The Consultative Advisory Group (CAG) of the International Public Sector Accounting Standards Board (IPSASB) has re-elected Thomas Müller-Marqués Berger as its Chair until June 2023.

In his role as Chair, Mr. Müller-Marqués Berger will continue to lead the IPSASB CAG, which he has done since its inception in June 2016. The CAG is composed of 25 representatives of public and private sector organizations and individuals that are interested in, or affected by, the IPSASB’s work, including those engaged in the preparation, audit, or evaluation of public sector financial reports. The CAG advises the IPSASB on technical projects and issues, as well as on its Strategy, adoption of standards, and other pressing issues.

Mr. Müller-Marqués Berger is a distinguished public sector accounting expert. Currently Global Head of International Public Sector Accounting for Ernst & Young, Mr. Müller-Marqués Berger’s deep experience in accounting standard-setting includes chairmanship of the Public Sector Group of Accountancy Europe since 2011, membership of the German Public Sector Committee since 2002, and service to global standard setting as an IPSASB member from 2009–2014.

“I am delighted that Mr. Müller-Marqués Berger will continue to serve as CAG Chair. He has played a key role in the CAG’s development into an influential advisor for the IPSASB. He will be a great asset to both the IPSASB and its CAG as we address the challenges created by the current environment, while continuing to make progress with our wide-ranging work program,” said IPSASB Chair Ian Carruthers. “I look forward to continuing to work closely with Thomas and the CAG.”

“I am very appreciative of the trust CAG members have placed in me, and I believe that the CAG’s journey has just begun,” said Mr. Müller-Marqués Berger. “I am honored to lead this exceptional group of public sector experts as it continues to serve as the IPSASB’s strategic advisor, helping to set priorities and to advance the public interest, especially during this uniquely challenging time. It gives me great pleasure to continue the ongoing partnership with Ian and the IPSASB.”  

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

To continue the dialogue on corporate reporting and value creation, IFAC has posted a summary of its feedback on the recent World Economic Forum (WEF) consultation “Toward Common Metrics and Consistent Reporting of Sustainable Value Creation.”

It is well acknowledged by investors, business leaders, and other stakeholders that, in addition to financials, effective corporate reporting must also measure value creation, sustainability and environmental, social, and governance factors. Such enhanced corporate reporting is needed to maintain confidence in companies and financial markets, to better meet stakeholder needs, and to inform business planning for long-term success.

The WEF consultation makes a valuable contribution in the dialogue amongst all stakeholders who share a common interest in relevant, reliable, and comparable reporting of this information.

In its consultation response, IFAC focuses on six takeaways to keep the global conversation moving forward:

• Rationalization efforts must work toward a global system. IFAC strongly supports a global approach to ESG metrics and disclosures.
• Timeliness is key. Alignment, harmonization, and convergence must take place before regional or jurisdiction-specific initiatives become standard practice.
• Take a modular approach. Build upon existing high-quality metrics and disclosures.
• There is a role for both standards and frameworks. For example, the Integrated Reporting Framework.
• Assurance is needed to deliver confidence in corporate reporting.  Assurance is most effective when applied against metrics and disclosures that follow clear best practices or standards.  
• The accounting profession must remain engaged in the conversation. The profession is critical to evidence-based decision making, reliable information gathering, and consistent, comparable corporate reporting—be it ESG-focused or otherwise. 

IFAC stands ready, as a global voice and convener of the accountancy profession, to facilitate coordination, assimilation, and convergence in sustainable reporting approaches. IFAC supports the WEF consultation as a catalyst to challenge policy makers, regulators, and ESG metric providers to get the job done, now. 

Ongoing and active engagement by the profession—through this initiative and by assisting companies in the implementation of its metrics and disclosures—is an enormous opportunity for the profession to embrace.

As a result of the COVID-19 pandemic and the unprecedented sums of relief money moving across the global economy, the threat of financial crimes and malfeasance continues to grow. In this context, CPA Canada and the International Federation of Accountants (IFAC) today published a report that explores a key facet of uncovering and fighting illegal activities: beneficial ownership transparency.

The fight against money laundering, corruption and tax evasion requires the participation of several stakeholders, including accountants, who rely on strong legal frameworks and accurate information.

“Beneficial ownership information, which identifies who has controlling ownership of an entity, is important to the discovery of financial crimes,” said CPA Canada President and CEO Joy Thomas. “Enhancing the transparency of this information should strengthen anti-money laundering regimes and help in seeking out lawbreakers and their proceeds of crime.”

The report, “Approaches to Beneficial Ownership Transparency: The Global Framework and Views from the Accounting Profession”, contributes to the global conversation as countries grapple with questions regarding the extent to which, and by whom, beneficial ownership information is collected, reviewed and made available. Central to this discussion is the concept of beneficial ownership registers and registries.

In examining how various countries are complying with the recommendations from the Financial Action Task Force (FATF) on transparency and beneficial ownership information, and with the perspectives of senior accounting leaders across the globe, the report finds that:

• Establishing a public beneficial ownership registry does not immediately ensure that a country’s law enforcement and other agencies have access to accurate information in a timely manner. 
• In several jurisdictions, the move to a public registry has been a phased approach, starting with non-public registries and then transitioning to public registries; and
• Verifying information and ensuring appropriate levels of access are key factors in a registry’s efficacy.

“The global accountancy profession, with its strong public interest mandate, is a committed partner in the fight against financial crime,” said Kevin Dancey, IFAC CEO. “We are eager to advance important policy conversations, including those over beneficial ownership, and to work meaningfully alongside governments, law enforcement and other stakeholders to combat financial crime in all its forms.”

With this report, the authors offer considered insights on the most effective ways to comply with international anti-money laundering standards. To view the first report, visit:  cpacanada.ca/beneficialownership.

About IFAC
The International Federation of Accountants (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

About CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) represents the Canadian accounting profession, both nationally and internationally. Operating in the highly complex and global accounting ecosystem, CPA Canada is a convener, facilitator, contributor and disseminator of information that advances the profession. The organization works closely with the provincial, territorial and Bermudan CPA bodies to champion best practices that benefit business and society. With more than 217,000 members, CPA Canada is one of the largest national accounting bodies in the world. The organization supports the setting of accounting, auditing and assurance standards, advocates for economic and social development in the public interest, and develops leading-edge thought leadership, research, guidance and educational programs. cpacanada.ca

For more information:
Perry Jensen
Media Relations Manager
Chartered Professional Accountants of Canada
Tel: 416-204-3941
Cell: 647-807-4798
Email: pjensen@cpacanada.ca

Geena De Rose
IFAC Communications
Tel: 646-277-9390
Email: geenaderose@ifac.org

The International Public Sector Accounting Standards Board (IPSASB) today announced that it is extending the comment period for Exposure Drafts (EDs) 70-72 to November 1, 2020. The extension responds to the additional challenges facing stakeholders as a result of the COVID-19 pandemic, and will provide them with additional time to undertake outreach and prepare their responses. 

These three EDs, released in February this year, pioneer new approaches for some of the most prevalent public sector transactions, including government transfers and grants for the delivery of key government services to citizens. 

Stakeholders can learn more about the Exposure Drafts, and submit their comments, by visiting the below links:

• Exposure Draft 70: Revenue with Performance Obligations
• Exposure Draft 71: Revenue without Performance Obligations
• Exposure Draft 72: Transfer Expenses

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About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. 

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

A report issued jointly by ACCA and IFAC, Is cash still king? Maximising the benefits of accrual information in the public sector, not only confirms that a complete public sector transition to accrual accounting will serve the public interest, but also contains 30 specific recommendations to improve accrual implementation. 

Good decision-making requires the right information. Given that most government decisions have financial implications, understanding the economic reality of a government’s activities improves the quality of decisions made. By 2023, the number of countries reporting their financial position on an accruals basis is expected to increase from 37 to 98, jumping from 25% to 65% among 150 countries surveyed in the International Public Sector Financial Accountability Index.

Cash accounting, which 75 per cent of governments around the world use in some form, does not present the most accurate picture of a government’s financial health, nor does it enable adequately planning for the development, delivery, and maintenance of the services, programmes, and infrastructure on which people rely.  And that, in turn, leads to a breakdown of trust in governments.

The report’s author, ACCA’s Head of Public Sector Policy, Alex Metcalfe, said: ‘Moving to accruals needs to be more than a compliance exercise, it should be about making the best use of financial information.  The range of benefits highlight in this report demonstrates the clear upside to implementing accruals in the public sector.  We need to ask whether cash is still king, when it comes to financial reporting and budgeting.’

‘The accounting profession’s public interest mandate is nowhere more apparent than in the public sector, where high-quality reporting and budgeting is a prerequisite for government transparency and effective delivery of public services,’ said Kevin Dancey, CEO of the International Federation of Accountants (IFAC). ‘To the finance professionals and public sector decision makers who are leading the transition from cash to accrual accounting, we commend you and support you.’

The benefits and complexity arising from accruals varies by types of adoption. The report notes that:

• Cash accounting and budgeting is the simplest basis but provides the least decision-useful information.
• Accrual accounting combined with cash budgeting is the most complex basis, but it generates information that helps achieve value for money, facilitates public scrutiny, and supports sustainable decision-making.
• Accrual accounting and accrual budgeting creates a ‘medium level of complexity’ and creates consistency. In addition to realising the benefits from implementing accrual accounting, this environment also puts finance right at the heart of decision making and allows governments to embed effective performance management.
• New, decision-useful information generated by accrual implementation promotes the achievement of value for money and facilitates effective public scrutiny.
• To produce decision-useful information, governments must set objectives; plan; engage stakeholders; create effective systems; and develop the right skills, including internal training beyond preparers.

This report recommends that governments implementing accruals should be:

• Directing independent fiscal policy institutions to assess contingent liabilities and produce recurring fiscal risk reports.
• Implementing accrual budgeting to put finance at the heart of decision-making, while embedding performance management across government.
• Planning to produce a fully consolidated balance sheet that provides a full financial picture of the resources and risks for the public sector. This must include State-owned Enterprises at the whole-of-government level.
• Building political challenges into the implementation roadmap from the beginning (e.g., through a sunset clause requiring the eventual recognition of employee pension liabilities).
• Including groups that provide a constructive challenge function to the reform, such as auditors and legislative committees (e.g. the UK’s Public Accounts Committee).
• Deploying experts centrally to control consulting costs and support implementation across government.

Kevin Dancey, CEO IFAC, added: ‘IFAC and ACCA are committed to supporting the adoption and implementation of International Public Sector Accounting Standards (IPSAS), which underpin public sector accrual accounting, and to developing a robust profession that implements and manages such systems. With 65 per cent of governments globally set to implement accrual accounting by 2023, we’re encouraged by the positive trend, and strongly support further adoption of accruals and IPSAS.’

- Ends -

For media enquiries, contact:

Nadia Manuelli
E: nadia.manuelli@accaglobal.com
T: +44 (0)20 7059 5661
M: +44 (0)7808 940139
Twitter @ACCANews 
www.accaglobal.com

Geena De Rose
E: geenaderose@ifac.org
T: +1 (646) 277 9390
Twitter @IFAC
www.ifac.org

Notes to editors:

The number of countries reporting on the accruals basis represents 40% of the 150 countries included in the 2018 International Public Sector Financial Accountability Report.  The research evidence was gathered in three ways. Roundtable discussions were held in three countries (UK, Canada and Australia).  Semi-structured expert phone interviews were held with 12 experts in seven countries: Austria, Canada, New Zealand, Slovakia, Switzerland, Tanzania and Zimbabwe.  The face-to-face and telephone evidence was supported by a desk-based literature review.

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com

About IFAC

The International Federation of Accountants (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has released Exposure Draft (ED) 70, Revenue with Performance Obligations, ED 71, Revenue without Performance Obligations, and ED 72, Transfer Expenses. The three exposure drafts are published together to highlight for respondents the linkages between the accounting for revenue and transfer expenses. The three EDs pioneer new approaches for some of the most significant transactions of public sector entities, including inter-governmental transfers and grants for the delivery of key government services to the community by introducing:

• A more straight-forward approach to classifying revenue transactions;
• A new model for the recognition and measurement of revenue; and
• Guidance on transfer expenses, which currently does not exist in IPSAS.

“Sound accounting for revenue is crucial for all governments and other public sector bodies. We are confident that the proposed use of the performance obligation approach in ED 70, together with the updates to IPSAS 23 in ED 71, will improve financial reporting for both users and preparers of public sector financial statements,” said IPSASB Chair Ian Carruthers. “ED 72 complements the other two EDs by proposing guidance for the first time on transfer expenses, which are a major area of government expenditure, often recognized as revenue by other public sector bodies.”

ED 70 is aligned with IFRS 15, Revenue from Contracts with Customers, while extending the income recognition approach in that standard to address common public sector transactions which include performance obligations, including those where the ultimate beneficiary is a third party. It is intended to supersede IPSAS 9, Revenue from Exchange Transactions, and IPSAS 11, Construction Contracts.

ED 71 is an update of IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers) that addresses some of the issues encountered in its application. Unlike the current revenue standards, which classify revenue based on an exchange or non-exchange distinction, ED 70 and ED 71 differentiate revenue transactions based on whether or not the transaction has a performance obligation, which is defined as a promise to transfer goods or services to a purchaser or a third-party beneficiary. ED 71 also provides public sector-specific guidance on capital transfers for the first time.

ED 72 proposes guidance for transfer expenses, where a transfer provider provides resources to another entity without receiving anything directly in return. In providing guidance for the first time on the expense side of transactions that may be accounted under the revenue EDs by other public sector organizations, ED 72 includes proposals for transactions with and without performance obligations.

The IPSASB welcomes the views of respondents on the proposed standards and the other matters raised for comment in the three EDs.

How to Comment
To access the Exposure Drafts and their summary At-a-Glance documents, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Exposure Drafts are requested by November 1, 2020. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this Exposure Draft to their members and employees. 

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. 

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

High-quality audits are the backbone of the global financial system. Each year, thousands of audits – including over 40,000 audits of public listed companies – make organizations more transparent and trustworthy, help attract investor capital, help secure jobs, and help economies thrive.

The International Federation of Accountants (IFAC) and the global accountancy profession are committed to continuous improvement and recognize the negative consequences of any audit failure. As audit reviews unfold in various national jurisdictions, IFAC is setting out its recommendations for achieving high-quality audits.

“Audits contribute meaningfully to the functioning of organizations, financial markets, and economies. While many thousands of audits are conducted each year without any issues, improvements are needed to ensure consistent high quality,” said IFAC CEO Kevin Dancey. “This, however, cannot be achieved in a vacuum – all participants in the audit and assurance ecosystem must work together in striving to achieve high-quality audits 100% of the time. It is a vital part of our profession’s public interest mandate.”

In order to achieve high-quality audits, IFAC identifies five essential factors: the right process, the right people, the right governance, the right regulation, and the right measurement.

IFAC calls on all participants to create an environment that consistently produces high-quality audits. In particular, firms, Professional Accountancy Organizations (PAOs), regulators, audit committees and audit/assurance professionals must work to:

• Approach audits as a value-added service; not as a compliance exercise
• Evolve new assurance services to meet the needs of all stakeholders
• Continue focus on enhancing skills and competencies, adhering to fundamental ethical principles
• Ensure diversity in hiring practices
• Enhance transparency and communication from audit committees, firms, and PAOs
• Adopt a prudential and evidence-based approach to regulation

“As the global voice of the accounting profession, IFAC works in the public interest and focuses on the role of professional accountants in audit and assurance—but always, and necessarily, as partners in a larger ecosystem striving for better outcomes,” said Dancey. “We call on regulators and PAOs to collect, analyze, and publish more and better data—both aggregate and granular—on audit quality with the goal of enhancing transparency and promoting higher audit quality.”

About IFAC
The International Federation of Accountants (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Today, leading accounting bodies and other organisations have called for corporate and asset owner action and improved reporting on the UN’s Sustainable Development Goals (SDG) in an attempt to hit goals set for 2030. The recommendations are detailed in the report, Sustainable Development Goals Disclosure (SDGD) Recommendations, authored by Carol Adams, Professor of Accounting, with Paul Druckman and Russell Picot, Honorary Professors at Durham University Business School.

The report has been published by global accountancy bodies -  International Federation of Accountants (IFAC), Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants of Scotland (ICAS), Chartered Accountants Australia and New Zealand (CA ANZ), the International Integrated Reporting Council (IIRC) and the World Benchmarking Alliance. It is also endorsed by the Director of SDG Impact from the United Nations Development Programme (UN-DP). 

The SDGD Recommendations offer a new approach for businesses and other organisations to address sustainable development issues aligned to the three most influential and popular reporting frameworks. They attempt to establish a best practice for corporate reporting on the SDGs and enable more effective and standardized reporting and transparency on climate change, social and other environmental impacts.

The SDGD Recommendations were developed through consultation with accounting and finance professionals, sustainability experts, academics, consultants, framework and standard setters, asset owners and managers and civil society participants. 

Responses to the consultation have been published in Sustainable Development Goals Disclosure (SDGD) Recommendations: Feedback on the consultation. They show strong support for alignment of SDGD Recommendations with other key reporting frameworks/standards (those of the Task force on Climate-related Financial Disclosures, the Global Reporting Initiative and the International <IR> Framework).  Respondents agreed that accountability for value destruction and negative impacts are critical. 

The SDGD Recommendations call on organisations to consider sustainable development risks and opportunities relevant to their long term value creation strategy and communicate the actual or potential impacts on achievement of the SDGs. This will require relevant and material disclosures about the factors that influence long term value creation (or destruction) for the organisation and society or that have an impact (positive of negative) on the achievement of the SDGs in the annual report. 

Professor Carol Adams says: “There is increasing awareness in both business and investment communities that the health and wellbeing of the planet and its people impact on the longer term success of business.  The SDGs offer an opportunity to collaborate and address this. A change in what and how business is done is essential to the achievement of the SDGs.  Key to driving change is the requirement for a statement from the Board Chair that the Board accepts responsibility for the SDG Disclosures in the annual report.”

These Recommendations are built upon a suggested five-step approach for contributing to the SDGs aligned with long-term value creation, previously developed by Professor Adams and published by the IIRC and ICAS.

Elizabeth Boggs-Davidsen, Director at the UN DP said: “To achieve the SDGs companies and investors will need to move away from mapping existing activities to the goals to a more integrated practice of directing and disclosing on investment activities that create more impact and contribute to progress towards the SDGs.”

Gerbrand Haverkamp, Executive Director at the World Benchmarking Alliance said: “Without companies aligning their business models and operations with the SDGs - they simply won’t be achieved. We therefore need to work together in translating scientific and societal expectations into clear reporting guidance for companies. This will create the data the World Benchmarking Alliance and others can use to assess and rank corporate performance in a manner that is transparent and free for everyone to see.” 

Kevin Dancey, CEO at the International Federation of Accountants (IFAC), said: "Achieving the SDGs requires dedication from business, and the urgency continues to grow. We fully support global best practices that enable effective, transparent reporting on sustainability measures. It's imperative that we act together and that we act now to secure a sustainable future.”

This week, a coalition of 11 global and regional accountancy organizations and international development agencies, led by IFAC, the International Federation of Accountants, convened a three-day conference to bring awareness to how effective public financial management is critical to the advancement of emerging economies.

The conference, Developing Accountancy Capacity in Emerging Economies, features a series of keynotes and workshops designed to equip accountants, government officials, stakeholders and other practitioners with a roadmap for facilitating conversations and driving progress in their respective jurisdictions.

“Accountancy capacity development efforts, like this conference, are most effective when national, regional, and global organizations come together with a laser-focus on a common cause. IFAC, with the support of the UK Department for International Development (DFID), is grateful to be able to catalyze the convening of institutions that comprise the financial management eco-system, in order to enhance awareness and collaboration,” said Kevin Dancey, IFAC CEO.

The accountancy profession plays an essential and significant role in a country’s sustainable economic development in both the public and private sectors. Not only has a strong and vibrant accountancy profession been regularly associated with lower levels of fraud and corruption, but there is also a recognized correlation between a strong accountancy profession and higher levels of economic growth. Supporting the development of accountancy capacity can be a catalyst to the success of the state-building strategies implemented by international development actors.

Dr. In-Ki Joo, IFAC President, said: “The role of professional accountants is to manage the financial information required by all stakeholders, and to develop the insights needed for sound decision-making that helps promote economic, social and political stability. This important connection between accountancy and economic development is something that organizations, including the DFID, the World Bank, the Asian Development Bank and the Global Fund, have understood for a number of years and we are grateful for their ongoing partnership.”

Aman Trana, Director, Procurement, Portfolio, and Financial Management Department of the Asian Development Bank, said: “One of ADB’s operational priorities under its Strategy 2030 is to strengthen governance and institutional capacity of its developing member countries. Professional accountants play a critical role in this area by supporting public financial management institutions improving their public service delivery, financial efficiency, and transparency and accountability, thereby accelerating poverty reduction and achieving sustainable development.

IFAC extends its sincere appreciation to its partners and hosts for making the conference possible: DFID, the World Bank, the Asian Development Bank, the Global Fund, the Malaysian Institute of Accountants, the Confederation of Asian and Pacific Accountants, the ASEAN Federation of Accountants, the South Asian Federation of Accountants, and the Arab Federation of Accountants and Auditors.

About IFAC
The International Federation of Accountants (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

About the Asian Development Bank
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

IFAC, the International Federation of Accountants, is pleased to recognize Mr. Aki Fujinuma of Japan with its Global Leadership Award for his service to the accountancy profession.

Among his many achievements, Mr. Fujinuma helped build public confidence in the accountancy profession over the past two decades. His actions, which included launching a quality-control initiative in Japan and other countries to ensure confidence in audit, significantly contributed to that effort in the region and around the world.

Mr. Fujinuma is a well-known leader both within and outside of the profession, having been recognized by the government of Japan for his leadership and contributions to the accountancy profession and Japanese society. He is a past president of IFAC (2000-2002) and played a significant role promoting IFRS adoption in the Asia-Oceania region as a former vice chair of the IFRS Foundation.

Mr. Fujinuma’s accomplishments also include serving as an IFRS Foundation trustee, a member of the Financial Accounting Standards Foundation of Japan and the International Auditing and Assurance Standards Board, and as chairman and president of the Japanese Institute of CPAs, which awarded him its Grand Prize of the Day of CPAs. He has served as an outside director of many large corporations, including the Japan Exchange Group, and as one of the Governors of Japan Exchange Regulation.

“I am honored to present the Global Leadership Award to Aki, for whom I have the deepest respect,” said Dr. In-Ki Joo, IFAC President. “At a critical time, Aki built bridges between the profession and key stakeholder groups—and he continues to do so. Aki’s efforts have resonated at difficult moments and he continues to be a powerful advocate for the accounting profession on the global stage.”

Established in 2017 by the IFAC Board, the IFAC Global Leadership Award recognizes individuals who make outstanding contributions to the global accountancy profession. The award honors the contributions of Robert Sempier, IFAC’s first executive director who greatly contributed to the development of the profession worldwide.

The Global Leadership Award was presented during IFAC’s 2019 Council meeting, held from November 13 to 14 in Vancouver, Canada.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.