. IFAC Job Posting: Associate, Translations and Permissions

IFAC is presently searching for an Associate for its Translations and Permissions function. The associate will support a wide range of activities, including using translation memory software to build translation assets, participating in/managing translation projects as appropriate, permission and contract management for translation and reproduction agreements, developing routines and processes, and assisting in the strategic development of the Translations and Permissions Department. For more information, please click here:

About IFAC
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Professional Accountants in Business Committee member Alan Johnson recently gave a presentation on corporate governance during Contabilidad y Responsabilidad para el Crecimiento Económico Regional (Conference for Accounting and Accountability for Regional Economic Growth, or CReCER)

Barry Naik (he/his) is the Director for the Forum of Firms (FoF) which currently comprising over 30 member Network firms is headquartered out of IFAC's New York office. At the FoF, Mr. Naik leads various initiatives in support of further advancing Audit Quality.

Mr. Naik started his career in legislative audit working for several years at the Office of the Comptroller and Auditor General of New Zealand followed by a secondment to the Office of the Auditor General of Canada and then the Canadian Public Sector Accounting Board. Mr. Naik has also spent time with the International Public Sector Accounting Standard Board.

He has a BCA and BA from Victoria University, Wellington, New Zealand and is a Chartered Accountant with Chartered Accountants Australia & New Zealand  (CA ANZ). Outside of work Barry enjoys fitness, quality time with family and friends and is a long time volunteer with The Trevor Project.

Read an interview with Barry here.