Exposure Draft (ED) 67, Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19), addresses transactions for collective and individual services and emergency relief.
IPSAS 42, Social Benefits, provides guidance on accounting for social benefits expenditure. It defines social benefits as cash transfers paid to specific individuals and/or households to mitigate the effect of social risk. Specific examples include state retirement benefits, disability benefits, income support and unemployment benefits. The new standard requires an entity to recognize an expense and a liability for the next social benefit payment.
At a time when public sector spending, government accountability and financial sustainability are in the spotlight, ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) are launching a global series that will identify, document and share success stories in public financial management.
Strong public financial management processes and systems are essential for effective and efficient delivery of public services, transparent public finances, and trust between government and citizens. ACCA and IFAC are keen to showcase how such strong systems make a difference when public sector spending is under intense scrutiny.
The series includes videos and written case studies, showcasing stories through their network of global experts. Public sector finance leaders from Tanzania, Australia and Canada have already shared their stories in videos which are available online: http://www.ifac.org/global-knowledge-gateway/business-reporting/discussion/showcasing-good-public-financial-management
Alex Metcalfe, head of public sector policy at ACCA said: ‘The aim of this research is to answer a number of fundamental questions about how public financial management is working now, and how it can operate in the future. We want to capture and share real stories of how public financial management improvements have made an immediate difference in the delivery of public services.’
Alta Prinsloo, IFAC Executive Director, added: ‘Strong public financial management impacts citizens and presents an opportunity for tangible change. Professional accountants have an essential role to play and we must leverage these case studies to continue making progress in the future.”
This research collaboration supports IFAC and ACCA’s work to build capacity in the public sector and to strengthen public financial management globally.
For media enquiries, contact:
Geena De Rose Helen Thompson
IFAC Communications ACCA Head of Corp Comms
+1-212-286-9344 M: +44 (0)7725 498 654
GeenaDeRose@ifac.org Helen.Thompson@accaglobal.com
@IFAC @ACCANews
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 over 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com
The revised International Education Standard (IES) 7, Continuing Professional Development, clarifies the principles and requirements for how professional accountancy organizations measure, monitor, and enforce their continuing professional development systems. It makes it clear that all professional accountants must develop and maintain professional competence to perform their role.
The newly published sequel to the 2017 G20 public trust in tax report from ACCA (the Association of Chartered Certified Accountants), CA ANZ and IFAC (the International Federation of Accountants) reveals a high level of distrust among the public in politicians and non-government organisations (NGOs) when it comes to tax systems.
The new report also shows that public trust in professionals, such as accountants and lawyers, remains high by comparison.
When it comes to evaluating their tax systems, respondents across G20 nations are most concerned about transparency, complexity, inequality and corruption in tax systems.
Respondents’ concerns about inequality stem from the perception in English-speaking countries that high income earners and multinationals are treated better by tax systems than average or low income earners. Respondents in China, Indonesia and India had high levels of trust in tax authorities, politicians and accountants, reported efficient tax filing, and supported tax competition to attract multinational business.
G20 public trust in tax report is based on an online survey of more than 8,400 members of the general public across G20 countries and New Zealand, revealing that respondents have:
Commenting on the second year’s findings, Chas Roy-Chowdhury, global head of tax at ACCA says: ‘Once trust is lost, it’s hard to regain. Tax is a complex issue and one that touches all our lives - so that trust is important. What’s clear from this research is the need for all significant players – from politicians to tax experts - to work together to build and sustain the public’s trust in tax. And while the accountancy profession fares the best again in this year’s results, we cannot be complacent about these findings.’
Kevin Dancey, IFAC CEO adds: ‘Given that accountants adhere to a strong ethical code that supports their public interest obligations, it’s vital that we actually understand what the public thinks of tax systems and who they go to for trusted advice. This research gives everyone working in tax, including policy makers, politicians, media and accountants, a powerful insight in what the public really think. By understanding their views, professionals can better work to inspire confidence in the system as a whole.’
Michael Croker from CA ANZ concludes: ‘Our research shows that people say they broadly trust and want to hear more from experts and professionals, but scepticism in politicians and the media continues. If transparency is one of the pillars of an effective tax system, then the professionals and experts working in tax need to strive for even more clarity on how tax works nationally and globally. It’s clear there is still much work to be done to sustain this hard earned trust it amongst the tax-paying public.’
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 over 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com
About CA ANZ
Chartered Accountants Australia and New Zealand is a professional body comprised of more than 117,000 members living and working around the world. We focus on the education and lifelong learning of our members, and engage in advocacy and thought leadership in areas of public interest that impact the economy and domestic and international markets.
Program & Senior Director, IAASB
South Africa
Willie joined the IAASB in January 2019. He leads the IAASB team in advancing the IAASB’s strategy and work program and works closely with the IAASB Chair in managing the activities of the Board.
Willie has a broad range of experience in different aspects of the audit profession, after previously serving as a Senior Executive at the South African Institute of Chartered Accountants, a Senior Technical Specialist at the Auditor General South Africa and an audit partner and technical director at an audit firm. Willie was also the head of the Department of Accounting, and Associate Professor of Auditing, at the University of Pretoria.
He has previously served as a member of the South African Institute of Chartered Accountant’s Assurance Guidance Committee and the South African audit regulator’s Committee for Auditing Standards.
Head of Communications
As Head of Communications, Jennifer DiClerico develops and executes strategies across various media platforms that advance the global accountancy profession and IFAC’s public interest mission. This includes oversight of all executive and leadership communications, media relations, digital and social communications, and reputation management.
Ms. DiClerico’s communications career spans more than 20 years in the financial and technology sectors, during which time she led communications for Investment Banking & Global Markets at Bank of America and most recently served as Senior Vice President in Edelman’s Financial Services Practice.
Prior to joining IFAC, Ms. DiClerico also served as a Director at CA Technologies; Director of Public Relations and Investor Communications at SoundView Technology Group; and Head of Communications at an international broker dealer.
Ms. DiClerico holds a B.A. in English and Business Writing from Lehigh University.
The International Audit and Assurance Standards Board (IAASB) announced today that after an extensive global search Mr. Willie Botha has been appointed IAASB Technical Director.
In this role, Mr. Botha leads a team that works closely with the IAASB and its Chair to advance the international audit and assurance standard-setting program and engage with key stakeholders to heighten audit quality worldwide and enhance credibility and trust in external reporting.
Mr. Botha brings a wealth of experience to the IAASB team. Most recently he served as Senior Executive, Assurance and Practice, with the South African Institute of Chartered Accountants (SAICA), where he was responsible for advancement and support of the profession in the audit and assurance field. He has also served as Member to the Institute’s Assurance Guidance Committee, and Member to the Audit Regulator’s Committee for Auditing Standards. His prior roles included serving as Senior Technical Specialist responsible for the audit methodology project of the Auditor General South Africa, and practicing Audit Partner and Technical Director with a firm based in Pretoria, South Africa, as well as serving as head of Department of Accounting, and as Associate Professor of Auditing, at the University of Pretoria.
Technical Advisor for Karen Sanderson
United Kingdom
Henning Diederichs became the Technical Advisor to the UK member of IPSASB in January 2019. He was nominated by the Consultative Committee of Accountancy Bodies (CCAB), an umbrella group of chartered professional bodies of British qualified chartered accountants (ICAEW, ACCA, CIPFA, ICAS and Chartered Accountants Ireland).
Mr. Diederichs is a senior technical manager, specializing in public sector financial and non-financial reporting at the Institute of Chartered Accountants in England and Wales (ICAEW). His role includes supporting the UK Ministry of Finance in their application of the TCFD (Task Force on Climate related Financial Disclosures) framework, reviewing the capitals approach (Capitals Coalition) regarding impacts and dependencies across government and contributing to ICAEW’s literature on a wide range of subjects including a comparison between IFRS and IPSAS.
Mr. Diederichs has over ten years of technical accounting experience in both the public and private sectors. Before joining ICAEW in 2015, he helped construct and implement the Whole of Government Accounts (WGA) consolidation process at the UK's Ministry of Finance, specializing in intra-governmental transactions and balances. Prior to that he worked for Barclays PLC in their group finance division covering areas such as goodwill, credit risk, joint ventures and associates.
Mr. Diederichs is a fellow of ICAEW and graduated with a BA in economics from the University of Essex (UK).
United Kingdom
Lynn Pamment was appointed as a member of IPSASB in January 2019. She was nominated by the Chartered Institute of Public Finance and Accountancy (CIPFA).
Ms. Pamment is Comptroller & Auditor General for Jersey, an appointment she took up in January 2020. Prior to her appointment in Jersey she was a lead partner in PwC UK’s Government and Public Sector Assurance practice where she gained over 30 years experience of working in an assurance and advisory capacity with public and private sector organisations in the UK and beyond.
Ms. Pamment is a first class honours graduate from the University College Cardiff. She is a prize winning member of the Institute of Chartered Accountants in England and Wales (ICAEW) and is also a member of CIPFA.
Ms. Pamment has led a number of high profile reviews on behalf of the Government in Wales. She is also the Chair of the Financial Reporting Advisory Board to HM Treasury in the UK.
Her Technical Advisor is Henning Diederichs.
