Recognizing the need to keep its stakeholders informed of its progress in relation to audits of Less Complex Entities (LCEs), the IAASB published a Feedback Statement that provides an overview of the key messages from the responses to the IAASB’s Discussion Paper (DP), Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs, and related outreach activities.

The Public Interest Committee, the body that oversees the standard setting activities of the International Public Sector Accounting Standards Board (IPSASB), today launches a public Survey on IPSASB governance arrangements which were implemented in accordance with the 2015 Recommendations of the IPSASB Governance Review Group. All interested stakeholders are encouraged to participate in this global consultation.

Established in 2015, the Public Interest Committee reviews the standard-setting activities of the IPSASB to ensure appropriate due process and that the Board’s activities reflect the public interest. Since its formation, the Committee has actively provided advice and recommendations concerning the development of the IPSASB strategy and work program, the appointment process for members of the IPSASB, and IPSASB standard-setting due process. 

Stakeholder feedback through the survey will be an important source of input for the Public Interest Committee in carrying out the review of the current oversight arrangements of the IPSASB.

Responses to the Survey on IPSASB governance arrangements are invited by February 24, 2020.

Highlights from the IESBA's December, 2019 meeting in New York, NY.

• 00:10 - Introduction: Diane Jules, IESBA Deputy Technical Director
• 01:04 - Highlights & Key Developments: Stavros Thomadakis, IESBA Chairman
• 04:51 - Non-Assurance Services: Richard Fleck, IESBA Deputy Chair
• 07:01 - Fees: Ian McPhee, IESBA Member
• 09:45 - Technology: Patricia Mulvaney, IESBA Member
• 14:00 - IAASB/IESBA Coordination: Sylvie Soulier, IESBA Member
• 16:08 - Final thoughts: Stavros Thomadakis, IESBA Chairman
• 16:51 - Closing Remarks: Diane Jules, IESBA Deputy Technical Director

This week, a coalition of 11 global and regional accountancy organizations and international development agencies, led by IFAC, the International Federation of Accountants, convened a three-day conference to bring awareness to how effective public financial management is critical to the advancement of emerging economies.

The conference, Developing Accountancy Capacity in Emerging Economies, features a series of keynotes and workshops designed to equip accountants, government officials, stakeholders and other practitioners with a roadmap for facilitating conversations and driving progress in their respective jurisdictions.

“Accountancy capacity development efforts, like this conference, are most effective when national, regional, and global organizations come together with a laser-focus on a common cause. IFAC, with the support of the UK Department for International Development (DFID), is grateful to be able to catalyze the convening of institutions that comprise the financial management eco-system, in order to enhance awareness and collaboration,” said Kevin Dancey, IFAC CEO.

The accountancy profession plays an essential and significant role in a country’s sustainable economic development in both the public and private sectors. Not only has a strong and vibrant accountancy profession been regularly associated with lower levels of fraud and corruption, but there is also a recognized correlation between a strong accountancy profession and higher levels of economic growth. Supporting the development of accountancy capacity can be a catalyst to the success of the state-building strategies implemented by international development actors.

Dr. In-Ki Joo, IFAC President, said: “The role of professional accountants is to manage the financial information required by all stakeholders, and to develop the insights needed for sound decision-making that helps promote economic, social and political stability. This important connection between accountancy and economic development is something that organizations, including the DFID, the World Bank, the Asian Development Bank and the Global Fund, have understood for a number of years and we are grateful for their ongoing partnership.”

Aman Trana, Director, Procurement, Portfolio, and Financial Management Department of the Asian Development Bank, said: “One of ADB’s operational priorities under its Strategy 2030 is to strengthen governance and institutional capacity of its developing member countries. Professional accountants play a critical role in this area by supporting public financial management institutions improving their public service delivery, financial efficiency, and transparency and accountability, thereby accelerating poverty reduction and achieving sustainable development.

IFAC extends its sincere appreciation to its partners and hosts for making the conference possible: DFID, the World Bank, the Asian Development Bank, the Global Fund, the Malaysian Institute of Accountants, the Confederation of Asian and Pacific Accountants, the ASEAN Federation of Accountants, the South Asian Federation of Accountants, and the Arab Federation of Accountants and Auditors.

About IFAC
The International Federation of Accountants (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

About the Asian Development Bank
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.