Just before his untimely death in July 2008, Rashad Malik, the Commissioner of the SEC in Pakistan, wrote a very thought-provoking article on ethics and business.

In it, he suggested that ethics, as standards of society, do not exist in a vacuum but have to be evaluated with reference to accepted thresholds, actions, and feelings. To what extent, he asked, can the regulatory environment in a jurisdiction take account of ethical issues? At first sight, regulatory environment or statutory law do not give much attention to core ethical issues. The regulation in any system does not mention ethics and no legal texts refer to ethical concerns. The regulatory environment, however, does take account of ethics, for example, through enforcement and dispute settlement outcomes, which inevitably reflect certain values about how society perceives actions.

In today’s environment our thoughts on corporate governance immediately turn to visions of boards of directors rewarding themselves with lavish bonuses or unscrupulous owners creating corporate giants without substance. The names of Madoff and Satyam are on everyone’s lips today. In the papers this week, I have seen the initials of seven people accused of swindling Dh 1.8 billion from the Dubai Islamic Bank. A year ago, we were all talking about corporate failure at the Northern Rock Building Society. And before that, the discussion over coffee would have been Enron and WorldCom.

But corporate governance is much bigger than personal gain by a few key individuals in the upper levels of a company. The core of ethical concerns with regard to international economic relations usually comprise human rights, labor standards, environmental protection, and more recently extended to cooperation on anti-terrorism, anti money laundering, and transparency.

Many large companies have ethics and compliance officers. Why? Because there are so many expectations of business and so little public agreement on what ethics means at the detailed level that companies develop Codes of Conduct by which to govern their actions as corporate citizens and  as individuals working in that corporate culture. Of course, a written Code of Conduct does not mean much. Enron was loudly acclaimed as having a model Code with its Visions and Values platform encompassing Respect, Integrity, Communication, and Excellence values statement.

Where are we today?

While businesses brace for the worst and adjust their financial and operating strategies, the indicators from an ethics perspective are equally daunting:

• Business confidence has reached a record low
• 70% of workers in one recent study admitted they have already downloaded confidential company data for future personal use if they find themselves looking for a job
• 90% of compliance, legal, finance and risk executives surveyed say they expect fraud activity to increase in 2009

It is difficult to continue talking about the value of high ethical standards and the importance of individual action when the outlook for a company is grim.

Patricia Harned is President of the Ethics Resource Center. She has helped to shape ethics training for the securities industry in the U.S. She believes the Audit Committee can be a stabilizing influence in ethical matters today.

They must be alert to the fact that conditions are ripe for financial fraud – even in your business. I was talking to one senior partner from the national office of one of the Big 4 audit firms this week. He told me that his office had 200 open files of situations where they were considering a going concern qualification as part of the audit report. In all companies that are facing this trauma, the temptation to skirt the rules will grow. Pressures rising, revenue falling and a perception that the future will only be worse are the ingredients for taking “out of the box” survival strategies too far.

Transparency should be your company mantra. The media is fixated on the economic situation and, as a result, stakeholders are developing impressions of corporate activity from sources wholly apart from the Corporate Communications Department.

I am indebted to Dr. Saidi, who is not only Chief Economist of DIFC but also the Executive Director of the Hawkamah Institute of Corporate Governance, set up here in GCC in 2006. He referred me to their 2007–2008 survey report on corporate governance in MENA. I encourage you to read it.

The key to success will be stakeholder trust, and trust is built through consistent transparency. The ethics compliance officer and audit committee should help set the tone for communication and disclosure. The Hawkahma survey identified that most, but not all, companies provide financial statements but non-financial disclosure could be improved, 32% of GCC companies do not publish an annual report in English, only 23% of companies publicly preannounce the date of their AGM, only 25% of banks and listed firms provide information on their dividend policies on line, 19% of GCC companies have no website at all, and only 2% of GCC companies hold analyst meetings or conference calls. You cannot be a credible company on the world stage if you do not communicate. We heard from Dr. Nasser Saidi earlier today about his vision of the GCC creating a common currency, becoming the third global currency, and a global capital market center. I strongly suggest that the viability of the GCC, as a global market, will be dependent on local businesses listed on that center being seen at the leading edge of good corporate governance and leading proponents of full and complete disclosure of financial and non-financial information. Only then will businesses from around the world feel confident in seeking to raise money on this exchange.

There is no one country that has a perfect system of corporate governance. We can all learn from each other. Don’t reject one country’s model on the basis that it was not made here. Take the best elements from different frameworks and adopt them to your environment. And all countries have weaknesses that need to be overcome. Whether it is the U.S. preference for having the Chairman and CEO roles held by one person, in spite of overwhelming global views that this is a bad idea, or the GCC experience that only 25% of listed family-owned enterprises have a family council in place, we can all improve. I want to recognize good governance that I have seen since I arrived in Dubai last week. The Abu Dhabi Ship Building company announced its general meeting in the papers. I was pleased to note that one of the items on the agenda was a proposal to amend the company’s Articles of Association to comply with the Corporate Governance Code for Joint Stock Companies. In the same paper, Qatar Telecom announced its annual meeting, which included a proposal to determine the remuneration of the directors for the year ended December 2008.

So where do you look for good ideas? The Organisation for Economic Co-operation and Development (OECD) published the OECD Principles of Corporate Governance: 2004. They are intended to assist governments in their efforts to evaluate and improve the legal, institutional, and regulatory framework for corporate governance in their countries, and to provide guidance and suggestions for stock exchanges, investors, corporations, and other parties that have a role in the process of developing good corporate governance. Last month IFAC published International Good Practice Guidance (IGPG) that provides a framework and principles-based guidance for the professional accountant in business and their organizations on evaluating and improving governance in organizations. It is based on the OECD principles and can be downloaded free of charge from the IFAC website. Look to Appendix B for a list of useful resources.

I am a member of the Institute of Directors in my home country of Canada. To become a director of a publicly listed company there, it is very desirable, although not yet mandatory, that you take 12–15 days of training and pass an examination run by the Institute of Directors to show you have the overall skills needed to act properly as a corporate director. The companies that provide directors and officers liability insurance are beginning to ask how many directors on a board have had this training and rewarding companies who recruit these qualified directors by lowering premiums on the D&O insurance. Those boards are a better risk.

And finally, I call on each of you to lead by example. Your credibility as a professional has taken you a lifetime to achieve. It can take a single unethical action to destroy. And not only do you destroy your own reputation, but you damage the reputation of everyone from the same professional background or holding a similar job title. Headline journalism brands us all. The 999 members of boards of directors who act ethically and apply good corporate governance practices are forgotten in the 1 case that is reported in the press.

I liked the 5 Cs of Linda de Beer’s presentation. They are worth repeating:

• Conscience – acting with intellectual honesty
• Care
• Competence – knowledge and skills, but also a willingness to be reviewed
• Commitment – diligence in the performance of duties
• Courage – to always act with integrity

Thank you.

To further help small and medium practices (SMPs) in the implementation of international standards, IFAC has published a Guide to Quality Control for Use by Small- and Medium-sized Practices. This non-authoritative implementation guide is intended to help SMPs understand and efficiently apply 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, as redrafted under the IAASB's Clarity Project* (http://web.ifac.org/clarity-center/index).

Developed by CGA-Canada for IFAC's Small and Medium Practices (SMP) Committee, the guide uses an integrated case study to illustrate how to implement the requirements of ISQC 1, and includes two sample firm policy manuals and key checklists and forms. It can be downloaded from IFAC's online bookstore at www.ifac.org/Store/. A Microsoft Word version is available to allow for translation and adaptation by institutes and small firms.

Sylvie Voghel, SMP Committee Chair, remarked, "the guide will help SMPs provide high-quality services to their clients and contribute to improving audit quality."

In December 2007, the committee published IFAC's first implementation guide, the Guide to International Standards on Auditing for Use in the Audits of Small- and Medium-sized Entities (ISA Guide). Last year, this was IFAC's second most popular publication and has been translated into over 10 languages. An updated version, to support the redrafted ISAs and accommodate feedback from users of the current edition, is scheduled for release in December 2009.

These guides form part of the SMP Committee's strategy to provide comprehensive practical support for SMPs, in the form of implementation materials and web-based resources. For more information, visit the International Center for SMPs at www.ifac.org/SMP/, read the committee's strategy, and keep updated by signing up for the free quarterly SMP eNews.

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. IFAC is comprised of 157 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in business and those working in small and medium practices.

An important means to build capacity in the accountancy profession in developing countries is through the development of accounting technicians. As part of its strategy to develop the accountancy profession worldwide, the International Federation of Accountants' (IFAC) Developing Nations Committee has released a new good practice guide entitled, The Education, Training and Development of Accounting Technicians. The new guide is designed to raise awareness of the role and value of accounting technicians in both the public and private sectors.The guide promotes the importance of having accounting technician-level programs in both developed and developing economies so that individuals have access to education and training. The guide also encourages professional accountancy organizations to support the development of accounting technicians by offering technician programs that lead to certification and membership in the organization.An important means to build capacity in the accountancy profession in developing countries is through the development of accounting technicians. As part of its strategy to develop the accountancy profession worldwide, the International Federation of Accountants' (IFAC) Developing Nations Committee has released a new good practice guide entitled, The Education, Training and Development of Accounting Technicians. The new guide is designed to raise awareness of the role and value of accounting technicians in both the public and private sectors.

The guide promotes the importance of having accounting technician-level programs in both developed and developing economies so that individuals have access to education and training. The guide also encourages professional accountancy organizations to support the development of accounting technicians by offering technician programs that lead to certification and membership in the organization.

"In developing and emerging economies, individuals often do not have the resources to qualify as professional accountants, but there is a strong demand by governments and organizations for skilled individuals to contribute to the financial reporting and decision-making process. The development of accounting technicians is important to fulfilling this gap and setting a pathway for qualified accounting technicians to develop further as professional accountants," states Ignatius Sehoole, chairman of the Developing Nations Committee.

About IFAC
IFAC (www.ifac.org/store) 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 157 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in business.

Financial leadership, measuring board performance, and managing strategic risk are among the topics covered in a new publication, Articles of Merit, released by the International Federation of Accountants (IFAC). This publication includes 11 previously published articles that were selected by IFAC's Professional Accountants in Business (PAIB) Committee as part of its annual Articles of Merit Award Program for Distinguished Contribution to the Roles and Domain of Professional Accountants in Business.

The winning article for 2008 is "Black Holes in Accounting" by Ron Lutka. First published in CMA Canada's monthly members' magazine, CMA Management, the article focuses on how professional accountants may better identify and address areas within their organizations that may be negatively impacting performance. It also aims to assist professional accountants in recognizing and preventing the causes of the problems within these areas.

For the first time in the history of the award program, professional accountants were invited to participate in the selection process. The PAIB Committee took into account these views when selecting the winning articles. Votes were collected through an online public voting process.

Although the articles were originally published before the extent of the financial crisis was fully known, many of the articles promote financial leadership and better practices for professional accountants in business, which are relevant in today's financial and economic climate. Other articles of merit cover topics and issues that have been highlighted as challenges for improving organizational performance and achieving sustainable growth.

The 2008 Articles of Merit, together with past issues, can be downloaded from the IFAC online bookstore (www.ifac.org/store). The 11 articles in the 2008 publication may also be individually downloaded from the IFAC bookstore.

About IFAC
IFAC (www.ifac.org) is the worldwide 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 currently comprised of 157 professional accountancy bodies in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. IFAC, through its independent standard-setting boards, sets international standards of ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in business.

The Board of the International Federation of Accountants (IFAC) has extended Ian Ball's term as Chief Executive Officer until February 2013. Mr. Ball joined IFAC as its Chief Executive in March 2002, having previously served IFAC as Chair of its Public Sector Committee (now International Public Sector Accounting Standards Board) and as a member of its Nominating Committee. Prior to that, Mr. Ball was a Professor of Accounting and Public Policy, an international consultant in public management, an accounting standard setter, and a senior official in the New Zealand Treasury. 

"During these challenging financial times, IFAC is pleased to have a seasoned leader who can collaborate effectively with accountancy bodies worldwide, with regulators, with standard setters, and with governments and others in the international community to restore and strengthen the international financial system, while at the same time pursuing our mission and long-term strategies," comments IFAC President Robert Bunting.

During his tenure at IFAC, Mr. Ball has overseen the implementation of the IFAC Reforms, a series of initiatives designed to strengthen international audit, ethics, and accounting education standard-setting processes to achieve convergence to international standards and to ensure that the international accountancy profession is responsive to the public interest. These reforms included the launch of the Member Body Compliance Program, which requires members and associates to promote, incorporate, and assist in implementing international standards issued by IFAC and by the International Accounting Standards Board, and to meet requirements for quality assurance, investigation, and discipline activities.

In addition, under his leadership, IFAC has expanded its support for developing nations, for small- and medium-sized practices and enterprises, for the International Public Sector Accounting Standards Board, and for professional accountants in business.

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. IFAC is comprised of 157 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. IFAC also issues guidance to encourage high-quality performance by professional accountants in business.

Following the March 2008 publication of the report, Financial Reporting Supply Chain: Current Perspectives and Directions, and in response to recommendations made within it, the IFAC Board established a Business Reporting Project Group, chaired by Charles Tilley, to study progress in the areas of governance, financial reporting, and auditing around the globe.

Accountancy leaders from around the world discussed   the global financial crisis, the needs of small- and medium-sized enterprises, and the ways in which professional accountants can contribute to rebuilding economic stability at meetings hosted by the International Federation of Accountants (IFAC) last week in New York.

IFAC convened 40 leaders of accountancy institutes and regional accountancy organizations at its annual Member Body Chief Executives Meeting. Participants heard presentations from Svein Andresen, Secretary General of the Financial Stability Forum, and Nicolas Veron, research fellow at Bruegel, a European economic policy research organization, on the causes of the financial crisis and some of the short- and long-term issues to be addressed. Accountancy leaders from developed and developing countries, along with representatives of the firms, discussed how they were addressing the crisis, including their roles in supporting members of the profession on issues such as ethics, fair value accounting, and going concerns, and in contributing thought leadership to the development of new regulations and policies.

“There was broad agreement that now, more than ever, our profession must be unified in our approach to addressing economic issues,” emphasizes IFAC President Robert Bunting. “IFAC is working closely with its member organizations to determine the best way forward in addressing matters related to the crisis.”

“Our independent standard-setting boards, particularly the International Auditing and Assurance Standards Board and the International Public Sector Accounting Standards Board, are expediting their work on standards and guidance that will help accountants employed in public practice and in government to address the issues they face in the current environment,” states IFAC Chief Executive Officer Ian Ball.

At the IFAC Board meeting on February 19^th and 20^th,  Board members also focused on issues related to the global financial and economic crisis, resolving to identify those areas where the profession’s expertise would be most useful and to reach out to organizations addressing issues related to the crisis.

A significant part of the Board discussions concentrated on the issues facing small- and medium-sized practices and small- and medium-sized entities (SMEs). Board members approved a process for exploring how IFAC can best support this important sector of the global economy and a proposal on this topic will be presented to the Board in June.  All IFAC members and associates, regional accountancy organizations, firms, and professional accountants will be invited to provide their input.

In addition, the Board approved for release a study on national initiatives related to the financial reporting supply chain. Based on a survey of its member bodies, the new publication, Developments in the Financial Reporting Supply Chain: Results from a Global Study among IFAC Member Bodies, acknowledges that progress has been made, but also reports that greater attention needs to be given to the following: corporate governance; financial reporting and, in particular, the adoption of suitable reporting standards for SMEs; financial auditing; and the usefulness of financial reports.

In other actions, the IFAC Board approved Roger Tabor, a member of the Professional Accountants in Business (PAIB) Committee since 2004, as Chair of the committee. A past president of CIPFA, Mr. Tabor brings 22 years of director-level experience in a major public service organization and a broad range of finance and planning experience to his new role as PAIB Committee Chair.

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. IFAC is comprised of 157 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. IFAC also issues guidance to encourage high-quality performance by professional accountants in business.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, is seeking nominations for members of its boards and committees for 2010, including three chair positions on standard-setting boards. Five positions are designated for public members, who may be nominated by IFAC member bodies, by members of the public, or via a self-nomination. Seven positions are only open to nominations by the Forum of Firms.¹ Candidates for all other positions may be nominated by IFAC member bodies. Nominations must be submitted before April 15, 2009. All members of IFAC's boards and committees are expected to act in the public interest and must sign a declaration committing to act with integrity and in the public interest in their role within IFAC.

Nominations for Members and Chairs of Boards and Committees

Nominations can be submitted for the following boards and committees:

• IFAC Board;
• International Auditing and Assurance Standards Board;
• International Accounting Education Standards Board;
• International Ethics Standards Board for Accountants (including chair position);
• International Public Sector Accounting Standards Board (including chair position);
• Compliance Advisory Panel (including chair position);
• Developing Nations Committee;
• Professional Accountants in Business Committee;
• Small and Medium Practices Committee; and
• Nominating Committee.

The IFAC Nominating Committee will review the nominations to determine the best candidate for a specific position. IFAC strives for a geographical, professional, and gender balance on its boards and committees; nominations of candidates from varying backgrounds are therefore encouraged. However, the principle of the “best candidate for the job” is the overriding consideration.

Public Member Nominations
IFAC is also seeking nominations for one public member position on each of the following boards: the International Auditing and Assurance Standards Board, the International Accounting Education Standards Board, and the International Public Sector Accounting Standards Board. Two public member positions are open on the International Ethics Standards Board for Accountants. Public members must be seen to be independent of any special interests and to clearly represent the wider public interest. Nominees for the public member positions must have an adequate level of knowledge about the work of the respective standard-setting board, although they do not need to have a professional accountancy designation.

Nominations by the Forum of Firms
A total of seven positions on the standard-setting boards are open to nominations from members of the Forum of Firms: one on the International Auditing and Assurance Standards Board, two on the International Accounting Education Standards Board, and four on the International Ethics Standards Board for Accountants.

How to Submit Nominations
The Call for Nominations for IFAC Boards and Committees in 2010 describes the positions available and the qualifications required for each position, as well as the process for submitting nominations. It may be viewed on IFAC's website.

All nominations must be submitted by April 15, 2009 using the online Candidate Information System. For more information about the role and activities of each of IFAC's boards and committees, visit the designated pages on the IFAC website.

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 157 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. IFAC also issues guidance to encourage high-quality performance by professional accountants in business.

¹The Forum of Firms is an association of international networks of accounting firms that perform audits of financial statements that are or may be used across national borders.

As part of its ongoing commitment to support professional accountants in business and their organizations in enhancing governance and in improving organizational performance, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new International Good Practice Guidance document entitled Evaluating and Improving Governance in Organizations. The new guidance to professional accountants in business includes a framework, a series of fundamental principles, supporting guidance, and references on how they can contribute to evaluating and improving governance in organizations.As part of its ongoing commitment to support professional accountants in business and their organizations in enhancing governance and in improving organizational performance, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new International Good Practice Guidance document entitled Evaluating and Improving Governance in Organizations. The new guidance to professional accountants in business includes a framework, a series of fundamental principles, supporting guidance, and references on how they can contribute to evaluating and improving governance in organizations.

"This International Good Practice Guidance brings together globally recognized and applicable good practice principles on effective governance into an international benchmark for the accountancy profession," says IFAC Chief Executive Ian Ball. "It will help PAIBs and their organizations to further improve their governance structures and processes - something critical to ensuring an organizations viability and accountability."

This guidance is designed to complement existing governance codes, such as the OECD Principles of Corporate Governance (2004), issued by the Organisation for Economic Co-operation and Development (OECD), by encouraging organizations to achieve a balance between conformance with rules and regulations and driving organizational performance. It also focuses on how to create sustainable stakeholder value in the form of good products or services, economic profitability, job security, safety, or other social or economical responsibilities.

A separate document, Preface to IFAC's International Good Practice Guidance, sets out the scope, purpose, and due process of the committee's International Good Practice Guidance series to which this guidance paper on governance belongs.

Both Evaluating and Improving Governance in Organizations and the Preface to IFAC's International Good Practice Guidance can be downloaded from the PAIB section of the IFAC online bookstore at www.ifac.org/store. The PAIB Committee welcomes all feedback, which can be emailed to paib@ifac.org.

About IFAC
IFAC (http://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. IFAC is comprised of 157 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. IFAC also issues guidance to encourage high quality performance by professional accountants in business.

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has developed a comprehensive Sustainability Framework to support professional accountants and their organizations in integrating a sustainable way of thinking and working in all business processes.  The Framework illustrates how a commitment to sustainability can help to further improve an organization's products or services, motivate its people, lower its costs and enhance its reputation.The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has developed a comprehensive Sustainability Framework to support professional accountants and their organizations in integrating a sustainable way of thinking and working in all business processes.  The Framework illustrates how a commitment to sustainability can help to further improve an organization's products or services, motivate its people, lower its costs and enhance its reputation.

Designed from four different perspectives - business strategy, internal management, financial investors, and other stakeholders - the new Framework challenges conventional ways of thinking about economic, social and environmental achievements. It also promotes the injection of sustainability leadership into the full management cycle, from making and executing strategic decisions to reporting on performance to all stakeholders.

Roger Adams, chair of the PAIB Committee's Sustainability Framework Project, highlights the holistic view of sustainability taken by the Framework: "It recognizes the importance of the three main dimensions of sustainability: economic viability, social responsibility, and environmental responsibility, as well as their interconnectivity. We hope that this Sustainability Framework provides the means and motivation for professional accountants to address sustainability issues with greater vigor."

"Although the accounting sector itself might be considered a relatively low-impact sector in terms of direct environmental and social impacts, it is the accountant's involvement in the twin issues of organizational decision-making and external reporting that imposes on the accountancy profession the responsibility for understanding, absorbing and articulating the implications of the sustainable development debate," emphasizes Mr. Adams.

IFAC's Sustainability Framework is a web-based tool that allows users to easily navigate those sustainability issues that are most important to their immediate roles and to select and use those examples of good sustainability practice that can work in their organizations.

The Sustainability Framework can be accessed free-of-charge on the IFAC website.

About IFAC
IFAC (http://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. IFAC is comprised of 157 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. IFAC also issues guidance to encourage high quality performance by professional accountants in business.