To promote awareness and understanding of the newly clarified1 International Standards on Auditing (ISAs), the International Auditing and Assurance Standards Board (IAASB) released today a series of "ISA Modules" focusing on some of the new and more significantly revised ISAs. Developed by IAASB staff, each of these modules combines short video presentations and accompanying slides that explain the key principles of, and major changes in, individual ISAs, including the implications for audits of small- and medium-sized entities (SMEs).

"Promoting the adoption and successful implementation of ISAs is one of the IAASB's most important goals. These new tools will help us to move closer to that goal by providing support to those responsible for adopting and implementing the clarified ISAs, trainers, and auditors in applying them in practice," explains Arnold Schilder, Chairman of the IAASB.

This new resource includes modules that provide an introduction to, and an overview of, the clarified ISAs, including ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, and audit documentation and SME audit considerations. Additional modules cover ISAs that address related parties, auditing accounting estimates, including fair value estimates, communication with those charged with governance, and communicating deficiencies in internal control.

"Now is the time to address the necessary aspects of implementation. This includes developing or updating training programs and considering audit methodology changes," emphasizes IAASB Technical Director James Gunn, adding, "Successful implementation of the clarified ISAs will depend on being well prepared when they come into effect."

The ISA Modules are available to download free of charge from the IAASB Clarity Center on the IFAC website (web.ifac.org/clarity-center/support-and-guidance). The IAASB encourages IFAC members, associates, regional accountancy bodies, and firms to use these materials and to promote their availability to their members and employees.  

About the IAASB and IFAC
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.

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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

¹ The Clarity Project, completed by the IAASB in March 2009 resulted in the issuance of 36 ISAs and one International Standard on Quality Control in a new style that is easier to understand, translate, and implement. In some cases, other major revisions to the content were made as well. The new set of clarified ISAs goes into effect for audits of financial statements for periods beginning on or after December 15, 2009. In practical terms, this means that they will be effective for 2010 year end audits.

Some small and medium-sized enterprises (SMEs) may have access to more credit down the road, but will have to pass more rigorous tests to demonstrate their creditworthiness, according to the findings of a global survey of banks conducted by The Banker magazine in association with the International Federation of Accountants (IFAC). The survey results, released today in a supplement on supporting small and medium-sized companies in the October issue of The Banker, also confirmed the critical role that accountants play in providing information that influences lender decision making. Some small and medium-sized enterprises (SMEs) may have access to more credit down the road, but will have to pass more rigorous tests to demonstrate their creditworthiness, according to the findings of a global survey of banks conducted by The Banker magazine in association with the International Federation of Accountants (IFAC). The survey results, released today in a supplement on supporting small and medium-sized companies in the October issue of The Banker, also confirmed the critical role that accountants play in providing information that influences lender decision making.

"Accountants have a long-standing history as the trusted advisors for SMEs. To continue to fulfill this role, accountants should be proactive in advising their SME clients about lending options and requirements," states IFAC Chief Executive Officer Ian Ball. "The survey results provide useful information to assist both accountants and SMEs."

The survey showed that over 20 percent of the more than 350 bankers who answered questions about the future indicated that they would raise the number of new loans and increase loan amounts to existing SME clients over the next two years. Very few respondents, just 2 percent, said they would restrict loans to SMEs. However, bankers expect SMEs to provide more comprehensive information in their loan applications. Survey respondents indicated that they will increasingly look at cash-flow information, collateral, and customer history with the bank when considering loan applications. Financial statements, key risk indicators, and industry trends are also among the key information banks are focused on when making loan decisions.

Lenders also highly value audited financial statements. Two-thirds of the respondents indicated that their lending policies require some form of assurance on the entity's financial statements from an external accountant, and audited financial statements are preferred by most  respondents. In addition, another 60 percent of respondents said that accountant involvement in an SME's business would significantly and positively influence their lending decisions.

"IFAC is dedicated to helping accounting firms meet the assurance and other needs of the small business community," emphasizes IFAC President Robert Bunting. "We will also continue to take the pulse of the SME community through our outreach initiatives, particularly those of our Small and Medium Practices Committee."

Brian Caplen, editor of The Banker, says: "It was very exciting to work with IFAC on this project. The health of the small and medium-sized business sector is critical to the global economy and it is very important for banks to understand their needs. We hope that the survey leads to a better understanding between banks and their clients."

About the Survey
The online survey was conducted by The Banker between August 21 and September 15, 2009. Over 500 bankers responded to the survey; there were 146 complete responses, and the remainder was partial responses. The survey sample included banks in over 80 countries. The banks ranged in size from those with total assets of under US$100 million to over US$100,000 million. To view the survey results, go to www.ifac.org/financial-crisis/smp-sme-resources.php or see the October issue of The Banker.

About IFAC
IFAC (www.ifac.org), the global organization for the accountancy profession with 157 members and associates in 123 countries, promotes the adoption and implementation of international standards and develops guidance to foster high-quality practice by professional accountants working in business, public practice, government, and education.

About The Banker
The Banker is the monthly magazine of the international banking and finance industry. Part of the Financial Times group, The Banker has navigated its way through 83 years of banking coverage from the Wall Street Crash of 1929 to the financial crisis of 2008 with the same reputation for accuracy, authority and integrity. Read in more than 100 countries around the world, The Banker delivers unique insights and analysis to the world's leading CEOs, CFOs, CIOs, Corporate Treasurers and Central Bank Governors.

The International Federation of Accountants (IFAC) supports the goals expressed by G-20 Leaders at the Pittsburgh Summit last week to advance "a framework for strong, sustainable, and balanced growth," which includes reform of executive compensation packages,  the adoption of a single set of high-quality global accounting standards, and increased resources for the World Bank and international development banks. IFAC recommends that these goals remain priorities and that G-20 Leaders act on them at a national level.

Two issues at the top of IFAC's agenda, which were reflected in its submission to the G-20 finance ministers in July, are the need for governments to address corporate governance issues and to move ahead on implementing common global standards not only for accounting, but also for auditing and for auditor independence.

"IFAC shares the G-20's view that systems of remuneration should provide incentives consistent with long-term growth and corporate performance," emphasizes Robert Bunting, IFAC President, adding, "The time has come to act on that view."

IFAC has recommended that the G-20 nations adopt and implement the Organisation for Economic Co-operation and Development's (OECD's) Principles of Corporate Governance and that they ask the OECD to address the design of remuneration systems within its corporate governance framework. In addition, IFAC has strongly urged governments to support an increased role for corporate audit and compensation committees and for ensuring that members of these committees have the appropriate expertise.

As part of its governance recommendations, IFAC has called for "competency requirements for those preparing financial statements." IFAC believes these competency requirements should apply not only to those working in listed companies, but also to those preparing governmental financial reports. This is especially critical as governments assume new forms of assets and liabilities as a result of their bailouts and stimulus plans. Greater transparency by governments, made possible through high-quality financial reporting, will help keep taxpayers informed and boost investor confidence.

"Governments can make major strides in enhancing their fiscal management and strengthening their financial reporting by adopting and implementing International Public Sector Accounting Standards (IPSASs)," emphasizes IFAC Chief Executive Officer Ian Ball. "Additionally, the adoption and consistent application of IPSASs will facilitate more reliable cross-national financial comparisons."

In addition to supporting global adoption of IPSASs, IFAC has long advocated the adoption of International Financial Reporting Standards and International Standards on Auditing. Global standards will create a level playing field in the interpretation and exchange of financial information and contribute to economic and financial stability. Similarly, the adoption of global standards on auditor independence, such as those expressed in the Code of Ethics for Professional Accountants, will help to sustain trust in capital markets.    

IFAC also recognizes the key role the World Bank plays in helping to achieve more balanced economic growth and applauds the G-20 nations for their commitment to it. IFAC continues to work closely with the World Bank to develop and strengthen the accountancy profession, particularly in emerging countries. A strong accountancy profession, supported by high-quality, robust standards, is a vital component of a country's financial system.

To view IFAC's recommendations to the G-20, go to www.ifac.org/financial-crisis. For the results of the G-20 Summit, visit The Pittsburgh Summit 2009.

About IFAC
IFAC (www.ifac.org), the global organization for the accountancy profession with 157 members and associates in 123 countries, promotes the adoption and implementation of international standards and develops guidance to foster high-quality practice by professional accountants working in business, public practice, government, and education.

"The accounting profession can and should take a leadership role in helping the world steer its way out of the global financial crisis," International Federation of Accountants (IFAC) President Robert L. Bunting told the audience gathered in São Paulo, Brazil, for the third annual CReCER conference (Spanish acronym of Accounting and Accountability for Regional Economic Growth).  "At this crossroad for the world economy, this means raising our voice about what we know best-including the capital markets, government accountability, and the small and midsize businesses we call SMEs."

Mr. Bunting reminded the audience that every kind of entity needs the financial information that high-quality standards provide as we move toward recovery from the recession. Businesses in Latin America and the Caribbean often need to prove their economic viability as business partners for new opportunities in the Middle East and China, or for ongoing ones in this hemisphere. Governments need to confirm their fiscal health for the capital markets or for membership in regional economic organizations.

"Governments worldwide must follow the same high standards of financial reporting as their private sector counterparts if we are to believe the economic picture they paint-and to avoid this kind of global meltdown in the future," Mr. Bunting said. "The broad-based adoption of International Public Sector Accounting Standards-which IFAC has also recommended strongly to the G-20 Leaders-is critical to improving government transparency and accountability, in light of the unprecedented takeovers, lending, guarantees, and bailouts of major market institutions, banks, and companies that have taken place," Mr. Bunting added.  He also noted that IFAC is working with the World Bank to develop and strengthen the accountancy profession in developing and emerging economies as a key step in achieving financial stability.

Mr. Bunting also spoke out about the importance of supporting small and midsize businesses and the smaller accountancy firms that serve them in recovery from the recession. "The people behind Latin America's SMEs are vital to creating sustainable growth, jobs, and wealth," he said, because "they turn innovation and agility into new products and services. The OECD says they account for most businesses in all countries and are a major source of new jobs. Yet, they are often a forgotten voice in the regulatory and public policy dialogue. We cannot let this happen."

The CReCER conference, September 23-25, 2009, is designed to increase awareness of the critical importance of sound financial reporting and auditing for the development of a well-functioning market economy and of an efficient public sector-the cornerstones of equitable and sustainable economic development. Over 800 individuals attended, including representatives of the accountancy profession, governments, and the donor community. IFAC, the World Bank, and the Inter-American Development Bank organized the first CReCER event in June 2007, and are joined by IFAC member Conselho Federal de Contabilidade and the six largest accounting networks in the preparation of this year's event, along with other sponsors.
 
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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) and the International Valuation Standards Council (IVSC) have signed a Memorandum of Understanding designed to enhance their respective impact on issues surrounding valuations-particularly those related to improving the consistency of global valuation standards affecting the preparation and audits of financial reports.

Michel Prada, Chairman of the Board of Trustees for the IVSC, states, "Valuation standards, coupled with clear accounting and auditing principles, are key to the efficiency of the global market economy. This Memorandum of Understanding demonstrates the cohesive and united approach of the IVSC, IFAC, and International Auditing and Assurance Standards Board (IAASB) to maintaining standards as global markets continue to develop."

"The current economic crisis has highlighted the challenges associated with the valuation of assets and liabilities by both preparers and auditors," says Bob Bunting, President of IFAC. "I am delighted that our two organizations will seek ways in which we can work together in serving the public interest. As a first step, I am encouraged that the IVSC will appoint a representative to serve on the consultative advisory group of the IAASB, which works to strengthen public confidence in the auditing profession by establishing high-quality, global auditing, assurance, quality control, and related services. I look forward to developing other areas of collaboration with the IVSC in the coming months."

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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

About the IVSC
The IVSC (www.ivsc.org) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards, acceptable to the world's capital markets organizations market participants and regulators, which will meet the challenges of a fast-changing global economy.   The governance structure of the IVSC, a non-profit organization incorporated in the U.S., includes two independent technical Boards-the International Valuation Standards Board and the International Valuation Professional Board-and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators, and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the boards on agenda decisions and priorities in the work of the IVSC.

To assist auditors worldwide in implementing the clarified International Standards on Auditing (ISAs), the staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question-and-answer publication entitled Applying ISAs Proportionately with the Size and Complexity of an Entity. The publication is relevant in the context of any audit, but will be of particular help to those who audit, or oversee the audits of, small- and medium-sized entities (SMEs).

"SMEs are an important sector of national economies and one that is sensitive to significant changes in standards," emphasizes James Gunn, IAASB Technical Director. "This staff publication highlights provisions within the ISAs that guide auditors in applying the requirements to audits of SMEs in an efficient and effective manner."

The questions and answers explain how the design of the ISAs enables them to be applied in a manner that is proportionate to the specific characteristics of the entity subject to audit. Furthermore, answers are given to questions relating to audit procedures, work effort, documentation, and professional judgment.

"Many of those with responsibility for financial statement audits are progressing their consideration of implementation issues of the clarified ISAs. We applaud this and believe that the IAASB staff has a role to play in supporting the implementation effort," adds Mr. Gunn.

The publication is available for download free of charge from the IFAC website (https://web.ifac.org/clarity-center/support-and-guidance).

About the IAASB and IFAC
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.

IFAC (www.ifac.org), the global organization for the accountancy profession with 157 members and associates in 123 countries, shares in the development and promotes the adoption and implementation of international standards and develops guidance to foster high-quality practice by professional accountants working in business, public practice, government, and education.

In a letter issued today, the International Federation of Accountants (IFAC) has called for broad action by the G20 leaders at their September meeting in Pittsburgh, PA to encourage adoption and implementation of global accounting, auditing, and auditor independence standards to improve the ability of capital markets to work globally. In addition, IFAC has called for the worldwide adoption and implementation of International Public Sector Accounting Standards as a means to greatly improve government transparency and accountability in light of the "unprecedented takeovers, lending, guarantees, and bailouts of major market institutions, banks, and companies." It is also urging that further steps be taken to enhance the governance of the International Accounting Standards Board in order to ensure its legitimacy and its ability to act independently, and without inappropriate political interference, in its standard-setting role.

"The G20 leaders must act quickly to build a reformed international financial system," said Ian Ball, IFAC Chief Executive Officer. "While some nations appear to be moving toward recovery from the financial crisis, underlying problems of accountability and transparency remain. We believe that the adoption of international standards can help to address these issues and play an essential role in resolving the current crisis."

"The G20 should acknowledge that small- and medium-sized enterprises are the engine of the global economy and address their unique needs," emphasizes Robert Bunting, IFAC President. "IFAC's letter emphasizes this and points out that those establishing regulations must take into account any related costs and complexities that will impose burdens on, and threaten the sustainability of, the small business sector."

IFAC's letter to the G20 also includes recommendations on enhancing corporate governance, supporting the long-term strengthening of the accountancy profession in developing countries, and developing new tools and metrics to achieve global sustainability. The submission also asks the G20 to facilitate debate to resolve issues between financial reporting-designed to communicate business performance to investors-and prudential reporting-used to monitor and maintain financial stability. The letter with the full list of recommendations is posted on the IFAC website (https://www.ifac.org/financial-crisis/).

The recommendations reflect the views of the 60 leaders of accountancy organizations who attended the IFAC G20 Accountancy Summit, which took place in London, UK, July 23-24. They build on IFAC's previous submission to the G20, which was issued prior to their April 2009 meeting.

About IFAC
IFAC (https://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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

Governments and regulators need to step up initiatives to promote convergence to global accountancy and auditing standards-and they need to do so quickly-according to over 60 leaders of the accountancy profession who attended the International Federation of Accountants' (IFAC's) G20 Accountancy Summit on July 23 and 24 in London. The summit was organized to achieve consensus by the profession on a series of recommendations to be made to the G20 leaders prior to their meeting in September on issues related to the financial crisis.

Participants unanimously agreed that the public interest would best be served by a single set of high-quality, principles-based financial reporting and auditing standards for listed and public interest entities. 

"It is critical that national standard-setting bodies establish roadmaps to move toward adoption of International Financial Reporting Standards and International Standards on Auditing," emphasized Robert Bunting, IFAC President.

The group stressed the importance of having balanced views in the standard-setting process and ensuring that there is no undue influence from any one stakeholder group. They also emphasized the need for the International Accounting Standards Board to have a robust governance structure that will ensure its effectiveness and independence.

In addition, summit participants called upon governments to follow the same high standards of financial reporting as their private sector counterparts and to adopt International Public Sector Accounting Standards.

"The group expressed strong concerns about the liabilities and contingencies being assumed by governments in many countries as a result of the financial crisis," explained IFAC Chief Executive Officer Ian Ball. "IFAC will continue to emphasize to the G20 the need for governments to provide clear and transparent reporting to their taxpayers and to capital markets."

World Bank Chief Financial Management Officer Tony Hegarty addressed the group, highlighting the urgent need to develop and strengthen the profession in developing and emerging economies as a key step in achieving financial stability. He announced that the World Bank and IFAC will work together to develop a new initiative to deepen cooperation in this area. Summit participants supported this initiative and recommended that G20 governments should partner with the World Bank and IFAC to establish a framework for building sustainable capacity for the accountancy profession.

Other key recommendations from the group included the following:

• The needs of small and medium enterprises (SMEs) need to be considered in the development of standards, as well as in any re-regulation. "SMEs are the economic engine of global growth and we need to ensure that they are not faced with any unnecessary or unintended compliance or other burdens," stated IFAC President Robert Bunting.
• The G20 should continue to make strengthening corporate governance a priority. Focus should be placed on examining the role of independent directors, CFOs, and audit committees, as well as improving the linkage of remuneration schemes with performance.
• There is a need for a more robust financial reporting model that includes, among other things, reporting on sustainability and environmental issues.

These and other recommendations from the summit participants, who represented accountancy organizations in 17 of the G20 countries (see attached), will be included in a communiqué sent to the G20 within the next two weeks.

About IFAC
IFAC (https://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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new International Good Practice Guidance publication, Evaluating and Improving Costing in Organizations, which establishes six fundamental principles that can help professional accountants and their organizations to evaluate and improve their approach to costing. The guidance recognizes the importance of distinguishing between the purposes and information needs of cost accounting to meet the demands of external reporting, cost measurement, and reporting for internal decision support. A companion document, Costing Levels Maturity Model, has also been published to help professional accountants decide what level of costing sophistication to use given organizational requirements and the needs of managers and employees.

"Professional accountants have a significant role to play in ensuring that they, and the costing models and systems they use, provide relevant information and analysis to support performance evaluation and planning and management decisions," says Roger Tabor, Chair of the PAIB Committee. "Good costing information is essential to interpret and analyze past performance. And it can be used predictively to guide decisions about many aspects of an organization's future operations. These activities are different, and the guidance is designed to help professional accountants provide valuable information to their management customers."

This IFAC guidance is targeted to professionals working in commerce and industry, as well as the public sector, education, and the not-for-profit sector. It recognizes that, when used effectively, costing can provide clear and timely information. The guidance cautions, however, that all cost information is not created equal: Highly aggregated cost information, for example, which is compiled for external reporting purposes, may not reflect such relationships closely enough to support future strategic and operational decisions.    

The new Costing Levels Maturity Model can also help professional accountants exercise professional judgment to assess their organization's existing costing capability for supporting internal managerial analysis and decisions. The PAIB Committee seeks comments from professional accountants and IFAC member bodies on the model to help its continued development.

Evaluating and Improving Costing in Organizations and Costing Levels Maturity Model can be downloaded free of charge from the PAIB section of the IFAC online bookstore at www.ifac.org/store. The PAIB Committee welcomes all feedback, which can be emailed to paib@ifac.org.

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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Ethics Standards Board for Accountants (IESBA) has issued a revised Code of Ethics for Professional Accountants (the Code), clarifying requirements for all professional accountants and significantly strengthening the independence requirements of auditors. The revised Code has been released following the consideration and approval by the Public Interest Oversight Board (PIOB) of due process and extensive public interest consultation.The International Ethics Standards Board for Accountants (IESBA) has issued a revised Code of Ethics for Professional Accountants (the Code), clarifying requirements for all professional accountants and significantly strengthening the independence requirements of auditors. The revised Code has been released following the consideration and approval by the Public Interest Oversight Board (PIOB) of due process and extensive public interest consultation.

"Strong and clear independence standards are vital to investor trust in financial reporting," emphasizes IESBA Chair Richard George. "The increase in trust and certainty that flow from familiarity with standards, including a common understanding of what it means to be independent when providing assurance services, will contribute immeasurably to a reduction in barriers to international capital flows."

The revised Code, which is effective on January 1, 2011, includes the following changes to strengthen independence requirements:

• Extending the independence requirements for audits of listed entities to all public interest entities;
• Requiring a cooling off period before certain members of the firm can join public interest audit clients in certain specified positions;
• Extending partner rotation requirements to all key audit partners;
• Strengthening some of the provisions related to the provision of non-assurance services to audit clients;
• Requiring a pre- or post-issuance review if total fees from a public interest audit client exceed 15% of the total fees of the firm for two consecutive years; and
• Prohibiting key audit partners from being evaluated on or compensated for selling non-assurance services to their audit clients.

The revised Code maintains the principles-based approach supplemented by detailed requirements where necessary, resulting in a Code that is robust but also sufficiently flexible to address the wide-ranging circumstances encountered by professional accountants.

"This approach should also help to facilitate global convergence," points out Mr. George.

The International Federation of Accountants' Statements of Membership Obligations have as a central objective the convergence of a country's national code with the Code of Ethics for Professional Accountants. Further, the requirements specify that member bodies should not apply less stringent standards than those stated in the Code.

"It is especially critical that member bodies focus on the implementation of the revised Code as soon as possible," emphasizes Mr. George. "To help them in this process, the IESBA plans to provide them with some additional support and guidance in the coming months."  

About the IESBA and IFAC
The IESBA develops ethical 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 IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the Code.

IFAC (www.ifac.org), the global organization for the accountancy profession with 157 members and associates in 123 countries, shares in the development and promotes the adoption and implementation of international standards and develops guidance to foster high-quality practice by professional accountants working in business, public practice, government, and education.