Alta Prinsloo, CA (SA), has been named Director of Operations of the International Federation of Accountants (IFAC), the global organization for the accountancy profession, effective January 1, 2009. Ms. Prinsloo is currently Deputy Director of the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of IFAC. She joined the organization as an IAASB Senior Technical Manager in September 2002.

As Director of Operations, Ms. Prinsloo will oversee IFAC's planning, budgeting, and financial management and accounting processes, including supporting the activities of IFAC's Planning and Finance Committee and Audit Committee. She will direct the organization's day-to-day operations, play a key role in the strategic planning process, oversee its human resources and information technology activities, and manage preparations for IFAC Board and Council meetings.

 "Alta's strong international experience, together with the leadership and management skills she has demonstrated with the IAASB, will be of great value to IFAC as she assumes the role of Director of Operations," states Ian Ball, IFAC Chief Executive Officer. "In that capacity, Alta will play a central role in the effective management and operations of a global organization with more than 150 member organizations worldwide."

Prior to joining IFAC, Ms. Prinsloo was Technical Director of the South African Institute of Chartered Accountants, an IFAC member body, where she managed the Technical Department and oversaw the convergence of South African accounting and auditing standards with international standards. She also served as a technical advisor to the South African member of the IAASB from January 2001 to March 2002.

Alta Prinsloo will assume the position later this year, after she has completed her obligations with respect to work on the IAASB Clarity project. She will take over from Stephen Walker, who has served as IFAC Director of Operations since September 2002 and will be returning to his home country of New Zealand.

"Stephen has played a very significant role in strengthening IFAC's strategic planning and finance functions and improving our organization's efficiency. We are grateful for his many contributions to IFAC, and we wish him all the best for the future," states Mr. Ball.

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 157 members and associates in 123 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 sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business. For more information about IFAC, visit its website at www.ifac.org.

Recognizing that professional accountants in business play an important role in helping their organizations deliver long-term value, the International Federation of Accountants (IFAC) Professional Accountants in Business (PAIB) Committee has released new guidance on the use of discounted cash flow analysis and net present value in evaluating investments. Entitled Project Appraisal Using Discounted Cash Flow, this guidance was released as part of the PAIB Committee's new program to develop International Good Practice Guidance on financial and management accounting topics.

Discounted cash flow analysis and estimating the net present value of cash flows involve fundamental principles of finance that support disciplined financial management in organizations. Professional accountants in business have a role in promoting and explaining the importance of these principles in their organizations, particularly where the connections between the application of financial principles and related financial theory are not easily understood or accepted.

"This new guidance will help professional accountants in business to promote the importance of generating long-term value in their organizations," states Edward Chow, Chair of the PAIB Committee. "Professional accountants have a significant role in ensuring that their organizations focus on decisions that maximize expected value, rather than on their short-term impact on reported earnings. Companies with good records of value creation generally have better shareholder and investor acceptance."

Final Preface to International Good Practice Guidance
Together with the guidance, the PAIB Committee has released the final Preface to IFAC's International Good Practice Guidance. The Preface sets out the scope, purpose, and due process of the committee's new International Good Practice Guidance, which cover management accounting, financial management, and broader topics in which professional accountants in business are engaged.

Project Appraisal Using Discounted Cash Flow and the Preface is available on the IFAC website.

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 157 members and associates in 123 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 sets international standards on ethics, auditing and assurance, education, and public sector accounting. Through its Professional Accountants in Business Committee, IFAC issues guidance to encourage high quality performance by professional accountants in business.

The International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), has issued a re-exposure draft of proposals to strengthen two areas of the independence requirements contained in the IFAC Code of Ethics for Professional Accountants (the Code). The proposals re-exposed for comment relate to the provision of internal audit services to a public interest audit client and the safeguards that are required when the fees from a public interest audit client exceed 15 percent of the total fees of the firm. The re-exposure draft relates to matters that were exposed for comment in July 2007.

"The IESBA considered the comments it received related to independence and concluded that the proposals in the July 2007 exposure draft should be further strengthened in the areas of internal audit services and the relative size of fees from a single audit client," states Richard George, IESBA Chair. "We are seeking comments on the proposed revisions because of the significance of the changes made to address comments received."

The re-exposure draft contains two key proposals. The first would prohibit independent auditors from providing internal audit services related to internal controls, financial systems or financial statements to an audit client that is a public interest entity, thereby further strengthening their objectivity in carrying out audits. The second proposal requires that an annual pre- or post-issuance review be conducted by a professional accountant who is not a member of the firm when the revenues from one public interest entity client exceed 15 percent of total firm revenue for two consecutive years. The proposal provides an important safeguard against the threat to independence when a firm receives a significant portion of its revenues from a single client.

The objective of the IESBA is to serve the public interest by setting high quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, thereby enhancing the quality and consistency of services provided by professional accountants.

Comments on the exposure draft are requested by August 31, 2008. The exposure draft may be viewed by going to https://www.ifac.org/EDs. Comments may be submitted by email to edcomments@ifac.org. They can also be faxed to the attention of the IESBA Senior Technical Manager at +1 (212) 286-9570 or mailed to IFAC, 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on IFAC's website.

About the IESBA and IFAC
The IESBA develops ethical standards and guidance for use by professional accountants. It encourages member bodies of IFAC to adopt high standards of ethics for their members and promotes good ethical practices globally. The Public Interest Oversight Board oversees the activities of the IESBA and, as one element of that oversight, establishes its due process and working procedures.

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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international standards of ethics through the IESBA, IFAC, through its independent standard-setting boards, sets standards on auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

Mid-sized enterprises, compared with their small and large counterparts, face unique challenges in virtually all aspects of their businesses, including strategic management, organizational and financial structure, corporate governance, risk management and internal control, management accounting, and business reporting. Recognizing that professional accountants in business play an important role in each of these business areas, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new publication entitled The Crucial Roles of Professional Accountants in Business in Mid-Sized Enterprises.

This information paper features interviews conducted by Eric Krell, an experienced financial journalist, with 10 senior-level professional accountants in business on their experiences in mid-sized enterprises. The interviews illustrate the critical roles that professional accountants in business play in identifying and addressing the unique challenges that mid-sized enterprises face.

"While the professional accountants in business who were interviewed for this paper are from different enterprises all over the world, they confront similar challenges and their solutions point in the same direction," states Edward Chow, Chair of the PAIB Committee. "The experiences and the lessons that they share can help professional accountants in business and others in addressing similar issues, as well as in driving performance and creating value for their organizations."

This interview-based information paper is part of a larger PAIB Committee project on mid-sized enterprises. It will serve as the basis for the development of principles-based good practice guidance on the typical challenges that mid-sized enterprises confront and how professional accountants in business can help in responding to those issues.

The paper, along with a range of other publications on topics of interest to professional accountants in business, can be downloaded from the IFAC online bookstore. 

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 157 members and associates in 123 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 sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

The Public Interest Oversight Board has issued its third public report on its independent oversight of IFAC's public interest activities, including international standard setting for auditing, ethics and education, and the Member Body Compliance Program. The full report, which summarizes the PIOB's activities during the past year, is available on its website: www.ipiob.org.

The Public Interest Oversight Board has issued its third public report on its independent oversight of IFAC's public interest activities, including international standard setting for auditing, ethics and education, and the Member Body Compliance Program. The full report, which summarizes the PIOB's activities during the past year, is available on its website: www.ipiob.org.

Earlier this week in New York City, the International Federation of Accountants (IFAC) held a meeting with representatives of the emerging economies of Brazil, Russia, India and China (BRIC) to discuss their processes, achievements and challenges in adopting IFAC's international standards. More than 20 leaders of the accountancy profession, regulators and senior government officials from the BRIC countries attended this milestone event designed to help foster greater collaboration in achieving convergence to the global auditing, ethics and public sector accounting standards established by IFAC's independent standard-setting boards.

Government officials and leaders of the profession in all four countries indicated their commitment to adhering to IFAC standards and recognized that these standards play a vital role in ensuring that professional accountants and governments alike deliver high quality financial information. Each country presented an overview of their convergence plans and identified some of the challenges that they currently face, including capacity development, lengthy legislative processes, complex regulatory environments, and the need for translations of standards.

"We were heartened to learn that all of the participants were convinced that convergence is important for their countries and economies. This is indeed significant as these countries represent half of the world's population and are central to our global economy," states Fermín del Valle, IFAC President.

"We also realize that the road ahead for these countries, and many others in the emerging economies, is not an easy one. Their greatest challenge is moving from convergence to implementation, including remaining up to date on new and revised standards. IFAC is committed to helping these countries and others to meet this challenge," emphasizes Mr. del Valle.

The positive feedback from this meeting has prompted the group to consider setting up communications channels to continue the dialogue on technical and other convergence-related issues. IFAC will continue to support these initiatives and is encouraging other countries that share common interests or work in a shared region to work together on convergence and the implementation of international standards.

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 157 members and associates in 123 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 sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, is seeking nominations for two public member positions on the International Auditing and Assurance Standards Board (IAASB) beginning in January 2009. Individuals, organizations, accountancy firms, and IFAC member bodies and associates may submit nominations for the public member positions by June 22, 2008.

Nominees for the public member positions must have an appropriate level of knowledge about the work of the IAASB, although they need not have a professional accountancy designation. Public members are expected to act in the public interest and must be seen to be independent of any special interests and seen to be acting to represent society as a whole.

The IAASB serves the public interest by setting, independently and under its own authority, high quality international auditing and assurance standards and facilitating convergence to those standards, thereby enhancing the quality and uniformity of practice worldwide and strengthening public confidence in financial reporting. More than 100 countries use or are in the process of adopting or incorporating the IAASB's International Standards on Auditing into their national auditing standards, or are using them as a basis for preparing national auditing standards.

Public members of the IAASB will participate in the development of assurance standards on green house gas emissions and reports on controls at third party service organizations, as well as the development of other new and amended international standards following the IAASB's rigorous due process. Some IAASB members will also be engaged in liaison activities with key regulatory and other organizations, including meetings, presentations and participation in forums and workshops.

For more information about general qualifications for nominees, their responsibilities, and the process for submitting nominations, see the Call for Nominations on IFAC's website.
 
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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Federation of Accountants (IFAC), in partnership with the World Bank, is seeking expressions of interest from professional accountants to carry out an evaluation of the activities of the International Public Sector Accounting Standards Board (IPSASB). The IPSASB, an independent standard-setting board within IFAC, develops international standards and guidance to improve public sector financial reporting and fiscal management. The IPSASB's activities are partly financed by World Bank funding grants and, under the funding terms and conditions, an external review of these activities is periodically performed.

The review will cover matters including the extent of adoption of IPSASB standards worldwide, the effectiveness of the World Bank's involvement in the IPSASB's work, whether developing nations have an effective voice in IPSASB activities and whether the governance and management of these activities are transparent and accountable. The evaluator will also be free to propose other suggestions for improvements to the IPSASB's standards development program.

"This external review provides an important opportunity to demonstrate the value of the IPSASB's work in developing international standards to a key supporter and our wider constituents and will assist in identifying areas for improvement," states Mike Hathorn, IPSASB Chair.

Applicants must have substantive prior experience in public sector accounting or auditing. Direct experience with accounting or auditing standards setting is desirable. The evaluator must be a professional accountant and a member of a professional accountancy body.

The requirements for the evaluator and the issues to be addressed by the review are explained in the Terms of Reference for the Evaluation of Development Grants Facility Program, which can be downloaded from the IPSASB home page at https://www.ifac.org/PublicSector/Projects.php. The deadline for submitting an application to be the evaluator is 12:00 pm (EST), Friday, May 31, 2008.

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 157 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Federation of Accountants (IFAC) released its 2007 annual report today, highlighting IFAC's progress in achieving international convergence, its expanding role in supporting the profession in developing nations, and its initiatives to enhance the quality of work provided by professional accountants in the public and private sectors. In addition, the report describes IFAC's consultation with and outreach to regulators, standard setters, international development agencies, and other international groups in the development and implementation of its various public interest activities.

"The accomplishments of the past year are the result of a shared vision of IFAC, its members and associates, regional accountancy organizations, and others to strengthen the profession so it can effectively serve the public interest and contribute to economic growth and development worldwide," states IFAC President Fermín del Valle. "The report clearly demonstrates our commitment to transparency and building public trust."

A key feature of the report is the "Service Delivery" section, which describes IFAC services delivered against those planned in five key areas:

• Standards and guidance;
• Promoting quality;
• International collaboration;
• Representation of the accountancy profession in the public interest; and
• Information services.

"For the first time, the Service Delivery section of our annual report was reviewed by IFAC's independent auditor, and it received an unqualified assurance engagement opinion. This assurance statement reflects both our focus on services and our accountability to stakeholders,"states IFAC Chief Executive Officer Ian Ball. "It makes clear that we have delivered what we promised."

In addition to messages from IFAC's President and CEO, the report includes a message from Professor Stavros Thomadakis, Chair of the Public Interest Oversight Board, which oversees IFAC's Public Interest Activity Committees*.

The IFAC 2007 annual report can be downloaded from its website at https://www.ifac.org/About/2007AnnualReport.php. Print copies will be available in early-May and may be obtained by sending an email with your mailing address to pr@ifac.org.

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 157 members and associates in 123 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 sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

* The Public Interest Activity Committees are the International Auditing and Assurance Standards Board, the International Accounting Education Standards Board, the International Ethics Standards Board for Accountants, and the Compliance Advisory Panel, which oversees the IFAC Member Body Compliance Program.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), seeks to fill a key technical manager position.

The IAASB is made up of volunteer members from around the world. The technical manager's key responsibilities will include conducting project research; interacting with national standard setters and IFAC members and associates from various countries; and developing, editing and overseeing publication of IAASB exposure drafts, standards and guidance. Other responsibilities include:

• Drafting project proposals and presenting them to the IAASB and, as appropriate, to task forces;
• Attending IAASB meetings as well as task force meetings, participating in discussions and recording discussions and decisions;
• Preparing IAASB meeting agendas and papers and developing articles and speeches; and
• Assisting the Chairman and Executive Director, Professional Standards in responding to technical and process issues raised by the IAASB Consultative Advisory Group and the Public Interest Oversight Board.*

The ideal candidate for this position will have a professionally recognized accounting degree or other relevant qualification. An excellent knowledge of issues relating to auditing, and experience in the standard-setting process is a plus, as is an understanding of the special considerations relating to the audit of multinational entities, small and medium enterprises or public sector entities.

It is anticipated that the successful applicant will work at IFAC's headquarters in New York City. (About 25 day to 35 days per year of international travel are required.)

A complete job description, including additional information concerning preferred background and experience, is available on the IFAC website. Interested candidates should submit their résumé (CV) by June 20, 2008 to the IFAC Human Resources Manager.

About the IAASB and IFAC
The objective of the IAASB, an independent standard-setting board within IFAC, is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB, and, as one element of that oversight, establishes the criteria for its due process and working procedures.

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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce.  In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Note to Editors
The Public Interest Oversight Board (PIOB) was formally established in February 2005 to oversee IFAC's auditing and assurance, ethics, and education standard-setting activities as well as the IFAC Member Body Compliance Program. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IAASB, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.