The International Federation of Accountants^® (IFAC^®) today published in the Spanish language the following guidance for professional accountancy organizations (PAOs):

• Mentoring Guidelines for Professional Accountancy Organizations
• Mentoring: The Path to Sustainable Development; and
• Establishing Governance: A Guide for Professional Accountancy Organizations.

These Spanish translations were performed by the Federación Argentina de Consejos Profesionales de Ciencias Económicas and are a result of the Ibero-American cooperation framework, known as the IberAm project. Established in 2012, the IberAm project—which includes IFAC and its member bodies in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality Spanish translations of international standards and other IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is an observer to the project. In addition, the project involves a Review Committee of technical experts representing IFAC member bodies in nine Spanish-speaking countries.

"Experience has shown that collaborative relationships between PAOs can be one of the most effective and sustainable approaches to building the capacity of the accountancy profession, particularly in emerging economies," said Alta Prinsloo, IFAC Executive Director, Strategy, and Chief Operating Officer. "In addition, establishing and maintaining a sound system of governance enables a PAO to maintain credibility and deliver on its value proposition to its members and to the public. We hope that these Spanish translations will encourage and support a wider range of PAOs to further contribute to the development of the profession in their own jurisdictions and beyond."

Recognizing the ever-increasing number of knowledge-sharing partnerships between PAOs, and their potential value as capacity-building facilitators, Mentoring: The Path to Sustainable Development highlights mentoring’s benefits—to the mentor, the mentee, and to the profession.

The Mentoring Guidelines offer practical guidance on how PAOs can enter into, and sustain an effective mentoring relationship that will achieve mutually agreed outcomes. It covers considerations before setting up a relationship, how to involve other stakeholders, such as government and aid agencies, and managing possible risks. The guidelines also include a sample Memorandum of Understanding.

Establishing Governance explores the key elements of a PAO’s governance structure and operations, with a focus on how a PAO can best adhere to good practice principles in delivering on its mission and/or vision. It includes case study examples from Kosovo, Mongolia, and Rwanda as illustrations of varying approaches around the world.

Additional Spanish translations of IFAC publications will be forthcoming.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database.

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 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Since the crisis, financial regulations the world over are being revised to ensure banks are more transparent and better able to deal with financial shocks. However there has been no corresponding drive to better manage government balance sheets for the long term, not least because very few governments would be able report on anything other than a cash basis. This demonstrates how urgently the quality of financial management in governments around the world needs sustained and well-designed reform, including those governments who have moved to adopt the accrual basis of reporting.

To address these issues, the Chartered Institute of Public Finance and Accountancy (CIPFA) is hosting its first ever International Seminar to highlight the importance of sound public financial management and reporting in a robust, transparent government accounting practice, in the public interest, and consider how the accountancy profession can play a role in addressing the quality of public sector financial management.

The seminar on July 7 in London will include global experts, highlighting relevant examples and initiatives that promote effective and efficient management of public finances, including:

• Fayezul Choudhury, IFAC CEO
• Paul Kazarian, Founder, Chairman and CEO, Japonica Partners
• Alta Prinsloo, Executive Director, Strategy, and Chief Operating Officer, IFAC
• Olivier Boutellis-Taft, Chief Executive, Federation of European Accountants
• Ian Ball, Chair, CIPFA International
• Mark Lowcock, Permanent Secretary, UK Department for International Development
• Fred Moore, Chief Executive Officer, Institute of Chartered Accountants of Ghana
• Chidi Ajaegbu, Past-President, Institute of Chartered Accountants of Nigeria

Additional information, including registration details, is available on the CIPFA website.

See IFAC CEO Fayez Choudhury discuss the Accountability. Now. campaign which represents a coalition of organizations that believe in the importance of enhancing the accountability and transparency of government financial management around the world.

IFAC President Olivia Kirtely was interviewed by the Huffington Post on women, leadership, and the accountancy profession.

Read the full article on the Huffington Post website.

IFAC welcomes the UK Prudential Regulation Authority (PRA)’s emphasis on the importance and relevance of the auditor-supervisor relationship, but urges care in developing and implementing new requirements for written auditor reporting to supervisors.

The Institute of Chartered Accountants, Ghana, and IFAC^® hosted two days of roundtables in Accra, Ghana, May 21-22, focused on adoption and implementation of International Public Sector Accounting Standards^™ (IPSAS^™).

Day One provided senior government officials in Ghana with the opportunity to discuss the status of adoption and implementation in Ghana, share experiences, identify challenges to be addressed, and agree on next steps for full adoption and implementation in 2016. Both the Minister of Finance and the Accountant General of Ghana attended day one of the roundtables.

Day Two targeted those government officials with budget and/or accounts responsibility in Ghana—those who are responsible for implementation of IPSAS—to provide an opportunity to review the implementation plan and discuss practical, technical challenges, actions, and next steps.

Both days of roundtables featured global and regional leaders and experts in IPSAS adoption and implementation working with Ghanaian leaders and technical staff to build a smooth transition to IPSAS. IPSAS will provide Ghana with transparent financial information that captures the entire picture of funding commitments, encourages wise spending, and helps strengthen the economy. Both the accountancy profession and ICAG are committed to supporting Ghana during the transition.

Day One agenda: Adoption and Implementation of IPSAS in Ghana—Taking Stock and Next Steps

• Ian Carruthers, CIPFA - Public Financial Management (PFM)—A Whole System Approach
• Grace Francisca Adzroe, Controller & Accountant General, Ghana - An Overview of Progress to Date
• Erna Swart, Accounting Standards Board, South Africa - The South African Experience
• Sophie Moturi, Public Sector Standards Board, Kenya - IPSAS Adoption and Implementation in Kenya
• Williard Yohana Kalulu, Accountant General Office, Tanzania - Transition to the Accrual Basis of Accounting: Guidance for Public Sector Entities, Tanzania Case
• Shelmadene Petzer, Auditor General's Office, South Africa - Implementation Process and Obstacles
• Pius Maneno, National Board of Accountants and Auditors, Tanzania - Adoption and Implementation of IPSAS in Ghana
• Open Discussion questions

The IFAC Annual Review 2014, Leveraging Our Global Advantage, explains our approach to IFAC’s strategic and operational priorities—with the aim of leveraging our global advantage in a targeted manner, and allocating our substantial staff talent and experience to the greatest extent possible. Our equation for IFAC’s success is laid out in our business model, which consists of five operating lines:

• supporting standard setting for a globalized world;
• enhancing quality to strengthen our profession;
• building capacity for the profession;
• positioning accountants for success; and
• influencing policy and public debate.

Within this framework, this Annual Review 2014 discusses our operating environment, explains our strategic response and future direction, and demonstrates our performance and achievements. Along with our Financial Statements, the Annual Review comprises our suite of reporting for the year ended December 31, 2014.

During CReCER 2015, IFAC Senior Technical Manager and Head of Professional Accountants Stathis Gould gave a presentation on integrated reporting, discussing both the work of the International Integrated Reporting Council and IFAC's efforts to support integrated reporting.

IFAC has welcomed the European Commission’s emphasis on jobs and growth, removing regulatory barriers and work toward a single rule book across the European Union.  These issues are certainly not confined to the EU region and IFAC will continue to pursue the importance of effective regulatory collaboration, consistency and proportionality around the globe. IFAC supports the need for common and appropriate standards for use in SME Growth Markets, but cautions against the development of yet another new set of standards.

With the increased volatility in the modern business environment and continuing effects of the financial and economic crises, effective management of risk in organizations—including good internal control—has taken on even greater importance. Effective management of risk helps organizations achieve their objectives, while complying with legal, regulatory, and societal expectations, and enables them to better respond and adapt to surprises and disruptions.

With these key issues in mind, the International Federation of Accountants^® (IFAC^®) today published a thought paper, From Bolt-on to Built-in, on managing risk as an integral part of managing an organization.

The paper positions the management of risk as an indispensable and integral part of decision making and subsequent execution in order for boards and management to ensure their organization makes the best decisions and achieves its objectives. The paper also a) demonstrates the benefits of properly integrating the management of risk, including internal control, into the governance, management, and operations of an organization; b) provides ideas and suggestions on how such integration can be achieved; and c) furnishes practical examples of how professional accountants in business can support their organizations with this integration.

“This paper recognizes what risk management was originally intended to do for an organization—help support effective decision making and improve performance,” said IFAC CFO Fayez Choudhury. “Too many organizations don’t realize how useful risk management can be if integrated properly. Without this step—building risk management into your organization—too many management teams are missing the point, and missing the benefits.”

The thought paper is applicable to all organizations—regardless of size or structure, public or private—seeking to improve how they manage risk.

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 2.5 million accountants in public practice, education, government service, industry, and commerce.

Effective management of risk helps organizations achieve their objectives, while complying with legal, regulatory, and societal expectations, and enables them to better respond and adapt to surprises and disruptions. This paper positions the management of risk as an indispensable and integral part of decision making and subsequent execution in order for boards and management to ensure their organization makes the best decisions and achieves its objectives.