Warren Allen, President of the International Federation of Accountants, gave a presentation on the importance of a strong financial reporting infrastructure for growing economies and capital markets. The presentation covered IFAC's role in setting international standards and supporting accountants globally. It also discussed key topics like the financial reporting supply chain, sustaining the accounting profession, governance, and the need for converged regulatory requirements. The goal is to establish high-quality, consistent standards worldwide to support strong global capital markets.

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ASEAN Capital Markets
“A Strong Financial Reporting
Infrastructure: Vital for a Growing
Economy and Strong Capital Market”
Warren Allen, President
International Federation of Accountants
May 7, 2013
Singapore

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ASEAN Capital Markets
• IFAC’s Snapshot & Vision
• Financial Reporting Supply Chain
• International Standards
• Sustaining a Robust Profession
• Effective Governance
• Convergence of Regulatory Requirements
Agenda

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• Approximately 2.5 million accountants in 129
countries/jurisdictions in public practice, education,
government service, industry, and commerce
• Supports four independent standard-setting boards
– Audit and assurance
– Ethics
– Education
– Public sector accounting
International Federation of Accountants

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ASEAN Capital Markets
Financial Reporting Supply Chain
• Preparing, publishing, analyzing, and using financial
reporting involves a complex arrangement of:
– Participants
– Standards
– Mandated/voluntary requirements
– Behaviors
– Interactions

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• A global financial system requires
universal adoption and implementation of
high-quality standards
• International standards must be:
• Understandable
• Clear
• Capable of consistent application
• Interjurisdictional
International Standards

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• Auditors
• Professional accountants in
business
• Preparers
• Strong, effective PAOs
• Education
Sustaining a Robust Profession

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A Framework for Audit Quality
• Through the proposed framework,
the IAASB aims to:
– Raise awareness of the key elements
of audit quality
– Encourage stakeholders to explore
ways to improve audit quality
– Facilitate greater dialogue between
stakeholders on the topic

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ASEAN Capital Markets
Effective Governance
“Successful organizations adhere to
governance principles and periodically
evaluate results to ensure (their) continued
effectiveness.”
- IFAC PAIB Committee’s International Good Practice
Guide: Evaluating and Improving Governance in
Organizations

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ASEAN Capital Markets
Convergence of Regulatory Requirements
“Further convergence of corporate
governance and other regulations between
states and countries would take most of the
complexity and costs out of compliance.”
- Patricia Cochran, former CFO and VP of Vision Service Plan
(VSP), interviewed in Developments in the Financial Reporting
Supply Chain-Results from a Global Study among IFAC Member
Bodies

10. www.ifac.org