Global accountancy leaders want the International Federation of Accountants to increase pressure for adoption, implementation, and enforcement of standards.   

Investors and all consumers of financial information deserve clear, reliable, and consistent information, IFAC organizations from around the world asserted in a survey by the International Federation of Accountants (IFAC).

The adoption, implementation, and enforcement of international financial standards is crucial, according to the latest IFAC Global Leadership Survey, which polled its membership of 157 accountancy organizations in 123 countries.^* The presidents and chief executives responding to the survey said that IFAC needs to continue to lead the convergence of standards developed by its independent standard-setting boards, relating to auditing and assurance, education, ethics and public sector accounting, and to support the implementation of those standards.

The IFAC Global Leadership Survey announced in a revised version today the accountancy profession's leadership views of top priorities as:

• Increase confidence in international standards for accounting and auditing, in both the private sector and the public sector
• Adopt but also implement international standards, including principles of good corporate governance
• Urge the G-20 to not place unreasonable burdens on small and medium-sized enterprises through new regulations or re-regulation

"To move beyond the current crisis and ensure protection for all investors and taxpayers, the necessary parties around the world need to adopt and implement high-quality global standards," says IFAC CEO Ian Ball. "It is crucial for governments and regulators to take decisive actions in their countries and put in place their international commitments to converged standards."

The survey also found that the demand for professionals in public practice, business, and the public sector is expected to be high in the next three years. Student interest in accountancy has increased dramatically over the past three years, according to survey results. The profession was rated "Very attractive" or "Attractive" to university-level students, as well as experienced professionals and graduates who recently entered the field.

This version of the survey includes responses from more than 110 presidents and chief executives of IFAC members and regional accountancy organizations and groupings around the world.

About IFAC
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC has issued the revised results of the Third Annual Global Leadership Survey. Key findings cover a wide-range of topics, including the need to support small and midsize businesses in the current environment, the increasing importance of adoption and implementation of international standards, and the improvements made in the area of corporate governance.

The International Federation of Accountants (IFAC) has posted a notice to alert its members, recognized regional organizations, acknowledged accountancy groupings, and the public of the withdrawal of the report on the 2009 Third Annual Global Leadership Survey. The report was issued on January 15, 2010.

The report has been withdrawn to incorporate additional responses and update the list of respondents. The report will be re-issued within the next few weeks.

If you have any questions, please contact Alta Prinsloo, Director, Governance and Operations, at altaprinsloo@ifac.org or Sylvia Barrett, Acting Deputy Director, Communications at sylviabarrett@ifac.org.

About IFAC
IFAC (https://www.ifac.org/) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has announced the promotion of two senior staff who lead its Quality and Member Relations initiatives focused on enhancing the capacity of the profession and addressing the needs of audit practices around the world.

The appointments are:

• Russell A. Guthrie, CPA, to the position of Executive Director - Quality and Member Relations; and
• Sylvia Barrett, CA, to the position of Director - Quality and Member Relations.

Mr. Guthrie and Ms. Barrett will focus on IFAC's initiatives supporting global practice quality and the role of IFAC's member bodies, which are professional accountancy organizations. IFAC plans to continue to address emerging issues facing practitioners and to further increase opportunities for collaboration with key stakeholders, including development agencies.

Russell Guthrie appointed to Executive Director - Quality and Member Relations
In his new position, Mr. Guthrie, who joined IFAC in March 2001, will have a prominent role in the IFAC Management Team and lead the strategy for the Quality and Member Relations initiatives. His key areas of focus will be stakeholder relations, the continued implementation of the Member Body Compliance Program, and enhancing IFAC's efforts to support the growth of the accountancy profession in developing and emerging economies.

"Promotion to the role of Executive Director recognizes the broad range of Russell's responsibilities," states Ian Ball, IFAC Chief Executive Officer. "His extensive experience within IFAC and the global profession ideally positions him to lead IFAC's quality initiatives as well as develop and maintain positive relationships with external groups and stakeholders."

Sylvia Barrett appointed to Director - Quality and Member Relations
Ms. Barrett will utilize her knowledge about the roles and needs of professional accountants and her experience in implementing strategic programs to advance IFAC's activities for small and medium practices, transnational audit practices, and the adoption, translation, and implementation of global standards. Ms. Barrett first joined IFAC in April 2002, as a Technical Manager with the International Auditing and Assurance Standards Board (IAASB). In her current position as Deputy Director of Member Body Development, Ms. Barrett supports IFAC's Member Body Compliance Program, Developing Nations Committee, and is currently acting as head of the Communications Department.

"Sylvia not only has made significant contributions to IFAC's success over the past several years, but she also has extensive knowledge of the challenges facing the global accountancy profession," notes Mr. Ball. "Sylvia's promotion to Director and to the IFAC Management Team reflects the expansion of her job responsibilities and the important role she will play in advancing the next phase of key IFAC programs." Ms. Barrett will transition into her new position and responsibilities during the second quarter of 2010.

About IFAC
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

As world economies recover from the global financial crisis, the Third Annual Global Leadership Survey of the International Federation of Accountants (IFAC) revealed its membership as vocal advocates for small and midsize businesses, as well as for the adoption of global accounting and auditing standards. It also highlighted corporate governance enhancements in jurisdictions around the world.As world economies recover from the global financial crisis, the Third Annual Global Leadership Survey of the International Federation of Accountants (IFAC) revealed its membership as vocal advocates for small and midsize businesses, as well as for the adoption of global accounting and auditing standards. It also highlighted corporate governance enhancements in jurisdictions around the world.

"Our members took action to assist their jurisdictions during the crisis, lending their expertise to governments and businesses. Through a variety of outreach programs, they also let the public know what a valuable role the professional accountant plays in all the sectors we serve, especially in a time of crisis," says IFAC Chief Executive Officer Ian Ball. Mr. Ball noted that, in October and November 2009, IFAC received 105 responses to its online survey from the presidents and chief executives of accountancy institutes, and regional accountancy organizations and groupings. He adds, "Survey respondents believe that continued emphasis on effective implementation of international accounting and auditing standards and good corporate governance principles are critical issues for the future."

Public sector finance improvements. Because the financial crisis led to many governments' assuming an interventionist role in their economies through providing a range of guarantees and undertaking bailouts of major banks and other institutions, among other actions, the survey sought information on efforts to improve the transparency and accountability of governments for public sector finance. Many respondents reported their countries were in the process of adopting the International Public Sector Accounting Standards (IPSASs), which can provide the reliable information about government finances that is so important in the context of the crisis.

Corporate governance enhancements. When survey participants were asked whether there had been enhancements to corporate governance in their jurisdictions, the majority reported that there had either been improvements, that actions were in process, or that such changes were being considered. In particular, they reported the adoption of the Organisation for Economic Co-operation and Development's (OECD) good governance principles, but there was an extensive range of responses, from making it mandatory for companies of a certain size to create an audit committee, to introducing codes specific to small businesses.

Demand for accountants. IFAC's survey also asked about the demand for accountants throughout the broad spectrum of sectors in which they work, and found that the profession remains attractive to students and those already in the field. According to survey responses, the demand for accountants remains high, worldwide, with growing interest in the government and academic sectors. Participants believe the demand for accountancy professionals will grow in the coming years.

Unity of the profession. Finally, respondents believe in the importance of maintaining the unity of the accountancy profession, in order to play a role in the changing regulation of the financial sector internationally. They said that they believe that IFAC should continue in its roles as a voice of the global profession--such as its memoranda to the G-20 leaders on reform of the global financial system, including special consideration for the needs of SMEs (small and medium entities)--and as a global standard-setter for auditing and public sector accounting, and professional ethics and education. 

The full report is available in the Policy Position Papers and Reports section of IFAC's Publications and Resources site.

About IFAC
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has posted an announcement to alert its members, the Forum of Firms, international organizations, and the public about its Call for Nominations to IFAC Boards and Committees in 2011.

Both the Call for Nominations and a companion guide, Developing a Nominations Strategy, are designed to help IFAC find the best person for each available position on its boards and committees, while also achieving a gender, regional, and professional balance. These extensive publications contain strategic and practical advice for nominating organizations, allowing them to make better informed decisions in selecting their nominees and to understand what is expected of them.

Nominations may be submitted from January 15 to March 15, 2010, by sending the completed Candidate Information Form via email to nominations@ifac.org. This form, along with more information about the nominations process and the Help Sheet, which includes detailed information on filling out the form, can be downloaded from the Nominating Committee section of the IFAC website: www.ifac.org/NominatingCommittee. 

If you have any questions, please contact Laura Buijs, Governance Manager, at laurabuijs@ifac.org.   

About IFAC
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

"Enterprise Governance" was chosen as the top article published in 2009 for Professional Accountants in Business (PAIB) by the member bodies of the International Federation of Accountants (IFAC). The Articles of Merit Award Program identifies and promotes outstanding articles on financial and management accounting topics that have previously appeared in the publications of IFAC's 159 member bodies and associates. The articles were selected by IFAC's PAIB Committee and visitors to IFAC's International Center for Professional Accountants in Business.

The 2009 winning article challenges conventional business thinking: Businesses should be more circumspect during a boom and be better prepared to take risks under harsh conditions. It was first published in Financial Management, the monthly members' magazine of the Chartered Institute of Management Accountants.

"Enterprise Governance" and the other top articles form the basis of an annual publication, also called Articles of Merit, which covers the important issues affecting the work of professional accountants worldwide. The publication's nine runner-up articles offer additional advice and insights for professional accountants in business on such topics as capital grants, investment appraisal, and shared services, with useful ideas on matters such as governance and risk management, accounting for sustainability, and writing board reports.

The 2009 Articles of Merit, together with previous publications, can be downloaded free of charge from the Publications & Resources section of the IFAC website. Each of the ten articles may also be downloaded individually.

About IFAC and the PAIB Committee
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC's PAIB Committee serves IFAC member bodies and the more than one million professional accountants worldwide who work in commerce, industry, the public sector, education, and the not-for-profit sector. The committee facilitates the global development and sharing of knowledge, develops good practice guidance, and promotes the roles and domain of professional accountants.

The International Federation of Accountants (IFAC) has posted an announcement to alert its members and the public of its Notice of the Call for Nominations to IFAC Boards and Committees in 2011.The International Federation of Accountants (IFAC) has posted an announcement to alert its members and the public of its Notice of the Call for Nominations to IFAC Boards and Committees in 2011.

Both the Notice of the Call for Nominations and its companion guide, Developing a Nominations Strategy, are designed to help IFAC find the best person for each available position on its boards and committees, while also achieving a gender, regional, and professional balance. These extensive publications contain strategic and practical advice for nominating organizations, allowing them to make more informed decisions in selecting the persons they nominate and to understand what is expected of them.

The actual Call for Nominations for IFAC Boards and Committees in 2011 will be issued on January 15, 2010, and nominations may be submitted from January 15 to March 15, 2010.

If you have any questions, please contact Laura Buijs, Governance Manager, at laurabuijs@ifac.org. For more information about the nominations process, please see www.ifac.org/NominatingCommittee.  

About IFAC
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

Through its independent standard-setting boards, IFAC develops international standards on ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to support professional accountants in business, small and medium practices, and developing nations. In addition, IFAC issues policy positions on topics in the public interest.

The International Federation of Accountants' (IFAC) 32nd annual Council meeting in Washington, D.C., this week emphasized the urgency of achieving global adoption and implementation of financial standards, especially for accounting and auditing.

Robert L. Bunting, IFAC President, says, "There is no high-quality information without the work of accountants--and certainly no way forward from the global financial crisis without it. What we need is a level playing field in financial reporting. What we do not need is trans-Atlantic accounting arbitrage and political interference in the technical aspects of standard setting. Governments, standard setters, and the accounting profession need to collaborate closely if common high-quality standards in accounting and auditing are to be established, adopted, and well implemented. And that includes accounting standards for governments, many of which have become major investors in the private sector during the crisis."

IFAC's Chief Executive Officer, Ian Ball, adds that IFAC's work in delivering this message to its members and their governments is increasingly important. "We have expressed the importance of global accounting and auditing standards to the G-20 twice this year--before the Leaders' Summits in London and Pittsburgh--and believe that now is the time for action at the country level if we are to achieve what was agreed by the G-20."

These messages were reiterated frequently in workshops and seminars during IFAC's two-day event, hosted by the American Institute of Certified Public Accountants.

The Council's formal deliberations included approval of IFAC's strategic actions for the coming year, which include:

• continuing development of auditing, ethical, accounting education, and public sector accounting standards that meet the public interest;
• promoting the adoption and implementation of these standards;
• exercising IFAC's voice for the global accountancy profession, including input to the G-20 and other key international organizations; and
• addressing the needs of small- and medium-sized entities (SMEs) and seeking to avoid excessive regulatory burdens being placed on this critical economic sector.

The Council approved three new member bodies: Iranian Association of Certified Public Accountants (IACPA); Latvian Association of Certified Auditors (LACA); and Society of Certified Accountant and Auditors of Kosovo (SCAAK).

In addition, two associates were approved: Brunei Darussalam Institute of Certified Public Accountants (BICPA); and Ordre des Experts-Comptables du Luxembourg (OEC). The Council also gave affiliate status to the National Association of State Boards of Accountancy (NASBA) from the United States.

About IFAC
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.