Press Releases/News Alerts
May 16, 2013
Constructive Cooperation for International Standards
IFAC, IAASB, IASB Convene Adoption and Implementation Conference
More than 70 representatives from over 10 national organizations from former Soviet republics in Europe and Central Asia gathered today in London at a two-day conference convened jointly by the International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), and International Accounting Standards Board (IASB). Titled Adoption and Implementation of International Standards in the Former Soviet Republics in Europe and Central Asia, the event serves as an excellent example of constructive cooperation in the development, adoption, and implementation of high-quality international standards, and in relation to the regulation of the profession.
The event, hosted by the Association of Chartered Certified Accountants (ACCA), brought together organizations with responsibilities relating to the adoption or implementation of International Standards on Auditing (ISAs), issued by the IAASB, and International Financial Reporting Standards (IFRS), issued by the IASB. IFAC members, who play a critical role in the implementation of international standards and the development of professional accountants, also provided updates on key projects relating to the IFAC Statements of Membership Obligations.
“Standard setters, regulators, users, and the profession have a shared objective of high-quality financial reporting and auditing in the public interest, and therefore each group has a role to play in achieving this objective,” said Dan Montgomery, deputy chair of the IAASB. “The interest and cooperation of the organizations represented demonstrate how important it is for the IAASB, IASB, and IFAC to act on opportunities to support global adoption and effective implementation of international standards.”
“High-quality financial reporting continues to be critical for investment and decision making,” said Ian Mackintosh, vice chair of the IASB. “This event highlights the continued commitment of those responsible for adopting IFRS, including IFRS for Small- and Medium-Sized Entities (SMEs), and provides a forum for international standard setters and national stakeholders to discuss matters of relevance to their jurisdiction and regulatory frameworks.”
The event included meetings with national professional accountancy organizations and the three organizing bodies regarding experiences with the application of IFRS, ISA adoption and implementation, and quality assurance requirements, as well as the status of initiatives to translate IFRS and ISAs on an ongoing basis. Discussions also provided feedback on methods of implementing IFRSs, the IFRS for SMEs, and the changing role of professional accountancy organizations.
Representatives from Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine, and Uzbekistan attended the event. Delegates included IFAC members and associates, professional accountancy organizations, national standard setters, ministries of finance, regulators and securities market authorities, national banks, and other key stakeholders.
IFAC 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. It is comprised of 172 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB 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 IAASB are facilitated by IFAC.
The IASB was established in 2001 and is the standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organization. The IASB is committed to developing, in the public interest, a single set of high quality global accounting standards that provide high quality transparent and comparable information in general purpose financial statements. In pursuit of this objective the IASB conducts extensive public consultations and seeks the co-operation of international and national bodies around the world. The IASB has 16 full-time members drawn from 11 countries and a variety of professional backgrounds. Board members are appointed by and accountable to the Trustees of the IFRS Foundation, who are required to select the best available combination of technical expertise and diversity of international business and market experience. In their work the Trustees are accountable to a Monitoring Board of public authorities. For more information visit www.ifrs.org.