Central to its mission of serving the public interest, promoting adherence to high-quality professional standards, and furthering their international adoption and implementation, IFAC has updated and rebuilt its translations database of publications issued by IFAC and the independent standard-setting boards.
The newly interactive translations database is now user friendly and searchable—results can be filtered by language, status (in progress, completed), source (i.e., independent standard-setting body, IFAC, committee, etc.), and date of original publication in English. Translated documents are listed in chronological order so newest translations are always added at the top of the database home page.
To date, IFAC has facilitated the authorized translation of standards by designated translator bodies into 50 languages.
We’re social! Join the conversation on LinkedIn: IFAC Translator Forum.
The IAASB has responded to the Public Company Accounting Oversight Board's (PCAOB’s) initiative to explore ways to strengthen and modernize the PCAOB’s interim standards addressing the auditor’s use of the work of specialists.
The IAASB’s response draws reference to its work to develop ISA 620, Using the Work of an Auditor’s Expert, and ISA 500, Audit Evidence, as well as current projects on its agenda that are relevant to the topic of experts.
Launched last year by the International Federation of Accountants® (IFAC®), the Global Knowledge Gateway™ is a global hub for accountancy news, views, resources, and thought leadership from around the world. The Gateway now includes hundreds of original articles, brings together thousands of carefully selected resources and news items, and is growing daily.
Who should visit the Gateway? The Gateway is a place for professional and aspiring professional accountants, including students, and those working in business and practices of all sizes to:
Access practical resources from around the world;
Learn about emerging areas of the profession, like integrated reporting and Islamic finance;
Stay connected to the most pressing accountancy issues and news of the day; and
Interact by exchanging views, making recommendations, and sharing what they find with their own social networks.
What’s New? If you haven’t visited the Gateway recently, it’s time for another look. Late last year, IFAC added a tenth topic area, Islamic finance, to increase awareness of the ethical principles, standards, and regulation around this rapidly growing area. In addition, the website is now completely mobile friendly for viewing on any tablet or mobile device. And, with the addition of Google Translate (in the upper right corner of the site), the entire IFAC website is now available in 80 languages.
In 2015, IFAC anticipates an increase in multimedia resources, such as videos and podcasts. Several videos are currently in production, including a three-part series with futurist James Canton. See Part I, “Create an Innovative Culture by Looking Outside the Profession.”
Your Portal to the Rest of the World In the Gateway, you will discover documents, reports, videos, audio, and links to hundreds of websites. All content is indexed by an easy-to-use search engine, and resources can be filtered by sub-topic, type, and source. In addition, you can engage in conversation forums and blogs to exchange views with professionals and experts around the world. Register to suggest and recommend content, join discussions, and subscribe to TheLatest, our customizable, twice-monthly update on recently added content.
What Can You Learn on the Gateway?
The Gateway offers a mixture of expert opinions, thought leadership, technical guidance, and much more. It is organized around ten topic areas, including Audit & Assurance, Ethics, Performance & Financial Management, Practice Management, and Risk Management & Internal Control.
The Gateway provides accounting professionals with practical information they can use to help them in their day-to-day business challenges, for example:
Best Practices—Learn how businesses are managing their operations and delivering services in a profitable way.
How-to Guidance—Gain insights into how professional standards and methodologies are being applied by experts and authorities in the field.
Trends in the Accounting Profession and the Marketplace—Gain ongoing awareness about changes in technology, risks and opportunities, economic factors impacting the profession, and the regulatory environment.
Content Development—Access a rich source of subject matter and research to include in presentations and speeches.
Networking—Use the Gateway’s discussions as a way to engage in peer-to-peer contact and relationship building.
Professional Awareness for Students—Use the Gateway as a study aid or research tool; it’s a convenient portal for students and those preparing themselves to enter the profession to access introductory resources and links to authoritative institutions
Register to get the most out of the Gateway and start building your knowledge and exploring the Gateway’s myriad features today.
A new topic area, Inclusion, Women, and Leadership, has been launched on the MOSAIC website to curate related resources and news. The global accountancy profession is able to fulfill its greatest potential when it draws members and leaders from the widest pool of talent—like any business. But the issue isn’t only recruiting diverse talent into the accountancy profession and workforce. It is also ensuring opportunities for growth, development, and leadership—fully incorporating the widest range of people into all aspects of the profession, and taking their perspectives, ideas, and talents into account. This is an issue for the entire profession and for all businesses. By including this critical area on the MOSAIC website, IFAC strives to support development and improvement globally.
During its June 2015 meeting, the IAASB 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’s Representative on the Forum of Independent Audit Regulators Standards Coordination Working Group;
Helen Munter, Division of Registration and Inspections, US Public Company Accounting Oversight Board;
Doug Prawitt, Glen Ardis Professor of Accountancy, Brigham Young University; and
Cindy Fornelli, Executive Director, Center for Audit Quality.
Prof. Köhler and each panelist gave a brief presentation and offered opening remarks, which were followed by a discussion period.
The purpose of the discussion was to:
Provide IAASB members with a further understanding of the issues related to auditors’ application of professional skepticism in the context of a financial statement audit and raise questions with experts in this area; and
Consider how best to address concerns that have been raised about auditors' application of professional skepticism in audits of financial statements and planned next steps.
The 2015 edition of the Handbook contains the entire Code of Ethics for Professional Accountants™ (the Code). This edition also includes changes to certain non-assurance services pronouncements for both audit and assurance clients that will be effective in 2016. Early adoption is permitted; see “Changes” for details. 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 2014 edition of the IESBA Handbook.
Did you know the Ethics Board issues regular eNews updates and alerts on its activities? See recent eNews and press alerts. Register and subscribe on our website to get these delivered straight to your inbox. We also publish news and alerts from other standard-setting boards and committees, and offer a customizable twice-monthly alert (The Latest) including ethics and related news from the Global Knowledge Gateway.
A new Global Regulation survey has been launched by IFAC to assess the impact of regulation on organizations and individuals. The anonymous, 4 minute survey will help IFAC better understand how regulation impacts you and your organization, and how regulation might improve. By participating you’ll give IFAC, regulators, and policy makers invaluable insights. Take the survey today and make sure your voice is heard.
At its upcoming meeting on June 15–19, 2015, the IAASB will discuss matters related to the International Ethics Standards Board for Accountants’® (IESBA®) proposals related to responding to non-compliance with laws and regulations (NOCLAR).
The IESBA’s proposals are open for comment through September 4, 2015.
During the June 15 meeting, the IAASB will be asked to consider and approve a project proposal, as well as the proposed amendments to the international standards. If approved, it is anticipated that these proposed amendments will be issued in July 2015 and exposed for a period of 90 days.
The IAASB Consultative Advisory Group will discuss the topic at a special teleconference to be held on June 10, 2015. Due to the limited nature of these proposed changes, the IAASB is unlikely to hold a public forum, roundtable or other initial information-gathering activities. Rather, stakeholders are encouraged to respond to the exposure draft when issued and, if considered necessary, provide feedback to IAASB staff in advance of the upcoming meeting.
