High-quality reporting should transparently demonstrate how organizations preserve and create value over time. As a global advocate for integrated reporting, IFAC’s 2017 annual review is designed to offer information on our financial, human, social and intellectual capitals alongside our strategic objectives, governance arrangements and financial highlights. It also describes how we strengthen organizations and enhance economies by supporting and empowering our member organizations and the global accountancy profession in the public interest.
This review is part of our 2017 suite of reporting, which also comprises our Financial Statements for the year ended December 31, 2017. With this annual review, we are continuing a journey of more fully implementing the integrated reporting principles and concepts IFAC advocates for globally—those set out in the International Integrated Reporting Council’s Integrated Reporting Framework.
The Western Balkan professional accountancy organizations (PAOs)—a group of PAOs comprising both IFAC members and non-members—have expressed interest in furthering their regional cooperation in the area of accountancy education and professional development in order to accelerate the development of the accountancy profession in the region.
Both IFAC and the World Bank Centre for Financial Reporting Reform (CFRR) have been working with the PAOs through their respective programming. In April 2018, the two organizations joined together to host a joint one-day Education Community of Practice workshop. Over 60 participants, including the leadership of PAOs from all over Europe, international experts, and members of IFAC’s Compliance Advisory Panel and PAO Development Committee participated in the event.
The workshop hosted panel sessions and open discussions where participants exchanged experiences, best practice examples, and the vision for the future.
IFAC staff presented its recent International Standards: 2017 Global Status Report and the opportunities and challenges that lie ahead for the accountancy profession at both a global level and for the Western Balkan region in particular. The report also highlights available resources, guidance, examples of best practice, and observations, including the need for multi-stakeholder collaboration and support from national, regional and global organizations to maintain the progress made thus far in the adoption and implementation of international standards.
Further details and materials from the workshop are available on the CFRR’s website.
Small- and medium-sized practices (SMPs) in a digital, globalized world need to adopt "good practices" to best serve their clients. IFAC (International Federations of Accountants) has released an updated publication—the Guide to Practice Management for Small- and Medium-Sized Practices Fourth Edition (the Guide) to help SMPs meet this challenge. The Guide will help SMPs improve their management and operational efficiency and support their sustainability and success.
Now in its fourth edition, the Guide is organized into eight stand-alone modules, including a new module on Leveraging Technology. The revised Guide addresses a comprehensive range of topics including:
Strategic planning;
Managing staff;
Client relationship management;
Risk management; and
Succession planning.
The new Leveraging Technology module covers how technology developments are fundamentally changing the way organizations operate and recognizes that SMPs must adapt to service their clients that utilize technology. Included are topics such as developing a technology strategy, hardware and software options, technology risks, new and emerging technologies, and leveraging technology for practice innovation.
In order to help IFAC member organizations and practices maximize the Guide’s use, IFAC has updated theCompanion Manual, which provides suggestions on making best use of the Guide.
IFAC Guide to Practice Management 4th Edition Includes New Section on Leveraging Technology
Welcome to the fourth edition of the IFAC Guide to Practice Management for Small- and Medium-Sized Practices.
The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. The fourth edition is organized into eight stand-alone modules, with a comprehensive range of topics including:
IFAC (International Federation of Accountants) commissioned Gibson Dunn, a leading global law firm, to perform an independent qualitative and quantitative analysis of the public responses to the Consultation Paper published by the Monitoring Group: Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in
