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Accounting Transparency & Financial Stability

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IFAC CEO Ian Ball presents at the ICATT conference "Staying Ahead of the Curve."

IFAC CEO Ian Ball presents at the ICATT conference "Staying Ahead of the Curve."

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Accounting Transparency & Financial Stability Accounting Transparency & Financial Stability Presentation Transcript

  • Accounting Transparency &Financial StabilityIan BallChief Executive OfficerInternational Federation of Accountants (IFAC)ICATT’s Annual International Accounting & Finance ConferenceOctober 10, 2012Port of Spain, Trinidad
  • The International Federationof Accountants • The global organization of the accountancy profession • Approximately 2.5 million accountants in public practice, education, government services, industry, and commerce, in 127 countries
  • IFAC Vision• That the global accountancy profession be recognized as a valued leader in the development of strong and sustainable organizations, financial markets and economies.
  • IFAC Values • Integrity • Transparency • Expertise
  • IFAC’s Mission• To serve the public interest by: – Contributing to the development, adoption and implementation of high-quality international standards and guidance – Contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants – Promoting the value of professional accountants worldwide – Speaking out on public interest issues where the accountancy profession’s expertise is most relevant
  • Overview of IFAC Structure IFAC COUNCIL Governance & Nominating Audit Committee Committee IFAC IFAC Regulatory BOARD Liaison Group Planning and Finance Committee Forum of Firms Professional Professional Small and International International International International Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector Auditors Organization Advisory Panel Assurance Education Standards Accounting Committee in Business Practices Development Committee Committee Standards Standards Board for Standards Committee Board Board Accountants Board KEY ACCOUNTABILITY
  • IFAC Structure and Oversight IFAC COUNCIL Governance Public & Nominating Interest Audit Committee Oversight Committee Board IFAC IFAC Regulatory BOARD Liaison Group Planning and Finance Committee Forum of Firms Professional Professional Small and International International International International Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector Auditors Organization Advisory Panel Assurance Education Standards Accounting Committee in Business Practices Development Committee Committee Standards Standards Board for Standards Committee Board Board Accountants Board KEY ACCOUNTABILITY OVERSIGHT
  • IFAC Structure, Oversight,and Consultation Monitoring Group IFAC COUNCIL Governance Public & Nominating Interest Audit Committee Oversight Committee Board IFAC IFAC Regulatory BOARD Liaison Group Planning and Finance Committee Forum Consultative Consultative Consultative of Firms Advisory Advisory Advisory Group Group Group Professional Professional Small and International International International International Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector Auditors Organization Advisory Panel Assurance Education Standards Accounting Committee in Business Practices Development Committee Committee Standards Standards Board for Standards Committee Board Board Accountants Board KEY ACCOUNTABILITY OVERSIGHT CONSULTATION/ADVICE
  • The International Auditing andAssurance Standards Board• Sets high-quality standards in auditing and assurance• Facilitates adoption and implementation• 82 jurisdictions are using or plan to use the clarified ISAs• Highlights: – A top priority for 2012-1014: Enhancement of auditor reporting standards – Compilation Engagements―ISRS 4410 (Revised) – Landmark Standard on Greenhouse Gas Statements
  • The International AccountingEducation Standards Board• Strengthens the worldwide accountancy profession by enhancing education• Develops and facilitates International Education Standards (IESs)• Highlights: – Revise and redraft its suite of eight IESs
  • The International Ethics Standards Boardfor Accountants• Develops Code of Ethics for Professional Accountants• The Code applies to all professional accountants, whether in public practice, business, education, or the public sector• Highlights: – Groundbreaking Exposure Draft: Responding to a Suspected Illegal Act – Review of Part C of the Code
  • The International Public SectorAccounting Standards Board• Sets International Public Sector Accounting Standards (IPSASs) – 31 accrual standards and a cash-basis standard• Guidance and resources – Train the Trainer – Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities• Highlights: – The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities
  • Financial Crises—Adoption of IPSASs Why Greece wont go away By Laurence Knight Business reporter, BBC News 6 February 2012
  • IOSCO “IFAC is concerned that the standards and regulations governing sovereign issuers are not of sufficient quality to protect investors and ensure the stability of capital markets…” “…looking at potential measures that could improve the quality and reliability of information disclosed by sovereign issuers and therefore increase the protection of investors and improve the stability of capital markets.”
  • PAO Development Committee• Addresses the challenges facing the development of strong professional accountancy organizations (PAOs) in emerging and developing countries• Brings together PAOs from developed and developing nations• Advocates for the economic and social benefits that a formal profession can bring• Highlights: – Establishment of MOSAIC
  • Professional Accountants in BusinessCommittee• Provides leadership and guidance• Highlights: – Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success (August 2011) – New International Good Practice Guidance (IGPG), Evaluating and Improving Internal Control in Organizations (Q4 2012) – International Framework for Good Governance in the Public Sector (Q2 2013)• PAIB strategic review
  • Small and Medium Practices Committee• Raises the profile of SMPs globally• Represents interests to standard setters and regulators• Develops tools and resources• Highlights: – SMP Quick Poll – SMP LinkedIn page – Guide to Review Engagements – Practice Management Guide (revision)• SMP strategic review
  • Public Policy and Regulation• Develops policy position papers: – Public Sector Financial Management Transparency and Accountability: The Use of International Public Sector Accounting Standards – A Definition of the Public Interest – Global Regulatory Convergence and the Accountancy Profession• Comment letters• Speech development• PSTF
  • IFAC Membership• Benefits of membership – Part of an international community of the leading professional accountancy bodies around the world – Commitment to development of the profession – Access to information, resources and support to help strengthen the profession nationally – Opportunities to provide input – Ongoing dialogue with technical staff• IFAC Compliance Program – Promoting and monitoring convergence to international standards – Addressing the Statements of Membership Obligations
  • IFAC Member Body Relationship• Tools and guidance – SA Modules – Practice Management, ISA Implementation, and Quality Control guides for SMPs – Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success
  • www.ifac.org