IFACnet, the global, multilingual search engine developed by the International Federation of Accountants (IFAC) and its members, has expanded its resources to address the needs of small and medium accounting practices (SMPs), in addition to professional accountants in business. IFACnet enables SMPs to easily locate information on a wide range of technical, marketing, human resource and other matters, including such topics as succession planning, managing a small firm, staff recruitment and retention, and promoting firm services.

IFACnet has also added three new features to help accountants worldwide stay current on technical, professional and marketplace issues and to make the search engine more user friendly. These include a "Latest News" page with links to a variety of business, management and accounting media and other websites; a search box that enables users to search IFACnet directly from their Internet browser; and a "What's News" section to inform visitors of new IFACnet features and content.

"There are many high quality resources available from within IFAC as well as through collaboration with our members that can help the global accountancy community carry out their professional responsibilities," states Ian Ball, IFAC Chief Executive Officer. "IFACnet's customized search features provide an efficient means to give professional accountants, including SMPs and professional accountants in business, in every part of the world, access to these timely and relevant resources."

Launched in October 2006, IFACnet provides one-stop access to free, high quality guidance, management tools and articles developed by professional accountancy bodies from around the world. Since its launch, IFACnet has attracted nearly 42,000 individuals from more than 190 countries worldwide. Currently, IFAC and twenty-three of its members (see attachment) provide IFACnet with access to information from their websites. In the coming months, new content will continue to be added to IFACnet as it expands the number of participating organizations.

IFACnet can be accessed free-of-charge online and on the websites of participating organizations.

IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

IFACNET PARTICIPATING ORGANIZATIONS
(As of March 30, 2007)

American Institute of Certified Public Accountants
Association of Chartered Certified Accountants
CGA Canada
Chartered Institute of Management Accountants
CMA Canada
Consiglio Nazionale dei Dottori Commercialisti
CPA Australia
Hong Kong Institute of Certified Public Accountants
International Federation of Accountants
Institute of Certified Public Accountants in Ireland
Institute of Certified Public Accountants of Singapore
Institute of Chartered Accountants in Australia
Institute of Chartered Accountants in England & Wales
Institute of Chartered Accountants in Ireland
Institute of Chartered Accountants of India
Institute of Chartered Accountants of Pakistan
Institute of Chartered Accountants of Scotland
Institute of Management Accountants
Japanese Institute of Certified Public Accountants
Koninklijk Nederlands Instituut van Registeraccountants
Malaysian Institute of Accountants
Malta Institute of Accountants
South African Institute of Chartered Accountants
Union of Chambers of Certified Public Accountants of Turkey

The latest compilations of international auditing, ethics and public sector accounting standards are now available in print and electronic formats from the International Federation of Accountants (IFAC). The 2007 editions of the Handbook of International Auditing, Assurance, and Ethics Pronouncements and the Handbook of International Public Sector Accounting Pronouncements can be ordered in print or downloaded in PDF format from the IFAC website at https://www.ifac.org/store. In addition, the 2007 auditing and ethics handbook can be ordered in a fully searchable electronic eComPress version.The latest compilations of international auditing, ethics and public sector accounting standards are now available in print and electronic formats from the International Federation of Accountants (IFAC). The 2007 editions of the Handbook of International Auditing, Assurance, and Ethics Pronouncements and the Handbook of International Public Sector Accounting Pronouncements can be ordered in print or downloaded in PDF format from the IFAC website at https://www.ifac.org/store. In addition, the 2007 auditing and ethics handbook can be ordered in a fully searchable electronic eComPress version.

Auditing and Assurance Handbook
The 2007 Handbook of International Auditing, Assurance, and Ethics Pronouncements contains all pronouncements of the International Auditing and Assurance Standards Board (IAASB) as of December 31, 2006, including the first four International Standards on Auditing redrafted under the IAASB's clarity drafting conventions. The handbook also contains an updated IFAC Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants in July 2006.

The 2007 handbook can be ordered in print for US$120.00 plus shipping. The handbook is also available in an electronic eComPress format that is fully searchable, easy to navigate, and can be annotated by the reader using the unique "Notes" feature. The eComPress handbook can be ordered for US$50.00 or as a package with the print version for US$150.00 plus shipping. Network versions are also available.

Public Sector Accounting Handbook
The 2007 Handbook of International Public Sector Accounting Pronouncements contains all pronouncements of the International Public Sector Accounting Standards Board (IPSASB) as of December 31, 2006 as well as the updated IFAC Code of Ethics for Professional Accountants. The 2007 handbook features several new International Public Sector Accounting Standards (IPSASs) issued in 2006 as well as 11 IPSASs that were revised as part of the IPSASB's project to converge the IPSASs with their related International Financial Reporting Standards where appropriate for the public sector. The public sector handbook is available in print at no charge, except for a US$15.00 shipping cost.

How to Order The 2007 handbooks can be downloaded in PDF format or print and electronic versions can be ordered from the IFAC online bookstore (https://www.ifac.org/Store). You can also place your order by calling IFAC at +1 (212) 471-8722.

IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking comments on an exposure draft (ED) of proposed International Standard on Auditing (ISA) 550 (Revised and Redrafted), Related Parties. The IAASB is also seeking comments on proposed ISA 570, Going Concern, which has been redrafted in the new style designed to enhance the clarity of IAASB pronouncements.

Related Party Relationships and Transactions

The involvement of related parties in major corporate scandals encouraged the IAASB to review its current auditing standard on the subject. Following earlier consultations, the IAASB has decided to re-expose its revised proposals because of the significance of the changes made in response to the consultations. The overall aim of the project is to enhance the auditor's consideration of related parties and related party transactions in an audit of financial statements, establishing an approach that requires the auditor to assess the risks of misstatement and direct audit work accordingly. The proposals in the re-exposure draft are intended to make the auditor's responsibilities clearer, distinguishing those cases where the accounting framework includes disclosure and other reporting requirements, and those where it includes no or inadequate requirements. The exposure draft includes a new definition of a "related party" to serve as a minimum level for the purposes of the audit. It also improves the delineation between the auditor's procedures to identify relevant risks of material misstatement and his or her responses to the assessed risks. The proposed standard also emphasizes the need for the auditor to be aware of related parties and the extent to which they affect the financial statements, even where the financial reporting framework applied in preparing the financial statements does not establish requirements for related parties (or does so inadequately). John Kellas, Chairman of the IAASB, explains: "The proposed standard makes clear that the auditor has three objectives in considering related parties: to obtain sufficient evidence about the required accounting and disclosure of related party information and transactions; to understand how related party transactions and relationships affect the view given by the financial statements; and to identify fraud risk factors arising from related party relationships that may require further consideration."

New Clarity Exposure Draft

As part of its comprehensive program to enhance the clarity of its standards and facilitate convergence, the IAASB has also issued an exposure draft of proposed ISA 570 (Redrafted). The exposure draft forms part of the IAASB's ambitious 18-month program to redraft existing standards and to develop new and revised standards following the new drafting conventions, which were developed after extensive consultation with interested parties, such as the IAASB's Consultative Advisory Group and national auditing standard setters, and public consultation. The new drafting conventions are explained in the Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which was issued in January 2007. How to Comment Comments on the exposure draft of proposed ISA 550 (Revised and Redrafted) are requested by June 30, 2007. Comments on the exposure draft of proposed ISA 570 (Redrafted) are requested by May 31, 2007. The EDs may be viewed by going to https://www.ifac.org/EDs. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments, at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

At its meeting last week in New York City, the Board of the International Federation of Accountants (IFAC) agreed to assist the International Accounting Standards Board (IASB) in obtaining feedback on its proposed International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs)through field testing and other means. In addition, it agreed to strengthen collaboration with regional accountancy organizations to encourage greater alignment with the IFAC strategy. The Board also discussed the need to more effectively engage various stakeholders in the convergence process, work more closely with the investment community, proactively address small and medium practice (SMP) and SME issues, and communicate more consistent global messages about the value and integrity of the profession. An approach for translating key sections of the IFAC website was also approved. During the meeting, Professor Stavros Thomadakis, Chairman of the Public Interest Oversight Board (PIOB), commented on the PIOB's progress in overseeing IFAC's public interest activities and expressed its satisfaction to date with the cooperation it is receiving from IFAC and its independent boards. A major portion of the meeting was devoted to strategic planning issues. As part of that process, regulatory, standard setting and business leaders provided insights and views to help shape the Board's priorities and future agenda. Guest speakers were:

• Mark Olson, Chairman of the U.S. Public Company Accounting Oversight Board (PCAOB), who highlighted the importance of standards setters, such as the PCAOB and the International Auditing and Assurance Standards Board, continuing to closely monitor each other's work and agendas;
• Professor Robert Kaplan of the Harvard Business School and co-author of the Balanced Scorecard, who spoke on the implications of the balanced scorecard for enhanced business reporting; and
• Paul Pacter, IASB Director of Standards for Small and Medium-sized Entities, who outlined the proposed IFRS for SMEs.

Among other matters, Mr. Pacter urged all Board members and regional accountancy organizations to encourage responses from their respective constituencies on the proposed standard and perceived challenges to its adoption. IFAC President Fermín del Valle stated, "IFAC is highly supportive of this project and recognizes the considerable progress made. To ensure that the final standard meets the needs of the SMP/SME marketplace, it is crucial that IFAC and its members help the IASB seek out and capture the views of all relevant constituents, primarily SMEs, SMPs, and users of SME financial statements." The Board meeting followed a meeting with more than 30 chief executives of national accounting organizations in over 25 countries, which was designed to bring those organizations' perspectives to the deliberations of IFAC's planning. IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) invites its members and associates to submit outstanding published articles on topics of interest to accountants in business for its 2007 Articles of Merit Award for distinguished contribution to the development of the role and domain of the professional accountant in business.

The Articles of Merit Award is designed to facilitate communication and the sharing of knowledge on key financial and management accounting topics among IFAC's member bodies and their members in business. From among the articles submitted by member bodies, the PAIB Committee will select approximately 10 winning articles that will be published in an information paper, Articles of Merit: 2007. Articles selected for publication are those that have made or will make a distinct and valuable contribution to the advancement of PAIBs.

The annual Articles of Merit publications are widely distributed and read, providing a means for member bodies, authors, and the journals in which the articles are published to obtain recognition worldwide. A press release announcing the award winners is sent to all IFAC members, associates, and regional accountancy bodies, as well as the international media, who may download the publication free of charge from the IFAC website.

In addition, PAIBs worldwide are notified through IFAC's electronic news vehicles. In 2006, nearly 5,000 copies of past Articles of Merit publications were ordered or downloaded by accountants in business and other professionals worldwide from the IFAC website.

How to Nominate Articles
Members and associates are encouraged to nominate up to three articles for the 2007 Articles of Merit. All submissions must be in English and must be received by the PAIB Committee staff no later than April 20, 2007. For more information on how to submit articles, see the 2007 Articles of Merit Call for Nominations which is posted in the Discussion Board on the IFAC MemberNet.

IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

United Nations (UN) System organizations are recruiting a number of candidates to assist in the implementation of International Public Sector Accounting Standards (IPSASs). Candidates for these positions must possess relevant experience in implementing international accounting standards or applying "IPSAS similar" standards within a public sector or international organization. Public sector accountants with experience in preparing accrual financial statements would also be of interest. Announcements on open positions are available from the UN Human Resources website. One such open position is the Finance and Budget Officer, which can be accessed on this site under occupational group "Finance," Vacancy Announcement # 412519. For more information, visit the UN website.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, is seeking nominations for members of its boards and committees for 2008. IFAC member bodies, members of the Forum of Firms and, in some instances, members of the public may nominate candidates by April 15, 2007. All members of IFAC boards and committees are expected to act in the public interest and must sign a declaration committing to act with integrity and in the public interest in their role within IFAC.

Public Members Sought
Individuals, organizations, accountancy firms, and IFAC member and regional bodies may submit nominations for the following public member positions on IFAC's independent standard-setting boards. Two public members are sought for the International Accounting Education Standards Board. One public member is sought for the International Ethics Standards Board for Accountants. And one public member is sought for the International Public Sector Accounting Standards Board. Public members must be seen to be independent of any special interests and seen to be acting to represent society as a whole. Nominees for the public member positions must have an appropriate level of knowledge about the work of the respective standard-setting board, although they do not need to have a professional accountancy designation.

Member Body Nominations
In addition to nominating public members, described above, IFAC member bodies may nominate additional candidates for membership on the IFAC Board, all independent standard-setting boards, the Compliance Advisory Panel, the Developing Nations Committee, the Professional Accountants in Business Committee, the Small and Medium Practices Committee, and the Nominating Committee. Member bodies may submit more than one nomination for each respective board and committee, and they are encouraged to nominate candidates with varying backgrounds.

Forum of Firms' Nominations
Five positions on the Public Interest Activity Committees are open to nominations from members of the Forum of Firms, an organization of international firms that perform audits of financial statements that are or may be used across national borders. Two positions are open on the International Auditing and Assurance Standards Board. Two positions are open on the International Accounting Education Standards Board. And one position is open on the International Ethics Standards Board for Accountants.

How to Submit Nominations
The Call for Nominations for IFAC Boards and Committees in 2008 describes the positions available on IFAC boards and committees and the qualifications required for each position as well as the process for submitting nominations. The Call for Nominations may be viewed on IFAC's website. All nominations must be submitted by April 15, 2007 using the online Candidate Information System, which can be accessed online. For more information on the role and activities of each of IFAC's boards and committees, visit its website.

IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has issued revised standards to increase the clarity and usability of International Public Sector Accounting Standards (IPSASs). The 11 revised accrual basis IPSASs and a revised Preface to International Public Sector Accounting Standards are a step towards the IPSASB's goal of achieving convergence.

IPSASs set out the financial reporting requirements by governments and other public sector entities. The IPSASB aims to converge IPSASs with International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board, while at the same time also considering public sector specific issues and reflecting public sector emphasis within the standards.

To help apply the IPSASs, the revised Preface to International Public Sector Accounting Standards clarifies that, from now on, all paragraphs within all IPSASs have equal authority.

"Global convergence of financial reporting standards remains one of the key objectives of IFAC and the IPSASB," states Mike Hathorn, IPSASB Chair. "Revising these IPSASs reflects the IPSASB's commitment to progress the IFRS convergence component of its work program, as well as address public sector specific issues not dealt with by IFRSs."

The 11 revised IPSASs are effective for reporting periods beginning on or after January 1, 2008.

The revised IPSASs and the revised Preface to International Public Sector Accounting Standards can be downloaded from the IFAC online bookstore: https://www.ifac.org/store. They will also be included in the 2007 edition of the Handbook of International Public Sector Accounting Pronouncements.

IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has released International Public Sector Accounting Standards (IPSASs) which identify disclosures to be made by governments and other public sector entities that make their approved budgets publicly available. These disclosures will contribute greatly to improving accountability by helping readers to compare budget amounts with actual amounts arising from carrying out the budget.

A new standard, IPSAS 24, Presentation of Budget Information in Financial Statements, applies to entities that adopt the accrual basis of financial reporting. In addition, the cash basis IPSAS, Financial Reporting under the Cash Basis of Accounting, has been updated to include both required and encouraged disclosures that apply to entities that adopt the cash basis of financial reporting.

Both standards require that a comparison of budget and actual amounts for the reporting period be included in the financial statements. They also require explanations for material differences between the budget and actual amounts in the notes to the financial statements or in a separate report issued in conjunction with those statements.

"Reporting the actual amounts resulting from execution of budget against the approved budget and explaining the variance will enhance the transparency of financial statements," states Philippe Adhémar, immediate past Chair of the IPSASB who oversaw the development of the new standards. "Compliance with the standards enables public sector entities to better discharge their accountability obligations by demonstrating compliance with the approved budget for which they are held publicly accountable."

IPSAS 24 and Financial Reporting under the Cash Basis of Accounting can be downloaded from the IFAC online bookstore: https://www.ifac.org/store. Both standards will also be included in the 2007 edition of the Handbook of International Public Sector Pronouncements.

IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has issued the first four final International Standards on Auditing (ISAs) redrafted as part of its comprehensive program to enhance the clarity of its standards. It has also approved amendments to the Preface to International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which establishes the conventions to be used by the IAASB in drafting future ISAs and the obligations of auditors who follow those standards. A report developed by the IAASB staff on the status of the IAASB's clarity project was also released summarizing these and other developments. New ISAsThe IAASB has issued the following four redrafted standards:

• ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements;
• ISA 300, Planning an Audit of Financial Statements;
• ISA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment; and
• ISA 330, The Auditor's Responses to Assessed Risks.

The four redrafted ISAs and the amended Preface were exposed for public comment in October 2005. The IAASB refined its clarity drafting conventions based on the comments received to the exposure drafts and after extensive consultation with interested parties, such as the IAASB's Consultative Advisory Group and national auditing standard setters. In developing these final standards, the IAASB improved the consistency with which the conventions were applied to the ISAs and considered the need for them to be applicable to audits of entities of all sizes.

"The release of these final ISAs in the new drafting style represents an important milestone for the IAASB as it works to improve the clarity of its international standards," states John Kellas, IAASB Chairman. "The IAASB is satisfied that these four redrafted ISAs are clearer and the expectation of consistent application by professional accountants worldwide has been strengthened. We are now proceeding with the application of the clarity conventions to all the ISAs."

The four redrafted ISAs have a provisional effective date for audits of financial statements for periods beginning on or after December 15, 2008. While the final common effective date for all redrafted ISAs will be determined as the IAASB's agenda progresses, it will not be earlier than December 15, 2008. The amended Preface contains important statements about the authority of the IAASB's standards.

In order to embed these within the ISAs themselves, the IAASB intends to revise ISA 200, Objective and General Principles Governing an Audit of Financial Statements to incorporate relevant provisions of the amended Preface. When ISA 200 is revised and exposed for public comment in 2007, respondents will be invited to comment on the material derived from the amended Preface in that new context. Clarity Project Update Progress that the IAASB has made so far and the direction it plans to take as it continues to redraft standards is outlined in the report Status of the IAASB's Work to Improve the Clarity of Its Standards. This staff report describes the main changes to the IAASB's standards arising from the application of its clarity drafting conventions and explains the IAASB's approach to implementing the conventions to all ISAs. How to Access The four ISAs and the Preface may be downloaded free-of-charge from the IFAC online bookstore at https://www.ifac.org/store. They will also be included in the 2007 Handbook of International Auditing, Assurance, and Ethics Pronouncements. The status report on the clarity project may be downloaded from the IAASB's website at https://www.iaasb.org.

About the IAASB and IFAC The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

IFAC is the worldwide 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.