Successfully reported this slideshow.

ASEAN Capital Markets Symposium May 7, 2013

727 views

Published on

IFAC President, Warren Allen presented “A Strong Financial Reporting Infrastructure: Vital for a Growing Economy and Strong Capital Market”. May 7, 2013 in Singapore.

Published in: Business, Economy & Finance
  • Be the first to comment

  • Be the first to like this

ASEAN Capital Markets Symposium May 7, 2013

  1. 1. Page 1 | Confidential and Proprietary InformationASEAN Capital Markets“A Strong Financial ReportingInfrastructure: Vital for a GrowingEconomy and Strong Capital Market”Warren Allen, PresidentInternational Federation of AccountantsMay 7, 2013Singapore
  2. 2. Page 2 | Confidential and Proprietary InformationASEAN Capital Markets• IFAC’s Snapshot & Vision• Financial Reporting Supply Chain• International Standards• Sustaining a Robust Profession• Effective Governance• Convergence of Regulatory RequirementsAgenda
  3. 3. Page 3 | Confidential and Proprietary InformationASEAN Capital Markets• Approximately 2.5 million accountants in 129countries/jurisdictions in public practice, education,government service, industry, and commerce• Supports four independent standard-setting boards– Audit and assurance– Ethics– Education– Public sector accountingInternational Federation of Accountants
  4. 4. Page 4 | Confidential and Proprietary InformationASEAN Capital MarketsFinancial Reporting Supply Chain• Preparing, publishing, analyzing, and using financialreporting involves a complex arrangement of:– Participants– Standards– Mandated/voluntary requirements– Behaviors– Interactions
  5. 5. Page 5 | Confidential and Proprietary InformationASEAN Capital Markets• A global financial system requiresuniversal adoption and implementation ofhigh-quality standards• International standards must be:• Understandable• Clear• Capable of consistent application• InterjurisdictionalInternational Standards
  6. 6. Page 6 | Confidential and Proprietary InformationASEAN Capital Markets• Auditors• Professional accountants inbusiness• Preparers• Strong, effective PAOs• EducationSustaining a Robust Profession
  7. 7. Page 7 | Confidential and Proprietary InformationASEAN Capital MarketsA Framework for Audit Quality• Through the proposed framework,the IAASB aims to:– Raise awareness of the key elementsof audit quality– Encourage stakeholders to exploreways to improve audit quality– Facilitate greater dialogue betweenstakeholders on the topic
  8. 8. Page 8 | Confidential and Proprietary InformationASEAN Capital MarketsEffective Governance“Successful organizations adhere togovernance principles and periodicallyevaluate results to ensure (their) continuedeffectiveness.”- IFAC PAIB Committee’s International Good PracticeGuide: Evaluating and Improving Governance inOrganizations
  9. 9. Page 9 | Confidential and Proprietary InformationASEAN Capital MarketsConvergence of Regulatory Requirements“Further convergence of corporategovernance and other regulations betweenstates and countries would take most of thecomplexity and costs out of compliance.”- Patricia Cochran, former CFO and VP of Vision Service Plan(VSP), interviewed in Developments in the Financial ReportingSupply Chain-Results from a Global Study among IFAC MemberBodies
  10. 10. www.ifac.org

×