The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework), approved at the IPSASB’s September 2014 meeting, has since been translated into Spanish. Additionally, the IPSASB produced a multimedia overview of the Conceptual Framework in February 2015.

The Conceptual Framework has been a powerful tool in IPSASB project development. In particular, the objective of financial reporting, with its focus on the primary class of users (service recipients and resources providers and their representatives), ensures that the IPSASB develops pronouncements in the public interest, emphasizing the role of financial reporting in providing information essential for accountability and decision-making purposes.

With the approval and publication of the Conceptual Framework, more staff resources and agenda space are now available to focus on standard-setting in the period forward from 2015, including developing requirements and guidance in areas where there are gaps, notably social benefits, public sector combinations, and heritage assets. 

In October, the IPSASB released Exposure Drafts (ED)—ED 57, Impairment of Revalued Assets, which proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of the IPSASB’s two standards on impairment; and ED 58, Improvements to IPSASs 2015, which will consider broader improvements rather than focusing solely on those to maintain convergence with International Financial Reporting Standards (IFRS). Comments are due by January 15, 2016.

READ MORE » 

Ian Carruthers, an IPSASB member since 2010, has been appointed chair for a three-year term commencing January 1, 2016. Nominated for the position by Chartered Institute of Public Finance and Accountancy (CIPFA), he replaces Andreas Bergmann, who has served as IPSASB chair with great distinction since 2010. 

READ MORE » 

An archived version of the recent IPSASB webinar, “Social Benefits: An Overview of the IPSASB Consultation Paper,” is now available. During this webinar, IPSASB Technical Manager Paul Mason and IPSASB member Bob Dacey, Chief Accountant with the US Government Accountability Office, review some of the key issues raised in the IPSASB’s recent Consultation Paper.

WATCH HERE »

The latest meeting was held September 22-25 in Toronto, Canada. Highlights included an announcement of the new IPSASB chair, approval of two Exposure Drafts, and progress on projects such as Revenue, Non-Exchange Expenses, Public Sector Combinations, Heritage Assets, Emissions Trading Schemes, and Public Sector Financial Instruments.

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The IPSASB is recruiting for a Technical Manager for its staff team based in Toronto. For complete job description and required skills and experience, see Working at IFAC.

Kevin Simpkins, who played an instrumental role in developing the original International Public Sector Accounting Standards and led the exploratory work on social policy obligations, passed away in October. Kevin was a tireless advocate for public sector financial management reform and, after stepping down from the Public Sector Committee (IPSASB’s predecessor), became one of the most important and influential global advocates for IPSAS and for using IPSAS as the basis of financial reporting for the public benefit sector in New Zealand.

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• December 8 - 11, 2015:  IPSASB Board Meeting, Toronto, Canada. Full details are available on the IPSASB Meetings page. Members of the public may register as observers with registration closing one week prior to the first day of the meeting.
• January 15, 2016: Comments Due on Exposure Draft 57, Impairment of Revalued Assets and ED 58, Improvements to IPSASs 2015.

IESBA Chairman Stavros Thomadakis and Deputy Chair Wui San Kwok are interviewed by Singapore’s Business Times.

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New interviews in the ongoing “We are IESBA” series from Deputy Chair Wui San Kwok and IESBA members Claire Ighodaro and Peter Hughes.

The most recent IESBA meeting was held in September in New York. Meeting highlights include updates on the Structure of the Code, Safeguards, and Part C of the Code projects.

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The comment period for the Exposure Draft, Responding to Non-Compliance with Laws & Regulations, closed on September 4, 2015. Seventy-six comment letters were received. The board will discuss significant comments and related Task Force proposals at its December meeting. 

READ MORE »

The 2015 edition of the Handbook of the Code of Ethics for Professional Accountants is available. Register or log in for access to the web-based IESBA Handbook for personal use or to purchase print copies.

ACCESS HERE »

Following the global financial crisis, the IESBA worked to enhance responsiveness to emerging issues amidst heightened scrutiny on ethics, while delivering on its existing strategic commitments.

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The IESBA has continued to pursue an active outreach agenda in 2015 pursuant to its strategic commitment to engage with its broad range of stakeholders, including a semi-annual meeting with the IESBA Consultative Advisory Group to exchange views on current projects, and emerging issues. 

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The Call for Nominations for the Independent Standard-Setting Boards in 2017 sets out upcoming opportunities for membership on the IESBA. Along with the IFAC-published Developing a Nominations Strategy, it offers guidance in identifying the most qualified candidate for available positions.

READ MORE »

The IESBA is recruiting at the Deputy Director and Senior Technical Manager levels for its staff team based in New York. Visit Working at IFAC for full job descriptions andrequired skills and experience for these roles. 

APPLY NOW »

• November 30-December 4, 2015: IESBA Meeting, New York. 
• March 7, 2016: IESBA CAG Meeting, Paris, France. 

For more info, or to register to attend a meeting as an observer, visit Ethics Board Meetings and Ethics Board CAG Meetings

The following publications have recently been released on the IAASB’s website:

• Final changes to the International Standards on Auditing™ (ISA™), Addressing Disclosures in the Audit of Financial Statements–Revised ISAs and Related Conforming Amendments. These changes aim to focus auditors on disclosures throughout the financial statement audit. The changes will be effective for audits of financial statements for periods ending on or after December 15, 2016. As a complement to these revisions, IAASB staff has also developed a publication for auditors that describes financial reporting disclosure trends and their possible implications from an audit perspective and highlights how the International Standards on Auditing as revised guide the auditor in addressing disclosures.
• An Exposure Draft, Proposed Amendments to the IAASB’s International Standards—Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations, which focuses on proposed amendments to ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements (with less extensive changes proposed to seven other standards), in response to the International Ethics Standards Board for Accountants^® (IESBA^®) May 2015 Exposure Draft, Responding to Non-Compliance with Laws and Regulations. Comments on the IAASB’s Exposure Draft are due by October 21, 2015.
• An Exposure Draft, Proposed International Standard on Auditing (ISA) 810: Engagements to Report on Summary Financial Statements. The proposed amendments are a result of the IAASB’s new and revised Auditor Reporting Standards, which address auditor reporting on general purpose financial statements. The deadline for comments is November 2, 2015.
  • A Staff Audit Practice Alert addressing the Responsibilities of the Engagement Partner in Circumstances when the Engagement Partner Is Not Located Where the Majority of the Audit Work is Performed. This publication is an initial response to concerns, including those raised by certain regulators and audit oversight bodies, and serves to remind auditors of the responsibilities of the engagement partner described in the ISAs.
  • A publication, Exploring Assurance on Integrated Reporting and Other Emerging Developments in External Reporting, issued by the IAASB’s Integrated Reporting Working Group. The IAASB established the Working Group to guide it in responding to these developments most effectively in the public interest.

The IAASB last met in New York in June 2015. Meeting highlights and a podcast summary of key meeting outcomes can be found on the IAASB’s Meetings page.

At this meeting, the IAASB agreed to issue a combined Discussion Paper addressing key topics in its Work Plan for 2015–2016 relevant to enhancing audit quality, in particular quality control, group audits, special audit considerations relevant to financial institutions, and professional skepticism. The IAASB intends to issue the Discussion Paper in December 2015 with a 150-day comment period, supported by outreach in 2015 and 2016. Feedback from the Discussion Paper will inform the development of standard-setting project proposals, expected to be presented to the IAASB and the IAASB Consultative Advisory Group in September 2016.  Discussion on the planned approach and issues relating to the four topics continues to be a prominent feature of the IAASB’s outreach activities.

During its June 2015 meeting, the IAASB also hosted a panel discussion on the topic of professional skepticism. IAASB member Annette Köhler, who chairs the Professional Skepticism Working Group, introduced the topic. The panel was comprised of: Jeremy Justin, Canadian Public Accountability Board; Helen Munter, US Public Company Accounting Oversight Board; Doug Prawitt, Brigham Young University; and Cindy Fornelli, Center for Audit Quality. The Professional Skepticism Working Group is comprised of representatives from the IAASB, the IESBA, and the International Accounting Education Standards Board^TM in acknowledgement that actions by the three independent standard-setting boards may be appropriate to enhance professional skepticism.

The IAASB has continued the extensive outreach program contemplated in its Strategy. It has compiled a detailed listing of its outreach activities. Recent activity of note includes:

• Annual meeting of the IAASB-National Auditing Standard Setters Liaison Group to exchange views on the IAASB’s current initiatives as well as national developments relevant to the IAASB’s work.
• Continued dialogue with the International Forum of Independent Audit Regulators and its Standards Coordination Working Group, and the International Organizations of Securities Commissions on the IAASB’s new projects related to enhancing audit quality.
• Discussions with international supervisors, prudential regulators, and audit leaders in the banking and insurance industries to inform the project relating to special audit considerations relating to financial institutions.
• Participation in various events sponsored by IFAC and its member organizations, including Accounting & Accountability for Regional Economic Growth/Contabilidad y Responsibilidad para el Crecimiento Economico Regional (CReCER), Pan African Federation of Accounting Africa Congress of Accountants, Fédération des Experts Comptables Européens,  Institute of Chartered Accountants of the Caribbean, and Institute of Chartered Accountants in India.
• Country-specific outreach to South Africa and the US, including meetings with investors, regulators, accounting firms, public sector organizations, professional accountancy organizations, and other thought leaders.
• Continued engagement with accounting firms, through meetings with the Global Public Policy Committee, Forum of Firms, and Small and Medium Practices Committee, on both strategic and technical matters.

In addition, the IAASB has responded to the US Public Company Accounting Oversight Board (PCAOB) Staff Consultation Paper on “The Auditor’s Use of the Work of Specialists.”

IFAC has revamped its database of translated international standards, handbooks, and other resources. The new version is searchable and filterable, by language, status, source, and publication year. 

The IAASB is recruiting at both the Senior Technical Manager and Technical Manager levels for its staff team based in New York. For complete job descriptions and required skills and experience for these roles, see Working at IFAC. Qualified candidates should send their resume to jobs@ifac.org.

The IAASB will meet September 21-25, 2015, in New York, USA. The agenda and meeting materials are posted approximately three to four weeks in advance on the IAASB Meetings page. Members of the public may register to observe the meetings and registration closes one week before the first day of the meeting. The next IAASB CAG meeting is scheduled for September 15-16, 2015, in New York, USA.

The IPSASB recently published a Consultation Paper seeking feedback to help it further develop the principles of recognition and measurement for social benefits. The deadline for comments is January 31, 2016. 

Exposure Draft 56, The Applicability of IPSAS™ seeks input to assist the IPSASB in communicating the public sector entities for which it is developing International Public Sector Accounting Standards™ and Recommended Practice Guidelines. Comments are due by November 30, 2015. 

The Chartered Institute of Public Finance & Accountancy (CIPFA) has presented the IPSASB with this year's Sir Harry Page Merit Award for its development of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. Established in 1968, the award is given annually for work in public service accounting and financial management. 

In two new videos for the "A Closer Look at:" series, IPSASB Deputy Chair Jeanine Poggiolini of South Africa and IPSASB Member Aracelly Mendéz of Panama discuss their nations' experiences with adopting the suite of IPSAS and accrual accounting. Currently, the series includes five videos (Brazil, New Zealand, Panama, South Africa, and Switzerland) and six publications (Costa Rica [English and Spanish], Guatemala, Malaysia, Malta, Panama, and Switzerland. 

On September 21 at 10 a.m. ET, the IPSASB will present “Social Benefits: An Overview of the IPSASB Consultation Paper.” Technical Manager Paul Mason will leads a discussion of some of the key issues raised in the recent Consultation Paper. Register at: https://attendee.gotowebinar.com/register/530255244251801602

The IPSASB staff recently produced an audio podcast and accompanying publication that highlight how IPSAS reflect the accounting consequences of sovereign debt restructuring transactions. Acting Director John Stanford and Senior Technical Manager Ross Smith discuss issues that may be encountered.

The IPSASB is recruiting at the Technical Manager level for its staff team based in Toronto, Canada. For a complete job description and required skills and experience, see Working at IFAC. Qualified candidates should send their resumes to jobs@ifac.org.

The IPSASB will meet September 22-25, 2015, in Toronto, Canada. The agenda and meeting materials are posted approximately 2-4 weeks in advance on the IPSASB Meetings page. Members of the public may register to observe the meetings and registration closes one week before the first day of the meeting. 

Comments on the proposals in the Exposure Draft (ED), Responding to Non-compliance with Laws & Regulations, are requested by September 4, 2015. The proposals set out a new framework to guide auditors and other professional accountants in public practice and in business in how to respond when they encounter acts, or suspected acts, of non-compliance with laws and regulations in the course of their work.

All stakeholders are invited to comment, particularly preparers, those charged with governance, and investors. At a Glance: Responding to Non-compliance with Laws & Regulations has been prepared by staff to outline the key principles and objectives of the revised proposals. The IESBA will consider the significant comments received on the Exposure Draft at its December 2015 meeting.

The IESBA considered and broadly supported the general direction presented in first drafts of selected sections of the restructured Code of Ethics for Professional Accountants (the Code), which included suggestions from a plain English editor. The development of these first drafts follows the IESBA’s review of comments received on the Consultation Paper, Improving the Structure of the Code of Ethics for Professional Accountants, which closed earlier this year. The IESBA also discussed, among other matters, the following:

• ambiguity in certain pieces of guidance as to whether they require specific actions of the professional accountant (“half requirements”);
• the distinction between the Glossary and Terms Used;
• the extent of cross referencing needed;
• the overall flow and readability of the restructured Code;
• a draft Preface;
• the need for a “How to Use the Code” section; and
• terminology and numbering matters.

The IESBA will consider a revised draft of these sections as well as additional ones at its September 2015 meeting.

The IESBA further considered two issues arising from significant comments received in response to the Exposure Draft, Proposed Changes to Certain Provisions of the Code Addressing the Long Association of Personnel with an Audit or Assurance Client, namely:

• whether the existence of different regulatory safeguards, or a package of safeguards, set at the jurisdictional level might provide an alternative to elements of partner rotation requirements for audits of public interest entities (PIEs) in the Code; and
• the adjustment to the cooling-off period for the engagement quality control reviewer on PIE audits, in the light of feedback received from the IESBA Consultative Advisory Group (CAG).

In relation to the first issue, the IESBA supported the Task Force’s proposal for an alternative approach to the Code’s requirements in these particular circumstances. In relation to the second issue, the IESBA will present a new way forward to the IESBA CAG at the September CAG meeting.

The IESBA will consider a revised draft of the proposed provisions with a view to approval at its December 2015 meeting.

The IESBA progressed its consideration of the clarity, appropriateness, and effectiveness of safeguards pertaining to the application of the conceptual framework in the Code. As raised by the Safeguards Task Force, the IESBA considered issues and proposals around:

• clarifications to the conceptual framework;
• the meaning of “a reasonable and informed third party”;
• the description of, and types of, safeguards;
• the involvement of those charged with governance as a safeguard, in relation to the provision of non-assurance services;
• documentation requirements; and
• considerations based on the unique issues faced by small- and medium-sized practices.

The IESBA will consider a first draft of the proposed changes to the Code at its September 2015 meeting.

The IESBA considered significant comments received on its Exposure Draft (ED), Proposed Changes to Part C of the Code Addressing Presentation of Information and Pressure to Breach the Fundamental Principles. The meeting focused on the comments regarding proposed revised Section 320, “Presentation of Information” and included discussion of the following matters:

• the meaning of the concept of “fair and honest” and its relationship to the fundamental principles;
• the appropriateness of certain examples of misuse of discretion in preparing or presenting financial information;
• the nature and extent of guidance to be provided regarding the purpose, context and audience when information is prepared in the absence of a reporting framework;
• the nature and extent of guidance to be provided regarding “reasonable steps” the professional accountant in business (PAIB) should take when relying on work performed by others;
• the need to differentiate the guidance between “senior PAIBs” and other PAIBs; and
• the approach towards disassociation from misleading information for different levels of PAIBs.

The IESBA will next consider the ED comments regarding proposed Section 370, “Pressure to Breach the Fundamental Principles” at its September 2015 meeting, and a revised draft of Section 320 at its December 2015 meeting.

The IESBA supported a recommendation from its Planning Committee to establish a working group to initiate fact finding on fee-related issues in various jurisdictions. This development responds to a call from the Public Interest Oversight Board (PIOB) for the IESBA to revisit issues on auditor independence and non-assurance services from a broader perspective, including consideration of fee-related issues.

As a related initiative, the IESBA also agreed to commission a staff publication to raise auditors’ awareness of fee-related issues and relevant provisions in the Code. An update on the development of the publication will be presented to the IESBA at its next meeting. 

Meetings of the Ethics Board and the Ethics Board’s CAG are open to the public. The next IESBA CAG meeting will be held in New York, USA, on September 14, 2015. The next Ethics Board meeting will be held in New York, USA, on September 15–16, 2015.

For more information and to register to attend an Ethics Board or Ethics Board CAG meeting as an observer, visit Ethics Board Meetings  and Ethics Board CAG Meetings, respectively.

The 2015 edition of the Handbook of the Code of Ethics for Professional Accountants is now available. Print copies can be purchased for USD $65 with discounts available for educators, students, and purchasers from WTO developing countries.

The 2015 edition of the handbook includes the revisions addressing certain non-assurance services provisions for audit clients in Section 290, and assurance clients in Section 291. The changes will be effective on April 15, 2016, except for the changes to Section 290, which will be effective for audits of financial statements for periods commencing on or after April 15, 2016. Early adoption is permitted. See “Changes” section in Handbook for details.

For information on recent developments and pending changes to the Code issued subsequent to May 31, 2015, visit the IESBA’s website, in particular, Exposure Drafts and Standards & Pronouncements.

To access the web-based IESBA Handbook for personal use or purchase print copies, see Handbook of the Code of Ethics for Professional Accountants.  

The IESBA is recruiting at the Deputy Director and Senior Technical Manager levels for its staff team based in New York. For complete job descriptions and required skills and experience for these roles, see Working at IFAC. Qualified candidates should send their resume to jobs@ifac.org.

Last year, IFAC^® launched the Global Knowledge Gateway™, a digital hub for the global accountancy profession. The Gateway serves professional and aspiring accountants in all sectors by providing streamlined access to relevant resources, news, discussions, and thought leadership in ten different areas, including ethics. Resources in this area, designed to serve both accountants in business and in practice, include surveys and reports on business ethics issues, as well as practical guidance on implementing the IESBA Code and other codes of conduct.

We invite you to explore, contribute your views and recommendations, suggest new resources, and subscribe to The Latest to receive customized twice-monthly updates on new ethics and other content added to the Gateway. Register and subscribe to take full advantage of these features. 

Log in and visit My Subscriptions to update your preferences. You may also be interested in subscribing to The Latest from the Global Knowledge Gateway (see above), as well as news and press releases from the IAASB, IAESB, IPSASB, and IFAC Committees. You can unsubscribe or update your preferences at any time. 

By registering on the IFAC website, you can also:

• submit comments on the IESBA’s Exposure Drafts and Consultation Papers;
• submit translations and permissions requests or inquiries; and
• interact on the Global Knowledge Gateway and MOSAICwebsites, including:
  • commenting on discussions and viewpoints;
  • recommending discussions and resources; and
  • suggesting content.

En enero de 2015, el Consejo de Normas Internacionales de Auditoría y Aseguramiento^® (IAASB^®) publicó sus Estándares nuevos y revisados para los informes de auditoría. Como indicó el presidente del IAASB, el profesor Arnold Schilder, los estándares nuevos y revisados fortalecerán la auditoría conforme los auditores cambien considerablemente su conducta y la manera en que comunican su trabajo.

La mejora más significativa corresponde al nuevo requerimiento para los auditores de estados financieros de entidades cotizadas, sobre la comunicación de los "Principales Asuntos de Auditoría" —aquellos asuntos de mayor importancia a juicio del auditor para la auditoría del periodo corriente, con una explicación sobre el método utilizado en la auditoría. El IAASB se ha enfocado igualmente en mejorar la atención y comunicación del auditor frente a asuntos relacionados con el negocio en marcha en el informe del auditor. 

En conjunto con la publicación de estos estándares, el IAASB creó un Grupo de Implementación de Estándares para los Informes de Auditoría con el fin de crear consciencia y promover la implementación efectiva de los estándares. Hasta la fecha, el Grupo de Implementación ha trabajado en el desarrollo de una serie de Instrumentos para los Informes de Auditoría, los cuales figuran en el sitio web “The New Auditor’s Report” (Nuevo Informe del Auditor), actualmente compuesto por una Ficha Técnica, una publicación titulada At a Glance (incluido un informe ilustrativo del auditor) y una presentación de diapositivas. Se han desarrollado igualmente publicaciones sobre temas específicos: Principales Asuntos de Auditoría y Negocio en Marcha, siendo la publicación más reciente Ejemplos Ilustrados de los Principales Asuntos de Auditoría.

En diciembre de 2014, el IAASB publicó su Estrategia para 2015–2019: Cumplimiento con Nuestro Mandato a Favor del Interés Público en un Mundo Cambiante y su Plan de Trabajo para 2015–2016: Mejorando la Calidad de la Auditoría y Preparación para el Futuro. Desarrolladas luego de un exhaustivo proceso de consulta pública, estas publicaciones refuerzan el compromiso del IAASB en el fortalecimiento de la confianza pública frente a la información financiera y en la contribución a la relevancia de la auditoría de estados financieros, manteniéndose al día en desarrollos emergentes. Su objetivo es garantizar un trabajo enfocado en los principales asuntos de interés público para su amplia gama de grupos de interés.

Se ha comenzado a trabajar sobre control de calidad, auditorías de grupo y consideraciones especiales relativas a los instrumentos financieros, los cuales fueron debatidos en la última reunión del IAASB.

La última junta del IAASB se llevó a cabo en Bruselas en marzo de 2015. Los puntos destacados de la junta y un podcast resumen de los principales resultados de la reunión se encuentran disponibles en la página de Juntas del IAASB.

En esta reunión, el IAASB aprobó unánimemente los cambios a sus Normas Internacionales de Auditoría™ (NIA™) para abarcar las revelaciones en las auditorías de los estados financieros. Las NIA revisadas están sujetas a confirmación del Consejo de Supervisión del Interés Público (PIOB) sobre el debido proceso, y su publicación está prevista para julio de 2015. Una publicación del equipo sobre cómo las NIA abordan las revelaciones será emitida junto con los cambios a las mismas.

El IAASB aceptó igualmente que es necesario realizar cambios a ciertos de sus estándares como resultado del proyecto del Consejo de Estándares Internacionales de Ética para Contadores: Incumplimiento de leyes y regulaciones (NOCLAR por sus siglas en inglés).

El IAASB ha continuado su programa de amplio alcance, contemplado en su Estrategia. Además ha elaborado una lista detallada de sus actividades de alcance. Entre sus más recientes actividades destacadas figuran:

• Reuniones con el Grupo de Monitoreo al igual que sus organizaciones miembros, por ejemplo: 
• Mayor diálogo con el Foro Internacional de Reguladores de Auditoría Independientes , su Grupo de Trabajo de Coordinación de Normas, y la Organización Internacional de Comisiones de Valores sobre los informes del auditor y los nuevos proyectos.
• Inicio de conversaciones con supervisores internacionales y reguladores prudenciales en las industrias bancaria y de seguros para comunicar el proyecto sobre consideraciones especiales de auditoría relativas a instituciones financieras.
• Diálogo continuo con el PIOB, incluida la participación en una reunión conjunta con el PIOB, los directores del IAASB, el IESBA, el Consejo de Normas Internacionales de Educación Contable y sus Grupos Consultivos Asesores (CAG).
• Reunión semestral con el CAG del IAASB para recibir aportes sobre los temas incluidos en el plan del IAASB desde una perspectiva técnica y estratégica.
• Alcance específico al Reino Unido, incluyendo reuniones con inversores, reguladores, firmas contables, organizaciones profesionales de contabilidad y otros líderes de opinión.
• Junto con la Federación de Expertos Contables Europeos (FEE), alcance a los miembros del comité de auditoría en Europa para debatir sobre los efectos de las mejoras resultantes del proyecto, correspondientes a los informes del auditor frente a los comités de auditoría y los asuntos relacionados con la calidad de la auditoría en general.
• Contacto con el Consejo de Normas Internacionales de Contabilidad (IASB) para considerar dificultades que surjan a partir de los nuevos estándares de información financiera y las posibles implicaciones de estos cambios en los estándares de auditoría.
• Comunicación continúa con las firmas contables, mediante reuniones con el Comité Global de Políticas Públicas (GPPC), el Foro de Firmas y el Comité de Firmas Pequeñas y Medianas sobre asuntos estratégicos y técnicos. 

El 30 de marzo de 2015 el IAASB, junto con el Instituto de Contadores Certificados de Escocia (ICAS) y la Asociación Internacional para la Educación e Investigación en Contabilidad (IAAER), anunció un nuevo llamado global a la investigación con el fin de reunir evidencia académica independiente para alimentar su proceso de emisión de normas. La fecha límite para el envío de las propuestas es octubre 1 de 2015. 

El IAASB celebra que 105 territorios han adoptado o están comprometidos con la adopción de las NIA clarificadas. Cabe resaltar que el presidente del IAASB, el profesor Arnold Schilder, fue el principal conferencista en la ceremonia del 4 de marzo de 2015 en Roma, Italia, donde oficializó la adopción de las NIA clarificadas en esta nación. Encontrará disponible mayor información en la última edición del Consiglio Nazionale dei Dottori Commercialisti e Degli Esperti Contabili journal Press.

El 1 de abril de 2015, Mathew Waldron, un defensor del inversionista, y el actual Director del Grupo de Políticas de Información Financiera del Instituto CFA, asumió la dirección del CAG del IAASB —sucede a la profesora Linda de Beer, quien ocupaba la dirección del CAG del IAASB desde septiembre de 2010. El señor Waldron ha sido el representante del Instituto CFA para el CAG del IAASB desde 2008, además de haber trabajado para KPMG y PwC, y la Corporación Federal de Préstamos Hipotecarios.

La próxima junta del Consejo se llevará a cabo en Nueva York, Estados Unidos, del 15 al 19 de junio de 2015. El plan y el material de la reunión serán publicados con 3 o 4 semanas de antelación en la página de las Reuniones del IAASB. Los miembros del público pueden registrarse para observar las reuniones y el proceso de registro cierra una semana antes del primer día de la reunión.

La próxima reunión del CAG del IAASB está programada para los días 15 y 16 de septiembre de 2015, en Nueva York, EE.UU.

Updates to the two International Federation of Accountants^® (IFAC^®)  Intellectual Property (IP) Policy Statements, Policy for Reproducing, or Translating and Reproducing, Publications of the International Federation of Accountants, and the Policy for Translating and Reproducing Standards Published by the International Federation of Accountants were recently posted on the IFAC website.

There have been no changes in policy. A table of contents has been added and, to reflect current practice, the updated policy statements include new sections on:

• Trademarks, service marks, and logos; 
• Adoption, especially the implications of adoption for use of copyrighted material and trademarks; and
• IFAC’s new Online Permission Request and Inquiry system (OPRI). (See below.)

The reproduction policy is mandatory in all circumstances when a party is interested in reproducing or translating any IFAC publication (except for translation of final standards). Translation of final standards is covered by the translations policy which outlines the requirements for parties that wish to translate and reproduce final standards issued by independent standard-setting boards supported by IFAC.

The IberAm project is beginning to produce results, as illustrated by several recent examples. The Executive Committee recently approved close to a dozen final translations, including International Framework: Good Governance in the Public Sector, and Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success.

In addition, the Executive Committee unanimously agreed that IberAm project translations (including Spanish-language handbooks of international standards) will be published following the same process IFAC uses for its English-language publications–in pdf format on the IFAC website, at no charge for individual, noncommercial use. This is a significant development for IFAC’s adoption and implementation objectives and we are grateful to the IberAm partners for their significant investments in producing these quality translations and for the important contribution represented by this decision.

Please note: any organization wishing to reproduce or disseminate the materials in any way, whether for purposes of internal use, adoption, commercial reproduction, training, etc., must have a written agreement with IFAC. (See “Online Permission Request & Inquiry System” below.)

Although IFAC expects to have electronic versions available on its website soon, we would like to gauge interest in print copies of the most recent Spanish-language translation of the International Auditing and Assurance Standards Board^® (IAASB^®)’s Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Volumes I and 2 (2013 Edition).

Please send expressions of interest to permissions@ifac.org by June 30, 2015. Based on expressions of interest received, IFAC will consider the size of the possible print run and the related selling price.

Following a meeting at IFAC’s New York offices in March, several French translating bodies are progressing their efforts to produce a cooperation framework for French-language translations of IFAC’s publications, including international standards. Representatives of IFAC member bodies from France, Belgium, and Canada, and a representative of the Fédération International des Experts-comptables Francophones (FIDEF) attended. FIDEF represents professional accountancy organizations from 36 French-speaking countries and supports the proposed collaboration as an important initiative to further facilitate effective global adoption and implementation of international standards. Participants agreed on an objective of signing the framework agreement within the year.

IFAC is looking for qualified individuals or organizations to regularly translate select content from its Global Knowledge Gateway. Launched last year, the Global Knowledge Gateway now includes nearly 200 original articles and brings together thousands of staff-selected resources and news items from over 450 sources, including many IFAC member organizations and firms.

The Gateway aims to add value to IFAC membership by serving the 2.8 million professional accountants that belong to IFAC member bodies. It attracts thousands of visitors each month; IFAC hopes all member bodies will actively, consistently engage and make the Gateway an invaluable tool and global community for their members.

Send queries regarding translation interest to permissions@ifac.org.

IFAC’s recently introduced “IFAC Translator Forum” continues to grow. The Forum, a subgroup of IFAC’s LinkedIn group, has more than 100 members and is targeted to IFAC-designated translating body contacts and related stakeholders as a way to share best practices, collaborate, submit questions, stimulate discussion, and offer responses on topics related to the translation of standards, handbooks, guides, and tools.

Join the IFAC Translator Forum on LinkedIn.

IFAC has identified numerous examples of governmental entities posting the International Public Sector Accounting Standards Board’s^® International Public Sector Accounting Standards™ (IPSASs™) (in English or translated versions) on their websites or including extracts of IPSASs in their relevant national standards, without having an appropriate agreement in place with IFAC for use of this copyrighted content.

Please help us raise awareness by informing the relevant governmental entities in your jurisdiction about the need for an appropriate agreement with IFAC for IPSAS adoption or convergence. You may direct them to our FAQs  or ask them to contact us at permissions@IFAC.org for further information. An agreement is also required for use of the other international standards published by IFAC (e.g., pronouncements of the IAASB, the International Ethics Standards Board for Accountants^®, and the International Accounting Education Standards Board™.

IFAC encourages stakeholders to utilize the new Online Permission Request and Inquiry  (OPRI) system, which is designed to streamline the process for submitting requests for reproductions, translations, and information. OPRI allows registered users to submit inquiries or requests for reproduction or translation, as well as manage all requests in one place, duplicate existing requests to save time when placing new ones, and view the status of pending requests.

To submit a request via OPRI, please register on our website and then visit the Intellectual Property, Translations and Permissions page. We recommend reading the Frequently Asked Questions (FAQs) and relevant policy statements prior to submitting requests. 

IFAC appreciates the efforts of its designated translating bodies which have recently finalized the following translations:

Arabic (IASCA): 2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements and 2014 Handbook of the Code of Ethics for Professional Accountants

Bulgarian (ICPAB): 2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements and 2014 Handbook of the Code of Ethics for Professional Accountants

Danish (FSR): selected updates 2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements

Estonian (MoF): Guide to Review Engagements

Finnish (Suomen Tilintarkastajat ry):  2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements and 2014 Handbook of the Code of Ethics for Professional Accountants

In French (FIDEF): Professional Accountancy Organization Global Development Report, MOSAIC: The Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration

Greek (ELTE): International Standard on Assurance Engagement (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus

Hungarian (CHA): A Framework For Audit Quality – Key Elements That Create An Environment For Audit Quality

Korean (KICPA): International Education Standard (IES) 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised)

Polish (KIBR): Change to the Definition of “Those Charged with Governance” in, and Related Changes to, the Code of Ethics for Professional Accountants

Spanish (FACPCE): International Framework: Good Governance in the Public Sector, Executive Summary

Spanish (FACPCE): International Framework: Good Governance in the Public Sector

Spanish (FACPCE): Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success

Spanish (FACPCE): Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success BROCHURE

Spanish (IFAC): 2014 IFAC Global SMP Survey: Executive Summary

Spanish (ICJCE):

IESBA Staff Q&A - Implementing the Code of Ethics—Part I

IESBA Staff Q&A - Implementing the Code of Ethics—Part II

Staff Q&A - Applying ISQC 1 Proportionately with the Nature and Size of a Firm

Staff Q&A - Applying ISAs Proportionately with the Size and Complexity of an Entity  

Spanish (IMCP): Proposed International Standards on Auditing (ISAs), ISA 800 (Revised) and ISA 805 (Revised)

Spanish (INCP): Various IFAC newsletters, press releases

Spanish (UoZ): Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities

Spanish (UoZ): 2014 Handbook of International Public Sector Accounting Pronouncements

Spanish (INCP): Proposed IFAC Member Compliance Program Strategy, 2016-2018

The 2015 edition of the Handbook of the Code of Ethics for Professional Accountants is now available. Print copies can be purchased for USD $65 with discounts available for educators, students, and purchasers from WTO developing countries.

The 2015 edition of the handbook includes the revisions addressing certain non-assurance services for audit clients in Section 290, and assurance clients in Section 291. The changes will be effective on April 15, 2016, except for the changes to Section 290, which will be effective for audits of financial statements for periods commencing on or after April 15, 2016. Early adoption is permitted. See “Changes” section in Handbook for details.

For information on recent developments and pending changes to the Code issued subsequent to May 31, 2015, visit the IESBA’s website, in particular, Exposure Drafts and Standards & Pronouncements.

To access the web-based IESBA Handbook for personal use or purchase print copies, see Handbook of the Code of Ethics for Professional Accountants.

The IESBA unanimously approved for exposure revised proposals regarding professional accountants’ response to identified or suspected acts of non-compliance with laws and regulations. The revised proposals set out a new framework to guide auditors, professional accountants in public practice, and professional accountants in business (PAIBs) in deciding how best to act in the public interest in such situations.

Comments on the revised proposals in the Exposure Draft are requested by September 4, 2015. All stakeholders are invited to comment, particularly preparers, those charged with governance, and investors. An At-a-Glance document has been prepared by staff to outline the key principles and objectives of the revised proposals. The IESBA will consider the comments received on the Exposure Draft at its December 2015 meeting.

The IESBA considered comments received on the Consultation Paper, Improving the Structure of the Code of Ethics for Professional Accountants, and related Task Force recommendations. The IESBA broadly agreed on an approach to restructuring the Code, subject to reconsideration of the titles of certain components within the new structure. The IESBA also discussed, among other matters: how to give appropriate prominence to compliance with the fundamental principles and application of the conceptual framework; rebranding of the Code as standards; distinguishing requirements from guidance; the risk of unintended changes in meaning due to restructuring; and numbering conventions. The IESBA agreed to seek early engagement with stakeholders as the restructuring work progresses.

The IESBA will consider a first draft of a selection of restructured sections of the Code at its June-July 2015 meeting.

To enhance accessibility and navigability, the Code is now available in a new web-based format. Enhancements to the web-based Code are being considered in tandem with the restructuring.

The IESBA completed its consideration of comments received on the Exposure Draft, Proposed Changes to Certain Provisions of the Code Addressing the Long Association of Personnel with an Audit or Assurance Client. Topics discussed included: restrictions on the activities of key audit partners with respect to the audited entity during the cooling-off period; obtaining the concurrence of those charged with governance with respect to the application of certain exceptions to rotation requirements; and enhancements to the general provisions regarding the threats created by long association.

The IESBA also discussed issues concerning audits of public interest entities (PIEs):

• Whether the existence of different regulatory safeguards, or a package of safeguards, set at the jurisdictional level might provide an alternative to elements in the Code regarding rotation requirements for PIE audits; and
• The approach to the cooling-off period for the engagement quality control reviewer on PIE audits.

The IESBA will continue its deliberation of the issues at its June-July 2015 meeting, taking into account further input to be received from the IESBA Consultative Advisory Group (CAG).

The IESBA considered preliminary issues in relation to the clarity, appropriateness, and effectiveness of the safeguards pertaining to the application of the conceptual framework in the Code, including:

• the approach to describing the meaning of a safeguard;
• characteristics of a reasonable and informed third party;
• the meaning of materiality in evaluating the significance of threats;
• evaluating the effectiveness of safeguards; and
• the nature and extent of involvement of those charged with governance regarding the provision of non-assurance services by the auditor.

In addition, the IESBA considered the approach to coordination between this project and the Structure of the Code project. The IESBA agreed that any changes to the Code proposed as a result of the Safeguards project should be issued for exposure in the format and under the drafting conventions of the restructured Code.

The IESBA will continue its deliberation of the issues at its June-July 2015 meeting.

The IESBA discussed a number of matters regarding Phase II of its project to enhance Part C of the Code, which deals with PAIBs. The Task Force presented its preliminary analysis of Section 350 of the Code, which identified where potential improvements could be made to provide more robust and comprehensive guidance to PAIBs on the topic of inducements.

At its June-July 2015 meeting, the IESBA will consider comments received on the Exposure Draft of Phase I of the project, addressing PAIBs’ responsibilities with respect to the presentation of information, and pressure to breach the fundamental principles. The IESBA will continue its deliberation of the issues on Phase II of the project in due course.

Following the Public Interest Oversight Board’s approval that due process had been followed, the IESBA released in April 2015 the final pronouncement, Changes to the Code Addressing Certain Non-Assurance Services Provisions for Audit and Assurance Clients. The changes strengthen the independence provisions in the Code by, in particular, no longer permitting auditors to provide certain prohibited non-assurance services to PIE audit clients in emergency or other unusual situations, and ensuring that they do not assume management responsibility when providing non-assurance services to audit clients.

In addition, the revised provisions include:

• New and clarified guidance regarding what constitutes management responsibility; and
• Clarified guidance regarding the concept of “routine or mechanical” services relating to the preparation of accounting records and financial statements for audit clients that are not PIEs.

See the staff-prepared Basis for Conclusions. The revised pronouncement is included in the 2015 IESBA Handbook; see above. 

Last year, the International Federation of Accountants^® (IFAC)^® launched the Global Knowledge Gateway™, a digital hub for the global accountancy profession. The Gateway serves professional and aspiring accountants in all sectors by providing streamlined access to relevant resources, news, discussions, and thought leadership in ten different areas, including ethics. Resources in this area, designed to serve both accountants in business and in practice, include surveys and reports on business ethics issues, as well as practical guidance on implementing the IESBA Code and other codes of conduct.

We invite you to explore, contribute your views and recommendations, suggest new resources, and subscribe to The Latest to receive customized twice-monthly updates on new ethics and other content added to the Gateway. Register and subscribe to take full advantage of these features. 

Meetings of the Ethics Board and the Ethics Board’s CAG are open to the public. The next Ethics Board meeting will be held in New York, USA, on June 29–July 1, 2015. The next physical IESBA CAG meeting will be held in New York, USA, on September 14, 2015.

For more information and to register to attend an Ethics Board or Ethics Board CAG meeting as an observer, visit Ethics Board Meetings  and Ethics Board CAG Meetings, respectively.

The IESBA is recruiting at the Deputy Director and Senior Technical Manager levels for its staff team based in New York. For complete job descriptions and required skills and experience for these roles, see Working at IFAC. Qualified candidates should send their resume to jobs@ifac.org.

Register or log in to the IFAC website and visit My Subscriptions to update your preferences. You may also be interested in subscribing to The Latest from the Global Knowledge Gateway, which includes discussions, resources, and news on ethics, audit & assurance, and related topics, as well as subscribing to receive updates from the IAASB, IAESB, IPSASB, and IFAC Committees. You can unsubscribe or update your preferences at any time. 

By registering on the IFAC website, you can also:

• submit comments on the IESBA’s Exposure Drafts and Consultation Papers;
• submit translations and permissions requests or inquiries;
• interact on the Global Knowledge Gateway and MOSAIC websites, including:
  • commenting on discussions and viewpoints;
  • recommending discussions and resources; and
  • suggesting content.

In January 2015, the International Audit and Assurance Standards Board^® (IAASB^®) released its new and revised Auditor Reporting standards. As noted by IAASB Chairman Prof. Arnold Schilder, the new and revised standards will reinvigorate the audit, as auditors substantively change their behavior and how they communicate about their work.

The most significant enhancement is the new requirement for auditors of financial statements of listed entities to communicate “Key Audit Matters” – those matters that the auditor judges to be of most significance in the current period audit, with an explanation of how they were addressed in the audit. The IAASB has also focused efforts on enhancing auditor attention and communication on matters related to going concern in the auditor’s report. 

In conjunction with the release of the standards, the IAASB established an Auditor Reporting Implementation Working Group (WG) to promote the awareness and effective implementation of the standards. The WG’s work to date includes the development of an Auditor Reporting Toolkit, featured on “The New Auditor’s Report” webpage, currently comprised of a Fact Sheet, an At a Glance (including an illustrative auditor’s report) and a slide presentation. Topic-specific publications on Key Audit Matters and Going Concern have also been developed, the most recent of which includes illustrated examples of Key Audit Matters.

In December 2014, the IAASB released its five-year Strategy for 2015–2019: Fulfilling Our Public Interest Mandate in an Evolving World and its Work Plan for 2015–2016: Enhancing Audit Quality and Preparing for the Future. Developed after extensive public consultation, these publications reinforce the IAASB’s commitment to strengthening public confidence in financial reporting and contributing to the ongoing relevance of the financial statement audit, while staying abreast of emerging developments to ensure its work addresses pertinent public interest matters relevant to its wide range of stakeholders.

Work on the topics of quality control, group audits and special considerations related to financial instruments has commenced and was discussed at the IAASB’s most recent meeting.

The IAASB last met in Brussels in March 2015. Meeting highlights and a podcast  summary of key meeting outcomes can be found on the IAASB’s Meetings page.

At this meeting, the IAASB unanimously approved changes to its International Standards on Auditing™ (ISAs™) to address disclosures in audits of financial statements. The revised ISAs are subject to confirmation by the Public Interest Oversight Board (PIOB) of due process followed and are expected to be released in July 2015. A staff publication explaining how the ISAs address disclosures will be released concurrently with the changes to the ISAs.

The IAASB also agreed that amendments to certain of its standards may be necessary as a result of the International Ethics Standards Board for Accountants’ project on Non-Compliance with Laws and Regulations (NOCLAR).

The IAASB has continued its extensive outreach program contemplated in its Strategy. It has compliled a detailed listing of its outreach activities. Recent activity of note includes:

• Meetings with the Monitoring Group as a whole as well as its member organizations, for example: 
  • Increasing dialogue with the International Forum of Independent Audit Regulators and its Standards Coordination Working Group, and the International Organizations of Securities Commissions on auditor reporting and new projects.
  • Commencing discussions with international supervisors and prudential regulators in the banking and insurance industries to inform the project relating to special audit considerations relating to financial institutions.
• Continued dialogue with the PIOB, including participating in a joint meeting with the PIOB, the Chairs of the IAASB, IESBA and International Accounting Education Standards Boards and their Consultative Advisory Groups (CAGs).
• Semi-annual meeting with the IAASB CAG to obtain their input on the topics on the IAASB’s agenda from both a strategic and technical perspective.
• Country-specific outreach to the UK, including meetings with investors, regulators, accounting firms, professional accountancy organizations and other thought leaders.
• Together with the Fédération des Experts Comptables Européens (FEE), outreach to audit committee members in Europe to discuss the effects of the enhancements arising from the Auditor Reporting project on audit committees and matters related to audit quality more generally.
• Liaison with the International Accounting Standards Board to consider challenges arising from new financial reporting standards and the potential implications of these changes on the auditing standards.
• Continued engagement with accounting firms, through meetings with the Global Public Policy Committee (GPPC), Forum of Firms, and Small and Medium Practices Committee, on both strategic and technical matters.

Together with the Institute of Chartered Accountants of Scotland (ICAS) and the International Association for Accounting Education and Research (IAAER), on March 30, 2015 the IAASB announced a new global call for research to gather independent academic evidence to inform its standard-setting process. The deadline for submission of proposals is October 1, 2015. 

The IAASB is pleased that 105 jurisdictions have either adopted or are committed to adopting the clarified ISAs. Of note, IAASB Chairman Prof. Arnold Schilder was the keynote speaker at a March 4, 2015 ceremony in Rome, Italy, marking the nation’s official adoption of the clarified ISAs. More information can be found in the latest edition of the Consiglio Nazionale dei Dottori Commercialisti e Degli Esperti Contabili journal Press.

Matthew Waldron, an investor advocate and current Director of the Financial Reporting Policy Group at the CFA Institute, assumed the role of chair of the IAASB CAG on April 1, 2015. He succeeds Prof. Linda de Beer, who had served as IAASB CAG Chair since September 2010. Mr. Waldron had been the CFA Institute’s representative to the IAASB CAG since 2008 and his prior experience includes working for KPMG, PwC, and the Federal Home Loan Mortgage Corporation.

The next IAASB meeting will be held in New York, USA, on June 15-19, 2015. The agenda and meeting materials are posted approximately three to four weeks in advance on the IAASB Meetings page. Members of the public may register to observe the meetings and registration closes one week before the first day of the meeting.

The next IAASB CAG meeting is scheduled for September 15-16, 2015 in New York, USA.

Following a review of comments received on its Exposure Draft, as well as consultation with the IESBA Consultative Advisory Group, the IESBA unanimously approved changes to the Code of Ethics for Professional Accountants™ (the Code) regarding the provision of non-assurance services (NAS) to audit and assurance clients. Subject to approval from the Public Interest Oversight Board (PIOB), the revised provisions will be published by early April. Changes to the Code will include:

• The withdrawal of the exception provisions that permit an audit firm to provide certain bookkeeping and taxation services to public interest entity (PIE) audit clients in emergency situations;
• Additional guidance and clarification regarding what constitutes management responsibility; and
• Enhanced guidance and clarification regarding the concept of “routine or mechanical” services relating to the preparation of accounting records and financial statements for non-PIE audit clients.

The IESBA also approved corresponding and conforming changes to Section 291 of the Code pertaining to the provision of NAS to assurance clients that are not audit clients. The changes will be effective approximately one year after the release of the final pronouncement.

The IESBA discussed a number of topics, including the possibility of rebranding the Code and aligning certain definitions of terms used in the Code with those of the International Auditing and Assurance Standards Board^® (IAASB^®).

In addition, the IESBA received a brief progress report on the project’s background work, including the possibility of using a plain English editor and refining the drafting guidelines for the restructuring work.

At its next meeting in April, the IESBA will consider responses to its Structure of the Code Consultation Paper, which closed on February 4. The board is also expected to consider a preliminary draft of sections of the restructured Code.

To enhance accessibility and navigability, the Code is now available in a new web-based format. Enhancements to the web-based Code are being considered in tandem with the restructuring.

The IESBA approved a new project to review the clarity, appropriateness, and effectiveness of the safeguards in Sections 100 and 200 of the Code and those safeguards that pertain to non-assurance services in Section 290.

The IESBA will consider preliminary issues at its April 2015 meeting, including the approach to co-ordination between this project and the Structure of the Code project.

The IESBA considered a revised draft of the proposed provisions on responding to non-compliance or suspected non-compliance with laws & regulations (NOCLAR). Topics discussed included:

• The factors to consider in determining whether or not to disclose NOCLAR or suspected NOCLAR to an appropriate authority;
• A draft rationale for the proposed response framework, which outlines the framework’s strengths in guiding professional accountants in assessing the implications of NOCLAR or suspected NOCLAR and the possible courses of action in responding to it; and
• Illustrations of how the proposed standard can be applied.

The IESBA will consider a revised draft of the standard with a view to approval for re-exposure at its April 2015 meeting.

The IESBA considered comments received on its Exposure Draft concerning the long association of personnel with an audit or assurance client. Among other matters, the IESBA discussed, with respect to audits of public interest entities (PIEs):

• the length of the time-on period for all key audit partners (KAPs);
• the length of the cooling-off period for other KAPs, including the engagement quality control reviewer;
• the length of the cooling-off period for the engagement partner; and
• the proposed provision that a KAP, who at any time during the seven-year time-on period served as an engagement partner, be required to cool off for five years.

The IESBA will consider significant comments on other aspects of the Exposure Draft and a revised draft of the pronouncement at its April 2015 meeting.

The IESBA discussed preliminary matters regarding Phase 2 of its project to enhance Part C of the Code, which deals with professional accountants in business (PAIBs). Topics discussed included the scope and objectives of this second phase, and use of terminology, including translatability of terms. The IESBA will consider revised proposals regarding the approach to Phase 2 and its scope in due course.

Transparency International (TI) UK attended this portion of the meeting and gave a presentation to the board on the role of accountants in relation to corruption and bribery, which is particularly relevant to Part C of the Code.

Meanwhile, the IESBA’s Exposure Draft, which comprises Phase 1 of the project, is open for comment until April 15, 2015. All stakeholders are encouraged to comment on the proposed changes, which include:

• Section 320—revisions dealing, in particular, with misuse of discretion when preparing or presenting financial information. The revisions include enhanced guidance on how discretion can be misused in a manner intended to mislead, and the PAIB’s actions when faced with misleading information.
• Section 370—a new section to guide PAIBs on responding to pressure from superiors or others to breach the fundamental principles, and on not placing pressure on others that would result in a breach of the fundamental principles.

Learn more and submit a comment.

Last year, the International Federation of Accountants^® (IFAC^®) launched the Global Knowledge Gateway™, a digital hub for the global accountancy profession: www.ifac.org/global-knowledge-gateway. The Gateway serves professional and aspiring accountants in all sectors by providing streamlined access to relevant resources, news, discussions, and thought leadership in ten different areas, including ethics. Resources in this area, designed to serve both accountants in business and in practice, include surveys and reports on business ethics issues, as well as practical guidance on implementing the IESBA Code and other codes of conduct.

We invite you to explore, contribute your views and recommendations, suggest new resources, and subscribe to receive customized bi-monthly updates on new ethics and other content added to the Gateway. Register and subscribe to take full advantage of these features. 

Meetings of the Ethics Board and the Ethics Board’s Consultative Advisory Group (CAG) are open to the public. The next IESBA CAG meeting will be held in New York, USA, on March 10–11, 2015. The next board meeting will be held in New York, USA, on April 13–15, 2015.

For more information and to register to attend an Ethics Board or Ethics Board CAG meeting as an observer, visit Ethics Board Meetings  and Ethics Board CAG Meetings respectively.

The IESBA is recruiting at the Deputy Director and Senior Technical Manager levels for its staff team based in New York. For complete job descriptions and required skills and experience for these roles, see Working at IFAC. Qualified candidates should send their resume to jobs@ifac.org.