Ten professional accountancy bodies from the Central and East European region gathered for the 6th Cross-Border Meeting in Chisinau, Republic of Moldova, on June 21-23, 2012. IFAC Member Body Development Senior Technical Manager Szymon Radziszewicz gave the presentation The Role and Responsibilities of Professional Associations in the Regulation of the Accounting Profession, addressing the applicability framework of the Statements of Membership Obligations and need for a balanced approach in regulation of the accountancy profession, as well as the how the accountancy profession contributes to economic stability and growth. Representatives from the World Bank, Fédération Internationale des Experts-Comptables Francophones, and PAOs in Belgium and the Netherlands also spoke. While in Moldova, Mr. Radziszewicz also met with the Minister of Finance and Audit Oversight Council to discuss difference scenarios for regulation of the accountancy profession in Moldova. Additional materials from the meeting are available through the Association of Professional Accountants and Auditors of the Republic of Moldova's website.

Presentation by Warren Allen, IFAC Deputy President, to the Institute of Chartered Accountants of the Caribbean (ICAC)'s 30th Caribbean Conference of Accountants on June 22, 2012. The presentation discusses IFAC, the partnership between IFAC and ICAC, and challenges facing the accountancy profession globally.

The World Bank 2012 Fiduciary Forum, Public Financial Accountability in a Changing World: Delivering Results and Managing Risks, was held in Alexandria, Virginia, in May 2012. This biennial event brings together approximately 600 financial management, procurement, and World Bank Vice Presidential Unit staff members, the majority of whom are based in country offices. Participation also included representatives of countries IFAC has a presence in, either through an active member or a development partner.

Warren Allen, IFAC Deputy President, was a speaker at the plenary session, Towards an Integrated Reporting Model to Measure Sustainable Development: Connective Systems, People, and Information. The session addressed the issue of integrating financial, environmental, social, governance, and other important disclosures in an effort to promote sustained and equitable development in response to increasing considerations of financial reporting as a component of reporting and demands from investors for more information in these areas.

Sylvia Tsen, IFAC Director, Quality and Member Relations, was also a panelist during the session “Building Systems and Investing in Skills and Talent,” which focused on education and skills growth for the development of a strong accountancy profession. Additionally, Szymon Radziszewicz, IFAC Senior Technical Manager, gave a presentation during “Accountancy Developments in Africa” session.

At the World Bank’s Accountancy Development for Results: On the Road to 2030 (part of the World Bank 2012 Fiduciary Forum), IFAC Senior Technical Manager, Szymon Radziszewicz, gave a presentation during the “Accountancy Developments in Africa” session. The presentation details the importance of the Statements of Membership Obligations (SMOs) as the foundation of the IFAC Compliance Program and how they assist and foster professional accountancy organizations around the world to support and encourage high-quality financial information and inclusive and sustainable economic growth.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, is pleased to announce that Fayezul (Fayez) Choudhury has been selected as the new CEO of IFAC. He succeeds current CEO Ian Ball, whose contract is set to expire in February 2013.

Mr. Choudhury was previously with the World Bank, where his last two assignments were as Vice President, Corporate Finance and Risk Management; and Controller and Vice President, Strategic Planning and Resource Management. In this latter role he was the World Bank's spokesperson on global accounting and auditing issues. Mr. Choudhury started his career in 1974 with Price Waterhouse in London, initially in public accounting and later management consulting. During his career with Price Waterhouse, he spent three years in Nigeria, developing the consulting practice in that region.        

Mr. Choudhury has served on a number of high level representative bodies He was a member of the Public Interest Oversight Board (PIOB) from its formation in 2005 until 2010. The PIOB was established to ensure that international auditing and assurance, ethics, and education standards for the accountancy profession are set in a transparent manner that reflects the public interest. Mr. Choudhury also chaired the Global Steering Committee of the International Forum for Accountancy Development and was a member of the Standards Advisory Council of the International Accounting Standards Board. He served as a member of the Iraq Advisory and Monitoring Board established by the Security Council of the United Nations.

Mr. Choudhury has an MA (Hons) in Engineering Science and Economics from the University of Oxford. He is also a Fellow of the Institute of Chartered Accountants of England and Wales.

IFAC President Göran Tidström notes that “Fayez has more than 36 years of experience in the accountancy profession. He brings a strong understanding of the role of accounting in organizations and knowledge of the issues surrounding the global profession. He was instrumental in the discussions that led to the creation of the current private/public sector governance arrangements for international standard-setting and has extensive knowledge of IFAC through his work in the PIOB. We are very happy to welcome Fayez to this new role.”

Mr. Choudhury stated “I am honored to have been selected for this position. I firmly believe that accountancy is one of the core professions that anchor the functioning of modern societies and, as such, the role of IFAC is critically important.”

Mr. Choudhury was recruited after an extensive global search led by an executive search firm. 

About IFAC
IFAC (www.ifac.org) 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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The IFAC Member Body Compliance Program Strategy 2011-2014 highlights the progress of the Compliance Program to date and includes initiatives to further improve the quality of the accountancy profession worldwide.

In a letter submitted this week, the International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, urged the G-20 Leaders at their June 2012 meeting in Mexico to focus on global solutions to global issues, to create sustainability and growth.

The letter, which is a follow-up to previous submissions in 2009, 2010, 2011, and earlier in 2012, recommends that the G-20 take action directed toward the priorities of the current Mexican Presidency to: achieve economic stabilization and structural reforms as foundations for growth and employment; strengthen the financial system and foster financial inclusion to promote economic growth; improve the international financial architecture in an interconnected world; and promote sustainable development, green growth, and the fight against climate change. The recommendations include:

• The adoption and implementation, across all jurisdictions, of:
  • International Financial Reporting Standards (IFRS);
  • International Standards on Auditing (ISAs); and
  • Auditor independence requirements set out in the Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants (IESBA).
• That the G-20 works to support strengthened resourcing and governance arrangements of international regulatory organizations (including standard setters) that have clearly defined expectations and responsibilities. In this regard, IFAC reiterates its support for shared private sector/public sector arrangements for international standard setting for financial reporting, auditing and assurance, ethics, and accounting education.
• That the G-20 supports initiatives leading to greater transparency in the management of public resources, including improving financial reporting practices by governments, developing an international framework of governance for public sector organizations, combating money laundering and terrorist financing, and ensuring that taxation obligations are properly assessed and collected according to the law.
• That the G-20 formally signals its support for the work being undertaken by the International Integrated Reporting Council (IIRC) with respect to developing a framework for integrated reporting. The IIRC, in which IFAC participates, is an important initiative and represents a collaboration among a broad cross-section of corporate, investment, accounting, securities, regulatory, and academic leaders.
• That governments and regulators adhere to principles of high-quality regulation, especially economic impact assessment, in implementing evidence-based regulatory reform. In particular, they should recognize that regulatory reforms may affect parts of the economy differently; for example, changes targeting large and complex organizations may have unintended consequences when applied to small- and medium-sized entities.
• That G-20 nations support initiatives aimed at strengthening the accountancy profession in developing and emerging countries. In fulfilling its mission, IFAC contributes to the development of strong professional accountancy organizations and high-quality practices by professional accountants in many ways, including through its relationships with the donor community.

“Today’s global issues require global solutions, and the G-20 is uniquely positioned to support global sustainability and growth,” said IFAC Chief Executive Officer Ian Ball. “The current problems being confronted by the global community require enhanced management of public resources, improved non-financial reporting, and more sustainable organizations. The accountancy profession is well-placed to assist in finding and implementing these solutions.”

The letter to the G-20 with the full recommendations is posted on the IFAC website.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) is pleased to present the following recommendations for consideration at the G-20 Leaders’ Summit on June 18-19, 2012 in Los Cabos, Mexico. These recommendations focus on actions aimed at promoting global sustainability and growth, and are directed towards several of the stated priorities of the Mexican presidency of the G-20.

IFAC CEO Ian Ball is featured in FT.com's Alphaville discussing the merits of accrual-based accounting.

IFAC Deputy President Warren Allen discussed “Developing Global Solutions—a Shared Responsibility” at the 22^nd Audit & Assurance Conference of the Auditing Special Interest Group of the British Accounting & Finance Association