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Page 1 | Confidential and Proprietary Information
IFAC – Current issues and
Initiatives
Mario Abela
Leader – Research and ...
Page 2 | Confidential and Proprietary Information
• The global organization for the accountancy profession
• 179 member an...
Page 3 | Confidential and Proprietary Information
Strengthening Organizations, Advancing
Economies
Page 4 | Confidential and Proprietary Information
IFAC Operating Lines
• Supporting standards
development
• Improving qual...
Page 5 | Confidential and Proprietary Information
• Focusing on stakeholder
engagement
• Diversifying funding
• Evolving I...
Page 6 | Confidential and Proprietary Information
Supporting Standards Development
• Success stories:
– 80+ government/pub...
Page 7 | Confidential and Proprietary Information
IFAC and the UK Department for International
Development (DFID)
Page 8 | Confidential and Proprietary Information
IFAC is committed to the
quality of PAOs
Capacity Building through an In...
Page 9 | Confidential and Proprietary Information
• PAO Sustainability
• PAO Standards and
Enforcement
• PAO Relevance
Cap...
Page 10 | Confidential and Proprietary Information
• Capacity building in four regions
• Development of PAOs in 10
DFID-fo...
Page 11 | Confidential and Proprietary Information
• DFID/IFAC: clarifying expectations, process, requirements
• Managemen...
Page 12 | Confidential and Proprietary Information
Additional Global Initiatives
Page 13 | Confidential and Proprietary Information
• Success stories:
– ASEAN Seminar on FRSC
– Convening global public se...
Page 14 | Confidential and Proprietary Information
• Encouraging governmental
transparency, accountability
• Advocating ad...
Page 15 | Confidential and Proprietary Information
Enhancing Organizational Reporting
Non-financial reporting is
important...
Page 16 | Confidential and Proprietary Information
Strengthening the Links in the Financial Reporting
Supply Chain
All com...
Page 17 | Confidential and Proprietary Information
• News, views, resources, thought
leadership
– Access global resources
...
Page 18 | Confidential and Proprietary Information
• Business reporting
• Ethics
• Financial leadership
& development
• Go...
www.wcoa2014rome.com
Will you join the global accountancy
community in Rome in November 2014?
www.ifac.org
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IFAC – Current Issues and Initiatives

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Presentation by Mario Abela , Leader, Research and Development at the at 32nd Annual Caribbean Conference, June 4, 2014

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IFAC – Current Issues and Initiatives

  1. 1. Page 1 | Confidential and Proprietary Information IFAC – Current issues and Initiatives Mario Abela Leader – Research and Development ICAC Board Meeting June 4, 2014
  2. 2. Page 2 | Confidential and Proprietary Information • The global organization for the accountancy profession • 179 member and associate Professional Accountancy Organizations (PAOs) • Work in the public interest to build sustainable organizations and economies • Support independent standard-setting boards Strengthening Organizations, Advancing Economies
  3. 3. Page 3 | Confidential and Proprietary Information Strengthening Organizations, Advancing Economies
  4. 4. Page 4 | Confidential and Proprietary Information IFAC Operating Lines • Supporting standards development • Improving quality and capacity • Supporting the profession • Global representation and advocacy
  5. 5. Page 5 | Confidential and Proprietary Information • Focusing on stakeholder engagement • Diversifying funding • Evolving IFAC processes Supporting Themes
  6. 6. Page 6 | Confidential and Proprietary Information Supporting Standards Development • Success stories: – 80+ government/public sector entities using/planning to adopt IPSASs – 90+ jurisdictions using/adopting clarified ISAs or using as a basis for national standards – 120+ jurisdictions using/adopting the Code of Ethics for Professional Accountants
  7. 7. Page 7 | Confidential and Proprietary Information IFAC and the UK Department for International Development (DFID)
  8. 8. Page 8 | Confidential and Proprietary Information IFAC is committed to the quality of PAOs Capacity Building through an Integrated Approach PAOs are committed to competency, capability, & performance of accountancy professionals • In collaboration with local stakeholders, authorities Accountancy professionals are committed to: • the integrity of public & private sector organizations and representatives • the quality of financial information
  9. 9. Page 9 | Confidential and Proprietary Information • PAO Sustainability • PAO Standards and Enforcement • PAO Relevance Capacity Building through an Integrated Approach
  10. 10. Page 10 | Confidential and Proprietary Information • Capacity building in four regions • Development of PAOs in 10 DFID-focus countries • Key to success: engagement leading to evidence, impact on economy What Does the DFID Funding Mean?
  11. 11. Page 11 | Confidential and Proprietary Information • DFID/IFAC: clarifying expectations, process, requirements • Management systems and program team • Country selection • Informing interested and qualified PAO • Communications Next Steps for DFID and Capacity Building
  12. 12. Page 12 | Confidential and Proprietary Information Additional Global Initiatives
  13. 13. Page 13 | Confidential and Proprietary Information • Success stories: – ASEAN Seminar on FRSC – Convening global public sector leaders on public sector financial management – Engaging the G-20, European Commission, IFRS, and others on key matters Global Representation and Advocacy
  14. 14. Page 14 | Confidential and Proprietary Information • Encouraging governmental transparency, accountability • Advocating adoption, implementation of high quality, accrual-based accounting standards – International Public Sector Accounting Standards (IPSASs) Accountability Now!
  15. 15. Page 15 | Confidential and Proprietary Information Enhancing Organizational Reporting Non-financial reporting is important for: • Decision making • Promoting transparency • Discharging accountability
  16. 16. Page 16 | Confidential and Proprietary Information Strengthening the Links in the Financial Reporting Supply Chain All components of the “financial reporting supply chain” need to be of a high quality to support strong and credible financial reporting.
  17. 17. Page 17 | Confidential and Proprietary Information • News, views, resources, thought leadership – Access global resources – Learn about emerging areas – Stay connected to pressing news – Exchange views, make recommendations, share information and resources Global Knowledge Gateway Support for Professional Accountants
  18. 18. Page 18 | Confidential and Proprietary Information • Business reporting • Ethics • Financial leadership & development • Governance • Performance and financial management • Risk management & internal control • Sustainability • Audit & assurance • Practice management Support for Professional Accountants Global Knowledge Gateway
  19. 19. www.wcoa2014rome.com Will you join the global accountancy community in Rome in November 2014? www.ifac.org

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