Stavros Thomadakis Reappointed Ethics Board Chair

New York, New York English

Dr. Stavros B. Thomadakis has been reappointed Chair of the International Ethics Standards Board for Accountants® (IESBA®) for a renewable one-year term commencing January 1, 2018, the key post Dr. Thomadakis has held since 2015.

Over the past three years, Dr. Thomadakis has championed the key role ethics play for the global accountancy profession in the public interest. He has also led the IESBA through significant projects relating to the Code of Ethics for Professional Accountants (the Code) and enhancing its understandability and accessibility, including responding to non-compliance with laws and regulations (NOCLAR) and restructuring the Code.

James Gunn, Managing Director, Professional Standards, said, “Dr. Thomadakis’ re-appointment is very much welcome. He has provided extraordinary dedication to this role and delivered tremendous leadership for various projects that have not only elevated awareness of the Code of Ethics but also enhanced the reputation of the IESBA as an independent standard setter.”

“I am honored to continue this journey with the Ethics Board, and have the opportunity to support the evolution and implementation of the global Code of Ethics. Our hard work is far from complete, and we will need to continue to be innovative and responsive to the evolving global public interest by achieving and maintaining high-quality ethics standards. The formulation of IESBA’s new Strategy and Work Plan is a major challenge for the next year. The pursuit of innovative and challenging new projects and the wider adoption of the Code will serve to solidify the reputation of the global profession of all accountants and their commitment to the global public interest,” said Dr. Thomadakis.

To access the Ethics Board Strategy and Work Plan, visit the Ethics Board’s website: www.ethicsboard.org.

About the IESBA
The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. 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. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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.

ISA 600 Project Update

Enhancing Audit Quality Focusing on Group Audit

This publication was prepared by the IAASB Group Audits Task Force to update the issues under consideration in the revision of ISA 600, Special Considerations‒Audits of Group Financial Statements, and other projects that address other international standards, including ISA 220, Quality Control for an Audit of Financial Statements, and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements.

IAASB
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IPSASB September 2017 Meeting Highlights Podcast

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Highlights from the IPSASB's September 19 - 22, 2017, meeting in Toronto, Canada.

 

0:11   --   Introduction and welcome (John Stanford, Technical Director)

0:50   --   Overview of meeting (Ian Carruthers, Chair)

3:44   --   Strategy and Work Plan (Ross Smith, Deputy Director)

5:01   --   Social Benefits (Paul Mason, Principal)

8:06   --   Cash Basis IPSAS (Joanna Spencer, Manager, Standards Development and Technical Projects)

9:21   --   Leases (João Fonseca, Manager, Standards Development and Technical Projects)

11:12  --  Final thoughts (Ian Carruthers, Chair)

12:26  --  Closing remarks (John Stanford, Technical Director)

Meeting Highlights Listen & Subscribe in iTunes

Accountability. Now. eNews: September 2017

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New International Public Sector Financial Accountability Index to Stimulate Reform

At the Chartered Institute of Public Finance and Accountancy (CIPFA)’s 2017 Conference in Manchester, UK, IFAC and CIPFA announced the launch of the International Public Sector Financial Accountability Index.

Developed jointly by both organizations, with the Zurich University of Applied Sciences as knowledge partner, the Index aims to provide a better understanding of accounting and budgeting reform plans to help stimulate wider public financial management (PFM) reform efforts. It covers the following arrangements in each jurisdiction:

  • Current accounting basis and the reporting standards used in financial statements
  • Financial reporting standard-setting structure and processes
  • Current recognition basis for budgets
  • Budget and accounting reform plans
To include your jurisdiction’s data, update or comment on data included about your jurisdiction, please contact us.
75% of OECD Countries Use Accrual Accounting for Year-End Financial Reports

A report by IFAC and the International Organisation for Economic Co-operation and Development (OECD) explores accounting and budgeting practices at the national government level in OECD countries. It concludes that nearly three-quarters of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis.

While there is low direct adoption by national governments of international accounting standards, such as the International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS), many standard setters use IPSAS or IFRS as primary or explicit references for developing their national standards.

Caribbean Countries: On the Reform Path

For years, Caribbean countries have been motivated to incorporate international accounting standards into their national regulations. Accrual Accounting Practices and Reform Expectations in the Caribbean, a survey organized by the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC and the World Bank, charts the state of the region’s public financial management (PFM) reforms. It facilitates a better understanding of reform designs, implementation challenges, and associated benefits.

After reported reforms are implemented, the regional balance will move toward accrual-based accuonting with nine of the surveyed countries expected to implement IPSAS and another six to use N-IPSAS.

A Focus on PFM in West Africa

Commissioned by IFAC and the World Bank, Professor Emeritus Alain Burlaud examines the status of public sector financial reporting in 18 Francophone African countries, highlighting the urgent need to improve public financial reporting quality and increase the number of professional accountants in the region.

Major Events in 2017
CReCER

June 6-9 – Mexico City, Mexico
IFAC actively supported the 10th Regional CReCER Conference on Accounting and Accountability for Regional Economic Growth: Fostering Trust for Regional Economic Growth. The conference reflected the need for trust in both government and the private sector to help manage public resources more effectively.

Open Government Partnership Americas Regional Meeting

November 21-22 – Buenos Aires, Argentina
As part of Open Government Week, this meeting will bring over 2,000 representatives from governments and civil society, digital innovators, journalists, and researchers to further the open government agenda in the face of current global challenges. IFAC will present its new International Public Sector Financial Accountability Index to stimulate PFM reform and will engage with regional representatives to further update the Index with information from their respective countries.

More Resources
OECD Budget Transparency Toolkit

Developed in partnership with members of the Global Initiative of Fiscal Transparency (GIFT) Network, including IFAC, the OECD’s Budget Transparency Toolkit offers a gateway to global budget and fiscal transparency institutions. It also highlights official instruments, standards, and guidance materials and demonstrates how these tools can be applied across various areas of the budgeting cycle.
Read more from OECD Deputy Head Ronnie Downes.

Building Blocks of PFM – A Cash to Accruals Toolkit

As part of its Better Government Series, the Institute of Chartered Accountants in England and Wales (ICAEW) recently issued a practical "how-to" guide which sets out six practical building blocks to improve the quality of public financial reporting and public financial management.

Delivering Excellent Public Finance

CIPFA has developed this interactive portal to support a diverse range of information and tools dedicated to the shared aim of strengthening PFM worldwide.

Keeping Business Clean: A CGMA Guide to Countering Fraud and Corruption

In a very timely piece, the Association of International Certified Professional Accountants (AICPA) outlines the role of management accountants in establishing best practices for combatting fraud and corruption in their organization.

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