Mientras el Consejo de Normas Internacionales de Contabilidad (IASB) emprende un trabajo cuyo potencial es moldear el futuro de la información financiera alrededor del mundo, la Federación Internacional de Contadores (IFAC) y el Instituto de Contadores Certificados de Escocia (ICAS) han colaborado para potenciar el compromiso y el debate.

El documento de la IFAC y el ICAS, ¿Necesitamos una hoja de ruta para la información financiera?, busca alinear las consideraciones teóricas con las prácticas, y generar un debate y una discusión que sean de apoyo para el IASB en su revisión del Marco Conceptual actual. El IASB emitió un Documento de Debate que explora los posibles cambios al Marco Conceptual para la información financiera (de julio 2013) del IASB. El periodo de comentarios finalizó en enero 14, 2014, y se espera la publicación de un borrador de consulta más adelante en el año. Este documento de IFAC/ICAS ha sido preparado para complementar las cartas de comentario individual que ambas organizaciones enviaron al IASB.

En el documento, la IFAC y el ICAS plantearon preguntas y temas fundamentales que deben ser considerados por el IASB, a saber:

• ¿Para quién son los estados financieros?
• ¿Cuál es el propósito de los estados financieros?
• ¿Qué rol debería tener el Marco Conceptual?
• ¿Qué rubros deben ser incluidos en los activos y los pasivos?
• ¿Qué significa 'comportamiento financiero'?

"Estas preguntas muestran cómo las compañías comunican con los mercados financieros," comentó Fayez Choudhury, director ejecutivo de la IFAC. "Las bases fundamentales de los estados financieros han existido por décadas y es importante valorar seriamente si los estados financieros aún sirven este propósito."

Anton Colella, director ejecutivo del ICAS indicó: "el Marco Conceptual define la dirección a seguir en términos de información financiera a nivel global. El IASB ha aclarado que se enfocará en 'actualizar, perfeccionar y reducir las brechas de marco actual. Nuestra gran pregunta es: ¿es esto suficiente o necesitamos repensar todo nuevamente de manera más esencial?"

El documento no contiene respuestas a todas estas preguntas tan difíciles pero se enfoca en el estímulo al debate e invita a todos los afectados por la información financiera a participar y ayudar al IASB con esta labor.

Acerca del ICAS
ICAS es una organización profesional líder para Contadores Certificados, con más de 20,000 miembros a nivel mundial. El ICAS es un educador, un regulador y un líder en opinión.

Acerca de la IFAC
La IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y contribuir en el desarrollo de economías internacionales sólidas. La IFAC se compone de 179 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,5 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio.

Notas
El documento de IFAC/ICAS, ¿Necesitamos una hoja de ruta para la información financiera? Desarrollando el Marco Conceptual del IASB, se encuentra disponible en el sitio web del ICAS, en www.icas.org.uk/icas-ifac-roadmap y en el sitio web de la IFAC, en www.ifac.org/publications-resources/do-we-need-roadmap-financial-reporting.

Mayor información sobre el proyecto del Marco Conceptual del IASB y el Documento de Debate. Una revisión del Marco Conceptual para la información financiera se encuentra disponible en www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspx.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession, today announced the launch of the Global Knowledge Gateway, a platform designed to bring together news, views, resources, and thought leadership for the worldwide accountancy profession. The Gateway showcases key accountancy materials and provides a forum to explore thought-provoking issues, participate in discussions, and be part of the global community of accountants that IFAC represents.

“We recognized that there was no single hub that collates and shares industry insights, ideas, and information while connecting the worldwide community of accountants,” said Fayez Choudhury, CEO of IFAC. “We wanted to leverage our position as the global accountancy organization and create a venue that provides access to helpful resources, keeps users informed on accountancy issues and news, and encourages discussion and debate.”

With content ranging from developing areas of the profession to longstanding but continually evolving areas of accountancy, the Gateway initially focuses on the following topics: Ethics, Business Reporting, Finance Leadership & Development, Performance & Financial Management, Governance, Risk Management & Internal Control, and Sustainability. The breadth of topics is meant to serve the diverse sectors of accountancy, including IFAC member organizations, accountancy professionals, the regulatory community, and firms, as well as accounting students.

The Gateway includes six key components:

• Viewpoints—Leaders of the accountancy and business communities share their perspectives on the profession and other relevant hot topics.
• Accountancy News—Headlines from a variety of media outlets and online press rooms.
• Resources—Each topic features filterable resources from IFAC, member bodies, and other relevant organizations, with descriptions and links to original sources.
• Discussions—Topical questions and views inspire and encourage debate and conversation among the global accounting community.
• Topical News—Headlines within topic areas.
• Upcoming Events—Highlights of key events and conferences worldwide.

The inaugural Viewpoint, authored by Mr. Choudhury, highlights the importance of a shared, global resource for accountants. Reviewing the history and genesis of IFAC’s online offerings, it also invites users to provide feedback on the interface, content, and functionality.

Register on IFAC’s website in order to gain full access to the Gateway’s offerings. By registering, users can participate in discussions; suggest resources, news, discussion topics, and events; and stay up-to-date on a range of selected topics.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 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) today issued proposed International Good Practice Guidance, Developing and Reporting Supplementary Financial Measures, for public comment. This guidance seeks to establish a benchmark for the use of supplementary financial measures, in order to improve understanding of an organization’s performance among management, investors, and other stakeholders.

The proposed guidance provides principles regarding the qualities measures should have and disclosures that should accompany them if reported externally. Building on the qualitative characteristics of useful financial information, the guidance recommends professional accountants consider a number of attributes when developing and reporting supplementary financial measures. The guidance also provides a number of tips for disclosure of supplementary financial measures.

The guidance is meant for all organizations that want to use supplementary financial measures, regardless of size or structure, private or public. Many such measures are widely used in both internal and external reporting, for example, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA); Underlying Profit; and Free Cash Flow.

“High-quality information is crucial for well-informed decision making about an organization, both internally and externally,” said Charles Tilley, chair of the PAIB Committee. “Well-developed supplementary financial measures increase users’ understanding of an organization and its performance.”

Supporting the profession and accountants in business is a key objective of the PAIB Committee. This type of principles-based guidance is an important aspect of achieving that objective.

“This guidance will help professional accountants in business and their organizations improve communications with their stakeholders,” said Karyn Brooks, chair of the PAIB Committee’s Business Reporting Task Force. “It will enable organizations to provide their stakeholders with improved financial and non-financial measures.”

Professional accountants, their organizations, and other interested parties are encouraged to respond to the proposed guidance to help improve its applicability in organizations of all sizes.

How to Comment
The PAIB Committee invites all stakeholders to comment. To access the Exposure Draft and submit a comment, visit the IFAC website. Comments on the Exposure Draft are requested by May 26,2014.

About International Good Practice Guidance
International Good Practice Guidance issued by the PAIB Committee cover areas of international and strategic importance in which professional accountants in business are likely to engage. In issuing principles-based guidance, IFAC seeks to foster a common and consistent approach to those aspects of the work of professional accountants in business not covered by international standards. IFAC seeks to clearly identify principles that are generally accepted internationally and applicable to organizations of all sizes in commerce, industry, education, and the public and not-for-profit sectors. Previously issued guidance is available on the IFAC website, including Preface to IFAC’s International Good Practice Guidance.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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 179 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 Auditing and Assurance Standards Board (IAASB) today released its new publication, A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. Through this Framework, the IAASB aims to raise awareness of the key elements of audit quality, encourage key stakeholders to challenge themselves to do more to increase audit quality in their particular environments, and facilitate greater dialogue between key stakeholders on the topic.

“Audit quality is, and will continue to be, an area of principal attention by the IAASB and others. This new Framework contributes to further progress on the topic by making clear that, while responsibility for performing quality audits of financial statements rests with auditors, audit quality is best achieved in an environment where there is support from and appropriate interactions among participants in the financial reporting supply chain,” said Prof. Arnold Schilder, IAASB chairman.

The Framework describes in a holistic manner the different input, process, and output factors relevant to audit quality at the engagement, firm, and national levels. It also demonstrates the importance of appropriate interactions among stakeholders, and how they may facilitate improvement to audit quality, as well as perceptions of audit quality. Further, the Framework demonstrates the importance of various contextual factors, such as laws and regulations, the litigation environment, corporate governance, and the financial reporting framework—collectively, factors that have the potential to impact the nature and quality of financial reporting and, directly or indirectly, audit quality.

“Our discussions on the Framework have been informed by many sources, including the regulatory community, international ethics and accounting education standard setters, the IAASB’s Consultative Advisory Group, and the public,” added James Gunn, IAASB technical director. “Our hope is to see continued dialogue on the topic, and that active use of the Framework by various stakeholders will result in positive actions in the public interest to achieve a continual improvement to audit quality.”

The IAASB will continue to take steps in 2014 and beyond to further promote dialogue on audit quality and encourage organizations to use the Framework to help them improve audit quality.

To access the publication, and for additional information, visit the “Focus on Audit Quality” section of the IAASB’s website. 

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 the International Federation of Accountants (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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The most recent IFAC SMP Quick Poll of small- and medium-sized accounting practices (SMPs) indicated that fewer of their small business clients are burdened by economic uncertainty, perhaps suggesting a more favorable economic climate and signaling future growth in this sector.

“Over the last few years, economic uncertainty has cast a shadow over SMPs and their clients,” commented SMP Committee Chair Giancarlo Attolini. “Improving conditions in the small business sector, a barometer for economic growth, are a terrific sign for SMP professionals and for the economy at large. As their clients prepare for growth, SMPs will, in turn, also help propel the local economies in which they operate.”

When asked for input regarding the International Auditing and Assurance Standards Board’s 2013 Auditor Reporting Exposure Draft, which proposed significant changes to auditor reporting, respondents were generally supportive. While only a small minority thought unlisted entities would voluntarily opt to disclose key audit matters, most agreed with the proposal to require a statement on going concern in all audit reports.

The poll also shed light on the value of various services and projections for their relative growth. Accounting compilation and other non-assurance/related services proved to be the fastest growing sources of revenue for SMPs, by a significant margin, over audit and assurance. Roughly half of the respondents acknowledged the value of integrated reporting to small- and medium-sized entities (SMEs), and about half predict that within five years, SME clients will ask for assistance with integrated reporting.

For additional findings and a complete summary of results, see the IFAC SMP Quick Poll, 2013 Year-End Round-Up in the SMP Committee area of the IFAC site: www.ifac.org/SMP. Due to unbalanced response rates by region, results may not be statistically representative of global or regional populations of SMPs.

The year-end 2013 poll received 3,709 responses and was conducted in 17 languages from November 15 to December 31. The poll is intended to take a snapshot of key challenges and trends influencing SMPs globally. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the poll.

About the SMP Committee
The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee develops guidance and tools and works to ensure the needs of the SMPs are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

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

As the International Accounting Standards Board (IASB) undertakes work that has the potential to shape the future of financial reporting across the globe, the International Federation of Accountants (IFAC) and the Institute of Chartered Accountants of Scotland (ICAS) have collaborated to encourage engagement and debate.

The joint IFAC/ICAS paper, Do We Need a Roadmap for Financial Reporting?, seeks to align the theoretical considerations with the practical ones, and generate debate and discussion that can assist the IASB as it begins to consider revisions to the existing Conceptual Framework. The IASB issued a Discussion Paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting in July 2013. The comment period ended on January 14, 2014 and an exposure draft is expected to be published later this year. The IFAC/ICAS paper has been prepared to complement the individual comment letters that both IFAC and ICAS submitted to the IASB.

In the paper, IFAC and ICAS raise some fundamental questions and issues that should be considered by the IASB, including:

• Who are financial statements for?
• What is the purpose of financial statements?
• What role should the Conceptual Framework serve?
• What items should be included in assets and liabilities?
• What does ‘financial performance’ mean?

“These questions get right to the heart of how companies communicate with the financial markets,” said Fayez Choudhury, CEO of IFAC. “The basic building blocks of financial statements have existed for decades and it is important to undertake a serious assessment of whether they remain fit for purpose.”

Anton Colella, CEO of ICAS, said, “The Conceptual Framework sets the direction of travel for financial reporting globally.  The IASB has stated that it will focus on ‘updating, improving and filling in gaps’ of the current Framework. Our overarching question is: is this sufficient or do we need a more fundamental re-think?”

The paper does not contain answers to all of these difficult questions, but aims to stimulate the debate and encourage those with a stake in financial reporting to engage and assist the IASB with its endeavour.

About ICAS
ICAS is a leading professional body for Chartered Accountants (CAs), with over 20,000 members worldwide. ICAS is an educator, regulator and thought leader.  

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

Notes
The IFAC/ICAS paper, Do we need a roadmap for financial reporting? Developing the IASB’s Conceptual Framework, is available from the ICAS website at www.icas.org.uk/icas-ifac-roadmap and from the IFAC website at www.ifac.org/publications-resources/do-we-need-roadmap-financial-reporting.

Further information on the IASB’s Conceptual Framework project and the Discussion Paper: A Review of the Conceptual Framework for Financial Reporting is available at www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspx.

The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) is holding a series of three global roundtables to gain additional feedback on its project to address professional accountants’ responsibilities regarding the disclosure to an appropriate authority of suspected non-compliance with laws and regulations (formerly called suspected illegal acts) by a client or employer:

• Hong Kong S.A.R, China, on May 20, 2014;
• Brussels, Belgium, on June 13, 2014; and
• Washington DC, USA, on July 10, 2014.

The Ethics Board initiated the project in response to regulatory concerns that the current confidentiality provisions in the Code of Ethics for Professional Accountants (the Code) are an impediment to whistleblowing in relation to non-compliance or suspected non-compliance with laws and regulations. The issues revolve around how to balance professional accountants’ responsibility to act in the public interest against confidentiality, one of the five fundamental principles in the Code. At the heart of the debate is what is reasonable to ask of auditors and other professional accountants within their public interest mandate.

These events are a follow-up to the board’s August 2012 Exposure Draft, which described the circumstances in which a professional accountant would be required or expected to breach confidentiality and disclose the matter to an appropriate authority. The roundtables will bring together representatives from a broad range of stakeholder groups around the world, including regulators, investors, preparers, audit committee members, IFAC member bodies, firms and national standard setters, to share their perspectives on the Ethics Board’s indicative direction of its revised proposals on the topic.

As space is limited, attendance is by invitation only, which will follow shortly. If you are interested in participating, we invite you to submit your expression of interest via email to KaushalGandhi@ethicsboard.org by January 31, 2014, indicating your name, job title, organization and preferred location.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the Ethics Board develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the Ethics Board are facilitated by IFAC. Please visit www.ethicsboard.org for more information.

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

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As Australia assumes the presidency of the G-20 for 2014, IFAC reiterated its call on global policymakers to refocus on regulatory convergence, and said their failure to do so is stifling business confidence, economic stability, and ambitions for a sustainable recovery.

The global financial crisis highlighted the problems created by having “uneven playing fields” for multi-national organizations. Different regulatory arrangements in different jurisdictions allowed these organizations to engage in regulatory arbitrage, but at the same time created unnecessary costs and uncertainty for them and their key stakeholders. These differences limited the type and effectiveness of responses that governments, central banks, and regulators could take to address the problems created by the crisis.

“IFAC is concerned by the growing divergence and regulatory fragmentation that is occurring and the uncertainty that it creates. We call on international coordinating organizations and forums—the G-20, IFIAR, IOSCO, FSB—to fully commit to promoting and enacting global regulatory consistency and evidence-based regulatory reform,” said Mr. Fayezul Choudhury, CEO of IFAC.

Currently, a number of jurisdictions are increasingly resorting to nation-specific responses and reforms that create the potential for uncertainty and instability—and ultimately stifle global growth—despite the fact that the G-20 has called for global convergence in a number of areas and the FSB has recognized 12 sets of internationally-accepted standards deserving of priority implementation.

“High-quality globally accepted financial reporting, auditing and ethics standards exist,” said Mr. Choudhury. “Divergent regulatory approaches risk creating considerable problems and additional compliance costs for multi-national companies and their auditors; problems and costs that IFAC believes can be eliminated if governments and regulators wholeheartedly supported the regulatory convergence agenda.”

Growing diversity in regulatory arrangements for auditing and auditor independence requirements are a prime example of where jurisdictions appear to be moving further apart, rather than converging.

Over 90 jurisdictions use or are in the process of adopting or incorporating clarified International Standards on Auditing (ISAs)^[1] into their national auditing standards, or use them as a basis for preparing national auditing standards; current proposed legislation in Europe would mandate use of clarified ISAs for statutory audits within the European Union. However, some jurisdictions unnecessarily modify standards, choose not to adopt the full set of standards, or introduce revisions to national standards before the International Auditing and Assurance Standards Board (IAASB) has finalized revisions to the relevant ISAs. These actions diminish the considerable benefits of facilitating transparency, consistency, economic growth, and financial stability that come with the global adoption and implementation of high-quality international standards, such as ISAs.

Similarly, the Code of Ethics for Professional Accountants^[2] provides a solid ethical foundation for auditors, outlines robust requirements for auditor independence, and is suitable for application around the globe. It addresses matters such as conflicts of interest, the provision of non-audit services, and the rotation of audit engagement partners. However, major jurisdictions are clearly divided in their views on auditor independence. For example, some jurisdictions adopt the prohibitions on non-audit services that exist in the Code, some jurisdictions introduce additional legislative prohibitions, and some others propose a list of “acceptable services.”

Another aspect of auditor independence where there are considerable and growing jurisdictional differences is mandatory audit firm rotation. Certain jurisdictions with major capital markets activity (e.g., the US and Canada) have considered it, and have clearly rejected it. In contrast, last month the European Parliament announced a series of legislative reforms to auditing, including mandatory audit firm rotation—with the possibility that the rotation period will differ among member states—creating even more divergence.

 Still other countries have adopted, or are proposing to adopt, some form of mandatory audit firm rotation for a particular segment of the economy—i.e., banks and financial institutions.

“Global regulatory reform should enhance financial reporting and audit quality, and a critical aspect of achieving this ambition is to advance the global regulatory convergence agenda,” said Choudhury. “Otherwise, we will have learned few lessons from the crisis and will be consigned to discussing and addressing these same issues again in the not too distant future.”

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

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The International Federation of Accountants (IFAC) is seeking an exceptional individual for the fulltime position of Managing Director, Professional Standards (MD).

IFAC serves the public interest by contributing to the development of strong and sustainable organizations, markets, and economies. As part of its public interest mandate, IFAC contributes to the development of high-quality international standards by facilitating and resourcing standard-setting by the following independent Standard-Setting Boards (SSBs): the International Auditing and Assurance Standards Board (IAASB), the International Accounting Education Standards Board (IAESB), the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB).

The MD reports functionally to the chairs of the independent SSBs and administratively to IFAC’s chief executive officer. He/she is a key resource to the SSB chairs, and acts as a liaison between the SSBs and the Monitoring Group and Public Interest Oversight Board (PIOB). He/she maintains relationships with key stakeholders and is a spokesperson for the SSBs.

The MD is the SSBs’ primary liaison with IFAC’s chief executive officer and Board, and oversees the SSB senior management. He/she ordinarily is not involved in the day-to-day standard-setting activities and operations of the boards.

The position calls for a senior level individual who is prominent in the international standard-setting and regulatory community. The MD should have technical and standard-setting experience, as well as knowledge of and practical experience in a range of professional issues, with special emphasis on auditing, ethics, accounting education, and public sector accounting. He/she should be articulate, confident, and exercise sound political judgment in interactions with the press, members of the profession, and the regulatory community at both the national and international levels.

The position is based in the IFAC office in New York or Toronto—preferably New York. It is not required for the MD to be a professional accountant. Applications from individuals who have had a direct relationship with an audit firm are welcome; however, these individuals should be able to implement safeguards against any threats or perceived threats of their independence. The role requires extensive international travel.

This position has become available due to the retirement of Jim Sylph, Executive Director, Professional Standards and External Relations in June 2014. The position and title have been modified to reinforce further the independence of the SSBs.

For further information about the position, please see the job description on the IFAC website at www.ifac.org/careers. Applications are due by February 15, 2014.

*Notes to Editors

About the Independent SSBs

The independent SSBs serve the public interest as follows:

• IAASB: by setting high-quality international standards for auditing, assurance, and other related standards, and by facilitating the convergence of international and national auditing and assurance standards. In doing so, the IAASB enhances the quality and consistency of practice throughout the world and strengthens public confidence in the global auditing and assurance profession. For more information, go to www.iaasb.org, or click on the relevant link: Terms of Reference / IAASB Members / IAASB Annual Report
• IAESB: by strengthening the worldwide accountancy profession through the development and enhancement of professional accountancy education, which encompasses knowledge, skills, values, ethics, and attitudes. For more information, go to www.iaesb.org, or click on the relevant link: Terms of Reference / IAESB Members / IAESB Annual Report
• IESBA: by setting high-quality ethics standards for professional accountants, including auditor independence requirements, through the development of a robust, internationally appropriate code of ethics, and by facilitating the convergence of international and national ethics standards. In doing so, the IESBA enhances the quality and consistency of services provided by professional accountants throughout the world and strengthens public confidence in the global accountancy profession. For more information, go to www.ethicsboard.org, or click on the relevant link: Terms of Reference / IESBA Members / IESBA Annual Report
• IPSASB: by developing high-quality International Public Sector Accounting Standards (IPSASs), guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements. It issues and promotes benchmark guidance and facilitates the exchange of information among accountants and those who work in the public sector. For more information, go to https://www.ifac.org/public-sector, or click on the relevant link: Terms of Reference / IPSASB Members

The independent SSBs follow a rigorous due process to ensure that the views of those affected by their pronouncements are thoroughly considered.

The IAASB, IAESB, and IESBA each has a consultative advisory group (CAG). The CAGs are an integral part of the boards’ formal process of consultation, and provide valuable public interest input on the boards’ agendas, project timetables, priorities, and technical issues.

The Public Interest Oversight Board (PIOB) oversees the IAASB, IAESB, and IESBA (and their respective CAGs). The PIOB’s mandate is to ensure that these boards follow due process and are responsive to the public interest; ensure the completeness of their strategies and work programs; and oversee the process of nominations to the boards and their CAGs. IFAC and the Monitoring Group are currently in the process of determining the best approach to public interest oversight for the IPSASB.

About IFAC
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’s current membership consists of over 179 professional accountancy bodies in 130 countries, representing approximately 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC supports the setting of auditing and assurance, ethics, education, and public sector accounting standards and develops guidance to encourage high-quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft (ED) 54, Reporting Service Performance Information.

ED 54 builds on a consultation paper issued in 2011, and provides good practice guidelines on reporting service performance information. Development of this ED reflects the IPSASB’s commitment to addressing public sector-specific reporting issues, including those that relate to information additional to the financial statements.

“Service provision is the primary function of the vast majority of public sector entities,” said IPSASB Chair Andreas Bergmann. “Service performance information is essential for users’ evaluations of the services provided and the efficient and effective use of resources by public sector entities to deliver those services. ED 54 provides guidance that aims to support the quality of service performance information presently reported by entities and provide a useful framework for entities that have not yet started to report service performance information.”

 ED 54 provides principles applicable to the presentation of service performance information and definitions that aim to establish a standardized service performance information terminology. It allows that service performance information may be presented in either the same report as the financial statements or in a separate report, and provides factors to consider when making that decision. It addresses the reporting entity and reporting period for service performance information. ED 54 also provides guidance on the choice of performance indicators that show an entity’s achievements with respect to its service performance objectives, disclosures about the basis of the reported information, and service performance related narrative discussion and analysis.

How to Comment
To access the ED and the At-a-Glance summary of the ED, or to submit a comment, please visit the IPSASB website. Comments on the ED are requested by May 31, 2014. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of these EDs to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB 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.

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

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