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Remarks by Robert L. Bunting, IFAC President
  Introduction Good afternoon and thank you for that kind introduction.Before I begin, let me first express my deep appreciation to IOSCO for inviting me to speak here today and for sponsoring this very important conference.
IFAC Seeks Views on Its 2010-2012 Strategy and Work Plan to Serve Professional Accountants in Business
IFAC today released for comment an exposure draft (ED) setting out its proposed 2010-2012 strategy and work plan prepared by its Professional Accountants in Business (PAIB) Committee.The proposed plan outlines the direction and priorities of IFAC's services relevant to professional accountants in business. This public consultation is a first-time opportunity for IFAC member bodies and other key stakeholders to comment on the proposed vision, strategic direction, and corresponding work plan for this key constituency.The proposed strategic direction focuses on enhancing the profile, influence, and relevance of professional accountants in business and identifies two specific objectives:
FEE/CNDCEC Congress
Thank you, Stephan. It's a pleasure to be here this afternoon and good afternoon to you. Like you, I'm contemplating a longer stay here than I anticipated, but it's OK. In fact, it's wonderful.As you know, [and] as I'm sure speakers have mentioned earlier in this conference, Venice is the place where accounting was invented by Luca Pachioli. And, of course, Venice is famous for a Venetian merchant who opened up the Eastern routes of the trade: Marco Polo. But I'll come back to that in a minute.
IPSASB Publishes 2010 Handbook of Pronouncements
The International Public Sector Accounting Standards Board (IPSASB) published today its 2010 Handbook of International Public Sector Accounting Pronouncements. In two volumes, the handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB's cash basis standard. Five of these standards were approved by the IPSASB in 2009, including requirements and guidance for all aspects of accounting for financial instruments, as well as intangible assets and agriculture.
IFAC and the Princes Accounting for Sustainability Project Collaborate to Promote Sustainable Organizations
The International Federation of Accountants (IFAC) and The Prince's Accounting for Sustainability (A4S) Project have entered into a memorandum of understanding to support the global accountancy profession's role in developing sustainable organizations.Organizations are increasingly seeking new ways to maintain their economic performance and contributions to society in the face of challenge and crisis. Perhaps the most critical challenge facing business and society generally is to live within our ecological limits, while continuing to enjoy economic prosperity. IFAC and A4S believe that an essential part of the answer lies in going beyond traditional ways of thinking about performance and embedding sustainability into strategy, governance, performance management, and reporting processes.Key priorities to support the work of professional accountants in embedding sustainable practices include: Raising awareness and facilitating sharing and collaboration across the global accountancy community, for example, through the development of a community website for professional accountancy organizations, business leaders, academics, and other experts to exchange ideas and share good sustainability practice;Establishing an international integrated reporting committee to develop a new reporting model that will better reflect the interconnected impact of financial, environmental, social, and governance factors on the long-term performance and condition of an organization; andIncorporating accounting for sustainability within professional training and education.Professional accountants in organizations support the sustainability efforts of the organizations they work for in leadership roles in strategy, governance, performance management, and reporting processes. They also oversee, measure, control, and communicate the long-term sustainable value creation of their organizations.Paul Druckman, Chairman of the A4S Executive Board, states, "We will only be able to achieve a sustainable future if all organizations, and all individuals within those organizations, recognize the role that they can and need to play. Effective action by the accounting and finance community to better account for sustainability is an essential part of the response. The collaboration between IFAC and A4S will help to make this a reality.""Professional accountants play a vital role in helping to create sustainable organizations and markets, especially in the areas of accountability and measurement of results," says Robert Bunting, President of IFAC. "I am delighted that our two organizations are working together to advance the role of sustainability leadership and reporting at a global level, fostering collaboration with key stakeholders and developing best practices for integrating sustainability issues in the way we do business."
IAASB Proposes New Standard to Strengthen Reporting on Pro Forma Financial Information in Prospectuses
The International Auditing and Assurance Standards Board (IAASB) today released a proposed new assurance standard that addresses the process of compiling pro forma financial information included in prospectuses. Recognizing the increasingly integrated nature of global capital markets and the importance of pro forma financial information in the public's investment decisions, the newly proposed standard is designed to enhance public confidence in how such financial information is produced.
IPSASB Publishes Proposals for Amendments under Its Annual Improvements Project
The International Public Sector Accounting Standards Board (IPSASB) today released for comment exposure draft (ED) 44, Improvements to International Public Sector Accounting Standards (IPSASs).
IAASB Annual Report Highlights Implementation and Assurance Developments
The International Auditing and Assurance Standards Board (IAASB) today released its 2009 annual report. The report highlights the completion of the landmark Clarity Project surrounding the IAASB's International Standards on Auditing (ISAs), the development of adoption and implementation resources for the ISAs, and the launch of innovative new projects to address emerging issues.
IFAC Analysis Highlights the Expanding Role of SMPs in Advising SME Clients
The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) published an analysis of research on business advisory services provided by SMPs. The extensive analysis includes a review of global research spanning academic studies, practitioner surveys, and interviews of SMP partners.
IFAC's Education Standards Board Adopts New Strategy
The International Accounting Education Standards Board (IAESB) has issued its Strategy and Work Plan for 2010-2012, which focuses on enhancing the International Education Standards (IESs) and providing guidance for IES adoption and implementation. This work will assist IFAC member bodies, regulators, employers, academics, and students by prescribing principles for the learning and development of a professional accountant."By continuing to enhance standards in international accounting education, we are contributing to the reliability of financial reporting," said Mark Allison, IAESB Chair. "The principal aim of the IAESB 2010-2012 Strategy and Work Plan is to clarify the obligations of those who are involved in the education, assessment, and development of professional accountants."The focus of IAESB activities will be on the following: Revising the IESs in consideration of the IAESB's drafting conventions project, which compiled stakeholder feedback on improving the clarity of the standards;Developing implementation guidance for the measurable implementation of the IESs, competency frameworks, and quality control measures for education providers; andPromoting greater awareness among academics, regulators, and others of the IAESB's pronouncements and its role in advancing international debate on emerging issues relating to the development and assessment of professional accountants.The direction of further 2010-2012 activities will be based on the results of these three high-priority projects.The IAESB 2010-2012 Strategy and Work Plan can be downloaded free of charge from the Resources section of the IAESB site: www.ifac.org/education. About the IAESB The IAESB (www.ifac.org/education) develops education standards and guidance for use by IFAC member bodies under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.About IFACIFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
IFAC Releases 2010 Handbooks Containing All IAASB Pronouncements and the Code of Ethics for Professional Accountants
The International Federation of Accountants (IFAC) has released the 2010 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, and the 2010 Handbook of the Code of Ethics for Professional Accountants.
IAASB Launches Online Questionnaire To Inform Development of Its Future Strategy
The International Auditing and Assurance Standards Board (IAASB) is launching an online questionnaire to inform the development of its strategic direction and related work program for 2012-2014. The initiative is part of the IAASB's broader mandate to consult with key stakeholders to determine which issues should be addressed by the board.
IESBA Seeks Views on Its Strategy and Work Plan for 20102012
The International Ethics Standards Board for Accountants (IESBA) has released for comment an exposure draft (ED) setting out its proposed strategy and work plan for the next three years. The proposed strategy and work plan focuses on the board's new projects and activities, which were selected based on the results of an IESBA-commissioned survey of interested parties.The work plan for 2010-2012 includes the IESBA's intention to complete two high-priority projects from its previous work plan: Conflicts of Interest. The IESBA will expand existing guidance for professional accountants, whatever their role, who face conflicts of interest. This will include the types of situations that give rise to conflicts, the mechanisms that can serve as safeguards in a conflict situation, and ways to manage conflicts; andResponding to Suspected Fraud or Illegal Acts. The IESBA will provide guidance for all professional accountants on how to respond when encountering a suspected fraud or illegal act. This will include the threshold for taking action, the types of actions that may be taken, the process for responding, and the timing of any disclosure.The IESBA also plans to begin a project that addresses the application of the "related entity" definition in the IESBA's Code of Ethics for Professional Accountants (the Code) to audits of collective investment vehicles.In addition to its standard-setting activities, the IESBA plans to continue to assess what additional material or activities would be useful to support those who are adopting and implementing the Code. To further its objective of facilitating convergence of international and national ethical standards-including independence requirements-the IESBA will liaise closely with national standard setters and regulators to identify and understand their perspectives on convergence and to seek their views on how the Code can be a catalyst to achieve greater convergence."We listened carefully to our stakeholders as we developed the draft strategic plan," states Ken Dakdduk, IESBA Chair. "Our focus for the next three years, therefore, will be to build on the strong base established by the Code, which we revised in July 2009, and to significantly increase our efforts to promote and assist with its implementation and adoption."How to CommentTo access the exposure draft or submit a comment, please visit www.ifac.org/Guidance/EXD-Outstanding.php. Comments on the exposure draft are requested by June 15, 2010.About the IESBA and IFACThe IESBA (www.ifac.org/ethics) develops ethical standards and guidance for use by professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce.
IAASB Welcomes New Auditing Research Initiative
The International Auditing and Assurance Standards Board (IAASB) looks forward to findings from four new auditing research projects announced today by the Association of Chartered Certified Accountants (ACCA) and the International Association for Accounting Education and Research (IAAER). ACCA, which is funding the project, the IAASB, and the IAAER are committed to supporting this initiative as it will help to inform debate within the profession on a range of important subjects relating to auditing and assurance, and thereby contribute to public confidence in financial reporting.Through conducting this research, ACCA and the IAAER seek to contribute to the development of the assurance profession around the world and the quality of the standards underpinning the services they provide. The research is expected to provide insights into matters of relevance to the IAASB.Research topics have been selected in the following four areas:  International consistency and convergence in the application of auditing standards;The implications of eXtensible Business Reporting Language (XBRL) for audits of, or other assurance services on, financial statements;The use of risk-based audit methodology by small- and medium-sized practices; andThe nature of professional judgment in auditing."We welcome this research, as we expect it to make a contribution to the implementation and application of international standards and our future standard-setting decisions," said IAASB Chair Arnold Schilder. "This initiative aligns with the IAASB's ongoing agenda for innovation within the field of auditing and assurance and our efforts to further our understanding of international developments, including the needs of those using our standards."
IAESB Issues Consultation Paper on Competence Requirements for Audit Professionals
The International Accounting Education Standards Board (IAESB) will be revising International Education Standard (IES) 8, Competence Requirements for Audit Professionals, and strongly encourages organizations and individuals to comment on proposed revisions. Comments can be submitted through the IAESB's newly issued Consultation Paper, which can be found online at http://www.ifac.org/Guidance/EXD-Details.php?EDID=0136.IES 8 is one of eight standards that addresses the principles of learning and development for professional accountants. The IESs prescribe good practice in learning and development for professional accountants and should be incorporated into the educational requirements of IFAC's membership body, which is comprised of professional accountancy institutes from around the world. The IESs are also considered relevant to stakeholders interested in the education and development of professional accountants and audit professionals, such as public accounting firms, regulators, and employers.The IAESB is seeking guidance on a number of issues, including IES 8's target audience, the knowledge and skills required to work as a competent audit professional, and the advanced-level competences required by audit professionals."We want to make IES 8 clearer and more readable, and reduce ambiguity about the requirements imposed on IFAC member bodies," said Mark Allison, IAESB chair. "In revising IES 8 and developing implementation guidance for this standard, we intend to ensure consistent application, assist in its adoption, and facilitate international implementation."The IAESB's objective in revising IES 8 is to: Implement a revised structure that clearly sets out the objective of the IES;Clarify obligations imposed on IFAC member bodies; Eliminate ambiguity about the requirements; Improve the explanation and guidance to support consistent application of IES requirements; and Ensure consistency with the other IESs.The IAESB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Consultation Paper to their members and employees.

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