Pillar IV – Resource Revenue Management, will complete the IMF Fiscal Transparency Code by stating principles and practices for each stage of the resource revenue management process for resource-rich countries. It recognizes the need to account for differences in the institutional and legal systems which govern natural resource activity in individual countries, and follows the structure and approach of the first three pillars in measuring the transparency and quality of output rather than processes, and in placing greater emphasis on fiscal risk disclosure and management.

The IFAC SMP Committee supports the approach taken by the International Ethics Standards Board for Accountants (IESBA) and the general direction of the project to improve the usability of the structure of the Code of Ethics for Professional Accountants (the Code). In particular, the SMP Committee agrees with the proposal to clearly separate the requirements from guidance, as it will enhance users’ understanding of the spe

The International Federation of Accountants^® (IFAC^®) today published the following Question and Answer (Q&A) documents of the International Auditing and Assurance Standards Board^® (IAASB^®) and the International Ethics Standards Board for Accountants^® (IESBA^®) in the Spanish language:

• Staff Q&A - Applying ISAs Proportionately with the Size and Complexity of an Entity
• Staff Q&A - Applying ISQC 1 Proportionately with the Nature and Size of a Firm
• IESBA Staff Q&A - Implementing the Code of Ethics—Part I      
• IESBA Staff Q&A - Implementing the Code of Ethics—Part II 

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 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.

The IAASB Staff Q&A publications highlight how the design of the International Standards on Auditing (ISAs) enables them to be applied in a manner proportionate with the size and complexity of an entity, and how the design of International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, enables it to be applied in a manner proportionate with the nature and size of a firm.

The IESBA Q&A publications are intended to assist professional accountancy organizations and others as they adopt and implement the Code of Ethics for Professional Accountants (the IESBA Code).

Additional Spanish translations of IFAC publications will be forthcoming.

About the IAASB
The International Auditing and Assurance Standards Board (IAASB) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA) develops ethics standards and other pronouncements for professional accountants worldwide under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and other pronouncements. The structures and processes that support the operation of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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.

The International Federation of Accountants (IFAC) has signed an agreement with the University of Dayton (UD) Department of Accounting and School of Business Administration, securing subject-matter experts to contribute to several research projects in 2015. This year-long pilot program is a seminal initiative, as it reflects IFAC’s commitment to gathering and using empirical data, when appropriate, to enhance the strength and quality of its work. In addition, it signals IFAC’s efforts to evolve and strengthen its ties with the academic community.

Under the agreement, UD will supplement its capacity by engaging leading academics with subject-matter expertise from around the world, when appropriate, to meet IFAC’s diverse research needs. Identified projects for the coming year include: the IFAC Global Small- and Medium-Sized Practice (SMP) Survey; an examination of the role of SMPs in providing business support to small- and medium-sized entities (SMEs); a review of public sector financial reporting in Africa and the Caribbean; and a review of the role of accounting advice on the performance of entities of various sizes.

At the end of the UD agreement, IFAC will evaluate the pilot and consider next steps. 

IFAC Senior Technical Manager Vincent Tophoff was the keynote speaker at the seminar Municipal Control: A Different Contribution to Governance in Santiago, Chile, organized by the Comptroller General of Chile. The seminar was attended by government official and other professionals from the internal control units of the central and local public sector in Chile.

The presentation, “Risk Management and Control in the Public Sector,” describes the most internationally renowned standards for international control, some of the key flaws in risk management and internal control, and the International Framework: Good Governance in the Public Sector, released in 2014 by IFAC and the Chartered Institute of Public Finance and Accountancy.

IFAC Senior Technical Manager Vincent Tophoff was the keynote speaker at the seminar Municipal Control: A Different Contribution to Governance in Santiago, Chile, organized by the Comptroller General of Chile. The seminar was attended by government official and other professionals from the internal control units of the central and local public sector in Chile.

The presentation, “Risk Management and Control in the Public Sector,” describes the most internationally renowned standards for international control, some of the key flaws in risk management and internal control, and the International Framework: Good Governance in the Public Sector, released in 2014 by IFAC and the Chartered Institute of Public Finance and Accountancy.

IFAC Senior Technical Manager Vincent Tophoff recently addressed good governance in the public sector at a breakfast panel in Chile held by the Comptroller General of Chile. The event was attended by governmental officials and other professionals working in governance and the public sector.

The presentation, “Good Governance in the Public Sector,” addressed the key challenges for governance in the public sector and how methods to avoid and solve them. Mr. Tophoff also discussed the IFAC-CIPFA publication, International Framework: Good Governance in the Public Sector.

IFAC Senior Technical Manager Vincent Tophoff recently addressed good governance in the public sector at a breakfast panel in Chile held by the Comptroller General of Chile. The event was attended by governmental officials and other professionals working in governance and the public sector.

The presentation, “Good Governance in the Public Sector,” addressed the key challenges for governance in the public sector and how methods to avoid and solve them. Mr. Tophoff also discussed the IFAC-CIPFA publication, International Framework: Good Governance in the Public Sector.

IFAC has formally responded to the Malaysian Committee to Strengthen the Accountancy Profession (CSAP)’s Report on the Strengthening of the Accountancy Profession in Malaysia addressing regulation, meeting the demand for professional accountants, accountancy education, and making public accountancy practices more competitive.

The biggest challenges facing small- and medium-sized accounting practices (SMPs) worldwide are complying with regulations and standards and attracting new clients, according to the 2014 IFAC^® Global SMP Survey. Conducted annually, the Global SMP Survey provides unique insights into the challenges and opportunities facing SMPs around the world.

“IFAC is committed to building the capacity of SMPs worldwide, and the findings from our SMP Survey are critical to that mission,” commented IFAC CEO Fayezul Choudhury. “Understanding the challenges that SMPs and their clients face, both on a regional and global scale, helps IFAC and our member organizations better serve this important constituency and accurately represent them in our interactions with regulators, standard setters, and policy makers.”

The key findings from the 2014 IFAC Global SMP Survey include:

Challenges Facing SMPs

• Keeping up with regulations and standards (57%) and attracting new clients (58%) were identified as the two greatest challenges facing SMPs worldwide. Pressure to lower fees (51%), rising costs (50%), and differentiating from the competition (50%) were nearly tied as the next biggest challenges.
• Attracting new clients was found to be a key concern in the Middle East (80%), but much less of a concern in North America (33%) and Australasia/Oceania (36%).  
• Regulatory concerns ranked highly at firms in Central and South America (68%), the Middle East (65%), and Europe (63%).

Challenges Facing SME Clients

• Rising costs (67%) and economic uncertainty (66%) were identified as the top two challenges facing SME clients.
• This was especially apparent in the Middle East and Africa, where these challenges were ranked higher than any other region.

Percentages in the above represent respondents rating these challenges as a “high challenge” or “very high challenge.”

Performance and Outlook

• SMPs show promising economic growth, with 72% of firms maintaining or growing the previous year’s practice fee revenues (31% reported that practice fee revenues stayed the same, 37% reported a moderate increase, and 4% reported a substantial increase).
• Australia/Oceania (63%), North America (56%), and Africa (55%) ranked as the top three regions reporting moderate to substantial growth in practice fee revenues.
• Tax (48%) and advisory/consulting services (50%) were projected to be the two biggest sources of revenue growth for the year ahead. (Percentages represent respondents rating these services as “increase moderately” or “increase substantially.”)

“It is encouraging to see SMPs maintaining or growing their revenues as they are a crucial part of the global economy,” said SMP Committee Chair Giancarlo Attolini. “With solid performance this past year, and optimism regarding revenue growth in the coming year, SMPs reflect the current state of the global economy and the spectrum of opportunities for small businesses.”

The year-end 2014 survey, which is being undertaken in collaboration with lead researchers from the University of Dayton in the US, received 5,083 responses from 135 countries, and was conducted in 21 languages. For full results of the IFAC Global SMP Survey, expected in March 2015, please visit and subscribe to SMP updates from: www.ifac.org/SMP. Due to different response rates in different geographic areas, results may not be statistically representative of global or regional populations of SMPs. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the survey.

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.