The International Federation of Accountants^® (IFAC^®) today published its Statements of Membership Obligations (SMOs) 1-7 (Revised) in the Spanish language.

The Revised SMOs are the first Spanish-language publication to result from IFAC’s Ibero-American cooperation framework, known as the IberAm project. Established in 2012, the IberAm project—which includes IFAC and its member bodies Instituto de Censores Jurados de Cuentas de España, Federación Argentina de Consejos Profesionales de Ciencias Económicas, and Instituto Mexicano de Contadores Públicos—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single Spanish translations of international standards and other IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is an observer to the project.  In addition, the project involves a Review Committee of technical experts representing IFAC member bodies in nine Spanish speaking countries.

“A significant number of IFAC’s member organizations are in countries where Spanish is the official language, so the IberAm Project, and our Spanish speaking member bodies and regional organization, are truly making valuable contributions to the profession,” said IFAC’s Chief Executive Officer Fayez Choudhury. “The IberAm Project’s motto is ‘The whole is greater than the sum of the parts,’ and its members have demonstrated admirable cooperation and collaboration. We are gratified that this translation—and future ones—will help advance IFAC’s goal of widespread adoption and implementation of international standards, and we are pleased to serve as a natural facilitator and trusted intermediary.”

Many additional Spanish translations are scheduled over the coming months. One of the most significant will be the 2013 edition of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements from the International Auditing and Assurance Standards Board. Other publications include ones from the International Ethics Standards Board for Accountants, International Accounting Education Standards Board, IFAC’s Small and Medium Practices Committee, IFAC’s Professional Accountants in Business Committee, and IFAC’s Professional Accountancy Organization Development Committee.

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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Now there are more ways to access the Code of Ethics for Professional Accountants™ (the Code) developed by the International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board). The newly released, web-based 2014 Code is designed to provide enhanced access and greater ease of use and navigation.

“Digital is now the preferred medium of communication. It is also how the tech-savvy world today will want to access and use the wealth of materials produced by the board. The board intends to move with the times, technologically,” said interim IESBA Chair Wui San Kwok. “The board will continue to look at ways to utilize the immense technological possibilities in making the Code and other board materials more accessible and usable, including enhancing research, link, and filter functionalities.”

Key features of the web-based Code include the ability to:

• Find relevant pages and sections using a powerful keyword search;
• Display definitions of key terms within the text;  
• Navigate sequentially or by using the interactive table of contents; and
• Access previous editions and links to translations, most of which are hosted on third-party sites.

Related to the new platform, the IESBA is currently consulting on ways to improve the structure and delivery of the Code. Additional features may be incorporated into the platform in the future. See the Consultation Paper released earlier this month, and submit your comments by February 4, 2015.

Users can continue to purchase print copies of the Code, or download or print it from the Ethics Board’s website: www.ethicsboard.org.  

About the IESBA
The IESBA develops ethics standards and other pronouncements for professional accountants worldwide 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 standards and other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board) today released for public comment the Exposure Draft (ED), Proposed Changes to Part C of the Code Addressing Presentation of Information and Pressure to Breach the Fundamental Principles. The proposals respond to the need for more robust and practical guidance to help professional accountants in business (PAIBs) deal with two matters on which they most often seek assistance in practice: their responsibility to produce financial reports that are faithful representations of the economics of transactions, and pressure to breach fundamental ethical principles.

“PAIBs play an important role in the financial reporting supply chain, and they may encounter pressure to act unethically. The proposed guidance will help them understand what their options are, and therefore better support them in fulfilling their responsibility to act in the public interest,” said interim IESBA Chair Wui San Kwok. “The proposal also clarifies that when preparing financial information, exercising discretion—for example, when selecting an accounting method—in a manner that is intended to mislead is not acceptable.

Among the proposed changes are:

• Fuller and more explicit guidance regarding PAIBs’ responsibilities when presenting information;
• Strengthened guidance on how a PAIB can disassociate from misleading information;
• An expanded description of pressure that may lead to a breach of the fundamental principles in the Code of Ethics for Professional Accountants™ (the Code) together with practical examples to illustrate different kinds of situations in which such pressure may arise; and
• New guidance to assist PAIBs in identifying and responding to pressure that could result in a breach of the fundamental principles.

The Ethics Board is also proposing a number of related changes to other areas within Part C of the Code.

“The development of this enhanced guidance reflects a rebalancing of the board’s focus to be more inclusive of PAIBs, a very large and important part of the accountancy profession,” noted IESBA Technical Director Ken Siong. “It will serve to remind PAIBs of some of the fundamental ethical principles by which they should be guided in their different roles within their organizations, and with which they must comply.”

How to Comment
The Ethics Board invites all those with an interest in international ethics standards for the accountancy profession to respond to the Exposure Draft. To access the ED and submit a comment, please visit the Ethics Board’s website at www.ethicsboard.org. Comments are requested by April 15, 2015. The Ethics Board encourages national and regional professional accountancy organizations to share the ED and encourage participation from their members and employees.

About the IESBA
The IESBA develops ethics standards and other pronouncements for professional accountants worldwide 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 standards and other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Notice of the Call for Nominations for the Independent Standard-Setting Boards in 2016 was issued today. The Notice of the Call sets out the upcoming opportunities for membership on the International Auditing and Assurance Standards Board^® (IAASB^®), International Accounting Education Standards Board™ (IAESB™), International Ethics Standards Board for Accountants^® (IESBA^®), and International Public Sector Accounting Standards Board^® (IPSASB^®).

For 2016, there are 25 vacancies on the independent standard-setting boards. All vacancies on the boards are open for nominations by all stakeholders, including professional accountancy and international organizations, governmental agencies, firms, and the public. Nominations of non-accountants for the public member vacancies are strongly encouraged.

The official Call for Nominations for the Independent Standard-Setting Boards in 2016 will be issued on January 14, 2015, and nominations may be submitted from January 14 to March 15, 2015. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for all stakeholders to prepare for the next nominations cycle.

To assist nominating organizations and self-nominees, the International Federation of Accountants^® (IFAC^®) has published Developing a Nominations Strategy, which was also released today. Along with the Notice of the Call, the documents provide information on the relevant membership qualifications, including the required time commitment and performance expectations for volunteers and to offer strategic and practical guidance in identifying the most qualified candidate for each available position.

The Nominating Committee follows an open and transparent process to select the best candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit Nominating Committee web page.

About the IAASB
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. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

About the IAESB
The IAESB develops education standards, guidance, and information papers for use by IFAC member bodies under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.

About the IESBA
The IESBA develops ethics standards and other pronouncements for professional accountants worldwide 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 standards and other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®) and the donor signatories of MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) launched the MOSAIC website last week at the World Congress of Accountants in Rome, Italy.  IFAC, the global organization for the accountancy profession with members and associates in 130 countries, developed the website with support by the donors. The new site underpins the collaborative nature of MOSAIC, which aims to strengthen the accountancy profession globally by enabling international donors and professional accountancy organizations (PAOs) to better support development of the capacity of the accountancy profession in emerging and developing economies.

“The MOSAIC website provides a global platform to facilitate knowledge sharing,” said Fayez Choudhury, CEO of IFAC. “The launch of this website highlights an important step in a strategic approach to strengthen and maintain the capacity of the accountancy profession in both the public and private sectors and improve the global financial system.”

The site collates resources from diverse sources into one site, enabling users to access regulations governing accountancy in specific nations, guidance on best practices in growth of the profession in emerging economies, and the overall status of broader development issues in varying nations and regions, among other resources. The site features interactive maps that provide the status of the accountancy profession in specific nations, the development need, and national and regional PAOs and contact details. In addition to national and regional resources, the website also highlights five key topic areas for important resources and news—Education and Certification, International Standards, Legislation and Regulation, PAO Capacity Building, and Public Sector Financial Management, all critical areas for the profession.

MOSAIC is a historic Memorandum of Understanding that sets out the basis for improving cooperation and collaboration between IFAC, international donors, and the international development community. Its objective is to increase the capacity of professional accountancy organizations in partner countries to improve the quality of public and private sector accountancy and financial management with a view toward enhancing the effectiveness and efficiency of donor assistance, contributing to economic growth, and reducing poverty. MOSAIC’s signatories are the African Development Bank, Asian Development Bank, Australian Agency for International Development (now Department of Foreign Affairs and Trade Australia Aid), Finland Ministry of Foreign Affairs - Development Cooperation (FINNIDA), GAVI Alliance, Global Fund to Fight AIDS, Tuberculosis, and Malaria, Inter-American Development Bank, International Federation of Accountants, New Zealand Aid Programme (NZAid), Swedish International Development Cooperation Agency (SIDA), UK Department for International Development (DFID), US Agency for International Development (USAID), and The World Bank.

MOSAIC was signed on November 30, 2011, in Busan, Korea at the Fourth High Level Forum on Aid Effectiveness, hosted by the Organisation for Economic Co-operation and Development and convened to review global progress in improving the impact and value of development aid and to commit to further ensure that aid reduces poverty and support progress toward the United Nations’ Millennium Development Goals.

About the World Congress of Accountants (WCOA)
Sponsored by of the International Federation of Accountants (IFAC), the WCOA is the foremost international event for the profession, bringing together thousands of delegates from around the world to discuss, share, and debate ideas and global solutions to the issues affecting the profession in the interest of the world’s citizens, investors and businesses. It has been held every five years since 1977 and every four years since 2002, and attended by professionals and prominent business leaders, including professional accountants, international regulators, standard setters, government officials, and corporate leaders.

WCOA 2014, hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC), took place November 10-13 in Rome’s Auditorium Parco della Musica. The theme—2020 Vision: Learning from the Past, Building the Future—explored the pivotal role of accounting amid rapid economic, political, and social change. The Chartered Global Management Accountant (CGMA) designation was the imperial sponsor.

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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Notice of the Call for Nominations for the IFAC Board and Committees in 2016 was issued today along with the companion guide, Developing a Nominations Strategy. The Notice of the Call sets out the upcoming opportunities for membership on the Board of the International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession with more than 175 members and associates in 130 countries, and its Compliance Advisory Panel, Professional Accountancy Organization Development Committee, Professional Accountants in Business Committee, Small and Medium Practices Committee, and Nominating Committee.

For 2016, there are 31 vacancies on the Board and committees, including the chair of the Compliance Advisory Panel. All vacancies on the Board and committees are open for nominations by IFAC members.

The Nominating Committee encourages all IFAC members to review the Notice of the Call, including the detailed information regarding open vacancies, composition targets, specific membership qualifications, and requirements for the Board and each committee. It also offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position.

The official Call for Nominations will be issued on January 15, 2015, and nominations may be submitted from January 15 to March 15, 2014. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for stakeholders to prepare for the next nominations cycle.

The Nominating Committee follows an open and transparent process in selecting the best candidates for the available positions while also striving to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit the Nominating Committee web page.

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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board) today released its 2013 Annual Report, Reinforcing Trust in the Profession.

The report provides a summary of the Ethics Board’s 2013 achievements and includes developments on key projects and initiatives that have continued to progress throughout 2014. In particular, it highlights the board’s extensive efforts in reaching out to stakeholders, and the developments of the board that centered on building public trust in both the profession and the IESBA’s Code of Ethics for Professional Accountants (the Code).

The 2013 Annual Report pays tribute to the board’s late chair Jörgen Holmquist and includes a number of key messages that he had expressly wished to convey prior to his passing in March 2014, including the importance of maintaining the board’s focus on setting principles-based standards that are globally operable.

“Ethics is the foundation on which public trust in the accounting profession is built. For this reason, the ethics standards in the Code play a critical role in supporting professional accountants globally in fulfillment of their responsibility to act in the public interest,” said Wui San Kwok, interim IESBA chair. “The board, under Jörgen’s leadership, made significant strides in 2013 in advancing its technical agenda to ensure that the Code remains a set of high-quality, globally accepted ethics standards, and in forging broader and deeper relationships with its constituencies through its outreach program. The board is committed to continuing this momentum, including promoting the Code and its widespread adoption.”

The Annual Report includes a report from Kristian Koktvedgaard, the chair of the IESBA’s Consultative Advisory Group (CAG), which outlines the technical and strategic input the CAG provided to the Ethics Board on its work program initiatives during the year.

To access and download the 2013 IESBA Annual Report, visit www.ethicsboard.org.

About the IESBA
The IESBA develops ethics standards and other pronouncements for professional accountants worldwide 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 standards and other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession with members and associates in 130 countries, presented its Sempier Award to Ndung’u Gathinji of Kenya, during the World Congress of Accountants (WCOA) Closing Ceremony in Rome, Italy. Presented by IFAC President Olivia Kirtley, the award recognizes outstanding contributions to the accountancy profession by an individual over of a period of many years.

“Mr. Gathinji has worked tirelessly to promote the accountancy profession in Kenya and Africa,” Ms. Kirtley said. “His pioneering efforts to launch the Pan African Federation of Accountants, Institute of Certified Public Accountants of Kenya, and the former Eastern, Central, and Southern African Federation of Accountants have ensured that the value of the profession has been understood and embraced in Africa in a way that would have been otherwise impossible. Mr. Gathinji is a recognized leader in and passionate activist for the profession and I am both honored and delighted to present him with this award.”

Mr. Gathinji served IFAC for 23 years in many different capacities. He instilled in IFAC, the donor community, and other stakeholders, the principle of working together to support the growth of PAOs in developing and emerging markets. As a chair of the Developing Nations Task Force, his commitment to the importance of accountancy and PAOs in emerging and developing economies helped to ensure continued global attention and the establishment of the permanent Developing Nations Committee (now the PAO Development Committee), which he chaired. Mr. Gathinji also served as a member of the IFAC Board and a member of the Nominating Committee.

In addition, Mr. Gathinji helped establish the African Federation of Stock Exchanges Association in 1993 and has served as its Honorable Secretary since. He was a member of the Standards Advisory Council of the International Accounting Standards Committee and an observer representing Africa at the United Nations Conference on Trade and Development’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting. Mr. Gathinji is the Chairman of Drummond Investment Bank Limited and a former Chairman of the Nairobi Securities Exchange Ltd.

About the IFAC Robert Sempier Award
The IFAC Robert Sempier Award was created by the IFAC Council in 1991 to honor the contributions of Robert Sempier, IFAC’s first executive director. It is intended to recognize outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the World Congress of Accountants, now held every four years. Previous award recipients have been Bob Sempier (1992), Gordon H. Cowperthwaite (1997), Sir Bryan Carsberg (2002), Marilyn Pendergast (2006), and Robert Mednick (2010).

About the World Congress of Accountants (WCOA)
Sponsored by of the International Federation of Accountants (IFAC), the WCOA is the foremost international event for the profession, bringing together thousands of delegates from around the world to discuss, share, and debate ideas and global solutions to the issues affecting the profession in the interest of the world’s citizens, investors and businesses. It has been held every five years since 1977 and every four years since 2002, and attended by professionals and prominent business leaders, including professional accountants, international regulators, standard setters, government officials, and corporate leaders.

WCOA 2014, hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC), takes place November 10-13 in Rome’s Auditorium Parco della Musica. The theme—2020 Vision: Learning from the Past, Building the Future—explores the pivotal role of accounting amid rapid economic, political, and social change. The Chartered Global Management Accountant (CGMA) designation is the imperial sponsor.

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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession with members and associates in 130 countries, presented its International Gold Service Award (IGS) to Ian Ball, PhD, of New Zealand. The award was presented today by Warren Allen, President of IFAC, at the 2014 World Congress of Accountants (WCOA) Opening Ceremony in Rome, Italy.

“It is indeed a great honor to present Ian with this award,” Mr. Allen said. “As an international thought leader, Ian has played a lead role in addressing issues associated with government financial reporting and financial management. He has been and continues to be a strong and vocal proponent of government transparency and accountability.”

In presenting the award, Mr. Allen highlighted Dr. Ball’s extensive experience in designing and managing public sector financial systems and implementing public sector financial reforms. While serving as the Director of Financial Management Policy and then as Central Financial Controller at the New Zealand Treasury, Dr. Ball designed and implemented the government’s financial management reform process, leading to the adoption of accrual accounting for the New Zealand Government’s budgeting, appropriations, and financial reporting. New Zealand was the first nation to undertake reforms of this kind, which have since become a model for other nations. 

Dr. Ball’s contributions to public sector accounting have had a significant and lasting impact at the global level. As a member and then Chair of the International Public Sector Accounting Standards Board (then the IFAC Public Sector Committee), Dr. Ball initiated setting International Public Sector Accounting Standards^® (IPSASs^®), which are now seen as global benchmarks. Through his influence and actions, more than 80 governments and public sector entities use or are planning to adopt IPSASs.

Dr. Ball served as CEO of IFAC from 2002 to 2013. Previously, he was a member of IFAC’s Nominating Committee as well as Chair of its Public Sector Committee. Dr. Ball currently serves as a Board Member and Chair of the Working Group for the International Integrated Reporting Council. He became Chair of the Chartered Institute of Public Finance and Accountancy (CIPFA), International in September 2013, where he has continued to address global issues of public sector finance and transparency.

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. Past recipients include Mervin King of South Africa (2012), Sir David Tweedie of the UK (2011), and Stephen Zeff of the US (2011).

About the World Congress of Accountants (WCOA)
Sponsored by of the International Federation of Accountants (IFAC), the WCOA is the foremost international event for the profession, bringing together thousands of delegates from around the world to discuss, share, and debate ideas and global solutions to the issues affecting the profession in the interest of the world’s citizens, investors, and businesses. It has been held every five years since 1977 and every four years since 2002, and attended by professionals and prominent business leaders, including professional accountants, international regulators, standard setters, government officials, and corporate leaders.

WCOA 2014, hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC), takes place November 10-13 in Rome’s Auditorium Parco della Musica. The theme—2020 Vision: Learning from the Past, Building the Future—explores the pivotal role of accounting amid rapid economic, political, and social change. The Chartered Global Management Accountant (CGMA) designation is the imperial sponsor.

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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce. 

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today announced the election of its President, Olivia Kirtley of the United States, for a two-year term ending in November 2016. Ms. Kirtley is the first female President of IFAC, as well as the first from business and industry rather than public accounting. The IFAC Council also announced the election of Rachel Grimes of Australia as Deputy President, a position previously held by Ms. Kirtley.

“This is an exciting time for IFAC with challenges and opportunities for the profession at every level,” Ms. Kirtley said. “As President, I look forward to engaging with member bodies and our many stakeholders as we seek ways to advance the impact and value of our profession, and in serving the public interest.”

Ms. Kirtley, a Certified Public Accountant and Chartered Global Management Accountant, is a non-executive director of US Bancorp, Papa John’s International, and ResCare, Inc. She began her career with an international accounting firm, followed by 20 years of executive management positions with a publicly traded global manufacturer and subsequent joint venture of Emerson Electric Co. and Robert Bosch GmbH. She is a former Chair of the American Institute of Certified Public Accountants (AICPA) and the AICPA Board of Examiners. Ms. Kirtley is a recognized advocate for strong corporate governance and was named by the National Association of Corporate Directors (NACD) Directorship 100 as one of the top corporate directors and governance professionals in the US. First elected to the IFAC Board in 2007, Ms. Kirtley became Deputy President in November 2012. She has chaired the Planning and Finance Committee, Constitution Review Working Group, and a task force for enhancing service to professional accountants in business, in addition to being a member of the Nominating Committee, Regulatory Liaison Group, and the independent Task Force on Rebuilding Public Confidence in Financial Reporting.

Ms. Grimes is CFO Technology at Westpac, a multinational financial services firm; she previously served as Director of Mergers and Acquisitions. She has more than 24 years of experience across the financial services sector, at Westpac/BT Financial Group as well as at PwC. A member of Chartered Accountants ANZ and CPA Australia, Ms. Grimes has served the Australian accounting profession over a significant period. She was elected to the Board of the Institute of Chartered Accountants Australia in 2006 and was appointed President in 2011. Ms. Grimes became a member of the IFAC Board in November 2011. As Deputy President, she will chair the Planning and Finance Committee; previously she was a member of this committee, as well as the former Governance and Audit Committee.

Commenting on the leadership transition, outgoing IFAC President Warren Allen said, “As I hand over the presidency to Olivia, I know that I will be leaving IFAC in the most capable of hands. She has been a great source of support for me during my term, and was a leader on key initiatives that have enhanced and will sustain the accountancy profession and help to transform IFAC into a more responsive and sustainable organization.”

“Rachel’s experience in the financial services industry, focusing on acquisitions, accounting processes, and technology, and the need for global policies that enhance transparency, together with her experience as a volunteer leader of a major member body, will be an asset in the Deputy President’s role,” Mr. Allen added.

New Board Members Elected
The IFAC Council also elected five new members to the IFAC Board: Raphael Ding (Hong Kong), Richard Petty (Australia), Kumar Raghu (India), Shinji Someha (Japan), and Joy Thomas (Canada). The IFAC Council also re-elected Ahmadi Hadibroto (Indonesia) and Masum Turker (Turkey). These members add to the diversity of the IFAC Board—in gender, geography, and professional experience.

IFAC Admits New Members
The IFAC Council admitted three new associates: the Chamber of Authorized Auditors of Republic of Serbia, the Indonesian Institute of Public Accountants, and the Non Profit Audit Association “Sodruzhestvo” of Russia. Two existing associates were admitted as members: the Association of National Accountants of Nigeria and the Institute of Certified Management Accountants of Sri Lanka. Additionally, IFAC admitted the Dutch Institute of Management Accountants as a member.

For a full listing of IFAC members, see the membership section of IFAC’s 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. It is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.