The International Federation of Accountants^® (IFAC^®) today published in Spanish the following documents developed for Professional Accountants in Business (PAIBs):

• International Framework: Good Governance in the Public Sector (full document)
• International Framework: Good Governance in the Public Sector (executive summary)
• Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success (full document)
• Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success (employer brochure)

The publication International Framework: Good Governance in the Public Sector was jointly developed by IFAC and the Chartered Institute of Public Finance and Accountancy (CIPFA) to help improve and encourage effective public sector governance. The Framework encourages better governed and managed public sector organizations by improving decision making and the efficient use of resources. Enhanced stakeholder engagement, robust scrutiny, and oversight of those charged with primary responsibility for determining an entity’s strategic direction, operations, and accountability leads to more effective interventions and better outcomes for the public at large.

Competent and Versatile supports the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations. Since organizational needs are evolving faster than ever, professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust. With this publication, the Professional Accountants in Business Committee is striving to support the global accountancy profession and help its members guide their organizations to create sustainable value.

These Spanish language translations are a result of the Ibero-American cooperation framework, known as the IberAm project. Established in 2012, the IberAm project—which includes IFAC and its member bodies Instituto de Censores Jurados de Cuentas de España, Federación Argentina de Consejos Profesionales de Ciencias Económicas, and Instituto Mexicano de Contadores Públicos—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality Spanish translations of international standards and other IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is an observer to the project. In addition, the project involves a Review Committee of technical experts representing IFAC member bodies in nine Spanish-speaking countries.

Additional Spanish translations of IFAC publications will be forthcoming.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database.

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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

Los contadores profesionales en las empresas desempeñan un papel clave en las organizaciones de los roles que a menudo van mucho más allá de las percepciones estereotipadas de los contadores. Puede que no sea evidente para todos los empresarios y dueños de negocios, pero se puede sacar provecho de formación, conocimientos y de habilidades contables profesionales' para ayudar a guiar a sus organizaciones hacia el éxito sostenible a largo plazo.

Los Contadores Profesionales en Empresas ( PAIB ) Comité publicó este artículo para apoyar la profesión contable mundial para responder a los cambios en las expectativas de la sociedad , los mercados financieros, y de las organizaciones, y promueve el valor de los contadores profesionales en el negocio para sus organizaciones. Dado que las necesidades organizativas están evolucionando más rápido que nunca , los contadores profesionales tienen que adaptarse a estos cambios para servir mejor a sus empleadores, y mantener la pertinencia y la confianza del público.

The IFAC Professional Accountants in Business (PAIB) Committee values the opportunity to comment on the International Ethics Standards Board for Accountants (IESBA)’s Exposure Draft proposing changes to Part C of the Code of Ethics for Professional Accountants (the Code) addressing presentation of information and pressure to breach the fundamental principles.

In early March, IFAC Senior Technical Manager Vincent Tophoff presented at the Institute of Internal Auditors 2015 General Audit Management Conference on risk management. The conference brought together internal audit leaders and key stakeholders, including audit committee and board members.

Mr. Tophoff’s presentation reminded the audience that the main objective of any organization is not to have effective controls, nor to effectively manage risk, but to properly set and achieve its goals, avoid surprises, and create sustainable value. But managing risk is an inseparable and integral part of this.

Small- and medium-sized accountancy practices (SMPs) around the world are generally optimistic about the year ahead, according to the results of the 2014 IFAC Global SMP Survey. Out of four areas—audit and assurance; accounting, compilation, and other non-assurance/related services; tax; and advisory/consulting services—tax and business advisory were nearly tied in terms of pace of expected growth, with about half of respondents expecting at least moderate growth in each area.

While SMPs have long engaged in compliance-driven tax engagements for their clients, business advisory is emerging as an area of increasing importance to SMPs’ growth. In 2013, advisory ranked third out of the four service areas in terms of pace of projected growth, while in 2014, advisory (13%) edged out tax (11%) as the area most likely to drive substantial revenue increases in the coming year.

The results also indicate that advisory is now commonly offered by SMPs, as 93% of respondents provided some form of advisory in 2014. Tax planning is the most common type of advisory service by a wide margin, suggesting that tax services—whether in the realm of compliance or advisory—are driving revenues overall.

“The findings from the 2014 Survey are critical to increasing, and acting on, our understanding of this critical sector,” said IFAC SMP Committee Chair Giancarlo Attolini. “Over 60 IFAC member organizations and regional bodies participated in the survey, allowing us to collect an even broader sample of responses than in previous years, while contributing to our mission of collaborating with our member organizations in building and supporting a global community of SMPs.”

Additional findings from the survey included:

• The regulatory environment and competition topped the list of environmental factors most likely to impact SMPs over the next five years;
• Business intelligence/data analysis software and customer relationship management/document management are the two types of technology most likely to impact SMPs in the next five years; and
• While only 27% of SMPs are currently part of a network, association, or alliance, another quarter are considering joining one.

The survey also included a number of questions about SMPs’ clients—typically small- and medium-sized entities (SMEs). Key findings included:

• While the majority of respondents (87%) reported that at least some of their SME clients seeking financing experienced difficulty in 2014, for most respondents, a relatively small portion (less than 25% of total clients) experienced difficulty;
• Over half (54%) of respondents reported that at least one of their SME clients experienced some type of financial crime, but volume of crimes overall was low, with most respondents indicating that less than 5% of their total clients experienced a crime; and
• Many SMPs are part of the globalization trend; 44% of total respondents have at least 5% of clients that operate internationally, while 69% of the largest SMPs (those with 21+ partners and staff) have at least 5% international clients.

The 2014 IFAC Global SMP Survey was conducted in 21 languages between November 3 and December 29, 2014 and received 5,083 responses from 135 countries. The survey was undertaken in collaboration with lead researchers from the University of Dayton (US), and the report was authored by professors Timothy and Marsha Keune. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the survey. See the full results and subscribe to SMP updates on the IFAC website: www.ifac.org/SMP.

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, specific regions, or SMPs of all sizes.

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 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards^® (IPSASs®) and include an independent auditor’s report. Notable in the 2014 Financial Statements is a substantial surplus.

The 3rd Africa Congress of Accountants (ACOA), held by the Pan African Federation of Accountants (PAFA) and the Mauritius Institute of Professional Accountants (MIPA), will be held May 12-14, 2015 in Mauritius. Rising Africa: Partnering for Results will include sessions on partnerships between the public and private sectors, professional accountancy organization development, women and accountancy, and public sector accountancy, among other topics. Full details are available on the ACOA website.

The 2014 IFAC Global SMP Survey asked practitioners operating in small- and medium-sized practices (SMPs) a number of questions about the challenges they face, the market factors and technologies most likely to affect them in the future, the consulting services they provide, and their performance, both in 2014 and projected for the year ahead. In addition, respondents were asked about their small- and medium-sized entity (SME) clients, including questions around the challenges they face, exposure to financial crimes, access to finance, and the extent of their international operations.