Highlights from the IPSASB CAG's December 4, 2017 meeting in Toronto, Canada.
0:10 -- Welcome and introduction
0:39 -- Chair’s summary of the IPSASB CAG meeting
10:28 -- Closing remarks
Highlights from the IPSASB's December 5 - 8, 2017 meeting in Toronto, Canada.
The excitement is building and registration is now open for the world’s largest gathering of accountants: the World Congress of Accountants (WCOA) 2018 in Sydney, Australia, November 5-8, 2018.
Held in the new International Convention Centre on the world-famous Sydney harbor and co-hosted by Chartered Accountants Australia and New Zealand and CPA Australia, the 20th WCOA promises to be the biggest and most exciting congress yet.
IFAC’s member organizations have always played an important role in telling millions of professional accountants about the importance of WCOA. For WCOA 2018, that role has never been easier.
From now until the congress starts in Sydney next November, our member organizations will have access to innovative, regularly-updated multi-media tools and content including: press releases, social media content, news updates, videos, and photos.
IFAC members will be able to access these materials after subscribing to the WCOA newsletter for regular updates. In the coming weeks, you will receive the newsletter and information on how to set up an account and password to start utilizing the WCOA Brandfolder.
The WCOA 2018 program will explore a range of key themes, including:
ACCA and one of Australia’s leading universities, RMIT, are WCOA 2018’s debut sponsors but there are many additional sponsorship opportunities available.
This publication outlines what an agreed-upon procedures engagements is, identifies the benefits to clients of offering such services, and when such engagements are appropriate. It also covers examples of financial and non-financial information AUP engagements and six short case studies with example procedures that might be applied.
The IAESB Personal Perspectives Series shares insights from board members and technical advisors on some of the challenges affecting aspiring professional accountants and the importance of effective accountancy learning and development. This Perspective, Promoting Trust for Sustainable Growth, is from Blanca Tapia, IAESB Member and a faculty member at Universidad Nacional Autónoma de México, and Dr. Sylvia Meljem, IAESB Technical Advisor and faculty member of the Instituto Tecnológico Autónomo de México.
Highlights from the IESBA's December 4 - 8, 2017 meeting in Livingstone, Zambia.
A call for nominations for the four international standard-setting boards is issued today. For nearly two decades, the global economy and financial market stability have been supported by the work of these international, independent standard-setting boards. Members of these boards are highly knowledgeable and informed individuals with insight and perspectives relevant to global standards.
The Call for Nominations for 2019 details the upcoming opportunities for qualified individuals to join the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB). Serving on these boards allows individuals with diverse professional backgrounds to contribute to the development of international standards, and to gain international experience while serving the public interest.
Nominations for the 22 open volunteer positions can come from all stakeholders, interested parties, and the general public. Travel support is available to qualified candidates from developing nations, self-nominees, and public members.
Gender equality is especially important to the Nominating Committee and, therefore, nominations of strong female candidates are strongly encouraged. Although candidates are ultimately selected based on professional background and experience, nominations from Africa, Asia, the Caribbean, Latin America, and the Middle East are particularly welcome to promote greater diversity on each board.
Candidates should have relevant subject-matter knowledge as well as strong English proficiency. Each board meets up to four times per year; the required time commitment is approximately 300 to 850 hours per year, depending on the board, member involvement, preparation, and travel time.
The Nominating Committee requests submissions by February 15, 2018 via the Nominations Database.
About the IAASB
The IAASB is an independent standard-setting board that 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 the International Federation of Accountants (IFAC).
About the IAESB
The IAESB is an independent standard-setting board that develops education standards, guidance, and information papers for use by IFAC member organizations 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 the IESBA
The IESBA is an independent standard-setting board that develops ethical standards and other pronouncements for professional accountants worldwide 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. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC.
About the IPSASB
The IPSASB is an independent standard-setting board that works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards (IPSAS) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC).
About the Nominating Committee
The Nominating Committee follows an open and transparent process with public interest oversight to select the most suitable candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting candidates, please visit the Nominating Committee web page.
About the PIOB
The Public Interest Oversight Board (PIOB) is the global independent oversight body that seeks to improve the quality and public interest focus of the international standards formulated by the IAASB, IAESB and IESBA in the areas of audit and assurance, education, and ethics. Through its oversight activities, the PIOB works to bring greater transparency and integrity to the audit profession, thereby contributing to the enhanced quality of international financial reporting.
About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.
Call for Nominations Issued
Narrada pelo técnico do IPSASB, João Carlos Fonseca, esta apresentação fornece uma visão geral do Exposure Draft 63, Benefícios Sociais.
O Exposure Draft aborda a contabilização de benefícios sociais, tais como reforma, desemprego e incapacidade, com o objetivo de melhorar a consistência, transparência e relato de benefícios sociais por entidades do setor público, os quais representam uma grande percentagem dos gastos públicos em muitas jurisdições.
O Exposure Draft 63 define benefícios sociais e propõe requisitos para o reconhecimento e mensuração de esquemas de benefícios sociais. Também propõe requisitos de divulgação que fornece informação adicional para os utilizadores avaliarem o efeito dos benefícios sociais nas finanças públicas no futuro.
Tradução parcialmente baseada na lei portuguesa.
Translation partially based on Portuguese law.
Pakistan
Khalilullah Shaikh joined the IFAC Board in November 2023. He was nominated by the Institute of Chartered Accountant of Pakistan (ICAP). Mr. Shaikh is a Fellow member of the Institute of Chartered Accountants of Pakistan (ICAP/ Institute) and has been serving as elected Council member of ICAP since 2013. Formerly, he served a past president and vice president of the Institute and chaired various committees and task forces of ICAP, including Investigation Committee and Professional Accountants in Business Committee. Mr. Khalilullah Shaikh has also served as elected member of Southern Regional Committee of ICAP. He is also a member of PAIB Advisory Group of the International Federation of Accountants (IFAC) since 2016.
Mr. Khalilullah Shaikh has more than 15 years of work experience in senior management roles. He is currently working as Chief Financial Officer of Pakistan International Airlines. Prior to this, he was associated with K-Electric and served in various roles, as Head of Supply Chain, Director Finance and Chief Internal Auditor. Mr. Shaikh has also served as Head of Treasury at Pakistan Refinery Limited.
Mr. Khalilullah Shaikh has a passion for human development. He has been conducting weekend lectures for CA Final students and his student alumni include over 1,500 Chartered Accountants of Pakistan. On the academic front, he secured Five Gold Medals in CA Final examinations, which is a record in the history of ICAP.
The International Federation of Accountants (IFAC) has published its initial views to the Monitoring Group Consultation Paper on changes to the international audit and ethics standard-setting process.
While IFAC agrees with some aspects of the Monitoring Group Consultation Paper, including the introduction of a multi-stakeholder model, broad geographical representation, sufficient checks and balances, and a review of the nominations process, it has concerns about far reaching proposals that would fundamentally dismantle the current model.
IFAC is also concerned that the consultation paper offers no evidence for such a drastic change and that fundamental key issues are omitted from the consultation or deferred, including: funding, oversight and governance, transition process, and an impact and risk assessment. Additionally, aspects of the Consultation Paper do not accurately reflect the current standard-setting arrangements, and offer proposals that are contrary to the Monitoring Group’s stated aims.
As an alternative to the proposals in the Monitoring Group Consultation Paper, IFAC proposes changes, which further enhance the independence of international standard setting while retaining separate audit and ethics boards and allowing ethics standards to remain applicable to all professional accountants, including auditors. They reinforce a multi-stakeholder approach across all aspects of standard setting, including the Public Interest Oversight Board (PIOB) and Nominating Committee; clarify the role of the PIOB and enhance transparent, independent public interest oversight; and advocate for a funding model with contributions from all stakeholders.
IFAC welcomes regular reviews of the standard-setting process that are in the public interest and ensure that the structures for international standard setting remain relevant in a changing world.
The Monitoring Group is considering all feedback from stakeholders. Comments should be submitted by February 9, 2018 to: MG2017consultation@iosco.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 more than 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.
Offers Alternative to Boost Standard Setting Independence and Transparency