Phenomenal disruptions and challenges surround us as we forge ahead into the uncharted territory of the digital economy. Yet as accountancy professionals sworn to uphold the public interest, we must hold steadfast to our intrinsic values of uncompromising integrity and accountability, regardless of the situation. Despite taking on multiple new roles as influencers, decision makers, and business advisors, we have a fundamental duty as financial stewards to innovate, reform and comply with standards and processes for the sake of good governance and sustainability.

With the advent of digital, we have an added responsibility to assess and integrate technology as an enabler for ethical business that benefits profit, people and planet.

Join the global profession at the MIA International Accountants Conference 2019 and explore how to resolve the trust deficit that afflicts the profession by embracing technology, good governance and sustainability in private and public sectors, and establishing ourselves irrevocably as stewards of the public interest and long-term sustainability.

The MIA Conference features top notch local, regional and global speakers. In 2018, the conference drew more than 3,000 delegates from commerce and industry, public sector, public practice and academia.

For more information and to register, visit the MIA Conference website.

The International Ethics Standards Board for Accountants (IESBA) today launched the eCode – a web-based tool that delivers the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) on a digital platform. In addition to “app-like” features and functionalities, this new platform better demonstrates the Code’s “building blocks” architecture and scalability.

The eCode represents the outcome of a strategic initiative to leverage modern technologies, including mobile access, to make the content of the Code as widely accessible and visible and as user-friendly as possible. In addition to enhanced search and navigation, the eCode includes links to non-authoritative resources that provide contextual information or explain the rationale for particular provisions in the Code.

“The eCode is an innovative response to stakeholder calls for more support for implementation,” said Dr. Stavros Thomadakis, IESBA Chairman. “Technology opens many opportunities for enhancement to the user experience, and with the eCode we have sought creative and appealing ways to do so. We firmly believe the eCode will greatly facilitate adoption, consistent application and enforcement of the Code in the public interest.”

“The launch of the eCode is timely as the Restructured and Revised Code came into effect earlier this month,” said Ken Siong, IESBA Senior Technical Director. “Technology is rapidly transforming the ways of work and how information is accessed and used. It is therefore apt to see the Code now accessible on a digital platform which users will find familiar and intuitive.”

The development of the eCode has benefited from the operational support of the International Federation of Accountants (IFAC) as well as staff support from the New Zealand External Reporting Board. The IESBA will continue its collaboration with these partners as it embarks on a second phase of this initiative to explore additional features as well as avenues to transfer the platform to adopters of the Code.

The eCode is available free-of-charge at www.IESBAeCode.org. The IESBA welcomes feedback from all stakeholders. In particular, views are sought about usability features, national adoption of the eCode platform, and areas for further improvement from firms, national standard setters, regulators and audit oversight bodies, professional accountancy organizations, investors and academia. Please email suggestions to IESBAeCode@ethicsboard.org.

Learn more about the Code, including the five fundamental principles of integrity; objectivity; professional competence and due care; confidentiality; and professional behavior on the IESBA’s website.

Click here to access tutorial-styled video on the features of the eCode.

About the IESBA
The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

IFAC (the International Federation of Accountants) today urged G20 countries to pursue smart regulation, heightened transparency, and inclusive growth to embrace Japan’s vision for an innovative and intelligent “Society 5.0”.

At a time of economic and political uncertainty, IFAC’s recommendations focus on actions that will strengthen the economy, ensure progress toward the Sustainable Development Goals, and create a fair and empowered digital economy

“While growth has returned to most economies, substantial uncertainty and downside risk remain, along with the temptation for unilateral policy actions,” said IFAC CEO Kevin Dancey. “We urge leaders to collaborate on solutions to evolving global challenges, and to ensure more citizens are able to enjoy the benefits of the digital age.”

Collaborating for a coherent international tax system is a core recommendation. IFAC stands with G20 leaders to call for global tax policies that address the complexity of the digital economy.

Ongoing tax and trade tensions demonstrate the desire for nations to act unilaterally on impactful issues. IFAC urges G20 countries to ensure a coherent, transparent global regulatory environment that limits fragmented regulatory regimes. The immense cost to the global economy—more than $780 billion USD annually in the financial sector—is unsustainable. 

Another G20 concern is addressing the needs of an aging society, which requires robust and resilient public sector practices. Accrual-based public sector accounting helps governments to develop a more accurate picture of national income, costs, assets and obligations. The result is increased transparency and accountability, and more informed decision-making to plan for the long-term.

G20 countries play a crucial role in fostering institutions and governance models that can anticipate, respond to, and optimize rapid technological change. IFAC issues these recommendations in advance of the 2019 G20 Summit in Osaka, Japan on June 28-29.

Mr. Thomas R. Seidenstein will become the new chair of the International Auditing and Assurance Standards Board (IAASB) for a three-year term commencing July 1, 2019. He succeeds Prof. Arnold Schilder, who has led the IAASB since 2009.

"Tom will skillfully navigate the IAASB through a period of change and transformation with his flexible and pragmatic approaches," said Ryozo Himino, Interim Nominating Committee Chair. "Being a collaborative leader and a natural consensus builder, he will continue to realize the potential of both the IAASB and its support in, and for, the global community.”

“I am honored to be selected as the IAASB’s next chair,” Mr. Seidenstein said. “Adopted and implemented worldwide, international standards on audit and assurance are a critical support to global financial market stability. I look forward to working with IAASB members, technical staff, and the leadership of other standard-setting boards to further strengthen cross-sectoral collaboration on key public interest issues and address emerging stakeholder needs. Together, we will advocate tirelessly for relevant standards that facilitate high-quality audit and assurance engagements.”

Mr. Seidenstein’s career spans both international standard setting and the private sector. He is currently senior vice president for Strategy, Innovation and Capital Management at Fannie Mae, a leading source of US housing market liquidity. He previously served as the chief operating officer at the International Financial Reporting Standards Foundation, where he led the organization’s governance review and reform process and worked closely with regulators to support global adoption of International Financial Reporting Standards. He holds a Master in Public Policy from the Harvard Kennedy School and is an undergraduate of the Woodrow Wilson School of Public and International Affairs, Princeton University.

Mr. Seidenstein’s appointment was recommended by the Interim Nominating Committee after an extensive international search. His appointment was endorsed by the IFAC Board and approved by the Public Interest Oversight Board, which oversees the IAASB.

About the IAASB
The 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 the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Interim Nominating Committee
Chaired by Mr. Ryozo Himino, Vice Minister for International Affairs, Japan Financial Services Agency, the Interim Nominating Committee was formed by the Monitoring Group to conduct an open and transparent search for the next IAASB Chair. Having successfully fulfilled its mandate, the committee will now dissolve.

On June 26^th 2019, the International Ethics Standards Board for Accountants^® (IESBA^®) will launch its eCode—an innovative digital product that offers professional accountants a new way to engage with the International Code of Ethics for Professional Accountants (including International Independence Standards).

We invite you to join us for a 30-minute webinar on Wednesday, June 12, 2019 at 10am EST. To join, click the link below to register:

Wednesday June 12^th 2019 at 10 a.m. EST

During the webinar, IESBA Member Brian Friedrich will explain IESBA’s vision for the eCode and provide a quick walkthrough to demonstrate the eCode’s structure, key features and functionalities.

Don’t miss out on this wonderful opportunity to learn about this product. Click here to view a short walkthrough video about the eCode and its key features.

More information about the Code is available at the IESBA’s website.   

If you have questions about this webinar, please email Carla Vijian.

The Staff of the International Ethics Standards Board for Accountants (IESBA) has released an updated Q&A publication to support the adoption and implementation of the revised long association provisions Changes to the Code Addressing Long Association of Personnel with an Audit or Assurance Client.  This publication is a revised version of the Staff Q&A publication published in May 2017. It contains additional frequently asked questions and is aligned to the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), issued by the IESBA in April 2018.

The Q&A publication is designed to highlight, illustrate, or explain aspects of the revised partner rotation regime in the Code and thereby assist in their proper application. It is intended to assist national standards setters, firms, IFAC member bodies and others as they adopt and/or implement the revised and restructured long association provisions in Part 4A of the Code.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has released a Consultation Paper (CP), Measurement, which addresses how measurement bases are determined in the public sector. The CP includes within it an illustrative Exposure Draft (ED), Measurement, which shows what the IPSASB currently envisages a final pronouncement will comprise. This is the first time that the IPSASB has used such an approach, which is intended to provide a firm basis for constituent comments.

The CP lays out proposed guidance for measurement bases for the assets and liabilities most commonly used by public sector entities when applying IPSAS. It proposes the development of a single standard which will provide definitions and guidance on the main measurement bases, while other IPSAS will continue to provide guidance on which particular measurement basis is to be used.

The CP and ED respond to a number of drivers including:

• The need to consider existing measurement requirements in the light of the measurement guidance in IPSASB’s Conceptual Framework;
• That it is necessary to standardize usage of the term ‘fair value’ within IPSASB’s literature following the issue of private sector guidance in IFRS 13; and
• The need to provide guidance on difficult issues, such as borrowing costs and transactions costs.

“Measurement must fairly reflect the cost of services, operational capacity and financial capacity in order to provide the high-quality information required for accountability and decision making in the public sector,” said IPSASB Chair Ian Carruthers. “This project will consolidate the guidance on the main measurement bases used in IPSAS into a single comprehensive standard, so increasing consistency and coherence for users.”

The final pronouncement will underpin the IPSASB’s approach to measurement for many years. It is therefore essential that the IPSASB hears the views of respondents on the preliminary views and the other matters raised for comment in this Consultation Paper.

How to Comment
To access the Consultation Paper and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Consultation Paper are requested by September 30, 2019. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of this Consultation Paper to their members and employees.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

The International Auditing and Assurance Standards Board (IAASB) today published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs). The IAASB seeks to further understand the challenges of using ISAs in audits of less complex entities—and views about possible actions to address these challenges.

The IAASB recognizes the global call for action to address issues of complexity, length, understandability, scalability, and proportionality related to using the ISAs. Continuing the debate on these strategic issues, the Discussion Paper explores how the IAASB, and others, could further support auditors working in increasingly evolving environments.

The IAASB welcomes input from all interested stakeholders as we chart an appropriate way forward. The consultation will remain open until September 12, 2019. French and Spanish translations will be available on the IAASB’s website in mid-May.

In late June 2019, the International Ethics Standards Board for Accountants^® (IESBA^®) will launch its eCode—an innovative digital product that offers professional accountants a new way to engage with the International Code of Ethics for Professional Accountants (including International Independence Standards).

To introduce the eCode, the IESBA invites you to join a 30-minute webinar on Wednesday, June 12, 2019 at 10am EST.

During the webinar, IESBA Member Brian Friedrich will explain IESBA’s vision for the eCode and provide a quick walkthrough to demonstrate the eCode’s structure, key features and functionalities. Don’t miss out on this wonderful opportunity to learn about this product.

To join, click the link below to register:

• Wednesday June 12^th 2019 at 10 a.m. EST

More information about the Code is available at the IESBA’s website.   

If you have questions about this webinar, please email Carla Vijian.

Gaylen R. Hansen has been appointed chair of the Consultative Advisory Group (CAG) to the International Ethics Standards Board for Accountants (IESBA), effective July 1, 2019. His appointment, which has been approved by the Public Interest Oversight Board, follows his election by IESBA CAG members. He has served on the IESBA CAG representing the US National Association of State Boards of Accountancy since 2010.

As chair, Mr. Hansen will lead the IESBA CAG―an independent body of international organizations from the regulatory, corporate governance, investor, preparer and user communities, and other stakeholders—in providing strategic and technical advice to the IESBA in the public interest. Mr. Hansen will play a key role in ensuring that the CAG’s views are considered in IESBA deliberations.

For over a decade, Mr. Hansen served on the board of directors, and as chair from 2012 to 2013, of NASBA, a key participant in US accountancy profession regulation. He is also a founding member of NASBA’s Center for the Public Trust, and represents NASBA on the International Auditing and Assurance Standards Board CAG.

Mr. Hansen is also a member of the American Institute of CPAs’ Auditing Standards Board and a past member of its Professional Ethics Executive Committee. He is a past member of the US Public Company Accounting Oversight Board’s Standing Advisory Group and a retired audit partner.

“I am honored to have been elected IESBA CAG chair,” said Mr. Hansen. “The CAG plays a vital role in enabling all those concerned in the work of, or services provided by, professional accountants to have a voice in the development and maintenance of standards that ensure a high level of ethical conduct. I look forward to shepherding the CAG’s diversity of experience to assist the IESBA setting robust ethics standards.”

Mr. Hansen will succeed Mr. Kristian Koktvedgaard, who has served as CAG Chair since July 2013. “I congratulate Gaylen on his appointment as CAG chair,” said Mr. Koktvedgaard. “His experience and commitment working on ethics combined with his strong knowledge in audit, assurance and accounting issues is a great asset, and I am confident he will lead the CAG effectively in providing sound strategic and technical advice.”

Commenting on Mr. Hansen’s appointment, Dr. Stavros Thomadakis, IESBA Chairman, said, “Gaylen is a veteran in policy matters relating to the accountancy profession. His experience will serve the CAG well in its objective to provide public interest input to our standards development work. I congratulate Gaylen and I very much look forward to working with him in his new leadership role. On behalf of the IESBA, I also thank Kristian for his outstanding contribution to our work and his strong leadership of the CAG over the years. I wish him continued success in his future endeavors.”

About the IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust globally operable International Code of Ethics for Professional Accountants (including International Independence Standards).

The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).

The structures and processes that support IESBA operations 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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.