Since the crisis, financial regulations the world over are being revised to ensure banks are more transparent and better able to deal with financial shocks. However there has been no corresponding drive to better manage government balance sheets for the long term, not least because very few governments would be able report on anything other than a cash basis. This demonstrates how urgently the quality of financial management in governments around the world needs sustained and well-designed reform, including those governments who have moved to adopt the accrual basis of reporting.

To address these issues, the Chartered Institute of Public Finance and Accountancy (CIPFA) is hosting its first ever International Seminar to highlight the importance of sound public financial management and reporting in a robust, transparent government accounting practice, in the public interest, and consider how the accountancy profession can play a role in addressing the quality of public sector financial management.

The seminar on July 7 in London will include global experts, highlighting relevant examples and initiatives that promote effective and efficient management of public finances, including:

• Fayezul Choudhury, IFAC CEO
• Paul Kazarian, Founder, Chairman and CEO, Japonica Partners
• Alta Prinsloo, Executive Director, Strategy, and Chief Operating Officer, IFAC
• Olivier Boutellis-Taft, Chief Executive, Federation of European Accountants
• Ian Ball, Chair, CIPFA International
• Mark Lowcock, Permanent Secretary, UK Department for International Development
• Fred Moore, Chief Executive Officer, Institute of Chartered Accountants of Ghana
• Chidi Ajaegbu, Past-President, Institute of Chartered Accountants of Nigeria

Additional information, including registration details, is available on the CIPFA website.

See IFAC CEO Fayez Choudhury discuss the Accountability. Now. campaign which represents a coalition of organizations that believe in the importance of enhancing the accountability and transparency of government financial management around the world.

The Institute of Chartered Accountants, Ghana, and IFAC^® hosted two days of roundtables in Accra, Ghana, May 21-22, focused on adoption and implementation of International Public Sector Accounting Standards^™ (IPSAS^™).

Day One provided senior government officials in Ghana with the opportunity to discuss the status of adoption and implementation in Ghana, share experiences, identify challenges to be addressed, and agree on next steps for full adoption and implementation in 2016. Both the Minister of Finance and the Accountant General of Ghana attended day one of the roundtables.

Day Two targeted those government officials with budget and/or accounts responsibility in Ghana—those who are responsible for implementation of IPSAS—to provide an opportunity to review the implementation plan and discuss practical, technical challenges, actions, and next steps.

Both days of roundtables featured global and regional leaders and experts in IPSAS adoption and implementation working with Ghanaian leaders and technical staff to build a smooth transition to IPSAS. IPSAS will provide Ghana with transparent financial information that captures the entire picture of funding commitments, encourages wise spending, and helps strengthen the economy. Both the accountancy profession and ICAG are committed to supporting Ghana during the transition.

Day One agenda: Adoption and Implementation of IPSAS in Ghana—Taking Stock and Next Steps

• Ian Carruthers, CIPFA - Public Financial Management (PFM)—A Whole System Approach
• Grace Francisca Adzroe, Controller & Accountant General, Ghana - An Overview of Progress to Date
• Erna Swart, Accounting Standards Board, South Africa - The South African Experience
• Sophie Moturi, Public Sector Standards Board, Kenya - IPSAS Adoption and Implementation in Kenya
• Williard Yohana Kalulu, Accountant General Office, Tanzania - Transition to the Accrual Basis of Accounting: Guidance for Public Sector Entities, Tanzania Case
• Shelmadene Petzer, Auditor General's Office, South Africa - Implementation Process and Obstacles
• Pius Maneno, National Board of Accountants and Auditors, Tanzania - Adoption and Implementation of IPSAS in Ghana
• Open Discussion questions

During a recent outreach trip to South Africa, IAASB Chairman Prof. Arnold Schilder was a guest on CNBC Africa's "Closing Bell South Africa" program, where he discussed the new and revised auditor reporting standards and their importance to stakeholders.

The World Economic Forum has ranked South Africa’s auditing and reporting standards #1 in the world in its Global Competitiveness Index for 2014-2015.  

"Auditor reporting in the future will become much more informative to outside users that so far didn't hear anything from the auditor except the final conclusion, the auditor's opinion," Prof. Schilder told CNBC Africa. "In the future, you will see five, six pages with unique information coming from the auditor about the audit and that's very relevant to users of that information." 

The IFAC Annual Review 2014, Leveraging Our Global Advantage, explains our approach to IFAC’s strategic and operational priorities—with the aim of leveraging our global advantage in a targeted manner, and allocating our substantial staff talent and experience to the greatest extent possible. Our equation for IFAC’s success is laid out in our business model, which consists of five operating lines:

• supporting standard setting for a globalized world;
• enhancing quality to strengthen our profession;
• building capacity for the profession;
• positioning accountants for success; and
• influencing policy and public debate.

Within this framework, this Annual Review 2014 discusses our operating environment, explains our strategic response and future direction, and demonstrates our performance and achievements. Along with our Financial Statements, the Annual Review comprises our suite of reporting for the year ended December 31, 2014.

The IAASB has continued its extensive outreach program contemplated in its five-year Strategy for 2015–2019: Fulfilling Our Public Interest Mandate in an Evolving World. It has compiled a detailed listing of its outreach activities for the period January 1, 2015 – April 29, 2015. 

Highlights from the IESBA's April 13-15, 2015, meeting in New York, NY.

:05 Introduction

:30 Opening Remarks from IESBA Chair Stavros Thomadakis

2:43 Non-compliance with Laws & Regulations

4:30 Long Association

8:00 Structure of the Code

10:29 Safeguards

13:38 Next Meeting

During a consultative process, the International Public Sector Accounting Standards Board^® (IPSASB^®) sought input on its future strategic direction to ensure it continued to respond to the global financial reporting needs of governments and other public sector entities.
 
In a live webinar, IPSASB Technical Director Stephenie Fox discusses the key elements of the IPSASB’s Strategic Objectives for 2015 Forward and reviews how input received during the consultative process shaped the final document.

To accommodate an international audience, the webinar is being offered on two dates:

• Tuesday, March 24, 2015, 12 p.m. EDT
• Friday, March 27, 2015, 9:30 a.m. EDT

 
Please click here to register and select a date. 

The 3rd Africa Congress of Accountants (ACOA), held by the Pan African Federation of Accountants (PAFA) and the Mauritius Institute of Professional Accountants (MIPA), will be held May 12-14, 2015 in Mauritius. Rising Africa: Partnering for Results will include sessions on partnerships between the public and private sectors, professional accountancy organization development, women and accountancy, and public sector accountancy, among other topics. Full details are available on the ACOA website.

The International Auditing and Assurance Standards Board^®(IAASB^®) has issued a survey in connection with its new quality control initiative as outlined in the IAASB’s Strategy for 2015-2019 and the IAASB’s Work Plan for 2015-2016.

Its purpose is to inform the scoping of the proposed quality control project, specifically with respect to issues encountered by small- and medium-sized practices in complying with the requirements of International Standard on Quality Control (ISQC) 1, Quality Control for Firms That Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and of International Standard on Auditing (ISA) 220, Quality Control for an Audit of Financial Statements.

Participants can take the survey online or download and complete the survey form.

Responses to the survey are requested by no later than March 27, 2015, to Sara Ashton, saraashton@iaasb.org.

The International Federation of Accountants (IFAC) has signed an agreement with the University of Dayton (UD) Department of Accounting and School of Business Administration, securing subject-matter experts to contribute to several research projects in 2015. This year-long pilot program is a seminal initiative, as it reflects IFAC’s commitment to gathering and using empirical data, when appropriate, to enhance the strength and quality of its work. In addition, it signals IFAC’s efforts to evolve and strengthen its ties with the academic community.

Under the agreement, UD will supplement its capacity by engaging leading academics with subject-matter expertise from around the world, when appropriate, to meet IFAC’s diverse research needs. Identified projects for the coming year include: the IFAC Global Small- and Medium-Sized Practice (SMP) Survey; an examination of the role of SMPs in providing business support to small- and medium-sized entities (SMEs); a review of public sector financial reporting in Africa and the Caribbean; and a review of the role of accounting advice on the performance of entities of various sizes.

At the end of the UD agreement, IFAC will evaluate the pilot and consider next steps.