Multichannel [050] 73-73-000 All contacts
Multichannel [050] 73-73-000 All contacts

eNews from the International Federation of Accountants (IFAC)


December 1, 2006


In this issue:



  1. Fermín del Valle Assumes Presidency of IFAC; Bob Bunting Named IFAC Deputy President

  2. World’s Accountants Converge in Istanbul for 2006 World Congress; Sempier Award Presented to Marilyn Pendergast

  3. IAASB Issues Three Clarity Exposure Drafts

  4. Proposals Sought to Develop Quality Control Guide for SMPs

  5. Accountants in Business Get Global Knowledge Resource

  6. IFAC Proposes New Guidance to Help Companies Develop Codes of Conduct

  7. IPSASB Proposes Standard on Disclosure of External Assistance

  8. IPSASB Issues Exposure Drafts on Employee Benefits and Impairment of Cash-Generating Assets

  9. IFAC Focuses on Accountancy Development in Africa

  10. World Federation of Exchanges Endorses ISA Standard-Setting Process

  11. Education Standards Board Seeks Comments on Proposed Strategic Plan

  12. Ethics Education the Focus of Proposed New Guidance





1. Fermín del Valle Assumes Presidency of IFAC; Bob Bunting Named IFAC Deputy President


On November 10, 2006, Fermín del Valle of Argentina assumed the Presidency of IFAC at the annual IFAC Council meeting in Istanbul, Turkey. Mr. del Valle previously served as IFAC Deputy President from November 2004 to November 2006 and as a member of the IFAC Board beginning in October 1997. Also at the meeting, the IFAC Council approved the nomination of Robert L. Bunting of the United States as IFAC Deputy President. Both men will serve a two-year term through November 2008 in their respective positions. To view their biographies, visit the IFAC website at http://www.ifac.org/MediaCenter/?q=node/view/48.


2. World’s Accountants Converge in Istanbul for 2006 World Congress; Sempier Award Presented to Marilyn Pendergast


Close to 5,000 individuals from over 110 countries around the world attended the 17th World Congress of Accountants in Istanbul, Turkey on November 13-16, 2006. Leaders of the accountancy profession, the private sector, academia, and government, including the Prime Minister of Turkey, spoke at the World Congress. During the meeting, the Sempier Award for outstanding contributions to the international accountancy profession was presented to Marilyn A. Pendergast, CPA, of the United States for her leadership in strengthening the IFAC Code of Ethics during her tenure as Chair of the IFAC Ethics Committee (now the International Ethics Standards Board for Accountants). This award is presented only once every four years.


Speeches given at the World Congress are in the process of being posted to the IFAC website. These may be viewed at http://www.ifac.org/MediaCenter/?q=node/view/239.


3. IAASB Issues Three Clarity Exposure Drafts


In November, the International Auditing and Assurance Standards Board (IAASB) issued three new exposure drafts (EDs) as part of its ongoing program to redraft existing standards and to develop new standards in the IAASB’s new clarity drafting style. The three proposed International Standards on Auditing (ISAs) are:



  • ISA 320 (Revised and Redrafted), Materiality in Planning and Performing an Audit;

  • ISA 450 (Redrafted), Evaluation of Misstatements Identified during the Audit; and

  • ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance.

These EDs may be downloaded at http://www.ifac.org/Guidance/EXD-Details.php?EDID=0062. Comments are requested by February 15, 2007, and may be emailed to edcomments@ifac.org.


4. Proposals Sought to Develop Quality Control Guide for SMPs


IFAC’s Small and Medium Practices (SMP) Committee is seeking proposals for the development of an explanatory guide to assist SMPs in implementing International Standard on Quality Control (ISQC) 1. The objective of the guide is to help SMPs understand, comply with, and apply ISQC 1, which establishes standards and provides guidance on a firm’s responsibilities for its quality control system for audits and other engagements. Proposals are requested by December 29, 2006. For more information, see the Request for Proposal at http://www.ifac.org/Downloads/SMP_Quality_Control_Guide_Request_for_Proposal.pdf.


5. Accountants in Business Get Global Knowledge Resource


On October 2, 2006, IFAC and more than a dozen of its member bodies launched IFACnet – a new global KnowledgeNet for professional accountants in business. The IFACnet search engine provides one-stop access to high quality guidance, management tools and articles developed by leading accountancy bodies from around the world. Users of IFACnet will find on it a wide range of financial and management accounting topics, including strategy, management, budgeting and planning, corporate governance, and risk management.


IFACnet can be accessed on its home page (www.ifacnet.com) or through the websites of IFAC and many of its member bodies.


6. IFAC Proposes New Guidance to Help Companies Develop Codes of Conduct


IFAC’s Professional Accountants in Business Committee has released proposed new guidance designed to assist professional accountants in business and their companies in developing and implementing codes of conduct. The proposed good practice guidance, Defining and Developing an Effective Code of Conduct, highlights the varied roles of professional accountants in business in driving and supporting organizational ethics and conducting ethics programs. It also provides practical guidance on the design and development of such codes.


The proposed guidance may be downloaded at http://www.ifac.org/EDs, and comments are requested by February 16, 2007.


7. IPSASB Proposes Standard on Disclosure of External Assistance


The International Public Sector Accounting Standards Board (IPSASB) has issued an ED designed to strengthen the disclosure of financial information about external assistance and development aid received by governments and government agencies. ED 32, Financial Reporting under the Cash Basis of Accounting – Disclosure Requirements for Recipients of External Assistance, proposes that the recipients’ financial statements disclose the total amount of external assistance received, used, and available during the reporting period. It also encourages a range of additional disclosures designed to further enhance the usefulness of the financial statements.


The EDs may be downloaded at http://www.ifac.org/EDs, and comments are requested by March 31, 2007.


8. IPSASB Issues Exposure Drafts on Employee Benefits and Impairment of Cash-Generating Assets


In October, the IPSASB issued two proposed new standards to improve public sector financial reporting. ED 31, Employee Benefits, is designed to assist governments and other public sector entities to account appropriately for employee benefits. It would require public sector entities to account for obligations under public sector defined benefit plans and, when appropriate, recognize liabilities related to those obligations. ED 30, Impairment of Cash-Generating Assets, proposes the treatment of cash-generating assets held and operated by public sector entities that are not Government Business Enterprises.


Comments on both ED are requested by February 28, 2007. They may be viewed at http://www.ifac.org/EDs.


9. IFAC Focuses on Accountancy Development in Africa


Speeches and other materials from the recent Africa Region Learning Workshop in Nairobi, Kenya are available on the IFAC website. The Workshop, which was sponsored by IFAC, the African Development Bank and the World Bank, brought together representatives of 37 African nations, donor agencies, and the accountancy profession to discuss the improvement of financial reporting and the boosting of accountancy capacity in Africa. An important outcome of the Workshop was the signing of the “Nairobi Declaration,” which calls for the creation of a Pan-African Federation of Accountants. For more information, visit: http://www.ifac.org/DevelopingNations/africa_workshop.php.


10. World Federation of Exchanges Endorses ISA Standard-Setting Process


At the meeting of its General Assembly in October 2006, the World Federation of Exchanges formally endorsed the standard-setting process for establishing International Standards on Auditing (ISAs). The World Federation of Exchanges represents 57 securities and derivative markets that account for more than 97 percent of world stock market capitalization. ISAs represent an integrated body of standards for use in all audits, including publicly traded companies, private businesses of all sizes and government entities. For more information on the International Auditing and Assurance Standards Board, which establishes ISAs, visit: http://www.iaasb.org.


11. Education Standards Board Seeks Comments on Proposed Strategic Plan


The International Accounting Education Standards Board (IAESB) is seeking comments on its proposed Strategic and Operational Plan for 2007 to 2009. The proposed plan sets out the IAESB’s strategic direction and proposed projects and activities for the next three years. A major focus of these activities will be on promoting convergence to and measuring the implementation of International Education Standards. Comments on the IAESB’s proposed strategy are requested by February 28, 2007, and the ED may be viewed at http://www.ifac.org/EDs.


12. Ethics Education the Focus of Proposed New Guidance


The IAESB has also issued a proposed new International Education Practice Statement, Approaches to Developing and Maintaining Professional Values, Ethics and Attitudes, which is designed to assist member bodies and other accounting educators in developing professional values, ethics and attitudes as part of the education and training for all professional accountants. The proposed guidance also highlights good practice in ethics education and the assessment of ethics education, stressing the importance of workplace learning and a period of practical experience.


Comments on the ED, which may be downloaded at http://www.ifac.org/EDs, are requested by December 15, 2006.





Auditing firm "Triada»
tel. (050) 73-73-000, www.auditor.od.ua
"Все права на материалы, размещенные на auditor.od.ua, охраняются в соответствии с законодательством Украины. Разрешается републикация информации размещенной на сайте при соблюдении следующих условий:
1) при публикации на бумажных носителях обязательна ссылка и при этом указывается текст "Аудиторская фирма "Триада", www.auditor.od.ua" - как источник информации;
2) для Интернет-ресурсов – прямая гиперссылка на текст материала, не закрытая от индексации поисковыми системами с текстом "Аудиторская фирма "Триада". Гиперссылка должна быть размещена рядом с наименованием материала или сразу после него".