Introduction to IPSAS is a package of training materials developed by IFAC to assist government and government entities wishing to report in accordance with the accrual based International Public Sector Accounting Standards (IPSAS).

Professional accountants make a significant contribution to the economy at the local, national and global levels. IFAC partnered with the Centre for Economics and Business Research (Cebr), one of the world’s leading economics consultancies, to get a clearer understanding of these contributions.

The results are striking.

In each measure reviewed, a greater number of accountants correlates to better economic performance. Moreover, professional accountants who are members of IFAC member professional accountancy organizations (PAOs) correlate to even stronger performance on economic indicators.

“At IFAC, we have always understood the strong connection between a well-developed accountancy profession and economic development,” said Kevin Dancey, IFAC CEO. “This research will help policymakers around the world have better informed conversations with professional accountants and PAOs about their contributions to society and potential partnerships for development and growth.”

Cebr’s analysis reviewed the accountancy profession in the G20 countries, including each individual country of the European Union. Data was assembled from a range of sources, including the World Bank, World Economic Forum, and Organisation for Economic Cooperation and Development, to establish relationships between economic variables and numbers of accountants and PAO members.

This research follows earlier projects on the positive contributions of the accountancy profession:

• Nexus 1: The Accountancy Profession, Behind the Numbers
• Nexus 2: The Accountancy Profession—A Global Value Add
• The Accountancy Profession—Playing a Positive Role in Tackling Corruption

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 more than 3 million accountants in public practice, education, government service, industry, and commerce.

Professional accountants make a significant contribution to the economy at the local, national and global levels. In each measure reviewed, a greater number of accountants correlates to better economic performance. Moreover, professional accountants who are members of IFAC member professional accountancy organizations (PAOs) correlate to even stronger performance on the economic indicators.

Train the Trainer: Introduction to IPSAS is a package of training materials developed by IFAC to assist government and government entities wishing to report in accordance with the accrual based International Public Sector Accounting Standards (IPSAS).

This is the second installment of a 6-month publication series titled Anti-Money Laundering, The Basics.

The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

Ahead of the anticipated release of the International Auditing and Assurance Standards Board’s suite of new quality management standards following Public Interest Oversight Board approval later this year, the IAASB has developed implementation plans for each of the three standards. The plans explain what implementation materials stakeholders can anticipate, topics covered, and expected timing.

The International Auditing and Assurance Standards Board (IAASB) announces the following new appointments and re-appointments to take effect on January 1, 2021:

New Board Members

• Mr. Edo Kienhuis (Partner, PwC, the Netherlands, nominated by Forum of Firms)
• Ms. Diane Larsen (Deputy to the Global Quality Enablement Leader, EY, USA, nominated by Forum of Firms)
• Ms. Wendy Stevens (Partner, National Practice Leader, Quality & Risk Management, Mazars, USA, nominated by the Association of International Certified Professional Accountants)

Reappointed Board Members

• Mr. Chun Wee Chiew (Regional Head of Policy ASEAN ANZ for the Association of Chartered Certified Accountants, Singapore, nominated by ACCA)
• Prof. Kai-Uwe Marten (Director of the Institute of Accounting and Auditing at the University of Ulm, Germany, nominated by Institut der Wirtschaftsprüfer and Wirtschaftsprüferkammer in Germany)
• Mr. Fernando Ruiz Monroy (Regional Assurance Risk Management Partner, EY, Mexico, nominated by Instituto Mexicano de Contadores Públicos, A.C., in Mexico)
• Mrs. Isabelle Tracq-Sengeissen (Audit Partner, EY, France, nominated by Compagnie Nationale des Commissaires aux Comptes and Conseil Supérieur de l'Ordre des Experts-Comptables in France)

“It is a pleasure to welcome all the new members to the IAASB and congratulate re-appointed members,” said Tom Seidenstein, IAASB Chair. “The work of our volunteers is crucial to the global financial architecture, especially during these challenging times. I am eager to bring these talented professionals and their fresh perspectives into our work, and I look forward to what we will collectively accomplish.”

The IAASB also announces the appointment of Mr. Len Jui as its deputy chair for 2021. Mr. Jui, who has served as an IAASB member since 2017, is a partner at KPMG China and serves as the head of Public Policy and Regulatory Affairs.

“I am also extremely pleased that Len Jui will begin serving as deputy chair of the Board," said Seidenstein. “Len has a long history of working and volunteering for the public good, having previously served as associate chief accountant at the US Securities and Exchange Commission, a Technical Advisor on the IAASB and as an International Organization of Securities Commissions (IOSCO) representative member on the IAASB’s and International Ethics Standards Board for Accountants’ Consultative Advisory Groups. I want to also thank Robert Dohrer, Rich Sharko and in particular, Fiona Campbell, our current deputy chair, as they depart from our Board. Their insight, their talent, and their tireless dedication to the public good has left a lasting legacy.”

About the Nominating Committee
The Nominating Committee makes recommendations to the International Federation of Accountants (IFAC) Board and Public Interest Oversight Board (PIOB) on the composition of the IAASB and IESBA.

The Nominating Committee is guided in its work by the principle of selecting the most suitable person for the position. In doing so, it endeavors to balance the nominee’s abilities and professional qualifications with the representational needs of the board, such as broad regional and professional representation and gender balance. The PIOB representative observes the selection process for IAASB and IESBA memberships with regular updates to the PIOB. To learn more about the Nominating Committee, visit its web page.

About the 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.

In light of the continuing effect of the COVID-19 pandemic on the International Auditing and Assurance Standard Board (IAASB)’s work plan and the capacity of our stakeholders, including recent requests to participate in consultations and events, the closing date for responses to the Auditor Reporting Stakeholder Survey has been extended to November 23, 2020.

The survey invites interested stakeholders to share their experience with, and provide feedback relating to, the Auditor Reporting Standards that were issued in 2015. This extension creates further opportunity for a broad range of input that will help the IAASB understand whether the revised Auditor Reporting Standards are achieving the intended purpose.

The IAASB appreciates the fact that different jurisdictions may be at different stages of adoption and implementation of the Auditor Reporting Standards. However, all interested stakeholders are invited to participate, regardless of where your jurisdiction is in the adoption and implementation process, since stakeholders’ perspectives and views may also be informed by, for example, early adoption activities, information gathering or field testing undertaken in preparing for implementation, research and outreach activities, and pilot testing. The online survey allows flexibility based on circumstances and experience.

The IAASB requests feedback from all stakeholders, including investors and other users of financial statements, auditors and audit firms, preparers of financial statements, those charged with governance, national standard setters, professional accountancy organizations, and regulators and audit oversight bodies.

Stakeholders also are asked to share the online survey with their respective networks in their jurisdictions that engage with auditors or use auditor reports.

Additional information about the Post-Implementation Review is available on the IAASB website. For any additional inquiries, please contact armandkotze@iaasb.org.

About the 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.