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The Global Accounting Profession: Working to Strengthen the Global Economy


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Presentation by IFAC President Warren Allen at the Institute of Public Accountants National Congress, Queesnland, Australia, November 8, 2013

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The Global Accounting Profession: Working to Strengthen the Global Economy

  1. 1. Institute of Public Accountants National Congress “The Global Accounting Profession: Working to Strengthen the Global Economy” Warren Allen, President International Federation of Accountants November 8, 2013 Queensland, Australia Page 1 | Confidential and Proprietary Information
  2. 2. IFAC Overview Contributing to strong and sustainable organizations, financial markets, and economies Page 2 | Confidential and Proprietary Information
  3. 3. IFAC Operating Lines Developing and representing the profession; enhancing economic stability • Supporting standards development • Improving quality and capacity • Supporting the profession • Global representation and advocacy Page 3 | Confidential and Proprietary Information
  4. 4. Supporting Standards Development Facilitating the development of high-quality international standards • Foster high-quality financial information • Promote confidence in markets • Enhance public resource management • Facilitate regional and international economic integration Page 4 | Confidential and Proprietary Information
  5. 5. Improving Quality and Capacity Supporting high-quality PAOs and strengthening the profession • Member Body Compliance Program • Professional Accountancy Organization (PAO) Development Page 5 | Confidential and Proprietary Information
  6. 6. Supporting the Profession Providing thought leadership, resources, and insight; enhancing visibility and voice • PAIB and SMP Committees • IFAC Global Knowledge Gateway Page 6 | Confidential and Proprietary Information
  7. 7. Global Representation and Advocacy Leveraging IFAC’s position as an independent public interest voice for the profession • Promote profession's interests • Stimulate discussion • Convene interested stakeholders Page 7 | Confidential and Proprietary Information
  8. 8. Recruiting the Best & Brightest If trends continue, the accountancy profession may be unable to properly meet the demands of our global communities. Page 8 | Confidential and Proprietary Information
  9. 9. Government Transparency and Accountability “Fiscal transparency is a critical element of effective fiscal policymaking and the management of fiscal risks.” - IMF 2012 report “Fiscal Transparency, Accountability, and Risk” Page 9 | Confidential and Proprietary Information
  10. 10. Enhanced Organizational Reporting Non-financial reporting is important for: • Decision-making • Promoting transparency • Discharging accountability Page 10 | Confidential and Proprietary Information
  11. 11. Credibility and Usability of Financial Reporting All components of the “financial reporting supply chain” need to be high quality to support strong and credible financial reporting. Page 11 | Confidential and Proprietary Information
  12. 12. Supporting Continued Economic Growth “Accounting plays an essential role in economic development.” - UN Conference on Trade and Development - International Standards of Accounting and Reporting Page 12 | Confidential and Proprietary Information
  13. 13.