IFAC 2007 Annual Report Points to Progress on Convergence; Highlights Commitment to Developing Nations

Apr 24, 2008 | New York | English

The International Federation of Accountants (IFAC) released its 2007 annual report today, highlighting IFAC's progress in achieving international convergence, its expanding role in supporting the profession in developing nations, and its initiatives to enhance the quality of work provided by professional accountants in the public and private sectors. In addition, the report describes IFAC's consultation with and outreach to regulators, standard setters, international development agencies, and other international groups in the development and implementation of its various public interest activities.

"The accomplishments of the past year are the result of a shared vision of IFAC, its members and associates, regional accountancy organizations, and others to strengthen the profession so it can effectively serve the public interest and contribute to economic growth and development worldwide," states IFAC President Fermín del Valle. "The report clearly demonstrates our commitment to transparency and building public trust."

A key feature of the report is the "Service Delivery" section, which describes IFAC services delivered against those planned in five key areas:

  • Standards and guidance;
  • Promoting quality;
  • International collaboration;
  • Representation of the accountancy profession in the public interest; and
  • Information services.

"For the first time, the Service Delivery section of our annual report was reviewed by IFAC's independent auditor, and it received an unqualified assurance engagement opinion. This assurance statement reflects both our focus on services and our accountability to stakeholders,"states IFAC Chief Executive Officer Ian Ball. "It makes clear that we have delivered what we promised."

In addition to messages from IFAC's President and CEO, the report includes a message from Professor Stavros Thomadakis, Chair of the Public Interest Oversight Board, which oversees IFAC's Public Interest Activity Committees*.

The IFAC 2007 annual report can be downloaded from its website at http://www.ifac.org/About/2007AnnualReport.php. Print copies will be available in early-May and may be obtained by sending an email with your mailing address to pr@ifac.org.

About IFAC
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. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

* The Public Interest Activity Committees are the International Auditing and Assurance Standards Board, the International Accounting Education Standards Board, the International Ethics Standards Board for Accountants, and the Compliance Advisory Panel, which oversees the IFAC Member Body Compliance Program.



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