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IESBA eNews: November 2015

English
Revamped Ethics Standards in 2017

IESBA Chairman Stavros Thomadakis and Deputy Chair Wui San Kwok are interviewed by Singapore’s Business Times.

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We are IESBA

New interviews in the ongoing “We are IESBA” series from Deputy Chair Wui San Kwok and IESBA members Claire Ighodaro and Peter Hughes.

IESBA: September Meeting Highlights

The most recent IESBA meeting was held in September in New York. Meeting highlights include updates on the Structure of the Code, Safeguards, and Part C of the Code projects.

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Non-Compliance with Laws & Regulations Update

The comment period for the Exposure Draft, Responding to Non-Compliance with Laws & Regulations, closed on September 4, 2015. Seventy-six comment letters were received. The board will discuss significant comments and related Task Force proposals at its December meeting. 

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2015 Code of Ethics Handbook

The 2015 edition of the Handbook of the Code of Ethics for Professional Accountants is available. Register or log in for access to the web-based IESBA Handbook for personal use or to purchase print copies.

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IESBA 2014 Annual Report

Following the global financial crisis, the IESBA worked to enhance responsiveness to emerging issues amidst heightened scrutiny on ethics, while delivering on its existing strategic commitments.

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IESBA Outreach

The IESBA has continued to pursue an active outreach agenda in 2015 pursuant to its strategic commitment to engage with its broad range of stakeholders, including a semi-annual meeting with the IESBA Consultative Advisory Group to exchange views on current projects, and emerging issues. 

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2017 Call for Nominations

The Call for Nominations for the Independent Standard-Setting Boards in 2017 sets out upcoming opportunities for membership on the IESBA. Along with the IFAC-published Developing a Nominations Strategyit offers guidance in identifying the most qualified candidate for available positions.

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IESBA is Hiring. Apply Today!

The IESBA is recruiting at the Deputy Director and Senior Technical Manager levels for its staff team based in New York. Visit Working at IFAC for full job descriptions andrequired skills and experience for these roles. 

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Upcoming Dates
  • November 30-December 4, 2015: IESBA Meeting, New York. 
  • March 7, 2016: IESBA CAG Meeting, Paris, France. 

For more info, or to register to attend a meeting as an observer, visit Ethics Board Meetings and Ethics Board CAG Meetings

 

IFAC Releases New Thought Paper Setting Out a Vision for Integrated Thinking

New York, New York English

To facilitate the contribution of professional accountants to integrated thinking—and help align capital allocation, corporate behavior, financial stability, and sustainable development—the International Federation of Accountants® (IFAC®), the global organization for the accountancy profession, today published Creating Value with Integrated Thinking: The Role of Professional Accountants.

The thought paper sets out a vision for integrated thinking and explores what professional accountants working in the public and private sectors can do in practical terms to facilitate it in their organization, regardless of whether their organization is planning to publish an integrated report. It identifies five key elements, which, if implemented, can lead to more effective organizations. This ultimately provides the basis for shifting from today’s financially oriented reporting to integrated reporting.

“Integrated reporting continues to gain global momentum and help change the way businesses think about creating value over time. But it is integrated thinking that will ultimately change corporate behavior and lead to more resilient organizations and greater trust in business and government,” said IFAC CEO Fayez Choudhury. ”Professional accountants—as business partners involved in organizational leadership and decision support—can use integrated thinking as a means of engaging those beyond the finance and accounting departments to facilitate resilient organizations that create value over the short, medium, and long term.”

The thought paper reflects integrated thinking as we understand it today, given that this is a period of experimentation for many organizations. It explores what integrated thinking involves, as well as its challenges and how they can be overcome, and advances a meaningful understanding of its role and power. Notably, the publication also discusses how integrated reporting both improves and is improved by integrated thinking.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

Creating Value with Integrated Thinking

The Role of the Professional Accountant

This thought paper helps facilitate the contribution of professional accountants to integrated thinking—and help align capital allocation, corporate behavior, financial stability, and sustainable development. It sets out a vision for integrated thinking and explores what professional accountants working in the public and private sectors can do in practical terms to facilitate it in their organization, regardless of whether their organization is planning to publish an integrated report. It identifies five key elements, which, if implemented, can lead to more effective organizations.

IFAC
English

Call for Nominations: Candidates Sought for Independent Standard-Setting Boards

New York, New York English

The Call for Nominations for the Independent Standard-Setting Boards in 2017 was issued today. The Call sets out the upcoming opportunities for membership on 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®).

For 2017, there are 22 vacancies on the independent standard-setting boards. Vacancies on the boards are open for nominations by all stakeholders, including professional accountancy and international organizations, governmental agencies, firms, and the public. Nominations of non-accountants for the public member vacancies are strongly encouraged. Travel support is available to qualified candidates from developing nations, self-nominees, and public members.

Candidates should have knowledge of the subject matters considered by a particular board, as well as English proficiency.  Each board meets up to four times per year and the required time commitment is approximately 200 to 800 hours per year, depending on the board, including preparation and travel time.  Although each candidate will ultimately be selected based on experience, nominations of highly qualified candidates from Africa, Middle East, and Latin America are strongly encouraged. Nominations of female candidates are particularly welcome.

Nominations can be submitted through the Nominations Database. All nominations should be submitted before January 31, 2016.

To provide nominating organizations and nominees with some insights on the nominations process and the value of serving on the standard-setting boards, the following documents are available on the Nominating Committee webpage: Developing a Nominations Strategy, and Giving Back to the Profession: The Value of Serving.  

The Nominating Committee follows an open and transparent process 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 the best candidate, please visit the Nominating Committee web page.

About the IAASB
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.

About the IAESB
The IAESB develops education standards and guidance 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 develops ethics 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 other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. It receives advice from the Public Interest Committee, which promotes the public interest in the IPSASB’s standard-setting activities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

“International Federation of Accountants,” “IFAC,” “International Auditing and Assurance Standards Board,” “IAASB,” “International Accounting Education Standards Board,” “IAESB,” “International Ethics Standards Board for Accountants,” “IESBA,” “International Public Sector Accounting Standards Board,” “IPSASB,”  the IAASB logo, the IAESB logo,  the IESBA logo, the IPSASB logo, and the IFAC logo are trademarks or registered trademarks of IFAC in the US and other countries.