Accountants working in small- and medium-sized practices (SMPs) around the world are facing heightened staffing challenges, according to the latest IFAC Global SMP Survey results. Attracting new clients, keeping up with new regulations/standards, and pressure to lower fees remained key challenges faced by SMPs.

Additionally, the anticipated impact of technology developments over the next five years increased substantially in 2016 over 2015. Investing in and staying current with software and achieving a digital, paperless environment topped this list of technology challenges.   

Despite these challenges, SMPs’ future performance expectations increased slightly from a year ago in three of the four service areas, with the exception of tax. Growth is expected to be driven by advisory/consulting services, along with accounting, compilation, and other non-assurance/related services, with 45% and 44%, respectively, predicting fee revenue increases in these areas in 2017.

“The ever-increasing pace of technological change represents both a challenge and opportunity for SMPs,” said IFAC CEO Fayez Choudhury. “As trusted business advisors to small- and medium-sized entities or SMEs, a sector critical to global economic stability and growth, SMPs need to consider how they can best leverage technological advances to reduce costs and offer value-added services to meet clients’ changing demands and expectations. In addition, SMPs that keep pace with developments in technology are likely to do better in attracting, retaining, and nurturing talent.” 

Additional key findings from the survey include:

SMPs recognize the value of offering business advisory and consultancy services.

• A significant majority of respondents provide some form of advisory services, with corporate advisory (48%), management accounting (46%), and human resource/employment regulations (30%) being the most common.

SMEs continued to be challenged by economic uncertainty and rising costs.

• Consistent with 2015, the top challenges facing SME clients were economic uncertainty and rising costs (with 61% and 59%, respectively, rating these as a high or very high challenge).

SMP performance in 2016 improved slightly over 2015.

• In 2016, 30% or more of SMPs reported moderate or substantial increases in fee revenue across services areas, compared to 27% or more in 2015.

Some regions, countries, and larger SMPs were not well represented in the survey results; caution should be exercised when attempting to generalize survey results to specific countries or regions, or SMPs of all sizes. See the full results, including breakdowns by region and size of practice, and subscribe to receive SMP updates, on the IFAC website: www.ifac.org/SMP.

About the Survey
The 2016 IFAC Global SMP Survey received 5,060 respondents, representing 164 countries. It was conducted October–November 2016 in 23 languages. The survey design and reporting were undertaken in collaboration with Sarah Webber and Donna L. Street, lead researchers from the University of Dayton (US). The survey’s translation and distribution were only possible with the support of IFAC member organizations and partners. The next IFAC Global SMP Survey is expected to open in 2018.

Designed to be completed by senior SMP professionals, whose clients are predominately SMEs, the survey takes a snapshot of key issues, and tracks important trends and developments, facing this critical sector. The survey results help IFAC and its members gain an understanding of the specific challenges and opportunities faced by SMPs and SMEs globally, and as a result, better serve them. To this end, IFAC develops and facilitates the sharing of tools and resources to help build SMPs’ capacity, including publications to support practice management and international standards implementation. These and over 400 original articles and 10,000 links to related resources can be accessed in the IFAC Global Knowledge Gateway.

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. It 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.

Delegates from the World Bank, International Monetary Fund (IMF), International Public Sector Accounting Standards Board (IPSASB), and International Federation of Accountants (IFAC) convened today in Washington, DC, for an international seminar, Transparency and Beyond: Harnessing the Power of Accrual in Managing Public Finances.

IPSASB Chair Ian Carruthers remarked, “Coinciding with the 20^th year of IPSASB’s standard-setting program, the seminar brings together global organizations committed to strong public financial management (PFM). IPSAS—-high-quality global accrual-based accounting standards—enable governments to produce high-quality financial information that leads to better decision making and builds accountability and trust with citizens. The event is a crucial first step in deciding IPSASB’s strategic direction for the next five years, the projects it will undertake, and how it will work with other global organizations to strengthen PFM globally.”

Delegates began by taking stock of the current PFM landscape, with a look at the new Organisation for Economic Co-operation and Development (OECD)-IFAC report featuring OECD countries’ recent status and PFM reforms. Delegates emphasized the need to increase the availability and use of high-quality accrual information for transparency and decision making by public sector organizations themselves, as well as key stakeholders including parliamentarians, journalists, civil society, and capital market participants. The World Bank delegates highlighted the importance of implementing the standards, and the real challenges countries face in accounting and reporting, specifically, and broader public sector reforms required to actually achieve better decision making. Importantly, delegates concluded with commitments to continue to work toward influencing governments to pursue the needed reforms, building on recent successes and growing evidence that supports the use of accrual reporting based on IPSAS.

IFAC Chief Executive Officer Fayez Choudhury said, “Government spending accounts for a significant portion of a country’s GDP, and many governments are incurring deficits that will have to be settled by future generations. We must address both the supply of, and demand for, better public sector financial information. Public sector leaders must embrace accrual-based IPSAS as the basis of transparent, accountable financial reporting, which is an essential component of strong PFM. And citizens must be encouraged to demand stronger PFM and hold their government officials to account.” (See more about IFAC’s Accountability. Now. initiative.)

Mr. Christopher Towe, Deputy Director of the IMF Fiscal Affairs Department, said, “Comprehensive and high-quality fiscal reports, including financial statements that summarize the government’s financial position and performance, are necessary for governments, legislators, citizens, and markets to have a complete, up-to-date, and accurate understanding of a country’s fiscal position. Establishing a full balance sheet requires capacity to adopt accrual accounting standards, including valuation of assets and liabilities. This one-day seminar provided a valuable platform to bring together all key stakeholders, including standard setters, producers, and users of government financial statements. It facilitated a debate on various perspectives, opportunities, and challenges in adoption of accrual accounting by governments and provided a platform to discuss the way forward.”

Mr. Gabriel Quiros, Deputy Director of the IMF Statistics Department, said, “We are encouraged that several IMF members are pursuing a phased migration toward accrual accounting. However, we are also cognizant of the challenges faced by some of the Fund’s members with regard to these reforms. For many years, Government Finance Statistics compiled on a cash accounting basis have supported measuring the liquidity constraint of governments. As the nature of fiscal activity has evolved in our members, the evolution of—and complementarities between—accrual-based statistical methodology and accounting standards for the public sector also will help countries ensure the sustainability of fiscal operations.”

“We actively support and promote the use of accrual-based accounting standards in countries to enable sustainable, long-term change,” said Jennifer Thomson, Director in Operations Policy and Country Services at the World Bank. “Reliable data on government assets and liabilities, as well as revenue and expenditure, provides a strong foundation for public financial management, and serves as a key tool for facilitating implementation of broader reforms in the countries we support.”

World Bank Director, Governance Global Practice, Mr. Jim Brumby, said, “The IPSASB has done outstanding work in developing the accrual accounting standards. There are many implementation issues that countries encounter in adopting these standards and the World Bank Group remains ready to assist this process. As well as the technical and systems work this requires, a particular focus should remain on the best uses of this information—how accruals can assist governments in doing a better job with the resources they mobilize and how citizens can better hold their governments to account.”

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 Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

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.

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.

About the IMF
The International Monetary Fund (IMF) is an international organization working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. For more information, visit www.imf.org.

About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding and development expertise for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in pursuing the World Bank Group’s mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.

The International Public Sector Accounting Standards Board^® (IPSASB^®) today issued a new accounting standard—IPSAS 40, Public Sector Combinations. IPSAS 40 provides the first international accounting requirements that specifically address the needs of the public sector when accounting for combinations of entities and operations.

Public sector combinations—for example, reorganizations of government departments or restructurings of municipalities—occur frequently. In the public sector, these transactions raise different accounting issues from those encountered in the private sector.

“In the past, governments either had to develop their own approach for combinations, or refer to private sector accounting standards. Yet our stakeholders have told us that these private sector standards are not suitable for the public sector,” said IPSASB Chair Ian Carruthers. “IPSAS 40 responds to our stakeholders’ concerns, and fills an important gap in the IPSASB’s literature. Governments now have appropriate, public sector-specific requirements they can apply. This ensures they can provide users of financial statements with relevant information about combinations.”

IPSAS 40 recognizes two types of public sector combinations: amalgamations and acquisitions. By contrast, International Financial Reporting Standards, used by private sector entities, treat all combinations as acquisitions, which requires obtaining fair value information. Amalgamations, which are much more common in the public sector, do not require this information. The accounting requirements for amalgamations in IPSAS 40 are based on existing information, which enables public sector entities to avoid unnecessary valuation costs, while still meeting users’ needs.

IPSAS 40 applies from January 1, 2019, with earlier adoption encouraged. To help governments understand the new requirements, IPSASB staff have developed an At-a-Glance summary and an introductory webinar.

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 Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

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.

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.

The International Auditing and Assurance Standards Board (IAASB)’s Agreed-Upon Procedures (AUP) Working Group has released its Discussion Paper, Exploring the Demand for Agreed-Upon Procedures Engagement and Other Services, and the Implications for the IAASB’s International Standards.

“The demand for AUP engagements is growing as the business and regulatory environment evolves. The need for credible information also drives the need for alternative services by practitioners that are not audits or assurance engagements,” said IAASB Chairman Prof. Arnold Schilder. “Working to ensure that the IAASB’s International Standards are capable of being applied in these evolving circumstances continues to be highly important.”

“The IAASB’s standard addressing AUP engagements was developed over 20 years ago and continues to be widely used in many jurisdictions, in particular, by small- and medium-sized practitioners,” said Ron Salole, Chair of the AUP Working Group. “In addition to modernizing and enhancing the IAASB’s AUP standard, establishing a deeper understanding of the needs of those who use AUP reports will help the IAASB determine necessary changes to keep its International Standards relevant in a continually evolving environment.”

The Discussion Paper sets out the key features of an AUP engagement and explores how AUP engagements are undertaken, including the extent to which practitioners find existing requirements and guidance helpful or challenging. In addition, the IAASB is seeking an understanding of how reports on factual findings are used to determine the needs of users of these reports. The Discussion Paper also explores the demand for engagements that combine reasonable assurance, limited assurance, and non-assurance engagements, and whether the IAASB’s existing International Standards are appropriate.

The Working Group seeks input from investors, preparers, those in governance roles, standard setters, practitioners, internal auditors, regulators, academics, and other stakeholders. The input will assist the IAASB in determining what is needed to meet stakeholder’s needs, including standard setting and other possible actions. Comments on the Discussion Paper are requested by March 29, 2017.

More information and updates on the project are available on the IAASB’s project 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 the International Federation of Accountants (IFAC).

The International Federation of Accountants^® (IFAC^®) is seeking exceptional candidates committed to the public interest and the strength and vitality of the global accountancy profession to fill 33 volunteer vacancies on its Board and committees.

The Call for Nominations for the IFAC Board and Committees in 2018, issued today, sets out the upcoming opportunities for membership on the IFAC Board, Compliance Advisory Panel (CAP), and four committees—Professional Accountancy Organization (PAO) Development Committee, Professional Accountants in Business Committee (PAIBC), Small and Medium Practices Committee (SMPC), and Nominating Committee.

All vacancies on the IFAC Board and committees are open for nominations by IFAC member organizations.

“The dedicated efforts of IFAC’s volunteers guide the strategy and mission of IFAC, and are central to its ability to function effectively,” said IFAC President Rachel Grimes. “Their commitment to the public interest and the accountancy profession is laudable. We thank them, and our member organizations, for devoting the time and resources to nominate highly-qualified individuals, and look forward to receiving their nominations.”

The Nominating Committee encourages all IFAC member organizations to review the Call for Nominations, including the detailed information on vacancies and composition targets as well as specific membership qualifications and requirements. The companion guide offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position.

Nominations can be submitted online via the Nominations Database by February 15, 2017.

Additional information on the Nominating Committee and its open, transparent selection process is available on 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. 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 Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today announced the election of Rachel Grimes (Australia) as its President, for a two-year term effective through November 2018. Ms. Grimes is IFAC’s second female President. IFAC also announced the election of In-Ki Joo (South Korea) as Deputy President.

“I am honored to serve as IFAC’s President at a time of great global challenges. There are also remarkable opportunities to strengthen the accountancy profession and further the adoption of global standards in the public interest,” Ms. Grimes said. “As President, I look forward to working with our member organizations and other stakeholders as we continue to put trust at the heart of all we do, and at the heart of the global economy.”

Ms. Grimes is a Fellow of the Institute of Chartered Accountants in Australia and a Fellow of CPA Australia. She is CFO of Technology at Westpac, a multinational financial services firm, and previously served as Director of Mergers and Acquisitions. She brings more than 25 years of experience across the financial services sector, at Westpac/BT Financial Group as well as at PwC. Ms. Grimes has served the Australian accounting profession for over a decade, having been elected in 2011 as President of Chartered Accountants Australia & New Zealand (formerly the Institute of Chartered Accountants in Australia) after serving on its Board since 2006. An IFAC Board member since 2011, Ms. Grimes was elected Deputy President in 2014 and previously chaired IFAC’s Planning and Finance Committee.

Dr. In-Ki Joo is Professor, Emeritus, of Accounting at the Yonsei University School of Business, after serving as Dean of various departments. He has served as President of a number professional institutions in Asia, notably the Confederation of Asian and Pacific Accountants, the Korean Accounting Association, and the Korean Academic Society of Business Administration. He was a member of the Advisory Committee to the Republic of Korea General Audit Bureau and the Vice President, International Affairs, at the Korean Institute of Certified Public Accountants (KICPA). A member of both the American Institute of CPAs and KICPA, Dr. Joo received the Decoration of Excellent Achievement from the President of Korea in 2004 and Honor from the Deputy Prime Minister and the Ministry of Finance and Economy in 2001. As an IFAC Board member since 2012, he has chaired the Governance Committee and served on the Nominating Committee. As Deputy President, he will chair the Planning and Finance Committee.

New Board Members Elected
The IFAC Council elected three new members to the IFAC Board: Philippe Arraou (France), Tommye Barie (United States), and Idesio da Silva Coelho (Brazil). Wienand Schruff (Germany), Michael Hathorn (UK), Gail McEvoy (Ireland), and Sebastian Owuama (Nigeria) were reappointed for a second term of service.

IFAC Admits New Members
The IFAC Council admitted three new members (previously IFAC associates):

• Mauritius Institute of Professional Accountants;

• Ordem dos Contabilistas Certificados (Portugal); and

• Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina.

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. 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.

Two years ago, following the 2014 World Congress of Accountants in Rome, Pope Francis invited thousands of professional accountants to a private audience at the Vatican and challenged the global profession’s leaders to do more in the global fight against fraud and corruption.

As International Federation of Accountants^® (IFAC^®) President Olivia F. Kirtley (USA) today prepares to hand her office over to President-Elect Rachel Grimes (Australia), IFAC releases her open letter to His Holiness outlining all that the profession has done to support his call to action.

In his remarks, His Holiness said that in uncertain economic times, “There is a stronger temptation to defend one’s interest without concern for the common good, without paying much heed to justice and legality. For this reason everyone, especially those who practice a profession which deals with the proper functioning of a country’s economic life, is asked to play a positive, constructive role in performing their daily work.”

Ms. Kirtley’s letter stated, “I am pleased to report that following our meeting with you, IFAC has focused on intensifying the profession’s activities in several ways that we believe will have lasting impact in reducing both the supply and demand side of fraud and corruption.”

These efforts have been concentrated across three key fronts:

1. Capacity Building: accelerating the profession’s long-term vision of increasing professional accountancy capacity in developing countries.
2. Governance: greater participation in—and advocacy for—stronger governance across all organizations.
3. Public Sector Financial Management: more transparent and complete public sector financial information, including use of International Public Sector Accounting Standards^™ (IPSAS^™).

“Serving the public interest is at the very heart of IFAC’s mission. Combatting fraud and corruption is clearly a public interest mission where our profession can provide valuable skills and experience,” Ms. Kirtley said.

“We also recognize that this many-decades old fight is one we can’t win alone. There is real need to join forces with other organizations to both make meaningful progress and yield faster results. Combatting this problem requires intense, coordinated action across all civil society institutions. The accountancy profession will continue to vigorously do its part.”

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.

As we rapidly approach the 8.5 billion people on Earth expected by 2030, sustainable development challenges, such as inequality and extreme poverty, climate change, and trust in business and government, pose challenges for societies, economies, organizations, and financial markets. The 17 Sustainable Development Goals represent the means to sustain people, planet, and prosperity to 2030, and include a clear call for partnerships between the public, private, and voluntary sectors to address these challenges.

A new report from the International Federation of Accountants^® (IFAC^®) provides a snapshot of the accountancy profession’s contribution to achieving these Goals. “Accountancy is the basis of strong and sustainable organizations, financial markets, and economies,” said IFAC Chief Executive Officer Fayez Choudhury. “It is important for our profession to be conscious of how we contribute, both directly and indirectly, to the Goals. The skillset, experience, and influence professional accountants possess gives them enormous scope to shape solutions to sustainable development challenges.”

“‘Business as usual’ is no longer sustainable—if business ignores the Goals, they do so at their own peril,” said Charles Tilley, Chair of the IFAC Professional Accountants in Business Committee, which contributed to the report, as did the IFAC Professional Accountancy Organization Development Committee. “The public and private sectors should embrace the opportunities presented by the Goals to act in the public interest as well as create value for business and investors. What we do as accountants benefits society and contributes to the resilience of the organizations we work in, both of which are key themes of this publication.”

IFAC looks forward to a continuing dialogue within and beyond the profession on its role in mainstreaming, implementing, and monitoring the Goals, starting with a workshop on this topic at the IFAC Annual Council meeting in Brasilia, Brazil, November 16-17. 

About this Report
The 2030 Agenda for Sustainable Development: A Snapshot of the Accountancy Profession’s Contribution highlights the importance of the Goals to business and the profession, and considers how accountancy contributes to eight specific Goals. It features existing activities and initiatives within the profession that support the Goals and poses questions for professional accountancy organizations and professional accountants to consider.

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.

Are you seeking an exceptional opportunity that combines your understanding of the public interest role of accountancy with your desire to make a difference on a global stage? The high-quality international standards that underpin the global accountancy profession are developed by the independent standard-setting boards, for which today’s Call for Nominations for 2018 is released.

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 2018, there are 26 vacancies on the independent standard-setting boards—7 each on the IAASB, IESBA, and IAESB, and 5 on the IPSASB. The current member can be re-nominated for 17 of these vacancies and, if considered appropriate, re-appointed for a second term of service.

These volunteer 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. Travel support is available to qualified candidates from developing nations, self-nominees, and public members.

Candidates should have knowledge of the subject matters considered by a particular board, as well as English proficiency. Each board meets up to four times per year and the required time commitment is approximately 300 to 850 hours per year, depending on the board and task force involvement, including preparation and travel time. Although each candidate will ultimately be selected based on experience, nominations of highly qualified candidates from Africa, Asia, the Middle East, and Latin America are strongly encouraged. Nominations of female candidates for all boards and from all regions are particularly welcome. For more information on openings and geographic targets of a particular board, please see the Vacancy Overview table on p. 9-12 of the Call.

Nominations can be submitted through the Nominations Database. All nominations need to be submitted before January 31, 2017.

To provide nominating organizations and nominees with some insights on the nominations process and the value of serving on the standard-setting boards, the following documents are available on the Nominating Committee web page: Developing a Nominations Strategy and Giving Back to the Profession: The Value of Serving.

The Nominating Committee follows an open and transparent process with public interest oversight to select the most suitable 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 the Nominating Committee web page.

About the IAASB
The IAASB is an independent standard-setting board that 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 the IAESB
The IAESB is an independent standard-setting board that develops education standards, guidance, and information papers for use by IFAC member organizations 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 is an independent standard-setting board that develops ethical 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 guidance.. Through its activities, the IESBA 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 IESBA are facilitated by IFAC.

About the IPSASB
The IPSASB is an independent standard-setting board that develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland. The IPSASB receives advice from the Public Interest Committee, which promotes the public interest in the IPSASB’s standard-setting activities, and advice from the IPSASB 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 IPSASB are facilitated by IFAC.

About the PIOB
The Public Interest Oversight Board (PIOB) is the global independent oversight body that seeks to improve the quality and public interest focus of the international standards formulated by the IAASB, IAESB and IESBA in the areas of audit and assurance, education, and ethics. Through its oversight activities, the PIOB works to bring greater transparency and integrity to the audit profession, thereby contributing to the enhanced quality of international financial reporting.

About the PIC
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.

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.

Building on the success of ongoing capacity building projects throughout Africa, the International Federation of Accountants^® (IFAC^®) today announced the selection of the Institute of Chartered Accountants of England and Wales (ICAEW) to begin work with the accountancy profession and regulators in Kyrgyzstan to further develop the profession.

“A robust and well-functioning accountancy profession contributes significantly to sustainable businesses, sound capital markets, effective stewardship of public finances, and—ultimately—economic growth.” said Alta Prinsloo, Executive Director and Chief Operating Officer. “We are looking forward to embarking on this journey with the accountancy profession in Kyrgyzstan.”

ICAEW will work with the Union of Accountants and Auditors (UAA), an IFAC associate, and a range of national stakeholders, including the State Service for Regulation and Supervision of Financial Markets, to address recommendations from the World Bank Centre for Financial Reporting Reform’s Kyrgyz Republic: Corporate Financial Reporting, A Country Strategy and Action Plan, issued in 2012 and officially approved by the Kyrgyz government.

“Kyrgyzstan has developed a plan for economic development in coordination with the international development community—the time to move forward and transform the Kyrgyz accountancy profession is now,” said Vernon Soare, ICAEW Chief Operating Officer. “This project will enable the UAA and the profession’s key stakeholders to sustain positive reform and contribute to continued growth in Kyrgyzstan over the longer term.”

In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund PAO capacity building in at least ten emerging countries over seven years. Projects under the IFAC Capacity Building Program using DFID funding are currently underway in Ghana, Nigeria, Rwanda, Uganda, Zimbabwe, and regionally in Africa. Partner organizations are selected following global Calls for Expressions of Interest and an extensive proposal and review process by the IFAC PAO Capacity Building Program Independent Selection Panel.

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 DFID
The UK Department for International Development (DFID) leads the UK’s work to end extreme poverty. They are ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information, visit www.gov.uk/dfid.

About ICAEW
ICAEW is a world leading professional membership organisation that promotes, develops and supports over 147,000 chartered accountants worldwide. It provides qualifications and professional development, shares knowledge, insight and technical expertise, and protects the quality and integrity of the accountancy and finance profession.