This strategy and work plan sets out the vision, strategic direction and corresponding work plan of the International Federation of Accountants’ (IFAC) Professional Accountancy Organization Development Committee for the period 2011-2014. This vision exists within the context of the current and anticipated environment in addition to the perceived needs of Professional Accountancy Organizations (PAOs) in emerging and developing countries and their country contexts.

During the May 2012 Professional Accountancy Organization (PAO) Development Committee meeting held in Tunis, Tunisia, discussions were held on the success factors, opportunities, and challenges relevant to the accountancy profession in Africa. Key points have been summarized and refined into the following informal high-level guidance, which may be particularly informative and insightful to those individuals and organizations working to establish, strengthen, and/or further develop PAOs throughout Africa.

During IFAC's 35^th Council Meeting in Cape Town, South Africa, in November 2012, IFAC held its annual seminar, A Fundamental Shift in Corporate Reporting. The seminar featured a keynote address by Prof. Mervyn King SC, chair of the International Integrated Reporting Council and chair of the King Committee on Corporate Governance in South Africa, which has published the King I, King II, and King III Reports on Corporate Governance.

This year’s seminar focused on drawing upon the experiences and perspectives of integrated reporting in practical terms—the South African experience, how to implement integrated reporting, and how to address the challenges and opportunities for small- and medium-sized entities and accountancy practices.

IFAC, the World Bank, the Inter-American Development Bank, and the Global Public Policy Committee (GPPC), with the support of the Inter-American Accounting Association, recently convened the sixth annual Contabilidad y Responsabilidad para el Crecimiento Económico Regional (Conference for Accounting and Accountability for Regional Economic Growth, or CReCER) in Managua, Nicaragua, hosted and organized by the Colegio de Contadores Públicos de Nicaragua (CCPN).

CReCER is comprised of a number of plenary and panel sessions, allowing leaders and representatives to exchange ideas, hear about country and sector case studies and experiences, and lay the groundwork for continued growth and development. The three-day conference featured leaders in the accountancy profession and senior global representatives with responsibilities for regulation and public financial management. Attendance was high—more than 600 attendees, 80 speakers, and participation by representatives from more than 30 countries from the region and beyond.

At the heart of CReCER is fostering economic development in the Latin America and Caribbean region through high-quality financial reporting and public sector financial management. CReCER 2012 focused on:

• lessons learned from country adoption of international standards, including the International Standards on Auditing, International Financial Reporting Standards for Small- and Medium-Sized Entities (IFRS for SMEs), and International Public Sector Accounting Standards (IPSASs), and the role of supreme audit institutions;
• ways to further support the role of small- and medium-sized practices and the needs of SMEs, and the role and strategic objective of professional accountancy organizations (PAOs) and the Grupo Latino-Americano d Normatizadores Contábeis (Group of Latin American Accounting Standard Setters, or GLASS).

In November 2012, IFAC welcomed two new member organizations, six new associates, and one Recognized Regional Organization and conducted brief interviews with the leadership of the organizations on some of their priorities and initiatives.

On October 16, 2012, the second steering committee meeting for the IFAC-Donor Community MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) was held in London, UK, hosted by the Chartered Institute of Public Finance and Accountancy.

A key focus for discussion was the draft Professional Accountancy Organization Global Development Report (GDR). This draft report, co-financed by the African Development Bank, Asian Development Bank, Inter-American Development Bank, and the World Bank, aims to provide a) a high-level report regarding the status of professional accountancy organization (PAO) development worldwide; b) a shared and mutual understanding of the development of these organizations; and c) direction to MOSAIC’s goal of increasing PAO capacity to improve the quality of public and private sector accounting and financial management and ultimately enhance economic growth and reduce poverty.

The content and completion of the draft GDR represents a collective effort on the part of MOSAIC signatories, observers, and key stakeholders and has allowed for a variety of perspectives on the subject of global PAO development. The draft GDR is available for comment online.

Any comments should be sent to the interim MOSAIC Secretariat by December 10, 2012. 

Mr. Sylph discusses IFAC, the global accountancy landscape, the MOSAIC initiative, and sovereign debt.

IAASB Chair Prof. Arnold Schilder was a guest speaker at the Public Seminar in Melbourne, Australia, presenting Directions in Auditing & Assurance: Challenges and Opportunities. The presentation focused on the relevance of Clarified International Standards on Auditing (ISAs), the Challenges to the Relevance of Audit, Auditor reporting and the IAASB’s Invitation to Comment (ITC), titled Improving the Auditor’s Report, and the challenges and opportunities in setting international auditing and assurance standards.

Presentation on IFAC's current strategic initiatives and objectives at the United Nations Conference on Trade and Development (UNCTAD)'s International Standards of Accounting and Reporting (ISAR) conference on accounting standards, corporate transparency, and developing countries.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, held its 35^th Council Meeting in Cape Town, South Africa this week. As part of the meeting, IFAC held its annual seminar, which focused this year on integrated reporting.

The seminar, A Fundamental Shift in Corporate Reporting, featured a keynote address by Prof. Mervyn King SC, chair of the International Integrated Reporting Council and chair of the King Committee on Corporate Governance in South Africa, which has published the King I, King II, and King III Reports on Corporate Governance.

This year’s seminar focused on drawing upon the experiences and perspectives of integrated reporting in practical terms—the South African experience, how to implement integrated reporting, and how to address the challenges and opportunities for small- and medium-sized entities and accountancy practices.

“This year’s seminar recognized the vital role the accountancy profession plays in bringing integrated reporting to more organizations,” said IFAC President Göran Tidström. “Integrated reporting isn’t just a trend—it reflects global changes in best practices and stakeholder expectations and will provide a more complete picture of the health and wellbeing of organizations.”

The seminar included high-profile speakers including Prof. Alexandra Watson, College of Accounting, University of Cape Town; Malcolm Gray, Portfolio Manager, Responsible Investment Portfolios, Investec Asset Management; Graham Terry, Senior Executive: Strategy and Thought Leadership, South African Institute of Chartered Accountants; Ian Jameson, Chief Advisor, Climate Change and Sustainable Development: Sustainability Division, Eskom; Helen Brand, Chief Executive, Association of Chartered Certified Accountants; Michael H. Rea, Partner, Integrated Reporting & Assurance Services; and Nicky van Hille, Director, The Moss Group. Roger Tabor, Chair of IFAC’s Professional Accountants in Business Committee, moderated the seminar.

Highlights from the seminar will be available on the IFAC website in the coming weeks.

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 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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