The IFAC Small and Medium Practices Committee has submitted feedback to the International Ethics Stanards Board for Accountants' proposed five-year strategy and work plan. The committee is generally in agreement with the proposed criteria to determine the IESBA's actions and priorities over the next five years. The committee also recognizes that the IESBA is committed to developing high-quality, principles-based standards and strongly believes this is of critical importance when revising the International Code of Ethics for Professional Accountants going forward.

IFAC believes it is still appropriate that the European IAS Regulation prevents the European Commission from modifying the content of International Financial Reporting Standards, and recommends the EU endorse the existing IFRS Conceptual Framework rather than an alternate European Conceptual Framework that could create unnecessary complexity and fragmentation. IFAC also recommends a more integrated approach to public financial and non-financial reporting focusing on long-term value creation, strongly supporting integrated reporting as a basis for this approach.

IFAC strongly supports IOSCO’s emphasis on the role of audit committees in audit quality, and efforts to enhance the coherence and quality of applicable regulation, oversight, and practices internationally.

The IFAC Professional Accountants in Business (PAIB) Committee has submitted a comment letter in response to the IESBA’s Consultation Paper, Proposed Strategy and Work Plan 2019-2023.

The IFAC Small and Medium Practices Committee had responded to the Fees Questionnaire towards the end of February 2018. On a macro level, it is the view of the Committee that the issue of fees is multi-faceted and IESBA will need to develop a more holistic approach to tackle any issue, perceived or otherwise in this domain in their next Strategic Work Plan 2019-2023. It is hoped that the data collected from this Survey will assist in shaping the IESBA’s work effort going forward.

International standards for auditing and ethics play a critical role in the global financial infrastructure, assisting in promoting economic stability and international consistency, and in doing so, enhancing international financial and capital flows essential to a thriving global economy. This is especially important for emerging economies.

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants in response to its Exposure Draft, Proposed Revisions to the Code Pertaining to the Offering and Acceptance of Inducements.

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the IAASB Exposure Draft, Proposed International Standard on Auditing 540 (Revised) Auditing Accounting Estimates and Related Disclosures.

The IFAC Small and Medium Practices (SMP) Committee participated in the International Ethics Standards Board for Accountants' Strategy Survey, which sought early input into the key issues the board should address that might impact its Code of Ethics for Professional Accountants.

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants in response to its Exposure Draft, Proposed Application Material Relating to Professional Skepticism and Professional Judgment.