In recent years there has been an increased focus on mentoring activity between professional accountancy organizations (PAOs) as a valuable way of sharing knowledge and transferring sustainable expertise. Recognizing the value of these relationships, IFAC member bodies around the world are working together through twinning arrangements, donor-funded projects, and a wide range of collaborative partnerships to support each other and less-established PAOs.

IFAC believes that the accountancy profession will have an essential role to play in resolving the current crisis and in building a reformed international financial system. Therefore, IFAC would like to support the G20 in its work in facilitating change throughout the world. In doing so, IFAC submitted separate letters (of which this is one) to three of the four G20 Working Groups. In each letter, IFAC provides recommendations in response to the general objectives stated in the G20’s Declaration from the Summit on Financial Markets and the World Economy issued on November 15, 2008.

IFAC believes that the accountancy profession will have an essential role to play in resolving the current crisis and in building a reformed international financial system. Therefore, IFAC would like to support the G20 in its work in facilitating change throughout the world. In doing so, IFAC submitted separate letters (of which this is one) to three of the four G20 Working Groups. In each letter, IFAC provides recommendations in response to the general objectives stated in the G20’s Declaration from the Summit on Financial Markets and the World Economy issued on November 15, 2008.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, has opened nominations for the 2012 IFAC International Gold Service Award.

The IFAC International Gold Service Award was established in 2010 to recognize outstanding individual contributions to the accountancy profession, including protecting the public interest; exemplifying professional conduct and ethics; exceptional quality of work; and/or, contributions to a particular project or initiative. Candidates may or may not be members of the accountancy profession, and contributions may or may not be made through IFAC.

The recipients of the IFAC International Gold Service Award in 2011 were Sir David Tweedie (United Kingdom) and Professor Stephen Zeff (United States).The awards were presented on November 16, 2011, at IFAC’s annual Council Meeting in Berlin, Germany, by Göran Tidström, president of IFAC.

Nominations from IFAC member bodies must be submitted to the chief executive officer of IFAC by March 15, 2012. The nomination should consist of a completed nomination form, available on the IFAC website, and a cover letter. The cover letter should include reasons why the member body believes that the individual should receive an award and must be signed by the president and/or chief executive, or their equivalents, of the member body. If a member body wishes to include other supporting material, it should not exceed two pages. Nominations received in a format other than the stipulated form will not be considered.

In addition to nominations from IFAC member bodies, IFAC’s Nominating Committee will identify and recommend candidate(s) for this award. The Nominating Committee will review the nominations, make the necessary inquiries, and recommend candidate(s), if appropriate, to the IFAC Board, which will make the final selection(s), if any, during its meeting in June 2012. The chief executive officer of IFAC will notify the selected candidate(s) in writing, and the president of IFAC will present the award(s) at the annual IFAC Council Meeting, to be held November 14-15, 2012.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, has issued an announcement to alert its members, Forum of Firms, other international organizations and the general public of its Call for Nominations for IFAC Boards and Committees in 2013 .

For the first time, all vacancies on the public interest activity standard-setting boards* are open for nominations by the public. This change is due to IFAC’s determination to ensure a transparent approach to filling available positions, while also achieving gender, regional, and professional balance, and is in response to the Monitoring Group’s 2010 effectiveness review of the IFAC Reforms.

“The caliber of the volunteer members on our boards and committees is what makes these groups so effective. That is why seeking high-quality nominations is at the core of our nominations processes,” said IFAC President Göran Tidström. “We aim to attract a wide variety of high-quality nominations, to ensure that we have a rich pool from which to find the right candidate for each position. We thank our member bodies and the public in advance for the thoughtful and valuable nominations we anticipate receiving this year.”

Both the Call for Nominations and its companion guide, Developing a Nominations Strategy, are designed to help IFAC stakeholders identify the most qualified person for nomination to each available position on the boards and committees. These in-depth documents, located on the IFAC website, contain strategic and practical advice for nominating organizations and other individuals that allows them to make more informed decisions in their selections and decisions, and to understand the requirements of the various positions.

Each year, approximately one-third of the 155 positions on the boards and committees have openings, though, for some of those positions, serving members may be reappointed. In addition, this year, the position of the IFAC Deputy President is open for nominations from member bodies. For more information about the Nominating Committee, its due process, or for guidance in selecting the best candidate, please visit the IFAC website.

All applications should be submitted before March 15, 2012 electronically via IFAC’s nominations database; instructions are provided on page six of the Call for Nominations.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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* The public interest activity standard-setting boards include the International Accounting Education Standards Board, the International Auditing and Assurance Standards Board, and the International Ethics Standards Board for Accountants.

The Board of the International Federation of Accountants recently approved proposed revisions to the Statements of Membership Obligations (SMOs) to be released for public comment. The SMOs form the basis of the IFAC Member Body Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

The SMOs are issued under the IFAC Board’s authority, and the Compliance Advisory Panel (CAP), together with IFAC Compliance staff, is responsible for reviewing their continuing relevance and sufficiency.

“Since the SMOs were established seven years ago, the regulatory and standard-setting environments in which IFAC members and associates operate have further evolved. As a result, revisiting the SMOs was necessary to reflect those developments and their impact on the global profession,” explained Manuel Sanchez y Madrid, chairman of the CAP. “We redrafted the SMOs to clarify what is expected of IFAC members when they have varying degrees of responsibility for an SMO area. We also brought the SMOs in line with IFAC’s current strategic focus on adoption and implementation of international standards. In the revision project, we were guided by years of experience with the Compliance Program. We looked at how the SMOs have been interpreted and how the compliance assessment is performed by IFAC staff. As a result, I believe the proposed revised SMOs are easier to understand and apply.”

The SMOs and the Compliance Program are designed to assist IFAC in its mission of strengthening the global accountancy profession. The revised SMOs better articulate the obligations of IFAC membership, and the Compliance Program encourages IFAC members and associates in their ongoing efforts to achieve a higher quality of service.

How to Comment
The IFAC Board and the CAP invite all stakeholders to comment on the proposed revisions. To access the Exposure Draft and submit a comment, visit the IFAC website. Comments on the Exposure Draft are requested by March 5, 2012.

About the IFAC Member Body Compliance Program
IFAC members and associates are required to participate in the IFAC Member Body Compliance Program to demonstrate that they are maintaining their good standing and addressing the requirements of IFAC membership. The Program is the responsibility of the IFAC Compliance Staff, reporting to the Chief Executive. The program is overseen by the Compliance Advisory Panel, which—as one of IFAC's public interest activities—is overseen by the Public Interest Oversight Board (PIOB).

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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