International Ethics Standards Board for Accountants (IESBA) staff today released two Q&A publications to support the adoption and implementation of the IESBA’s NOCLAR pronouncement, which will come into effect July 15, 2017.
The Q&As for professional accountants in public practice (PAIPPs) cover issues related to applicability, audits of financial statments, and professional services other than financial statement audits, among others.
The Q&As for professional accountants in business (PAIBs) cover issues related to scope, PAIB responsibilities (for senior vs. other PAIBs), organizational culture, and NOCLAR disclosure, among others.
See also the IESBA's NOCLAR web page for access to the pronouncement and support materials including videos, fact sheet, and more.
Opportunities, lessons learned, and ongoing challenges in the adoption and implementation of international standards and best practices across the Middle East and North Africa (MENA) region were recently explored during a Statements of Membership Obligations (SMOs) workshop held in Sweimeh, Jordan, on January 21. A number of common concerns highlighted the importance of, and clear opportunities for, collaboration to drive solutions that benefit current and future auditors and accountants.
The workshop facilitated a cross-border exchange of experiences, ideas, and solutions, and highlighted the possibilities for regional cooperation to address challenges such as:
fragmented and outdated legal frameworks;
a need to define small- and medium-sized entities and implement suitable standards;
keeping adopted international standards up to date;
a lack of unified and timely translations;
insufficient technical and financial resources; and
inadequate resources for independent quality assurance and investigation and discipline systems.
The workshop, held in cooperation with the Jordanian Association of Certified Public Accountants (JACPA) and the World Bank Group’s Global Governance Practice, included more than 55 representatives from 27 organizations in the MENA region, including 20 professional accountancy organizations. Representatives from the Gulf Cooperation Council Accounting and Auditing Organization, Pan African Federation of Accountants, and the Arab Federation of Accountants and Auditors also participated to discuss regional issues and share their experiences.
Workshop presentations are available below.
Strengthening Quality and Support for IFAC Membership (English)
Yemen Association for Certified Public Accountants: Proactivity in IFRS Adoption and Implementation (English)
Promoting the Adoption of IPSAS in Palestine – PACPA’s Experience (English)
La régulation indépendante de l’audit en Tunisie: le débat continue (French)
Kuwait Association of Accountants and Auditor’s Involvement with Government Regulators to Support an Investigation and Discipline System (Arabic)
Lebanese Association of Certified Public Accountants: Supporting Implementation of IESBA Code of Ethics during the Adoption Process (English)
JACPA’s Professional Development and Certification of Accountants and Auditors (English)
A revised and updated version of IFAC’s Policy Position Paper 8, Enhanced Organizational Reporting: Integrated Reporting Key, is available on the IFAC website. The paper outlines IFAC position that integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time.
Other IFAC’s views detailed in the paper are:
IFAC’s strong support for the International Integrated Reporting Council and implementation of its Framework;
that the integrated report can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports and recognizing that there is a range of different frameworks and regulations available, and under development;
the importance of reporting that produces information on which assurance conclusions can be expressed, in accordance with high-quality international assurance standards; and
the accountancy profession’s significant contribution, and its important role, in developing and implementing enhanced organizational reporting, with professional accountants playing an important role in broad-based organizational reporting arrangements, and in providing assurance.
This updated edition of the paper includes a new section, “A Coherent Corporate Reporting System with Integrated Reporting”, which describes integrated reporting in more detail and the connection to integrated thinking as a foundation.
The International Public Sector Accounting Standards Board® (IPSASB) staff have issued a background paper to provide information on Emissions Trading Schemes (ETSs) and other government interventions that reduce emissions of greenhouse gases. The paper provides background information on ETSs and support the IPSASB’s potential future development of approaches for accounting for entities’ involvement in ETSs. This publication is not an IPSASB pronouncement and does not represent IPSASB members' views.
The IAASB has continued its extensive outreach program contemplated in its five-year Strategy for 2015-2019: Fulfilling Our Public Mandate in an Evolving World. The following is a detailed listing of events IAASB representatives participated in or presented at for January-November 2016.
IAASB Presentation and Outreach Activities from January 2016–November 2016
IAASB representatives participated in, or presented, at the following events:
January 2016
Meeting with KPMG Global Assurance Leadership – London, United Kingdom (Schilder)
Meeting with representatives of the International Accounting Standards Board – London, United Kingdom (Pickeur, Sharko, Shannon, James, van den Hout)
February 2016
Teleconference with International Organization of Securities Commissions Committee 1, Auditing Subcommittee (Sharko, Healy, James, van den Hout)
Participation in the Association of Chartered Certified Accountants Audit and Assurance Global Forum – by teleconference (Murtagh)
Participation in the International Federation Of Accountants' panel at the American Accounting Association International Accounting Section 2016 Mid-Year meeting – New Orleans, United States (Bahlmann)
Presentation at the International Forum of Independent Audit Regulators' Inspection Workshop Working Group meeting – Abu Dhabi, United Arab Emirates (Schilder, Bahlmann)
Participation in INTOSAI’s Financial Audit Subcommittee meeting – Abu Dhabi, United Arab Emirates (Bahlmann)
Meeting with representatives of Institut der Wirtschaftsprüfer – Düsseldorf, Germany (Schilder, Murtagh, Thomadakis, Fleck, Gunn (by teleconference), Healy)
Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group meeting – Basel, Switzerland (Köhler, Sharko (by teleconference), van den Hout (by teleconference))
March 2016
Participating in the United Nations Conference on Trade and Development's Consultative Group on Sustainable Development Goals – Geneva, Switzerland (Kamp-Roelands)
Roundtable on Enhancing Audit Quality at Nederlandse Beroepsorganisatie voor Accountants – Amsterdam, Netherlands (Schilder, Köhler, Sharko, Zietsman, Bahlmann)
IAASB Consultative Advisory Group Meeting – Paris, France (Schilder, Landes, Campbell, Dohrer, Kelsall, Köhler, Murtagh, Salole, Sharko, Waldron, Gunn, Healy, Bahlmann, Kamp-Roelands, van den Hout)
Meeting with representatives of Compagnie Nationale des Commissaires aux Comptes and Conseil Supérieur de l'Ordre des Experts-Comptables – Paris, France (Schilder, Landes, Gunn, Healy)
IAASB Roundtable on Enhancing Audit Quality– Paris, France (Schilder, Landes, French, Köhler, Sharko, Zietsman, Gunn, Healy, Bahlmann, Kamp-Roelands)
Presentation at International Federation of Accountants Small and Medium Practices Committee meeting – New York, United States of America (Murtagh)
Presentation at Business Week at the University of North Carolina-Wilmington – Wilmington, USA (Dohrer)
April 2016
Meeting with International Integrated Reporting Council – London, United Kingdom (Schilder, Landes, Grabowski, Kelsall (by teleconference), Healy, Kamp-Roelands (by teleconference))
Meeting with Chartered Institute of Management Accountants – London, United Kingdom (Schilder, Landes, Healy)
Attendance at the United Kingdom Financial Reporting Council’s Event on Enhancing Audit Quality – London, United Kingdom (Schilder, Landes, Grabowski, Jackson, Healy)
Meeting with Association of Chartered Certified Accountants – London, United Kingdom (Schilder, Landes, Healy)
Meeting with Institute of Chartered Accountants in England and Wales – London, United Kingdom (Schilder, Landes, Healy)
Presentation at Crowe Horwath International’s Regional Meeting – Bali, Indonesia (Chiew)
Meeting with Representatives from the Dubai Financial Services Authority – Dubai, United Arab Emirates (Sharko, James)
Presentation at Unione Giovani Dottori Commercialisti ed Esperti Contabili Convention – Padova, Italy (Vanbeveren)
Joint Association of Chartered Certified Accountants / Malaysian Institute of Accountants / IAASB Roundtables on Enhancing Audit Quality – Kuala Lumpur, Malaysia (Schilder, Kelsall, Murtagh, Zietsman, Chiew)
Participation in Panel at the International Forum of Independent Audit Regulators' Plenary Meeting – London, United Kingdom (Schilder)
Participation in the Public Accountants and Auditors Board's Roundtable on New Auditor's Report – Harare, Zimbabwe (Bahlmann)
Presentation at Zimbabwe Accountants Conference 2016 – Harare, Zimbabwe (Bahlmann)
Presentation at Pan African Federation of Accounting Technical Meeting – Livingstone, Zambia (Bahlmann)
Meeting with US Securities and Exchange Commission – Washington D.C., United States of America (Schilder, Landes, Zietsman, Healy)
Meeting with United States Public Company Accounting Oversight Board Members and Staff – Washington D.C., United States of America (Schilder, Landes, Zietsman, Healy)
Presentation to the Governing Board of the Center for Audit Quality – Chicago, United States of America (Schilder, Healy)
Meeting with Chairman of United States Auditing Standards Board – Chicago, United States of America (Schilder, French, Healy)
Meeting with Grant Thornton Leadership – Chicago, United States of America (Schilder, French, Healy)
May 2016
Presentation at Crowe Horwath International’s Regional Meeting – Miami, United States of America (Jones)
Meeting with Representatives of the International Association for Accounting Education & Research and Institute of Chartered Accountants of Scotland – Amsterdam, Netherlands (Köhler, Kamp-Roelands)
Attendance at the Foundation for Audit Research Conference – Breukelen, Netherlands (Schilder)
Presentation at the Forum of Firms – Paris, France (Schilder, Zietsman, Montgomery, Bahlmann, Klonaridis)
Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group Meeting – Teleconference (Dohrer, Pickeur, James, Williams)
Meeting with the Basel Committee on Banking Supervision's Accounting Experts Group – Madrid, Spain (Sharko, van den Hout)
Participation in Forum of Firms Group Audits Symposium – Paris, France (Zietsman, Burzenski, Bahlmann)
Presentation to the Annual Congress of the European Accounting Association – Maastricht, Netherlands (Schilder)
Meeting with Representatives of the Global Public Policy Committee on Auditor Reporting Implementation – Paris, France (Montgomery, Sylph, Shannon, Weber, Klonaridis,)
Meeting with International Accounting Standards Board Leadership – London, United Kingdom (Schilder, Blascos, Grabowski, Sharko)
Participation at the Fédération des Experts-Comptables Européens, Consultative Committee of Accountancy Bodies and Chartered Financial Analyst Institute's Joint Event on the Future of Corporate Reporting – London, United Kingdom (Grabowski)
Panelist at Global Reporting Initiative's Corporate Leadership Group Meeting – Amsterdam, Netherlands (Kamp-Roelands)
Participation in the United States Public Accounting Oversight Board's Standing Advisory Group Meeting – Washington D.C., United States of America (Schilder, Zietsman, Healy)
Presentation at 2016 Deloitte Foundation / University of Kansas Auditing Symposium – Kansas City, United States of America (Bahlmann)
Meeting with the International Forum of Independent Audit Regulators' Standards Coordination Working Group – Amsterdam, Netherlands (Schilder, Köhler, Sharko, Zietsman, Gunn, Healy, Williams)
Participation in International Organization of Supreme Audit Institutions Professional Standards Committee's Steering Committee Meeting – Copenhagen, Denmark (Gunn)
Participation in the Institute of International Finance's Three-way Dialogue Meeting – London, United Kingdom (Sharko, van den Hout)
June 2016
11th Turkish Accountancy Forum – Ankara, Turkey (Sylph)
Meeting with Auditing Sub-Committee of the International Organization of Securities Commissions – London, United Kingdom (Grabowski, Campbell (by teleconference), Healy, Williams, Klonaridis and Kirpalani (by teleconference))
Meeting with Committee 1 of the International Organization of Securities Commissions – London, United Kingdom (Schilder, Gunn, Healy)
Meeting with Representatives from the Confederation of Netherlands Industry and Employers (VNO-NCW) – The Hague, Netherlands (Sharko)
Presentation at American Institute of Certified Public Accountants Practitioners Symposium and Tech Conference – Las Vegas, United States of America (French, Bahlmann)
Presentation to the American Institute of Certified Public Accountants’ Assurance Services Executive Committee Meeting – New York, United States of America (Kamp-Roelands)
Presentation at Small and Medium Practices Committee Meeting – Las Vegas, United States of America (French, Bahlmann)
International Federation of Accountants Board Meeting – New York, United States of America (Schilder, Gunn)
Presentation at Instituto dos Auditores Independentes do Brasil 6th Brazilian Conference on Accounting and Independent Auditing – Sao Paulo, Brazil (Gunn)
National Auditing Standards Setters Meeting – New York, United States of America (Schilder, Landes, Campbell, Dohrer, Healy, Kamp-Roelands, Bahlmann, Williams, Kirpalani, Klonaridis, Simms)
Panelist at the International Symposium on Audit Research Conference – Singapore, Singapore (Montgomery)
Panelist at the Association of Chartered Certified Accountants' ASEAN Conference – Singapore, Singapore (Montgomery)
Presentation to ASEAN Federation of Accountants' Council Meeting – Singapore, Singapore (Montgomery)
Presentation to the Integrated Reporting Network for Professional Accountancy Organizations – Webinar (Kamp-Roelands)
Joint session with IAASB and Center for Audit Quality at the International Corporate Governance Network Conference – San Francisco, United States of America (Köhler, Zietsman)
Participation in Global Auditor Investor Dialogue Auditor Reporting Session at the International Corporate Governance Network Conference – San Francisco, United States of America (Montgomery, Healy)
Meeting with Representatives of the International Accounting Standards Board on International Financial Reporting Standard 4, Insurance Contracts (by teleconference), (Sharko, Pickeur, Shannon, James, Van den Hout)
Meeting with representatives of Compagnie Nationale des Commissaires aux Comptes– Paris, France (Pickeur)
Meeting with Representatives of the Fédération des Experts-Comptables Européens – Brussel, Belgium (Schilder, Gunn)
Meeting with Representative of the European Commission – Brussel, Belgium (Schilder, Gunn)
August 2016
Participation at the Nordic Federation of Public Accountants' Annual Assembly – Naantali, Finland (Schilder)
Discussion Leader and Presentation at the Instituto Nacional de Contadores Públicos de Colombia Summit – Cartagena, Colombia (Schilder)
Panel Participant at the Instituto Nacional de Contadores Públicos de Colombia Summit – Cartagena, Colombia (Zietsman)
Meeting with Representatives of the Columbian Ministry of Commerce, Industry and Tourism, Technical Council of Accountancy, Company Superintendence, Accounting Firms, Central Board of Accountants and Instituto Nacional de Contadores Públicos de Colombia – Cartagena, Colombia (Schilder, Zietsman)
Meeting with the Basel Committee on Banking Supervision's Accounting Experts Group - Basel, Switzerland (Pickeur, Sharko (by teleconference), van den Hout)
September 2016
Presentation at the Centre for Financial Reform of the World Bank – Vienna, Austria (Pickeur)
Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group Meeting (by teleconference) (Sharko, Campbell, James, Williams, Kirpalani)
International Federation of Accountants Board Meeting – Sydney, Australia (Gunn)
International Auditing and Assurance Standard Board Consultative Advisory Group Meeting – New York, United States of America (Schilder, Landes, Campbell, French, Köhler, Sharko, Zietsman, Waldron, Gunn, Healy, Bahlmann, van den Hout)
World Bank Centre for Financial Reporting Reform―Audit Training of Trainers Virtual Workshop: New and Revised Auditor Reporting Standards – (Montgomery)
Public Interest Oversight Board Meeting – New York, United States of America (Schilder, Waldron, Zietsman, Gunn)
Meeting with Members of the Monitoring Group – New York, United States of America (Schilder, Gunn)
Participation in Participation in Roundtables on Auditor Reporting organized by the Malaysian Institute of Certified Public Accountants ‒ Kuala Lumpur, Malaysia (Montgomery)
Meeting with Representatives from Hong Kong Exchanges and Clearing Limited, Securities and Futures Commission, Financial Reporting Council and Hong Kong Institute of Certified Public Accountants ‒ Hong Kong, China (Schilder, Landes, Zietsman, Campbell, Kelsall, Murtagh, Bahlmann)
Meeting with International Organization of Securities Commissions' Chair ‒ Hong Kong, China (Schilder, Landes, Gunn)
Presentation at Certified Public Accountants Australia ‒ Hong Kong, China (Schilder, Zietsman, Kelsall)
Presentation to International Federation of Accountants' Professional Accountants in Business Committee ‒ Dubai, United Arab Emirates (Köhler)
Panelist at the International Standards of Accounting and Reporting's Workshop on Accounting and Financial Reporting Standards ‒ Geneva, Switzerland (Grabowski)
Presentation and Panelist at Annual Meeting of the Swiss Association of Certified Public Accountants ‒ Bern, Switzerland (Köhler)
Presentation at International Federation of Accountants Small-and-Medium Practices Committee meeting ‒ New York, United States of America (Murtagh, Sharko, Zietsman)
Presentation at Nijenrode University ‒ Breukelen, Netherlands (Schilder)
World Bank Centre for Financial Reporting Reform―Audit Training of Trainers Workshop: The IAASB’s Data Analytics Project ‒ Virtual workshop (Young)
Meeting with the Forum of Firms/ Transnational Auditors Committee ‒ New York, United States of America (Zietsman, Campbell, Bahlmann, Williams)
Presentation at Russell Bedford International Annual Conference ‒ Mexico City, Mexico (Sylph)
Meeting with Representative from the Monitoring Group ‒ Toronto, Canada (Schilder (by teleconference), Gunn)
November 2016
Presentation at the Accounting Academy's 3rd Annual Practice Management Conference for Accountants ‒ Johannesburg, South Africa (Vanker)
Presentation at PKF's International Assurance and Accounting Conference ‒ Warsaw, Poland (Dohrer)
Meeting with European Audit Inspection Group ‒ Limasol, Cyprus (Zietsman, Gunn)
Panel Participants at the Central Bank of Russian Federation's International Audit Conference ‒ Moscow, Russia (Zietsman, Sharko)
IAASB Update Presentation (to Russian Government Officials, Practitioners and Academics) ‒ Moscow, Russia (Zietsman, Sharko)
Panelist at Association of Chartered Certified Accountants / Grant Thornton Event :The Future of Audit ‒ Brussels, Belgium (Schilder)
Teleconference with Global Auditor Investor Dialogue (Schilder, Zietsman)
Auditor Reporting Presentation to Russell Bedford International ‒ Jakarta, Indonesia (Sylph)
Auditor Reporting Presentation to Russell Bedford International ‒ Perth, Australia (Sylph)
Auditor Reporting Presentation to Russell Bedford International ‒ Melbourne, Australia (Sylph)
Presentation/moderator/panelist/attendance at Auditor Roundtable at CPA Australia ‒ Melbourne, Australia (Sylph, Campbell, Kelsall)
Presentation/moderator/panelist/attendance at Auditor Roundtable at Chartered Accountants Australia and New Zealand ‒ Sydney, Australia (Sylph, Campbell, Kelsall)
Presentation/participation in Auditor Roundtable at the New Zealand External Reporting Board ‒ Auckland, New Zealand (Sylph, Campbell)
Presentation/participation in Auditor Roundtable at the New Zealand External Reporting Board ‒ Wellington, New Zealand (Sylph, Campbell)
Attendance at the United States Public Company Accounting Oversight's Board's Standing Advisory Group ‒ Washington D.C., United States of America (Zietsman)
The Handbook contains the entire Code of Ethics for Professional Accountants™ (the Code). This edition includes two new sections—225 and 360, and conforming amendments to other sections—addressing professional accountants’ responsibilities when they become aware of non-compliance with laws and regulations (NOCLAR). See NOCLAR standard, supporting documents, and guidance on the IESBA site: Responding to NOCLAR.
Changes regarding NOCLAR will be effective July 15, 2017. Early adoption is permitted. Access the mobile-optimized and fully searchable web-based version of the Handbook for personal use or purchase print copies now. This Handbook replaces the 2015 edition of the IESBA Handbook.
Did you know the IESBA issues regular news updates and alerts on its activities? Register and subscribe to these and more, including a customizable twice-monthly email (The Latest) with ethics resources & news from the Knowledge Gateway.
The 2016 IFAC Global SMP Survey has received 3,996 responses as of today. The survey will close in one week.
Available in 23 languages, the survey is the largest annual global survey of accountants operating in small- and medium-sized practices (SMPs). Open until November 30, 2016, the survey is expected to yield valuable insights into the global SMP community, which provides services to small- and medium-sized entities (SMEs), commonly known as the “engine rooms” of the global economy.
IFAC is calling on its Member Organizations help promote. In 2015, you helped us collect over 6,700 responses, our largest response yet (see 2015 summary and report).
From now until the survey closes, we’ll be updating this post to share promotional tools, ideas, reminders, and other survey updates.
How IFAC Members Can Help
Help IFAC make this critical intiative a success. All downloads available in the Members-only IFAC Extranet—see 2016 SMP Survey Toolkit (log-in for IFAC members only).
Direct Email and Publications: We recommend that you send an email announcement to your members. Download text to reproduce as is, or modify/translate as needed, for email announcement and/or publications (log-in for IFAC members only).
NEW! Events: Promote the survey at events by including this slide in your presentation. Download slide (log-in for IFAC members only).
Social Media: Use our pre-drafted posts and images to share on social media. Download images for Twitter, Facebook, LinkedIn (log-in for IFAC members only).
Benefits for IFAC Member Organizations
The survey helps IFAC and its members gain an understanding of the specific challenges and opportunities faced by SMPs and SMEs globally, and as a result, better serve this critical constituency.
We invite IFAC member organizations to:
Request the data for your country so you may produce national-level reports, articles, and analysis (for example, see articles from Germany and Uganda). National data from the 2016 survey will be available by request in February 2017.
Gain acknowledgement in the final report. Email us to let us know if you help promote the survey so we can include your organization in the 2016 report.
Stay in Touch
Join the IFAC global SMP community on Twitter. Subscribe to receive updates andto stay informed on a variety of SMP issues, including practice management, the survey, and more.
