The International Federation of Accountants^® (IFAC^®) commends the Organisation for Economic Co-operation and Development (OECD) and Group of Twenty (G-20) on delivering a final package of measures in the Base Erosion and Profit Shifting (BEPS) Project.

“The BEPS Project presents a rare opportunity to cooperatively make international taxation work genuinely better in today’s globalized, digital economies,” said Russell Guthrie, Executive Director for IFAC. “Its success or failure will likely hinge on the effectiveness of international collaboration, without which we may end up with more complexities, divergences, and gaps than when we started,” said Mr. Guthrie.

IFAC calls for cooperation and inclusiveness among governments as the BEPS measures are implemented and negotiation proceeds on a multilateral taxation instrument amending over 3,000 bilateral treaties. This strong appeal is reflected in IFAC’s impending recommendations to the 2015 G-20 Leader’s Summit in Antalya, Turkey, along with:

• A call for ongoing analysis of economic impacts; and
• The need for international agreement on a properly resourced dispute resolution mechanism.

The BEPS package emphasizes crucial objectives, including ensuring governments have the resources needed “to jump-start growth, tackle the effects of the global economic crisis and create more and better opportunities,” and restoring “the trust of ordinary people in the fairness of their tax systems.” IFAC believes this is not just a matter of how taxes are collected, but also about how that money is accounted for, managed, and spent by governments. Poor public sector financial management, accountability, and transparency remains a significant problem in many countries.

“The reality is this is not just a conversation about tax, it’s about globalization and a digital economy. A clear, robust conversation grounded in its full economic context is essential to achieving fair and meaningful outcomes, and promoting accountability and transparency across the global economy,” said Mr. Guthrie. “We must realize that BEPS is not a panacea— in a rapidly evolving world, there’s an ongoing need for tackling fundamental, forward-looking questions, research, and ongoing dialogue around taxation.”

Accountants, as advisors and intermediaries, were recognized by the OECD’s Forum on Tax Administration (consisting of Tax Commissioners from 45 countries) for their “vital role in all tax systems, helping taxpayers understand and comply with their tax obligations in an increasingly complex world.”

 “The OECD and G-20 have achieved consensus on many tough issues in a short time, and the global accountancy profession is committed to helping make the BEPS package work for governments, companies, and other taxpayers—furthering the extensive technical input provided throughout its development,” said Mr. Guthrie.

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 over 2.8 million accountants in public practice, education, government service, industry, and commerce.

Continuing its commitment to strengthen the accountancy profession and professional accountancy organizations (PAOs), the International Federation of Accountants^® (IFAC^®) today issued its annual Call for Expressions of Interest for organizations wishing to partner in these efforts.

In 2014, IFAC, the global organization for the accountancy profession, and the UK Department for International Development (DFID), which leads the UK’s work to end extreme poverty, entered into an agreement to strengthen PAOs in emerging economies. Under the agreement, DFID will provide £4.935 million over seven years to strengthen PAOs in at least 10 DFID focal countries to play a greater role in furthering economic development.

IFAC invites organizations to indicate their interest in providing PAO capacity-building services under this DFID-funded program. IFAC’s role is to facilitate, coordinate, and supervise projects to strengthen developing PAOs’ managerial, financial, and technical capacity so they can drive improvements in professional and ethical standards. Such projects ordinarily include peer-to-peer support by more established PAOs.

Expressions of Interest can be submitted online. Interested organizations need to demonstrate that they have the required qualifications and relevant experience to perform the capacity-building services. Based on information in the Expressions of Interest, IFAC will evaluate interested organizations and select eligible organizations for the database. In the future, eligible organizations may be invited to bid on specific projects. Further information is available by emailing development@ifac.org and in a questions & answers webpage.

The deadline for submission of Expressions of Interest is November 20, 2015.

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 2.8 million accountants in public practice, education, government service, industry, and commerce.

About DFID
The Department for International Development (DFID) leads the UK’s work to end extreme poverty. We're ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information visit www.gov.uk/dfid.

The IFAC Member Compliance Program Strategy, 2016-2018 has been issued after consideration of the more than 70 responses received from a 60-day public consultation period and finalization with proper regard for the public interest. The Member Compliance Program and the Compliance Advisory Panel (CAP) were established by the IFAC Board more than ten years ago as part of IFAC’s commitment to support the growth of professional accountancy organizations and encourage member organizations to further the adoption and implementation of international standards.

The Program strategy reiterates the importance of its primary activities, which center on:

• Maintaining robust application and compliance processes;
• Gathering and sharing knowledge about the adoption of international standards and practices and fulfillment of the IFAC Statements of Membership Obligations (SMOs);
• Maintaining the SMOs as a global benchmark for the accountancy profession; and
• Developing assessment methodology, tools, and guidance to support the Program.

For 2016-2018, the Program’s strategy will place a greater focus on:

• Monitoring member organizations’ compliance with membership requirements, including the SMOs, to better understand challenges facing these organizations;
• Enhancing reporting on the status of adoption of international standards; and
• Identifying actions to address adoption and implementation challenges, including support for member organizations and national authorities.

The Program’s strategy is aligned with IFAC’s mission and strategy and benefits from the inputs received from member organizations and other stakeholders as part of IFAC’s strategic planning process. These activities fulfill the Program’s mandate and are expected to remain valid over the long term.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today released the Guide to Compilation Engagements. The Guide aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting compilation engagements in compliance with ISRS^TM 4410 (Revised), an International Standard on Related Services developed exclusively by the International Auditing and Assurance Standards Board^® (IAASB^®).

“The regulatory environment is changing. As a result, increasingly small- and medium-sized entities (SMEs) may now be able to choose from an array of assurance and related services to meet their needs,” said IFAC SMP Committee Chair Giancarlo Attolini. “Accounting practices, especially SMPs that typically serve SMEs, need to be prepared to help their clients navigate this choice, while being prepared to meet clients’ changing demands. The Guide can help practitioners increase their knowledge and understanding of compilation engagements, thus broadening their service offerings and strengthening their practices in this important area.”

Practitioners can use the Guide as an introduction to compilation engagements, to deepen their prior understanding and knowledge, as a day-to-day reference guide, or as the basis for training modules. The Guide includes practical guidance on the application of the requirements in the standard and “Consider Points,” which offer suggestions to facilitate efficiency and address areas where practitioners often encounter difficulties. Featuring illustrative examples alongside relevant extracts from the standard, the Guide also includes appendices with key checklists and forms that practitioners can use as is or modify to meet the requirements of their particular jurisdiction.

Visit SMP Publications & Resources for access to the Guide, which forms part of IFAC’s suite of implementation support and includes comprehensive Guides covering the implementation of the IAASB’s audit, quality control, and review standards: ISA^TM, ISQC^TM, and ISRE^TM 2400 (Revised), respectively. For access to additional implementation resources from IFAC and notable organizations from around the world, see the Global Knowledge Gateway, in particular, the areas of audit & assurance and ethics.

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 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 over 2.8 million accountants in public practice, education, government service, industry, and commerce.

The Public Interest Oversight Board (PIOB) has issued Standard Setting in the Public Interest: A Description of the Model  to provide greater clarity and broaden the general understanding of the governance functions supporting standard setting following consultations with the Monitoring Group, IFAC, and the standard-setting boards. The document reflects the current state of the standard-setting model in audit, assurance, ethics, and education for accountants. It sets forth the aims and features of the governance arrangements, with links to governing or other documents that provide further details as appropriate. The document was produced at the request of the Monitoring Group as recommended in the 2013 Monitoring Group Statement on Governance.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today announced the selection of the Institute of Chartered Accountants in England and Wales (ICAEW) to help strengthen Ghana’s accountancy education, training, and qualification.

In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund professional accountancy organization (PAO) capacity building in ten countries over a period of seven years. Today marks the first announcement of a partner to deliver on that promise.

ICAEW and the Institute of Chartered Accountants (Ghana) (ICAG), will join forces to blend international best practice and local knowledge and experience to bring Ghana’s professional accountancy education, training, and qualification in-line with the standard demanded by an expanding economy.

ICAEW will operate a project to assist ICAG in enhancing its professional accountancy qualification examination system, as well as develop roadmaps to enhancing accreditation of educational institutions and training offices, tuition provided by the ICAG School, and the practical training and experience of newly qualified professional accountants. The project will help ICAG develop its reach, influence, and capacity to fully support Ghana’s continued economic development.

Announcing the initiative in a keynote address to the annual ICAG Presidential Luncheon, IFAC President Olivia Kirtley said, “A critical component of IFAC’s global public interest mission is to support PAO capacity building.

“Today we reaffirm the importance of a robust professional accountancy education, training, and qualification to further enhance ICAG’s already strong reputation as a trusted advisor. Ghana is a regional leader, and it aspires to engage more deeply with the global economy. IFAC and DFID are committed to helping facilitate a sustainable supply of well-educated professional accountants in Ghana, who support high-quality accounting practices and financial information across all sectors. They will be crucial to boosting confidence in organizational transparency and to attracting investment,” Ms. Kirtley said.

ICAEW has extensive experience with PAO capacity building programs. It has completed more than 30 projects with PAOs, financial regulators, and government agencies, revising and launching professional qualifications, reforming regulatory and legal landscapes, and assisting with the adoption of international accountancy standards and best practices.

ICAEW Executive Director for Professional Standards Vernon Soare commented, “ICAEW’s work with ICAG and other national PAOs is aimed at strengthening public and private investor confidence, which is a key prerequisite for sustainable economic growth. We believe every country should have its own robust national PAO, complemented by a strong professional education, training, and qualification system. We look forward to working with ICAG to find the best possible combination of our respective experience to benefit the nation’s profession and economy.”

The selection of ICAEW was made following a global Call for Expressions of Interest and an extensive proposal and review process involving multiple global organizations and the IFAC PAO Capacity Building Program Oversight Committee and Independent Selection Panel. This partnership is the first in a series of projects around the world making use of funding IFAC received from DFID in 2014 to develop the accountancy profession in emerging economies.

In addition to Ms. Kirtley, ICAG’s Presidential Luncheon was attended by the Prof. Naana Jane Opoku-Agyeman, Minister for Education; Hon. Seth Terkper, Minister of Finance; ICAG Council members, Vernon Soare, Executive Director, Professional Standards, ICAEW; and more than 600 professional accountants and business leaders.

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 2.8 million accountants in public practice, education, government service, industry, and commerce.

About DFID
The UK Department for International Development (DFID) leads the UK’s work to end extreme poverty. They are ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information, visit www.gov.uk/dfid.

About ICAG
The Institute of Chartered Accountants (Ghana) is the sole regulator of the accountancy profession in Ghana. It was established by an Act of Parliament, Act 170, in 1963. Its members are the only persons recognized under the Companies Code, 1963 (Act 179), for the audit of company accounts. The Institute is a member of three international professional bodies, namely, International Federation of Accountants (IFAC), Association of Accountancy Bodies of West Africa (ABWA), and Pan-African Federation of Accountants (PAFA). ICAG’s current membership stands at close to four thousand while student membership is nearly ten thousand.

About ICAEW
ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. It provides qualifications and professional development, shares knowledge, insight and technical expertise, and protects the quality and integrity of the accountancy and finance profession.

Ian Carruthers has been appointed chair of the International Public Sector Accounting Standards Board^® (IPSASB^®) for a three-year term commencing January 1, 2016.

As chair Mr. Carruthers will lead the board in its efforts to establish high-quality accounting standards for use by public sector entities, promote the adoption of and international convergence to the IPSAS™ pronouncements, and issue guidance on topics in public sector financial reporting.

“I am honored to have been chosen to lead the IPSASB through the next exciting and crucial phase of its work,” Mr. Carruthers said. “The recently completed Conceptual Framework will enable us to address some of the most fundamental reporting issues facing the public sector today. We will also build on the heightened credibility from our enhanced governance arrangements and the existing IPSAS adoption groundswell to play a critical role in strengthening global public financial management—which, in turn, will improve public sector decision-making and make governments more accountable to their constituents.”

Mr. Carruthers has served on the IPSASB since January 2010. Currently, he serves as chair of the IPSASB Task Force on Alignment of IPSAS and Public Sector Statistical Reporting. He also chaired the IPSASB Task Force on Long-term Fiscal Sustainability and participated in the Task Force for Harmonization of Public Sector Accounts and the Non-exchange Revenue Steering Committee. Prior to becoming an IPSASB member, Mr. Carruthers served from 2006 to 2009 as technical advisor to former IPSASB Chair Michael Hathorn.

Having spent the first part of his career in the public sector practice of PwC, Mr. Carruthers joined HM Treasury in 1999, where he played a key role in the UK Government’s transition from cash to accrual budgeting and reporting, in particular leading its Whole of Government Accounts program. He joined the Chartered Institute of Public Finance and Accountancy (CIPFA) in 2006 where his work has included leading its work on the role of the public services CFO, as well as working with IFAC on the development of the International Framework for Good Governance in the Public Sector.

Commenting on Mr. Carruthers’ appointment, current IPSASB Chair Andreas Bergmann said, “Ian is an experienced leader whose skills, knowledge, and global contacts will help the IPSASB successfully reach its next stage of development. With this appointment, I am confident that the IPSASB—and the public interest—will continue to be well-served.”

Mr. Carruthers was nominated for the IPSASB Chair position by CIPFA, with the Public Interest Committee welcoming the recruitment process from a public interest perspective. He will undertake the chair role for three-quarters of his time, with the balance spent with CIPFA.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. “International Public Sector Accounting Standards Board”, “IPSASB”, and “IPSAS” are trademarks or registered trademarks of IFAC in the US and other countries.

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 2.8 million accountants in public practice, education, government service, industry, and commerce. “International Federation of Accountants” and “IFAC” are trademarks or registered trademarks of IFAC in the US and other countries.

About PIC
The Public Interest Committee (PIC) was established in March 2015 to promote the public interest in the standard-setting activities of the IPSASB. The PIC issues non-binding advice to IFAC and the IPSASB on the procedures and processes for nomination and appointment of IPSASB members, formulating the IPSASB strategy and work plan, and developing individual accounting standards. The PIC also advises on the terms of reference of the IPSASB. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in the International Monetary Fund (IMF), International Organization of Supreme Audit Institutions (INTOSAI), Organization for Economic Cooperation and Development (OECD), and World Bank Group (WBG).

Regulation has become immensely complex and is impacting organizations’ opportunities to grow and innovate, according to the Global Regulation Survey, a study of accounting, finance, and business professionals conducted by the International Federation of Accountants^® (IFAC^®).

Approximately two-thirds of respondents said regulation is having a significant or very significant impact on their organizations’ opportunities to grow and innovate. Approximately four in five respondents reported that the regulation impacting their organizations is complex or very complex; that it has become more or much more significant over the past five years; and that it has a substantial impact on their organizations’ cost of doing business.

“Good regulation is essential to the fairness, efficiency, and effectiveness of economies, and making it work as well as it can is a never-ending mission,” IFAC Chief Executive Officer Fayez Choudhury said. “Growth remains a concern globally, and these results should be a wakeup call for us to examine the impact of regulation, including the regulation and reform introduced in response to the global financial crisis.”

The findings come as the combined effects of global, regional, and national post-crisis reforms begin to be felt by organizations, as well as the financial markets. “For many organizations, Basel III, recent EU reforms, Dodd-Frank, and multiple other sector- and country-specific regulations are all coming into play at once, and the scope of each is substantial,” Mr. Choudhury said. For example, Glass-Steagall, instituted in 1933 following the Great Depression, was 37 pages, compared with Dodd-Frank’s more than 2,000 pages in 2010. The first Basel Accord, introduced in 1988, had seven risk categories and required seven calculations; Bank of England Chief Economist Andrew Haldane has remarked on Basel III’s more than 200,000 risk categories, and more than 200,000,000 calculations.

The results also demonstrate that the regulatory approach across different regions is inconsistent, and almost half of respondents reported that collaboration between regulators is ineffective.

Four in five respondents expect the impact of regulation will continue to become more or much more significant in the next five years.

“There are urgent questions surrounding regulation’s impact on growth and innovation, as well as how its complexity is affecting the agility needed to face emerging risks and potentially the next financial crisis,” Mr. Choudhury said. “IFAC aims to collaborate with policy makers, regulators, and the organizations impacted to examine these questions and probe the impacts as a major priority.”

The Global Regulation Survey polled 313 accounting, finance, and business professionals in organizations ranging from small- and medium-sized entities to very large entities, operating in a wide range of industry sectors on six continents. The survey was conducted during July and August 2015.

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 over 2.8 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®) today published in the Spanish language the following guidance for professional accountancy organizations (PAOs):

• Establishing and Developing a Professional Accountancy Body
• Tools and Resources to Support the Development of the Accounting Profession

The two publications are designed to support PAOs in expanding and strengthening their role and responsibilities in representing the accountancy profession. Establishing and Developing a Professional Accountancy Body covers the roles and responsibilities of a PAO, education and examinations, and capacity development. Tools and Resources to Support the Development of the Accounting Profession includes case studies, practical illustrations, and supplementary guidance.

These Spanish translations were performed by the Federación Argentina de Consejos Profesionales de Ciencias Económicas and 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 organizations in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality 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 organizations in nine Spanish-speaking countries.

“We are extremely grateful to the Federación Argentina de Consejos Profesionales de Ciencias Económicas for the work they’ve done in completing this translation, as well as to the entire IberAm group,” said IFAC CEO Fayez Choudhury. This initiative strengthens our profession by helping to improve quality and capacity and develop strong PAOs.”

These publications also are available in Arabic and French. For an overview of publication translations, please visit the newly enhanced IFAC Translations Database.

About IFAC
The International Federation of Accountants (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 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce. 

The International Federation of Accountants^® (IFAC^®) today published in the Spanish language the Handbook of the Code of Ethics for Professional Accountants, 2014 Edition, developed by the International Ethics Standards Board for Accountants^® (IESBA^®). The 2014 edition incorporates several revised pronouncements that were published previously and are now effective—addressing a breach of a requirement of the IESBA Code, conflicts of interest, and the definition of “those charged with governance.” It also contains the revised definition of “engagement team.”

“The IESBA Code has now been adopted or is in use in over 100 jurisdictions around the world,” said Ken Siong, IESBA Technical Director. “Spanish is a widely spoken language; indeed, it is an official language in 20 countries, which is why high-quality Spanish translations are critical to supporting the IESBA’s efforts to further the adoption of the Code globally and, importantly, to facilitate its consistent application.”

This Spanish translation was performed by the Instituto de Censores Jurados de Cuentas de España and is 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 organizations, in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality 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 members in nine Spanish-speaking countries.

For an overview of publication translations, please visit the IFAC Translations Database.

About the IESBA
The International Ethics Standards Board for Accountants (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.

About IFAC
The International Federation of Accountants (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 2.8 million accountants in public practice, education, government service, industry, and commerce.