The exposure draft seeks views from IFAC members and associates and other stakeholders in relation to the proposed revised Statements of Membership Obligations (SMOs) 1-7. The SMOs serve as a framework for credible and high quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

This memorandum provides background for, and an explanation of, the proposed changes to various paragraphs in the Code of Ethics for Professional Accountants (the IESBA Code) that address a breach of a requirement of the Code. The IESBA believes that any breach of a provision of the IESBA Code should be treated as a matter of utmost importance. Therefore, the IESBA has proposed changes that will provide guidance to a professional accountant on the action to be taken in such situations.

The Consultation Paper―Reporting Service Performance Information communicates and solicits feedback on (a) the preliminary views reached by the International Public Sector Accounting Standards Board (IPSASB), and (b) other specific matters related to the reporting of service performance information on which the IPSASB has not yet reached a preliminary view. It also highlights and analyzes existing approaches used by public sector entities around the world, where the reporting of service performance information is a feature of public sector financial management.

Exposure Draft 46, Recommended Practice Guideline, Reporting on the Long-Term Sustainability of a Public Sector Entity’s Finances provides users with information on the impact of decisions made by the reporting date under current policy, but not fully reflected in the general purpose financial statements.

The At a Glance publication summarizes the material in the Exposure Draft.

This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 5, Practical Experience Requirements, approved for exposure by the International Accounting Education Standards Board (IAESB) at its May 2011 meeting. 

The current version of IES 5 was published in May 2004 and became effective on January 1, 2005. IES 5 prescribes the practical experience IFAC member bodies should require their members to obtain before qualification as professional accountants. 

This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 1, Entry Requirements to Professional Accounting Education, approved for exposure by the International Accounting Education Standards Board (IAESB) at its May 2011 meeting. 

The current version of IES 1 was published in May 2004 and became effective on January 1, 2005. IES 1 prescribes the entry requirements for an IFAC member body's program of professional accounting education and practical experience. 

The consultation paper seeks to determine whether there are common views among users of audited financial statements and other stakeholders about the usefulness of auditor reporting. It describes issues with current financial reporting, including a perceived "information gap," identified by some stakeholders. It then sets out possible options for change and seeks input as to whether such options might be effective in enhancing auditor reporting and the communicative value of the auditor's report.

This exposure draft seeks views from practitioners and other stakeholders in relation to proposed International Standard on Assurance Engagements (ISAE) 3000 (Revised), [i]Assurance Engagements Other Than Audits or Reviews of Historical Financial Information[/i]. The proposed revised ISAE provides requirements and guidance on assurance engagements, other than audit or reviews of historical financial information.

The exposure draft, Key Characteristics of the Public Sector with Potential Implications for Financial Reporting, provides background on issues affecting the development of a conceptual framework for public sector entities and standard setting. In particular, it highlights that public sector entities are likely to depend upon taxation rather than commercially generated profits for their continued existence--and have governance arrangements that generally involve a legislative body holding an executive to account.