IFAC CEO Ian Ball presents at the ICATT conference "Staying Ahead of the Curve."

1. Accounting Transparency &
Financial Stability
Ian Ball
Chief Executive Officer
International Federation of Accountants (IFAC)
ICATT’s Annual International Accounting & Finance Conference
October 10, 2012
Port of Spain, Trinidad

2. The International Federation
of Accountants
• The global organization of the
accountancy profession
• Approximately 2.5 million accountants in
public practice, education, government
services, industry, and commerce, in 127
countries

3. IFAC Vision
• That the global accountancy profession be
recognized as a valued leader in the
development of strong and sustainable
organizations, financial markets and
economies.

4. IFAC Values
• Integrity
• Transparency
• Expertise

5. IFAC’s Mission
• To serve the public interest by:
– Contributing to the development, adoption and
implementation of high-quality international standards and
guidance
– Contributing to the development of strong
professional accountancy organizations and accounting
firms, and to high-quality practices by professional
accountants
– Promoting the value of professional accountants worldwide
– Speaking out on public interest issues where the
accountancy profession’s expertise is most relevant

6. Overview of IFAC Structure
IFAC
COUNCIL
Governance
& Nominating
Audit Committee
Committee
IFAC IFAC
Regulatory
BOARD Liaison Group
Planning
and Finance
Committee
Forum
of Firms
Professional Professional Small and International International International International
Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector
Auditors Organization Advisory Panel Assurance Education Standards Accounting
Committee in Business Practices
Development Committee Committee Standards Standards Board for Standards
Committee Board Board Accountants Board
KEY
ACCOUNTABILITY

7. IFAC Structure and Oversight
IFAC
COUNCIL
Governance Public
& Nominating Interest
Audit Committee Oversight
Committee Board
IFAC IFAC
Regulatory
BOARD Liaison Group
Planning
and Finance
Committee
Forum
of Firms
Professional Professional Small and International International International International
Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector
Auditors Organization Advisory Panel Assurance Education Standards Accounting
Committee in Business Practices
Development Committee Committee Standards Standards Board for Standards
Committee Board Board Accountants Board
KEY
ACCOUNTABILITY
OVERSIGHT

8. IFAC Structure, Oversight,
and Consultation
Monitoring
Group
IFAC
COUNCIL
Governance Public
& Nominating Interest
Audit Committee Oversight
Committee Board
IFAC IFAC
Regulatory
BOARD Liaison Group
Planning
and Finance
Committee
Forum Consultative Consultative Consultative
of Firms Advisory Advisory Advisory
Group Group Group
Professional Professional Small and International International International International
Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector
Auditors Organization Advisory Panel Assurance Education Standards Accounting
Committee in Business Practices
Development Committee Committee Standards Standards Board for Standards
Committee Board Board Accountants Board
KEY
ACCOUNTABILITY
OVERSIGHT
CONSULTATION/ADVICE

9. The International Auditing and
Assurance Standards Board
• Sets high-quality standards in auditing
and assurance
• Facilitates adoption and implementation
• 82 jurisdictions are using or plan to
use the clarified ISAs
• Highlights:
– A top priority for 2012-1014: Enhancement of
auditor reporting standards
– Compilation Engagements―ISRS 4410 (Revised)
– Landmark Standard on Greenhouse Gas Statements

10. The International Accounting
Education Standards Board
• Strengthens the worldwide accountancy
profession by enhancing education
• Develops and facilitates International Education
Standards (IESs)
• Highlights:
– Revise and redraft its suite of eight IESs

11. The International Ethics Standards Board
for Accountants
• Develops Code of Ethics for Professional
Accountants
• The Code applies to all professional
accountants, whether in public
practice, business, education, or the public sector
• Highlights:
– Groundbreaking Exposure Draft:
Responding to a Suspected Illegal Act
– Review of Part C of the Code

12. The International Public Sector
Accounting Standards Board
• Sets International Public Sector Accounting
Standards (IPSASs)
– 31 accrual standards and a cash-basis standard
• Guidance and resources
– Train the Trainer
– Transition to the Accrual Basis of Accounting:
Guidance for Governments and Government
Entities
• Highlights:
– The Conceptual Framework for General Purpose
Financial Reporting by Public Sector Entities

13. Financial Crises—Adoption of IPSASs
Why Greece won't go away
By Laurence Knight Business reporter, BBC News
6 February 2012

14. IOSCO
“IFAC is concerned that the standards and
regulations governing sovereign issuers are
not of sufficient quality to protect investors and
ensure the stability of capital markets…”
“…looking at potential measures that could
improve the quality and reliability of
information disclosed by sovereign issuers and
therefore increase the protection of investors
and improve the stability of capital markets.”

15. PAO Development Committee
• Addresses the challenges facing the development
of strong professional accountancy organizations
(PAOs) in emerging and developing countries
• Brings together PAOs from developed and
developing nations
• Advocates for the economic and social benefits
that a formal profession can bring
• Highlights:
– Establishment of MOSAIC

16. Professional Accountants in Business
Committee
• Provides leadership and guidance
• Highlights:
– Competent and Versatile: How Professional Accountants in
Business Drive Sustainable Organizational Success (August
2011)
– New International Good Practice Guidance (IGPG), Evaluating
and Improving Internal Control in Organizations (Q4 2012)
– International Framework for Good Governance in the Public
Sector (Q2 2013)
• PAIB strategic review

17. Small and Medium Practices Committee
• Raises the profile of SMPs globally
• Represents interests to standard setters and
regulators
• Develops tools and resources
• Highlights:
– SMP Quick Poll
– SMP LinkedIn page
– Guide to Review Engagements
– Practice Management Guide (revision)
• SMP strategic review

18. Public Policy and Regulation
• Develops policy position papers:
– Public Sector Financial Management Transparency and
Accountability: The Use of International Public Sector
Accounting Standards
– A Definition of the Public Interest
– Global Regulatory Convergence and the Accountancy
Profession
• Comment letters
• Speech development
• PSTF

19. IFAC Membership
• Benefits of membership
– Part of an international community of the leading
professional accountancy bodies around the world
– Commitment to development of the profession
– Access to information, resources and support to help
strengthen the profession nationally
– Opportunities to provide input
– Ongoing dialogue with technical staff
• IFAC Compliance Program
– Promoting and monitoring convergence to international
standards
– Addressing the Statements of Membership Obligations

20. IFAC Member Body Relationship
• Tools and guidance
– SA Modules
– Practice Management, ISA Implementation, and
Quality Control guides for SMPs
– Competent and Versatile: How Professional
Accountants in Business Drive Sustainable Success

21. www.ifac.org