The International Federation of Accountants (IFAC) today presented its International Gold Service Award to Professor Mervyn King. IFAC President Göran Tidström presented the prestigious award, which recognizes outstanding contributions to the accountancy profession, during IFAC’s annual Council Meeting.

In his remarks, Mr. Tidström highlighted Mervyn King’s substantial contributions to corporate governance and integrated reporting. In particular, in his role as chair of the King Committee on Corporate Governance in South Africa, Mr. King has demonstrated extraordinary foresight and dedication, pioneering the drafting of the international benchmark for corporate governance guidelines known as King I (now King III), which have been lauded for their inclusive and integrated approach. King now presides at the center of the integrated reporting movement, chairing the International Integrated Reporting Council (IIRC), which has been charged with drafting an internationally accepted integrated reporting framework. Prior to the IIRC’s formation, King led the accelerated development of such a framework for South Africa, when the country, in 2010, became one of the first in the world to require publicly listed companies to produce integrated reports. 

“It is my privilege to present the IFAC International Gold Service Award to Mervyn King here in his home country, where his work in corporate governance and integrated reporting has made South Africa a role model for the rest of the world,” said Göran Tidström. “His leadership and achievements have set the bar higher, challenging the profession worldwide to grow and evolve. His contributions have forever changed the way businesses measure and report on their performance, for the betterment of the accountancy profession, the global business community, and society as a whole.”

King’s illustrious and varied career also includes his work as an attorney, arbitrator, mediator, and advisor. He served as a judge in the Supreme Court of South Africa for two years and as the South African judge at the International Chamber of Commerce International Court of Arbitration in Paris for nine years. He has received numerous academic accolades, including being named Professor Extraordinaire at the University of South Africa in the College of Economic and Management Sciences. He holds an honorary doctor of laws from the University of the Witwatersrand, in addition to numerous honorary appointments and other awards.

About the IFAC International Gold Service Award
The IFAC International Gold Service Award was created by the IFAC Council in 2010 to recognize outstanding individual contributions to the accountancy profession. 

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.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries and jurisdictions, along with the World Bank, the Inter-American Development Bank, and the Global Public Policy Committee recently concluded the sixth annual Conference for Accounting and Accountability for Regional Economic Growth, or CReCER (Contabilidad y Responsabilidad para el Crecimiento Económico Regional) in Managua, Nicaragua with the support of the Inter-American Accounting Association, an IFAC recognized regional organization. The 2012 CReCER events were hosted and executed by the Colegio de Contadores Públicos de Nicaragua (CCPN), an IFAC member body.

This year’s three-day conference centered on providing quality financial information, which in turn supports economic development, and featured high-level global representatives and leaders in the accountancy profession. Attendance at the conference was high—more than 600 attendees and 80 speakers, including representatives from more than 30 countries from the region and world, participated.

“The discussions and debates that take place at CReCER each year drive strategic objectives and collaborative initiatives for the coming year,” said IFAC Deputy President Warren Allen, who spoke during multiple sessions at CReCER. “This opportunity to discuss how to advance the profession and ensure high-quality financial information in Latin America and the Caribbean is critical and extremely productive.”

The conference received a great deal of support and involvement from the Nicaraguan government. The Minister of Finance and Public Credit, Iván Acosta Montalván, and Dr. Paul Oquist, Minister, Private Secretariat of National Policy, both spoke during two sessions, highlighting the important developments and progress of the Nicaraguan economy and citing the crucial role of high-quality financial information to sustaining future growth. Comandante Bayardo Arce, Economic Advisor to the President of the Republic of Nicaragua, spoke at the closing plenary session, congratulating the CCPN and global partners of the CReCER initiative for holding such a relevant event in Nicaragua. He highlighted the importance of the accounting profession to increasing the transparency and auditability of public finances.

The conference included sessions on implementation of international accounting and auditing standards, integrated reporting, quality assurance and fraud. Additionally, many meetings were held in conjunction with CReCER, including regional standard setters meetings with Arnold Schilder, chairman of the International Auditing and Assurance Standards Board, and Andreas Bergmann, chair of the International Public Sector Accounting Standards Board, and a gathering of the presidents of regional professional accountancy organizations.

Presentations from the conference will be available on the IFAC website soon.

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.

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Presentation by Paul Thompson, IFAC Deputy Director, SME & SMP Affairs at the Central and South East Europe Regional Forum for Professional Accountancy Organizations co-hosted with the World Bank in Vienna on June 1, 2012. 

Presentation by Sylvia Tsen, Director, Quality and Member Relations, IFAC at the Central and South East Europe Regional Forum for Professional Accountancy Organizations co-hosted with the World Bank in Vienna on June 1, 2012. 

Presentation by Göran Tidström, IFAC president, at the REPARIS Central and South East Europe Regional Forum for Professional Accountancy Organizations co-hosted with the World Bank in Vienna on June 1, 2012.

The Realizing the Power of PAOs seminar in Hanoi, Vietnam, on August 17, 2012, brought together more than 50 individuals representing IFAC, the World Bank, and regional organizations and professional accountancy organizations (PAOs) from across the East Asia Pacific region and beyond. The event was hosted by the Vietnam Association of Certified Public Accountants (VACPA) and supported by the Confederation of Asian and Pacific Accountants (CAPA).

The event included presentations from World Bank and IFAC experts who set both the global and regional scenes, recognizing the importance of the accountancy profession and, specifically, the role of PAOs. Presentations also examined the development successes and challenges of PAOs in the context of East Asia Pacific.

Szymon Radziszewicz, IFAC senior technical manager, provided an overview of IFAC’s framework for successful PAOs, including IFAC’s position on global regulatory convergence, balancing shared regulation, and the IFAC Statements of Membership Obligations (SMOs).

A panel session showcased the available tools and diagnostics that support strengthening and development of PAOs, including the World Bank Reports on the Observance of Standards and Codes (ROSC) program, the IFAC Compliance Program and membership requirements, the PAO Development Committee strategy implementation, and an overview of efforts being made by the Recognized Regional Organization CAPA.

The second part of the day was an interactive workshop during which PAOs representing the East Asia Pacific region and beyond had an opportunity to discuss their recent achievements, current challenges, and lessons learned. This session sought to contextualize the range of guidance and information provided earlier in the day, and, most importantly, allowed national PAOs to exchange experiences, receive input from others, and share ideas.

While in Vietnam, Mr. Radziszewicz and Marta Russell, IFAC technical manager, held outreach meetings with key representatives of the profession, including the Ministry of Finance, IFAC member body the Vietnam Association of Accountants and Auditors, and the World Bank. Discussions focused on providing stakeholders with an overview of IFAC’s structure and priorities and enhancing IFAC’s understanding of the nature of the profession and current priorities and challenges for these organizations. Mr. Radziszewicz and Ms. Russell also participated in The Vital Role of PAOs, a conference held by VACPA and CAPA.

A high-level summary of the workshop discussions will be made available soon.

In the latest issue of The Chartered Accountant, the member body publication for the Institute of Chartered Accountants of India, IFAC President Goran Tidström presents the IFAC perspective on the role of accountancy profession in the globalized world.

At the February 2012 Professional Accountancy Organization (PAO) Development Committee Meeting in Dubai, UAE, the committee held discussions on the development of PAOs throughout the Middle East region. Committee members, observers, and guests from national, regional, and global stakeholders participated in these discussions. Points made during the course of the meeting have been refined into this informal high-level guidance.

A hallmark of the accountancy profession is its obligation to act in the public interest. But it is not always apparent what this means, and how accountants can determine whether they are meeting this expectation. IFAC, by developing this position paper, is seeking to advance its understanding of this important issue. The paper, which presents a practical definition of the public interest, was developed in the context of IFAC’s mission, to enable IFAC to assess the extent to which its actions and decisions are made in the public interest.

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.