Presentation given to the Federation of Accounting Professionals in Thailand during a seminar on the IFAC Statements of Membership Obligations (SMOs). The presentation includes information what the SMOs are, their importance, the November 2012 revisions, and what organizations need to understand and do to apply the SMOs.
Szymon Radziszewicz, IFAC Senior Technical Manager, recently held a seminar with the Philippine Institute of Certified Public Accountants (PICPA) on how the approach to building and strengthening professional accountancy organizations is changing as the global landscape changes. The presentation featured the relevant economic and global changes since the global financial crisis began and how regulation of the accountancy profession has shifted. IFAC’s strategic global position and policies are also detailed.
Attendees at the seminar included top officials of the Philippine Securities and Exchange Commission and the Board of Accountancy and representatives of the top firms, the small- and medium-sized practices community, and the Philippine government.
Listen to the podcast below. See the IAASB's December 2012 meeting page for additional materials, including meeting highlights, agenda papers, and full audio recordings.
During IFAC's 35th Council Meeting in Cape Town, South Africa, in November 2012, IFAC held its annual seminar, A Fundamental Shift in Corporate Reporting. The seminar featured a keynote address by Prof. Mervyn King SC, chair of the International Integrated Reporting Council and chair of the King Committee on Corporate Governance in South Africa, which has published the King I, King II, and King III Reports on Corporate Governance.
This year’s seminar focused on drawing upon the experiences and perspectives of integrated reporting in practical terms—the South African experience, how to implement integrated reporting, and how to address the challenges and opportunities for small- and medium-sized entities and accountancy practices.
On October 16, 2012, the second steering committee meeting for the IFAC-Donor Community MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) was held in London, UK, hosted by the Chartered Institute of Public Finance and Accountancy.
A key focus for discussion was the draft Professional Accountancy Organization Global Development Report (GDR). This draft report, co-financed by the African Development Bank, Asian Development Bank, Inter-American Development Bank, and the World Bank, aims to provide a) a high-level report regarding the status of professional accountancy organization (PAO) development worldwide; b) a shared and mutual understanding of the development of these organizations; and c) direction to MOSAIC’s goal of increasing PAO capacity to improve the quality of public and private sector accounting and financial management and ultimately enhance economic growth and reduce poverty.
The content and completion of the draft GDR represents a collective effort on the part of MOSAIC signatories, observers, and key stakeholders and has allowed for a variety of perspectives on the subject of global PAO development. The draft GDR is available for comment online.
Any comments should be sent to the interim MOSAIC Secretariat by December 10, 2012.
At the annual IFAC SMP Forum, delegates convene to learn, debate, and collaborate on a global stage regarding the unique opportunities and challenges facing SMPs and their small- and medium-sized entity (SME) clients. This year’s event attracted over 175 delegates from 33 professional accountancy organizations in 30 countries.
Program is subject to change.
7:15 – 8:45
Registration and Collection of Materials
9:00 – 9:25
Welcome
Fayez Choudhury, CEO, IFAC; Dr. Mussa J. Assad, President, PAFA; Naru Thakkar, President, ICPAU (Presentation)
9:25 – 9:25
Guest of Honor Speaker of the Parliament of Uganda – Rt. Hon. Rebecca Kadaga
9:45 – 10:00
Setting the Scene Giancarlo Attolini, Chair, IFAC SMP Committee (Presentation)
10:00 – 10:20
Refreshment Break
10:20 – 11:30
Panel 1: Supporting SME Growth Through Innovation Chair: Stuart Black, Member, IFAC SMP Committee (Presentation)
Panelists: Bernard Agulhas, CEO, Independent Regulatory Board for Auditors (South Africa) (Presentation)
Japheth Katto, CEO, Capital Markets Authority of Uganda
André Kilesse, President, Fédération des Experts-comptables Européens (FEE) (Presentation)
11:30 – 12:45
Panel 2: Enhancing SMP Value Through Assurance and Practice Management Chair: Sylvia Tsen, Director, Quality and Member Relations (Presentation)
Panelists: Peter Hollis, Chair, ICAEW Practice Committee
Brendan Murtagh, Member, International Auditing and Assurance Standards Board (IAASB) (Presentation)
12:45 – 13:45
Lunch and Transition to Breakout Session
Participants will be split into breakout groups to share their views, experience and ideas on emerging trends and tools and resources required to support today and tomorrow’s SMPs
13:45 – 15:15
Breakout One: Technology, Business, and Regulatory Trends Impacting SMPs (Sessions will be chaired and led by SMP Committee members)
15:15 – 15:30
Refreshment Break
15:30 – 17:00
Breakout Two: Initiatives to Assist SMPs – Success Stories and Priorities (Sessions will be chaired and led by SMP Committee members)
17:00 – 17:20
Closing Remarks
Giancarlo Attolini, Chair, IFAC SMP Committee
Vickson Ncube, CEO, PAFA
18:30 – 21:30
Dinner
The forum is made possible through the generous support of our sponsors:
Nicolas Véron, Senior Fellow Bruegel Institute
Visiting Fellow, Peterson Institute for International Economics (Washington DC)
14:15 – 15:45
The Experience in Sweden
Jan Sturesson, Leader, Global Government and Public Services, PwC Bo Lundgren, Former Minister for Fiscal and Financial Affairs Sweden
Göran Persson, Former Prime Minister of Sweden
Honorable David Walker, Founder and CEO, the Comeback America Initiative and Former
Comptroller General of the US
12:30-13:30
Buffet Lunch—Bruckner/Mahler/Brahms Strauss Room
13:30 – 15:45
The Long Term Fiscal Sustainability of Governments
John Herhalt, Global Chair Government and Infrastructure KPMG LLP Jón Blöndal, Head of Budgeting and Public Expenditures OECD Marco Cangiano, Assistant Director, Head of the Public Financial Management Division
International Monetary Fund Robert Dacey, Chief Accountant Government Accountability Office USA Fritz Zurbrügg, Director Swiss Federal Finance Administration
See the press releaseand article on the cover of the April 2012 IFAC Newsletter. See also the brochure or email SMPForum@ifac.org for more information.
Forum Program
8:00 – 9:00
Registration and Collection of Materials
9:00 – 9:10
Welcome from Guest of Honor
Ms. Jessica Tan, Chairman, Government Parliamentary Committee for Finance and Trade & Industry; Member of Parliament, East Coast GRC
Session 1 - Setting the Scene: SME and SMP Landscape
Chair:David Chitty, Member, IFAC SMP Committee Panelists: Phil Cowperthwaite, Chair, International Auditing and Assurance Standards Board (IAASB) (Presentation) Don Thomson,Member, International Ethics Standards Board for Accountants (IESBA) (Presentation) Julia Tay,Assistant Chief Executive (Accountancy), Accounting and Corporate Regulatory Authority (ACRA) (Presentation) Brian Bluhm, Member, IFAC SMP Committee (Presentation) Robin Jarvis, Member, International Accounting Standards Board (IASB) SME Implementation Group (Presentation)
12:30 – 1:30
Buffet Lunch
Session 3 - Helping SMPs Meet the Challenges and Seize the Opportunities of Tomorrow
Chair: Albert Au,Member, IFAC SMP Committee (Presentation) Panelists: Florin Toma, Member, IFAC SMP Committee (Presentation) Stuart Black, Member, IFAC SMP Committee (Presentation) Don Ho, Member, ICPAS Council (Presentation) Brendon Yeo, Assistant Honorary Treasurer, Association of Small & Medium Enterprises