More than 70 representatives from over 10 national organizations from former Soviet republics in Europe and Central Asia gathered today in London at a two-day conference convened jointly by the International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), and International Accounting Standards Board (IASB). Titled Adoption and Implementation of International Standards in the Former Soviet Republics in Europe and Central Asia, the event serves as an excellent example of constructive cooperation in the development, adoption, and implementation of high-quality international standards, and in relation to the regulation of the profession.

The event, hosted by the Association of Chartered Certified Accountants (ACCA), brought together organizations with responsibilities relating to the adoption or implementation of International Standards on Auditing (ISAs), issued by the IAASB, and International Financial Reporting Standards (IFRS), issued by the IASB. IFAC members, who play a critical role in the implementation of international standards and the development of professional accountants, also provided updates on key projects relating to the IFAC Statements of Membership Obligations.

“Standard setters, regulators, users, and the profession have a shared objective of high-quality financial reporting and auditing in the public interest, and therefore each group has a role to play in achieving this objective,” said Dan Montgomery, deputy chair of the IAASB. “The interest and cooperation of the organizations represented demonstrate how important it is for the IAASB, IASB, and IFAC to act on opportunities to support global adoption and effective implementation of international standards.”

“High-quality financial reporting continues to be critical for investment and decision making,” said Ian Mackintosh, vice chair of the IASB. “This event highlights the continued commitment of those responsible for adopting IFRS, including IFRS for Small- and Medium-Sized Entities (SMEs), and provides a forum for international standard setters and national stakeholders to discuss matters of relevance to their jurisdiction and regulatory frameworks.”

The event included meetings with national professional accountancy organizations and the three organizing bodies regarding experiences with the application of IFRS, ISA adoption and implementation, and quality assurance requirements, as well as the status of initiatives to translate IFRS and ISAs on an ongoing basis. Discussions also provided feedback on methods of implementing IFRSs, the IFRS for SMEs, and the changing role of professional accountancy organizations.

Representatives from Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine, and Uzbekistan attended the event. Delegates included IFAC members and associates, professional accountancy organizations, national standard setters, ministries of finance, regulators and securities market authorities, national banks, and other key stakeholders.

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 172 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About 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 IASB
The IASB was established in 2001 and is the standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organization. The IASB is committed to developing, in the public interest, a single set of high quality global accounting standards that provide high quality transparent and comparable information in general purpose financial statements. In pursuit of this objective the IASB conducts extensive public consultations and seeks the co-operation of international and national bodies around the world. The IASB has 16 full-time members drawn from 11 countries and a variety of professional backgrounds. Board members are appointed by and accountable to the Trustees of the IFRS Foundation, who are required to select the best available combination of technical expertise and diversity of international business and market experience. In their work the Trustees are accountable to a Monitoring Board of public authorities. For more information visit www.ifrs.org.

More than 150 attendees from 14 ASEAN and other nations gathered this week at a symposium, ASEAN Capital Markets—The Importance of a Strong Financial Reporting Environment, to discuss strategies for building investor confidence through a strong financial reporting infrastructure that supports the integrity of the ASEAN capital markets.

The event was organized by the Global Public Policy Committee (GPPC) and the International Federation of Accountants (IFAC), and supported by the Institute of Certified Public Accountants of Singapore (ICPAS), US-ASEAN Business Council (USABC), and Asian Corporate Governance Association (ACGA).

The symposium was opened by Mrs. Josephine Teo, Minister of State, Singapore Ministry of Finance and Ministry of Transport. Attendees included senior government officials and policy makers, senior company executives, company directors and audit committee members, investors, audit regulators, and leaders of the accounting and auditing profession.

The moderated panel discussions included: “Setting the Scene: The ASEAN Community and its Capital Markets,” “A Strong Financial Reporting Infrastructure: Vital for a Growing Economy and Strong Capital Market,” “The Future of Audit,” “Independent Oversight of Auditors,” and “Corporate Governance in the ASEAN Region.” An overriding theme was the importance of high-quality financial reporting, which is essential for investor confidence and economic growth.

“The discussions today highlighted the important contributions of all participants in the financial reporting supply chain to the quality of financial information,” said IFAC President Warren Allen. “It is essential that all participants—including companies, the accounting and auditing profession, and the regulatory community—embrace a process of continuous improvement.”

Economic integration is one of the key strategic goals of ASEAN. At the 22nd ASEAN Summit in Brunei in April, the formation of the ASEAN Economic Community by 2015 was highlighted as an important goal—and one that is expected to increase opportunities for ASEAN member states to prosper.

“Today's symposium provides an important platform for the profession and other stakeholders to exchange views on the particular financial reporting challenges and opportunities here in the ASEAN region,” noted Beth Brooke, Global Vice Chair of Public Policy, Ernst & Young. “This ASEAN perspective and voice is vital to the global debate on how best to promote investor confidence in financial reporting and audit.”

“As the national accountancy body, ICPAS is pleased to have worked with IFAC and the GPPC to organize this symposium and bring various stakeholders from ASEAN and further afield to Singapore. The symposium’s topics on building a strong financial reporting infrastructure, raising audit quality, and promoting corporate governance are aligned with our Institute’s goals to advance and promote the accountancy profession. In particular, the discussion on financial reporting ecosystems provided valuable ideas on how the various stakeholders can establish stronger integrated ASEAN capital markets,” said Dr Ernest Kan, President of ICPAS.

“ACGA was happy to support the ASEAN Capital Markets Symposium,” said Jamie Allen, Secretary General. “Robust auditing, financial reporting, and corporate governance standards go hand in hand and are important for ASEAN economic integration.”

USABC Vice President Marc Mealy noted, “The USABC is pleased to be part of this initiative by the accounting profession to support ASEAN's efforts to become more of a global investment asset class by strengthening its regional financial reporting and corporate governance benchmarks and standards.”

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 172 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About the GPPC
The GPPC is the global forum from the six largest international accounting networks: BDO, Deloitte, Ernst & Young, Grant Thornton, KPMG and PwC.  Its public interest objective is to enhance quality in auditing and financial reporting.

About the Institute of Certified Public Accountants of Singapore
Established in 1963, Institute of Certified Public Accountants of Singapore (ICPAS) is the national accountancy body that develops, supports and enhances the integrity, status and interests of the profession.

The Certified Public Accountant Singapore (CPA Singapore) is a professional in accountancy, finance and business distinguished by their technical expertise, integrity and professionalism, in addition to a recognised accountancy qualification and relevant work experience. CPAs Singapore serve every corner of the world in every industry. Many of them helm some of the most prominent local and international corporations.

ICPAS accords the CPA Singapore designation. Working closely alongside businesses, ICPAS connects its membership to an unmatched range of information resources, events, professional development and networking opportunities. Presently, there are more than 26,000 members making their strides in businesses across all industries in Singapore and around the world.

ICPAS’ international outlook and connections are reflected in its membership of regional and international professional organisations like the ASEAN Federation of Accountants (AFA), the Asia-Oceania Tax Consultants’ Association (AOTCA), the International Federation of Accountants (IFAC) and International Innovation Network (IIN).

To review the non-assurance services provisions in Sections 290 and 291 of the Code to ensure that they continue to support a rigorous approach to independence for assurance services, particularly audits of financial statements.

Objective

To identify and recommend to the Board ways to improve the clarity and usability of the Code, thereby facilitating its adoption, effective implementation and consistent application.

The project explores issues with the current definition of Government Business Enterprises (GBEs) and considers whether the current accounting requirements are appropriate. The initial output will be either a Consultation Paper or an Exposure Draft. The ultimate output may be revisions to existing IPSASs.

The IESBA handbook contains the entire Code of Ethics for Professional Accountants, effective January 1, 2011. The 2013 edition includes the three final pronouncements—addressing a breach of a requirement of the Code, conflicts of interest, and the definition of "engagement team"—published in March 2013 (effective dates in 2014). It replaces the 2012 edition of the IESBA handbook.

The handbook is available in print for US $60.00 (plus shipping & handling). Order print copies using the Purchase button.

Objective

The objective of the project is to review Part C to ensure that its provisions remain appropriate and are robust.

IFAC CEO Fayez Choudhury speaks with Michael Cohn of accountingTODAY.com on:

• His priorities and direction for IFAC 
• IFAC's succession plan
• The role of the profession in the developing world
• IFAC's big tent covering small practices to large firms
• The accountant's role in preventing a future financial crisis

This Executive Summary of Evaluating and Improving Internal Control in Organizations is part of the International Good Practice Guidance series. The condensed version summarizes the principles and the importance of effective systems of internal control, as well as explains some of the pitfalls that can be avoided.