Nearly 80% of jurisdictions worldwide have adopted International Standards for Auditing for mandatory audits, while more than 60% have fully adopted the international Code of Ethics for Professional Accountants, according to a new study by IFAC—International Federation of Accountants—on rates of adoption of international standards across 80 of the jurisdictions in which IFAC’s more than 175 member organizations operate.

High-quality international standards are essential pillars of the global financial architecture. Their adoption and implementation improve the availability of the high-quality financial information in the public and private sectors that improves decision making and ultimately results in greater economic growth, development, and accountability.

“This forward momentum is positive news for investors, governments, businesses of all sizes, global regulators and the public given these standards’ relevance to the entire global finance structure,” said Alta Prinsloo, Executive Director, Quality & Development. “Following comparable international standards enable businesses to produce financial information that decision makers can rely on.”

The data is included in a first-of-its kind report that assesses and publically reports on the global status of the adoption of international standards—International Standards: 2017 Global Status Report. The report details the high rates of adoption around the world, driven by IFAC and its member organizations, and positive results in several key areas, including ethics, financial reporting standards, and quality assurance, and provides examples of success and tools for continued progress.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

IFAC, the International Federation of Accountants, today announced its first accountancy capacity building project in Southeast Asia. The project will assist the Myanmar Institute of Certified Public Accountants (MICPA) in its work to strengthen the accountancy profession in Myanmar. IFAC has selected the Association of Chartered Certified Accountants (ACCA) to partner with MICPA on the project.

ACCA will partner with MICPA to build a sustainable professional accountancy organization that can act as the cornerstone of the profession in the country. The project will deliver a strategic plan and new governance structure for MICPA, in consultation with key national stakeholders.

“This project will contribute to Myanmar’s ongoing economic reform in line with the new government’s policy of liberalization, which includes modernizing the accountancy profession,” said Alta Prinsloo, IFAC Executive Director, Quality & Development. “As the first project under this Program in Southeast Asia, it offers opportunity to make a positive impact in the region.”

Myanmar, currently in the process of democratic transition, is one of East Asia’s fastest growing economies. The new government is committed to attracting investment for sustainable growth, and its support of this project demonstrates its recognition of the critical role that the accountancy profession can play in this process.

This project is funded with UK aid from the UK government. In 2014, the UK Department for International Development (DFID) reached an agreement with IFAC to provide funding of almost £5 million for PAO capacity building in at least ten emerging countries over seven years. Projects under the IFAC Capacity Building Program using DFID funding are currently underway in several countries including Ghana, Kyrgyzstan, Rwanda and Zimbabwe.  Partner organizations are selected following global Calls for Expressions of Interest and an extensive proposal and review process by the IFAC PAO Capacity Building Program Independent Selection Panel.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

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.

About MICPA
The Myanmar Institute of Certified Public Accounts is a professional body of Certified Public Accountants in Myanmar. The mission of the body is to communicate with international accountancy bodies and to distribute information to its members. MICPA was found under the Myanmar Accountancy Council (MAC), a policymaking body of accountants and auditors.

The International Ethics Standards Board for Accountants^® (IESBA^®) today released a completely rewritten Code of Ethics for Professional Accountants that is easier to navigate, use and enforce. Beyond the new structure, the Code brings together key ethics advances over the past four years, and is clearer about how accountants should deal with ethics and independence issues.

While the fundamental principles of ethics have not changed, major revisions have been made to the unifying conceptual framework—the approach used by all professional accountants to identify, evaluate and address threats to compliance with the fundamental principles and, where applicable, independence. New Code highlights include: 

• Revised “safeguards” provisions better aligned to threats to compliance with the fundamental principles;
• Stronger independence provisions regarding long association of personnel with audit clients;
• New and revised sections dedicated to professional accountants in business (PAIBs) relating to:
  • preparing and presenting information; and
  • pressure to breach the fundamental principles.
• Clear guidance for accountants in public practice that relevant PAIB provisions are applicable to them;
• New guidance to emphasize the importance of understanding facts and circumstances when exercising professional judgment; and
• New guidance to explain how compliance with the fundamental principles supports the exercise of professional skepticism in an audit or other assurance engagements.

“This is a groundbreaking moment in the public interest. The Code is now a significantly strengthened platform, re-engineered for greater usability while maintaining global applicability. It underscores the importance of the fundamental principles for all professional accountants,” said IESBA Chairman Dr. Stavros Thomadakis. “Critical work begins now within firms, national standards setters, regulators and audit oversight bodies, educators, IFAC member bodies and others to promote awareness of the Code, and support its adoption and implementation.”

“I congratulate the IESBA on this significant achievement,” said Kristian Koktvedgaard, Chair of IESBA’s multi-stakeholder Consultative Advisory Group (CAG). “A strong international Code of Ethics is one of the defining characteristics of the global accountancy profession. Clearer, more usable and enforceable independence and ethics standards are essential to public trust in the profession. The new Code establishes a solid base for “future-ready” ethics standards, and I am pleased that the CAG contributed to its development.”

Renamed the International Code of Ethics for Professional Accountants^TM (including International Independence Standards^TM), the new Code becomes effective in June 2019. It is the culmination of extensive research and global stakeholder consultation. Stakeholders can now access the new Code on the IESBA’s website, where implementation resources and other supporting materials will be released throughout the period leading up to the effective date.

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

About IFAC^®
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

The Zimbabwean Ministry of Finance, the nation’s Public Accountants and Auditors Board (PAAB), IFAC (the International Federation of Accountants) and Chartered Institute of Public Finance and Accountancy (CIPFA), gathered more than 200 senior officials from central and local government to discuss next steps in Zimbabwe’s migration to accrual accounting based on International Public Sector Accounting Standards® (IPSAS®).

Opening the meeting, Finance and Economic Planning Deputy Minister Terence Mukupe reaffirmed the government’s commitment to high quality accrual-based public financial reporting as a cornerstone of sound public financial management and effective, efficient public service delivery.

The Chief Secretary, Office of the President and Cabinet, Dr. M.J.M Sibanda, sent a message of support that confirmed political backing at the nation’s highest level. He acknowledged the contribution of quality accrual-based public financial reporting to enhanced public sector transparency and accountability—an essential element in building trust and confidence in government amongst the people, as well as domestic and foreign investors.

Key development partners in Zimbabwe, including the European Union, International Monetary Fund, UK Department for International Development (DFID), United Nations Development Programme, and the World Bank, shared their expectations for PFM Reform in Zimbabwe. They encouraged the government to use the recently-completed Public Expenditure and Financial Accountability (PEFA) Assessment to develop a national PFM Reform strategy.

Participants actively identified accrual accounting implementation solutions, drawing on global, regional, and local best practices shared by the Chartered Institute of Public Finance and Accountancy (CIPFA), Organisation of English-speaking African Supreme Audit Institutions, the Government of South Africa, and Government of Tanzania.

As an essential partner to government, the accountancy profession committed to continued strengthening of central and local government accountancy capacity—including attendees being offered access to CIPFA’s Certificate in IPSAS.

Key outcomes highlighted by Zimbabwe’s Accountant General, Daniel Muchemwa, included the establishment of a policymaking steering committee that will be supported by an implementation working group comprising meeting participants. They will meet quarterly to establish a high level implementation strategy and monitor progress in the migration to accrual accounting.

The event was supported by IFAC and CIPFA, and funded with UK aid from the UK government.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

In 2014, the UK Department for International Development (DFID) reached an agreement with IFAC to provide funding of almost £5 million for PAO capacity building in at least ten emerging countries over seven years. One of the projects under the IFAC Capacity Building Program using DFID funding is currently underway in Zimbabwe.

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.

About PAAB

The Public Accountants and Auditors Board, Zimbabwe (PAAB) functions in terms of the Public Accountants and Auditors Act [Chapter 27:12]. It is the regulatory body for the accountancy profession in Zimbabwe. The PAAB’s mission is to protect the financial interests of the people of Zimbabwe and those with interests in the Zimbabwean economy by ensuring the maintenance of high standards of professional performance by members of the accountancy profession to foster investment.

The B20 has tapped IFAC (International Federation of Accountants) as a Network Partner to its Compliance & Integrity taskforce focused on anti-corruption, and has added three IFAC leaders to taskforces on Integrity & Compliance, Financing Growth & Infrastructure, and SME Development.

Corruption undermines sustainable development and corrodes growth on a regional and global scale. In partnership, the B20 and IFAC are committed to anti-corruption efforts and effective policy critical to safeguarding integrity in the financial system.

“Grounded in a strong ethical code, accountants ensure the financial integrity of the organizations in which they work and are critical for the functioning of stable financial markets,” said IFAC CEO, Fayez Choudhury. “We are pleased to partner with the B20 to advance the global fight against corruption and to recognize the vital work being done every day by more than 3 million professional accountants that IFAC represents and supports.”

The B20 also adds to its taskforces three IFAC leaders to provide professional accountancy’s perspective on critical issues:

• Carol Bellringer, IFAC Board Member – Integrity & Compliance
• Dr. Richard Petty, IFAC Board Member – Financing Growth & Infrastructure
• Manoj Fadnis, IFAC SMP Committee Member – SME Development

“Finding real business and policy solutions to issues such as corruption requires input and commitment by leaders across sectors,” said Dr. Daniel Funes de Rioja, B20 Chair. “In developing the private sector’s voice on global issues, the perspective of accountants will prove indispensable in policy proposals to support both business and the public interest.”

With prominent changes in its business environment in recent years, Argentina’s B20 Presidency provides an amplified stage to advocate for the private sector’s role in advancing public interest outcomes that support healthy economies and societies. 

“Tackling corruption is essential to gain and maintain the public’s trust in business and government. We are eager to play a role in the fight against corruption as part of our global profession, and in this important year of Argentina’s G20 Presidency,” said Dr. José Luis Arnoletto, President of the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE).

The B20 Argentina will focus on a variety of key challenges, including growth and infrastructure financing, promoting investment, ensuring food accessibility and addressing the challenges of the new industrial revolution.

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 more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

About B20
The Business 20 is the private sector´s voice of the G20 community. It addresses global challenges and priorities defined by the G20 countries, by building solid consensus amongst business leaders, international organizations and civil society regarding how they should be approached. With more than 1000 business leaders from 38 countries, the B20 2018 Argentine cycle, has begun discussions regarding relevant topics such as: Digital Economy and Industry 4.0; Trade and Investment; Employment and Education; Financing Growth and Infrastructure; Sustainable Food Systems; Energy, Resource Efficiency and Sustainability; SME Development; and Integrity and Compliance. On the 4^th and 5^th of October, B20 will present its conclusions and policy recommendations to the G20 Leaders in the Buenos Aires Summit.

IFAC—the International Federation of Accountants—announced today that, after an extensive global search, Mr. Kevin Dancey, FCPA, FCA—former President and Chief Executive Officer of CPA Canada—has been selected as IFAC’s next Chief Executive Officer. He will succeed current IFAC Chief Executive Officer, Fayez Choudhury, whose term expires at the end of the year.

Kevin has a long history of leadership in both the accountancy profession and public service. In addition to leading CPA Canada and the Canadian Institute of Chartered Accountants, he has served as PwC’s Canadian Senior Partner and Chief Executive Officer. Prior to the firm’s global merger with Price Waterhouse, Kevin was Coopers & Lybrand’s national tax practice leader. Beyond the profession, Kevin has served Canada’s citizens in a variety of public service roles. He currently chairs Finance Canada’s Departmental Audit Committee and is National Coordinator of the CPA Canada Martin Family Initiative, which mentors Canadian indigenous youth. Kevin holds a Bachelor of Arts (Hon.) in Mathematics & Economics from McMaster University.

“Kevin’s deep experience running large and complex membership organizations and an accountancy firm provides outstanding foundations to take IFAC forward,” IFAC President, Rachel Grimes said. “His leadership qualities, and his global relationships, will help ensure IFAC continues to grow its leadership role on the world stage.”

“To be selected as the next IFAC Chief Executive Officer is a singular honor—a career capstone,” said IFAC Incoming Chief Executive Officer Kevin Dancey. “Accountants positively influence the global economy in a multitude of ways. I’m looking forward to being a passionate advocate for the 3 million professional accountants represented by IFAC’s more than 175 member organizations in over 130 jurisdictions.”

“IFAC is a vital organization representing the interests of an essential profession,” said IFAC Chief Executive Officer Fayez Choudhury. “I’ve known Kevin for a number of years and I’m delighted that someone with his stature, acumen and experience will take IFAC forward.”

Mr. Dancey joins on May 14, 2018, and will work closely with Mr. Choudhury to ensure a seamless leadership transition.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

A call for nominations for the four international standard-setting boards is issued today. For nearly two decades, the global economy and financial market stability have been supported by the work of these international, independent standard-setting boards. Members of these boards are highly knowledgeable and informed individuals with insight and perspectives relevant to global standards.

The Call for Nominations for 2019 details the upcoming opportunities for qualified individuals to join the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB). Serving on these boards allows individuals with diverse professional backgrounds to contribute to the development of international standards, and to gain international experience while serving the public interest.

Nominations for the 22 open volunteer positions can come from all stakeholders, interested parties, and the general public. Travel support is available to qualified candidates from developing nations, self-nominees, and public members.

Gender equality is especially important to the Nominating Committee and, therefore, nominations of strong female candidates are strongly encouraged. Although candidates are ultimately selected based on professional background and experience, nominations from Africa, Asia, the Caribbean, Latin America, and the Middle East are particularly welcome to promote greater diversity on each board.

Candidates should have relevant subject-matter knowledge as well as strong English proficiency. Each board meets up to four times per year; the required time commitment is approximately 300 to 850 hours per year, depending on the board, member involvement, preparation, and travel time. 

The Nominating Committee requests submissions by February 15, 2018 via the Nominations Database. 

About the IAASB
The IAASB is an independent standard-setting board that develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

About the IAESB
The IAESB is an independent standard-setting board that develops education standards, guidance, and information papers for use by IFAC member organizations under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.

About the IESBA
The IESBA is an independent standard-setting board that develops ethical standards and other pronouncements for professional accountants worldwide under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. 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.

About the IPSASB
The IPSASB is an independent standard-setting board that works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards (IPSAS) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC).

About the Nominating Committee
The Nominating Committee follows an open and transparent process with public interest oversight to select the most suitable candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting candidates, please visit the Nominating Committee web page.

About the PIOB
The Public Interest Oversight Board (PIOB) is the global independent oversight body that seeks to improve the quality and public interest focus of the international standards formulated by the IAASB, IAESB and IESBA in the areas of audit and assurance, education, and ethics. Through its oversight activities, the PIOB works to bring greater transparency and integrity to the audit profession, thereby contributing to the enhanced quality of international financial reporting.

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

The International Federation of Accountants (IFAC) has published its initial views to the Monitoring Group Consultation Paper on changes to the international audit and ethics standard-setting process.

While IFAC agrees with some aspects of the Monitoring Group Consultation Paper, including the introduction of a multi-stakeholder model, broad geographical representation, sufficient checks and balances, and a review of the nominations process, it has concerns about far reaching proposals that would fundamentally dismantle the current model.

IFAC is also concerned that the consultation paper offers no evidence for such a drastic change and that fundamental key issues are omitted from the consultation or deferred, including: funding, oversight and governance, transition process, and an impact and risk assessment. Additionally, aspects of the Consultation Paper do not accurately reflect the current standard-setting arrangements, and offer proposals that are contrary to the Monitoring Group’s stated aims.

As an alternative to the proposals in the Monitoring Group Consultation Paper, IFAC proposes changes, which further enhance the independence of international standard setting while retaining separate audit and ethics boards and allowing ethics standards to remain applicable to all professional accountants, including auditors. They reinforce a multi-stakeholder approach across all aspects of standard setting, including the Public Interest Oversight Board (PIOB) and Nominating Committee; clarify the role of the PIOB and enhance transparent, independent public interest oversight; and advocate for a funding model with contributions from all stakeholders.

IFAC welcomes regular reviews of the standard-setting process that are in the public interest and ensure that the structures for international standard setting remain relevant in a changing world.

The Monitoring Group is considering all feedback from stakeholders. Comments should be submitted by February 9, 2018 to: MG2017consultation@iosco.org.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Auditing and Assurance Standards Board (IAASB) has agreed to collaborate with the World Business Council for Sustainable Development (WBCSD) to strengthen international assurance standards on sustainability reporting.

The collaboration supports WBCSD’s Redefining Value program and its objective to incorporate sustainability reporting within mainstream reporting, while ensuring external reporting follows the applicable IAASB international assurance standards (or their national equivalents). This consistency will champion the road to create greater alignment across reporting frameworks and build trust and confidence in sustainability reporting.

The WBCSD engaged IAASB as a key collaborator for this new project because it is the global standard setter for auditing and assurance standards.

Assurance of sustainability information continues to be an issue for preparers and assurance providers. Investors have consistently stated that assurance is important for building confidence in sustainability information in order for the information to be relevant and decision-useful. External assurance provides a critical role in building trust and confidence around sustainability information.

With support and funding from WBCSD, the IAASB approved a major new project to develop voluntary guidance on applying its existing assurance standards to emerging forms of external reporting (EER). EER goes beyond traditional financial reporting to include sustainability (or ESG) information and integrated reporting.

Recent publications by WBCSD and IAASB highlight the need to develop guidance on how EER assurance engagements are performing. This is because companies are at different stages of maturity in applying assurance and may face various barriers or challenges that they need help to overcome. WBCSD considers the independence of IAASB’s decision making to be a fundamental strength in supporting better EER assurance

Rodney Irwin, Managing Director of Redefining Value at WBCSD, said, “The scale of the challenges we face in moving towards a system that considers financial and non-financial information requires unprecedented collaboration. We have chosen to work with the IAASB because of their internationally renowned methods of setting the highest standards and encouraging companies/countries to adhere to them. We look forward to a working together towards an economy that values the true cost, true profit, true value of business.”

Work will begin in December 2017 and draft guidance on key challenges is expected to be published in Q4 2018.

Notes to Editors
This project is part of the Conservation and Financial Markets Initiative, a five-year effort of the Gordon and Betty Moore Foundation that aims to leverage the power of mainstream financial markets in order to help drive the food sector away from practices that degrade natural ecosystems.

About the World Business Council for Sustainable Development (WBCSD)
WBCSD is a global, CEO-led organization of over 200 leading businesses working together to accelerate the transition to a sustainable world. We help make our member companies more successful and sustainable by focusing on the maximum positive impact for shareholders, the environment and societies.

Our member companies come from all business sectors and all major economies, representing a combined revenue of more than $8.5 trillion and 19 million employees. Our global network of almost 70 national business councils gives our members unparalleled reach across the globe. WBCSD is uniquely positioned to work with member companies along and across value chains to deliver impactful business solutions to the most challenging sustainability issues.

Together, we are the leading voice of business for sustainability: united by our vision of a world where more than 9 billion people are all living well and within the boundaries of our planet, by 2050.

www.wbcsd.org
Follow us on Twitter and LinkedIn

About IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Gordon and Betty Moore Foundation:
The Gordon and Betty Moore Foundation fosters path-breaking scientific discovery, environmental conservation, patient care improvements and preservation of the special character of the Bay Area. Visit www.moore.org or follow @MooreFound.