martes, 31 de agosto de 2010

Boletín de la Federación Internacional de Contadores (IFAC)

October 29, 2009

Thank you for signing up to receive eNews from the International Federation of Accountants. We welcome your comments.

In this issue:
1. IFAC Accountancy Summit Supports G-20 Response to Financial Crisis
2. IFAC/The Banker Survey Examines SME Lending, Critical Role of Accountants
3. IFAC Hosts SMP Forum in Beijing
4. IAASB Releases New Tools to Support Clarity ISA Adoption and Implementation
5. IAASB Staff Issues Q&A Guide on Clarified ISA Implementation, SME Issues
6. IAASB Consults on Complex Financial Instruments, Greenhouse Gas Emissions
7. Adoption and Implementation Materials for Revised Ethics Code Now Available
8. IPSASB/IMF Joint Task Force Achieves Progress
9. IFAC/PAIB Collaborating with Prince of Wales Sustainability Project on Community Site
10. PAIB Issues International Good Practice Guidance on Evaluating and Improving Costing
11. PAIB Launches Projects on Governance, Risk, and International Control
12. IOSCO Issues Statement Supporting Clarity ISAs
13. Forum of Firms Workshop Focuses on Strengthening Global Internal Inspection Processes
14. Member Bodies Invited to Rate Competitors in 2009 Articles of Merit Competition
15. IFAC and International Valuation Standards Council Sign MOU Agreement
16. Third Annual CReCER Conference Addresses Crisis, SMEs, and Public Sector Reporting
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1. IFAC Accountancy Summit Supports G-20 Response to Financial Crisis

Following the Pittsburgh G-20 Summit held on September 24-25, IFAC expressed support for the G-20's goal to establish "a framework for strong, sustainable, and balanced growth," which includes reform of executive compensation packages, the adoption of a single set of high-quality global accounting standards, and increased resources for the World Bank and international development banks. IFAC recommends that these goals remain priorities and that G-20 leaders act on them at a national level.

In advance of the Pittsburgh G-20 meeting, IFAC hosted in July the G-20 Accountancy Summit, which was attended by over 60 representatives from member bodies in the G-20 countries and other external groups. The Accountancy Summit was designed to generate consensus within the profession on a series of recommendations submitted to the G-20 finance ministers. The Summit also addressed the question of how the profession can best contribute to resolving the financial crisis. The recommendations, if implemented, are designed to strengthen transparency and accountability within the global financial system.

The following recommendations, among others, were developed at the G-20 Accountancy Summit:
• The early adoption and implementation of International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and the auditor independence requirements set out in the Code of Ethics for Professional Accountants
• Stronger corporate governance structures
• Widespread adoption of International Public Sector Accounting Standards (IPSASs) by government
• Greater consideration of the needs of small- and medium-sized entities
The full list of these recommendations also can be accessed via IFAC's web page devoted to the Global Financial Crisis: www.ifac.org/financial-crisis. The results of the G-20 Summit can be accessed here: pittsburghsummit.gov.
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2. IFAC/The Banker Survey Examines SME Lending, Critical Role of Accountants
IFAC and The Banker magazine, part of the Financial Times group, have released the results of a global survey of banks on lending to small- and medium-sized entities (SMEs). The results showed that some SMEs may have access to more credit down the road, but will have to pass more rigorous tests to demonstrate their creditworthiness.
The results of the survey, which received responses from over 500 bankers over a six-week period, also confirmed that accountants play a critical role in providing information that influences lender decision making. Bankers expect SMEs to provide more comprehensive information in their loan applications. Survey respondents said that they will increasingly look at cash-flow information, collateral, and customer history with the bank when considering loan applications. Financial statements, key risk indicators, and industry trends are also among the key sets of information banks focus upon when making loan decisions.
The survey results, including three articles by IFAC leadership that highlight IFAC's support for SMEs and IFAC's belief in the importance of SMEs in contributing to global economic recovery and growth, are printed as a special supplement in the October issue of The Banker. The articles and survey results can also be accessed from the IFAC website: www.ifac.org/financial-crisis/smp-sme-resources.php.
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3. IFAC Hosts SMP Forum in Beijing

The Small and Medium Practices (SMP) Committee held is fourth annual IFAC SMP Forum at the Grand Hyatt, Beijing. Over 200 delegates from more than 40 countries--the largest gathering in the event's history--attended the event, which was co-hosted by the Chinese Institute of Certified Public Accountants and the Confederation of Asian and Pacific Accountants.

The Forum's program featured a broad range of speakers and topics, including recent international developments, the work of the IFAC SMP Committee, as well as presentations by the World Bank and Asian Development Bank, and panel discussions on such topics as "Adapting to the Economic Turbulence and Laying Foundations for Sustainable Growth"; "Ensuring International Standards are Relevant to SMP/SMEss"; and "The Role of SMPs in Providing Business Support to SMEs."

A full set of materials related to the Forum, including streaming video, speeches, presentations, and discussion group reports will be available at the SMP Committee Resources web page: www.ifac.org/smp/index.php#Resources.
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4. IAASB Releases New Tools to Support Clarity ISA Adoption and Implementation

To promote awareness and understanding of the clarified International Standards on Auditing (ISAs), which were completed in March 2009, the International Auditing and Assurance Standards Board (IAASB) has released a series of modules to support adoption and implementation efforts.

Each "ISA Module" consists of a brief video presentation, a set of slides, and supporting notes that explain the key principles of, and major changes in, individual ISAs. The support modules include the implications for audits of small- and medium-sized entities.

The ISA Modules are available to download free of charge from the IAASB Clarity Center on the IFAC website: http://web.ifac.org/clarity-center/support-and-guidance.
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5. IAASB Staff Issues Q&A Guide on Clarified ISA Implementation, SME Issues

To help auditors worldwide implement the clarified International Standards on Auditing (ISAs), the staff of the International Auditing and Assurance Standards Board (IAASB) has developed a question-and-answer publication titled Applying ISAs Proportionately with the Size and Complexity of an Entity.

The questions and answers explain how the design of the ISAs enables them to be applied in a manner that is proportionate to the specific characteristics of the entity subject to audit. Furthermore, answers are given to questions relating to audit procedures, work effort, documentation, and professional judgment. It is relevant in the context of any audit, but will be of particular help to those who audit, or oversee the audits of, small- and medium-sized entities.

The publication is available for download free of charge from the IFAC website: http://web.ifac.org/clarity-center/support-and-guidance.
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6. IAASB Consults on Complex Financial Instruments, Greenhouse Gas Emissions

The International Auditing and Assurance Standards Board (IAASB) has released Consultation Papers seeking views on developing new guidance for auditing complex instruments and greenhouse gas emissions reporting.

The first Consultation Paper, entitled Auditing Complex Financial Instruments, recognizes the strong demand from auditors and preparers for further guidance on auditing complex financial instruments, e.g., in situations of illiquid markets, which currently pose the greatest challenges for them. The Consultation Paper refers to recent work by the U.K. Auditing Practices Board (APB) on the same topic, and asks specific questions about how that guidance might be adapted or supplemented for application in the international context.

Comments for this paper are requested by January 15, 2010.

The second paper, titled Assurance on a Greenhouse Gas Statement, asks a number questions in important areas related to the reporting of greenhouse gas emissions, including the following:
• The form of assurance report that users would find most useful
• The nature and extent of requirements
• How a standard should best integrate with regulatory requirements
• Technical aspects of applying the assurance process to greenhouse gas emissions
The IAASB intends to use the feedback from this consultation to develop an exposure draft of a proposed new assurance standard on greenhouse gas emission statements for release in 2010.

Comments for this paper are requested by February 19, 2009.

Both Consultation Papers may be viewed by going to www.ifac.org/Guidance/EXD-Outstanding.php. Respondents are asked to send their comments electronically through the IFAC website, using the "Submit a Comment" link on the Exposure Drafts and Consultation Papers page. Please note that first-time users must register to use this new feature. Although IFAC prefers that comments be submitted using the online submission system, e-mail may continue to be sent to edcomments@ifac.org.
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7. Adoption and Implementation Materials for Revised Ethics Code Now Available
The International Ethics Standards Board for Accountants (IESBA) encourages member bodies and firms to develop plans for implementing the recently revised Code of Ethics for Professional Accountants (the Code). The revisions include strengthening the Code's independence requirements and using the word "shall" as a drafting convention to clarify requirements. The revised Code will take effect January 1, 2011.
The IESBA has developed the following resources to support adoption and implementation:
• Slide Presentations: High level and in-depth that can be used to explain the content of the Code
• Overview of Independence Requirements: A short document providing an overview of the independence requirements contained in Section 290 of the Code relating to rotation, cooling off period, provision of non-assurance services, fees, and compensation and evaluation policies
• Comparisons: A high level and more detailed comparison that will help people understand the differences between the July 2009 Code and the previous Code
• Template: A comparison template containing the complete text of the Code, which can assist individuals who want to understand how the provisions in their jurisdiction match up to the Code
To access these materials, as well as the revised Code, visit the Resources section of the Ethics homepage: www.ifac.org/Ethics.
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8. IPSASB/IMF Joint Task Force Achieves Progress

Momentum is building for the joint task force developed by the International Public Sector Accounting Standards Board (IPSASB) and the International Monetary Fund (IMF) to discuss intervention activities conducted by various governments in response to the global financial crisis. The task force is also considering the application of accounting standards for reporting such actions.

The task force has three objectives:
1) To learn how governments are intending to deal with assets, obligations, and commitments acquired as a result of their actions in response to the financial crisis
2) To learn about, and identify the need for any improvements to, accounting standards developed to account for government actions in response to the financial crisis
3) To discuss reporting and valuation approaches for reporting these interventions

The task force has held meetings with five important sets of stakeholders and updated the IPSASB on its progress. It will provide the Board with a draft document summarizing its conclusions on October 31, 2009.

To learn more about the activities of the IPSASB, please visit www.ifac.org/PublicSector.
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9. IFAC/PAIB Collaborating with Prince of Wales Sustainability Project on Community Site

IFAC and the Professional Accountants in Business (PAIB) Committee continue to collaborate with The Prince of Wales' Accounting for Sustainability (A4S) Project, which has the aim of achieving a common approach to accounting for sustainability across the accountancy profession.

Currently, IFAC and A4S have partnered to develop a community website that will allow accountancy organizations, professionals, and other experts to share ideas, experiences, and views on sustainability issues. The site will also allow participants to work together on a variety of different projects, including case studies, content development, and broader com¬munity outreach to stakeholders, such as investors, academics, and regulators.

Progress on the development of this site will be reported in future IFAC news vehicles.
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10. PAIB Issues International Good Practice Guidance on Evaluating and Improving Costing

The Professional Accountants in Business (PAIB) Committee has published new International Good Practice Guidance (IGPG) to help professional accountants make decisions about their approaches to costing.

The IGPG, titled Evaluating and Improving Costing in Organizations, establishes six fundamental principles for evaluating and improving costing methods.

The guidance is targeted to professionals working in commerce, industry, as well as the public sector. It also recognizes the importance of distinguishing between the purposes and information needs of cost accounting to meet the demands of external reporting, cost measurement, and reporting for internal decision support in organizations.

A companion document for the guidance, titled Evaluating the Costing Journey: A Costing Levels Continuum Maturity Model, has also been published to help professional accountants decide upon the level of sophistication in the costing information they will need to provide, given the requirements of their organizations and the needs of managers and employees. The model can help professional accountants exercise professional judgment to assess their organization's existing costing capabilities. IFAC welcomes comments on this model, which is a beta version currently being tested by users for its effectiveness.

Both documents can be downloaded free of charge from the PAIB section of the IFAC online bookstore at www.ifac.org/Store.
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11. PAIB Launches Projects on Governance, Risk, and International Control

The Professional Accountants in Business (PAIB) Committee has launched two projects directed at improving guidance in the areas of governance, risk, and internal control.

The first initiative will involve developing a reconciliation of the PAIB Committee's International Good Practice Guidance (IGPG) principles with the OECD Principles of Corporate Governance. This project follows IFAC's recent publication of the IGPG, Evaluating and Improving Governance in Organizations, and IFAC's July submission to the G-20, which identifies corporate governance as a priority for reform.

IFAC's IGPG on governance complements the Organization for Economic Co-operation and Development (OECD) principles as its main purpose is to support PAIBs and to help their organizations evaluate and further improve their governance structures and systems. The IFAC principles help restore the balance between compliance and performance in organizations.

The PAIB Committee is also developing the IGPG, Evaluating and Improving Internal Control in Organizations. The goal will be to provide practical guidance that will focus on common pitfalls in the way current internal control systems are being deployed and what should be done to avoid these pitfalls.
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12. IOSCO Issues Statement Supporting Clarity ISAs

The International Organization of Securities Commissions (IOSCO) recognized the important role that International Standards on Auditing (ISAs) play in "facilitating cross-border securities offerings and listings" in a statement.

In the statement, IOSCO encouraged securities regulators to accept audits performed and reported in accordance with the clarified ISAs for cross-border offerings and listings. However, IOSCO recognized that the decision whether to do so will depend on a number of factors and circumstances in their jurisdiction. Furthermore, IOSCO noted the potential role of the clarified ISAs for purely domestic offerings and listings. Consequently, it encourages securities regulators and relevant authorities to consider the clarified ISAs when setting auditing standards for national purposes. However, IOSCO also recognizes that factors at the national and regional level will be relevant to their considerations.

IFAC welcomes the statement, which echoes support for ISAs recently expressed by the World Bank and the Basel Committee on Banking Supervision.
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13. Forum of Firms Workshop Focuses on Strengthening Global Internal Inspection Processes

Over 40 senior audit professionals from 23 international networks of accounting firms met to share their experiences, industry insights, and current practices in establishing and strengthening global internal inspection processes at a workshop recently organized by the Forum of Firms (the Forum).

The workshop featured a panel of experts who discussed new developments and innovations in a variety of areas, including inspection organization, methodology and staffing, practical implementation issues, and processes for internal reporting.

In order to achieve and maintain membership in the Forum, each member firm must follow international professional standards on quality control at the firm level and for each transnational audit engagement.
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14. Member Bodies Invited to Rate Competitors in 2009 Articles of Merit Competition

The Professional Accountants in Business (PAIB) Committee has invited professional accountants in business and business leaders to participate in selecting the winner of its 2009 Articles of Merit Award Program. The program seeks to identify commendable articles on financial and management accounting topics that appeared in publications of IFAC member bodies and associates. This year, the PAIB Committee judging panel has nominated 35 articles for the top award.

To view and rate the articles, please see http://web.ifac.org/PAIB/articles-of-merit-2009 before November 15, 2009. The winning article will be announced at the end of the year.
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15. IFAC and International Valuation Standards Council Sign MOU Agreement

IFAC and the International Valuation Standards Council (IVSC) have signed a Memorandum of Understanding (MoU) to enhance their respective impacts on issues surrounding valuations--particularly those related to improving the consistency of global valuation standards affecting the preparation and audits of financial reports.

IFAC and the IVSC will seek collaboration opportunities in areas of common interest, including improving the mutual understanding of valuers and auditors, of standards in relation to financial statements and the auditors' use of experts, and promoting the credibility and acceptability of valuations prepared in accordance with International Valuation Standards. As part of this collaboration, the IVSC has appointed Frank Bollman to serve on the Consultative Advisory Group of the International Auditing and Assurance Standards Board. Mr. Bollman is Managing Director in the European Practice of Duff & Phelps GmbH.
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16. Third Annual CReCER Conference Addresses Crisis, SMEs and Public Sector Reporting

The 3rd Annual CReCER (Spanish acronym for Accounting and Accountability for Regional Economic Growth) Conference took place September 23-25 in São Paulo, Brazil. The event, hosted by IFAC, the World Bank, and the Inter-American Development Bank, along with the support of the six largest global accounting networks, was attended by over 1,000 individuals.

The conference is designed to increase awareness of the critical importance of sound financial reporting and auditing for the development of a well-functioning market economy and of an efficient public sector. This year, the conference provided specific perspectives on the global financial crisis.

IFAC President Robert Bunting spoke at the conference, advocating a leadership role for the accounting profession in helping to lead the world out of the financial crisis. He emphasized the importance of supporting small- and medium-sized businesses and the accountancy firms that serve them in recovery from the recession. In addition, he called for governments to adhere to the same high standards of financial reporting as their private sector counterparts.

To learn more about the conference, please see the CReCER website: www.creceramericas.org/home.
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For more information about any of the items mentioned above or other information about IFAC, please contact communications@ifac.org.
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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

En esta edición:
1. IFAC Cumbre Contabilidad Apoya G-20 Respuesta a la Crisis Financiera
2. IFAC / La encuesta examina banquero préstamos a las PYME, El papel central de Contadores
3. IFAC Ejércitos Foro PSM en Beijing
4. IAASB Estrenos Nuevas Herramientas de Apoyo a la Adopción e Implementación de ISA Claridad
5. Cuestiones IAASB Personal Q & A Guía sobre la Implementación de ISA clarificados, Asuntos de las PYME
6. IAASB Consultas sobre instrumentos financieros complejos, Emisiones de Gases de Invernadero
7. Adopción y Aplicación de Materiales para el Código de Ética Revisado ya está disponible
8. IPSASB / Fuerza de Tarea Conjunta del FMI logra Progreso
9. IFAC / PAIB Colaborar con Príncipe de Gales Sostenibilidad del proyecto en la Comunidad de la web
10. Cuestiones PAIB Orientación Internacional de Buenas Prácticas sobre Evaluación y mejoramiento de Costeo
11. PAIB lanza proyectos sobre Gobierno Corporativo, Riesgo y Control Internacional
12. Declaración de Apoyo a la OICV Cuestiones NIA Claridad
13. Foro de Firmas taller se centra en reforzar la inspección del interior Procesos Globales
14. Organismos miembros invitados a los competidores en 2009 Tasa de artículos del Mérito de Competencia
15. IFAC y el Consejo de Normas Internacionales de Acuerdo sobre Valoración firman un MoU
16. Tercera Conferencia Anual Direcciones CReCER crisis, las PYME y Sector Público de Información

Boletín del Consejo de Normas Internacionales de Contabilidad del Sector Público

December 23, 2009
Thank you for signing up to receive eNews from the International Public Sector Accounting Standards Board (IPSASB). We welcome your comments at communications@ifac.org.
In This Issue:
1. IPSASB Achieves Goal of Substantial Convergence with IFRSs
2. Outcomes of December IPSASB Rome Meeting
3. Exposure Draft Approved for Service Concession Arrangements
4. IFAC Launches Improved Publications Website
5. Share IPSASB eNews with Your Colleagues
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1. IPSASB Achieves Goal of Substantial Convergence with IFRSs

The IPSASB has accomplished its strategic goal of achieving substantial convergence by December 31, 2009 with the International Financial Reporting Standards (IFRSs), dated December 31, 2008. During its December 8-11 meeting in Rome a series of new or improved standards were approved.

Three of these new International Public Sector Accounting Standards (IPSASs) deal with financial instruments:
• IPSAS 28, Financial Instruments: Presentation
• IPSAS 29, Financial Instruments: Recognition and Measurement
• IPSAS 30, Financial Instruments: Disclosures
The effective date of these three standards is for annual financial statements covering periods beginning on or after January 1, 2013.

In the current global economic environment, when governments are increasingly raising debt through the capital markets as a result of their financial interventions in the private sector, the need for well-developed financial instruments standards is urgent and will enhance transparency.

The IPSASB also approved for issue, IPSAS 31, Intangible Assets. The effective date of this standard is for annual financial statements covering periods beginning on or after April 1, 2011.

In addition, the IPSASB approved for issue Improvements to IPSASs, which includes amendments to converge existing IPSASs with the relevant IFRSs of the International Accounting Standards Board (IASB) and arise from improvements adopted by the IASB in May 2008. The effective date for this standard is for annual financial statements covering periods beginning on or after January 1, 2010.

The IPSASB issued another converged standard earlier this month - IPSAS 27, Agriculture.

The new standards will be available to download free of charge from the IFAC website (web.ifac.org/publications) in January 2010.
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2. Outcomes of December IPSASB Rome Meeting
Meeting Highlights from the IPSASB's December meeting in Rome are now available in English, with plans to translate them into French and Spanish. At this meeting, the IPSASB addressed the following topics, among others:
• Substantial Convergence with IFRSs - See Item 1 above.
• Strategy - The IPSASB considered a number of aspects of its future strategy and operational plan for 2010-2012. Further to discussions initiated in September 2009, the need for public oversight of the IPSASB was identified as a desirable outcome and the IPSASB and IFAC will identify and evaluate oversight models in the future. Some key messages as far as strategic themes include the paramount importance of the public sector conceptual framework project and the urgent need to progress this project over the next three years. The IPSASB will continue with its strategy discussions in April at which time it will approve a work plan for 2010 while considering a longer term strategy and vision for the next few years.
• Conceptual Framework: Consultation Paper - Phase 1 - The IPSASB continued its review of the responses to the Consultation Paper, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. The paper explores the objectives of financial reporting and the scope of financial reporting. It also examines the qualitative characteristics of information included in general purpose financial reports.
The December 2009 meeting was the last under the chairmanship of Mike Hathorn; his three-year term ending on December 31, 2009. In addition to the significant achievement of substantial convergence with IFRSs, his tenure has been marked by a communications and outreach program that has contributed to the significant momentum involving global interest in, and the adoption of, IPSASB standards.

The next IPSASB meeting will be held in Toronto, Canada on April 6-9, 2010.
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3. Exposure Draft Approved for Service Concession Arrangements

The IPSASB has approved the proposed guidance, Exposure Draft (ED) 43, Service Concession Arrangements: Grantors, with a proposed publication date in February 2010 and a comment period to June 30, 2010.

The proposed guidance addresses the grantor accounting issues that correspond to the operator accounting issues addressed in International Financial Reporting Interpretations Committee (IFRIC) interpretation 12, Service Concession Arrangements.

The ED is a mirror of IFRIC 12 in terms of the scope of arrangements covered, terminology and criteria for asset recognition. Application Guidance is proposed for applying certain existing IPSASs to various parts of a service concession agreement, including asset, liability, revenue, and expense items.

The ED will soon be accessible at the Exposure Drafts and Consultation Papers section of the IFAC website at www.ifac.org/Guidance/EXD-Outstanding.php.
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4. IFAC Launches Improved Publications Website

IFAC has launched a newly redesigned Publications and Resources website that offers users expanded functionality and interactivity, as well as greater access to IFAC's growing selection of publications and guidance.

Featuring over 200 titles developed by IFAC boards and committees, the new site features a more modern appearance, enhanced navigation, and updated item descriptions.

The scope of the site has also been broadened to include a wider range of IFAC publications and resource materials, including adoption and implementation support materials, exposure drafts, and consultation Papers.

The site can be accessed at web.ifac.org/publications. The section devoted to IPSASB publications and resources can be found at web.ifac.org/publications/international-public-sector-accounting-standards-board.
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5. Share IPSASB eNews with Your Colleagues

The IPSASB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them to subscribe to IPSASB eNews by following these simple steps:

1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
2. Enter your email address, name, and country.
3. Select "Public Sector eNews" from the check list as well as any other eNews alerts that you would like to receive.

You will receive the next issue of the IPSASB eNews directly into your inbox.
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For more information about any of the items mentioned above or other information about the IPSASB, please contact: communications@ifac.org or visit the IPSASB's home page at www.ipsasb.org.
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 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.
You may edit or remove your subscription from IFAC's eNews service by clicking here: http://web.ifac.org/enews/edit/subscriptions/62b4736813e498f881d9b917987e89c80faedac5

Boletín del Consejo de Normas Internacionales de Educación Contable

January 12, 2010
Thank you for signing up to receive eNews from the International Accounting Education Standards Board (IAESB). We welcome your comments.
This issue focuses exclusively on the newly-released Framework for International Education Standards for Professional Accountants (the "Framework").
In this issue:
1) IAESB Enhances Relevancy and Consistency of Education Standards with New Framework
2) Framework Outlines Fundamental Concepts for Education Standards
3) Support Material for New Framework
4) Share IAESB eNews with Your Colleagues
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1. IAESB Enhances Relevancy and Consistency of Education Standards with New Framework
Following the approval of due process by the Public Interest Oversight Board, the IAESB has released its Framework for International Education Standards for Professional Accountants (the Framework), designed to enhance the relevancy, consistency, and applicability of its publications to IFAC member bodies and other interested stakeholders in accounting education.
The new Framework document replaces the previously existing Framework for International Education Pronouncements and the Introduction to the International Education Standards documents which were published in October 2003. It uses a more concise and simplified structure that:
• Sets out the underlying educational concepts which the IAESB uses in its publications; and,
• Provides an overview of its publications and related IFAC member body obligations.
The Framework also includes an appendix, titled "IAESB Drafting Conventions" (the Drafting Conventions). This appendix will serve a number of roles, including acting as a guideline when improving the clarity of education standards.
Moreover, the language and tone of the Framework document has been simplified to ensure that first-time readers can readily understand its content. In addition both developing and developed member bodies will obtain a better understanding of their obligations when developing learning and development programs for professional accountants.
The intended benefits of the Framework include:
• The development of International Education Standards (IESs) which are consistent, because they are based on a common set of concepts relevant to education;
• A more efficient and effective standard-setting process, because the IAESB debates issues from the same conceptual base; and
• Increased transparency and accountability of the IAESB for its decisions, because the concepts underlying the Board's decisions are known.
The Framework can be accessed via the Education section of the IFAC Publications website at web.ifac.org/publications.
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2. Framework Outlines Fundamental Concepts for Education Standards
Part One of the Framework describes the following educational concepts:
• competence,
• initial professional development,
• continuing professional development, and
• assessment used by the IAESB when developing IESs.
Each of these is important in the development of a professional accountant. Competence is defined as the ability to perform a work role to a defined standard with reference to working environments. An individual becomes competent through learning and development. The term "learning and development" refers to the ongoing process of acquiring, maintaining, and renewing competence at an appropriate level throughout a professional accountant's career.
The learning continuum that occurs during a professional accountant's career includes stages of initial professional development and continuing professional development. Initial Professional Development enables an individual to first develop competence leading to performing a role in the accountancy profession. Continuing Professional Development is used to maintain and develop capabilities to enable professional accountants to perform their roles competently.
The effectiveness of learning and development programs must be assessed regularly to ensure that professional accountants can continue to meet the demands of society. The IAESB will apply the educational concepts set out in the Framework when developing the IESs. In the absence of a specific IES, IFAC member bodies and other interested parties should also apply these concepts when designing, delivering, and assessing education for professional accountants.
Part Two of the Framework describes the nature of IESs and related publications, as well as related IFAC member body obligations. IESs prescribe good practice in learning and development and are thus more authoritative than International Education Practice Statements, which provide guidance (for example, on how to achieve good practice). The practice statements are, in turn, more directive than Information Papers and Support Material, which discuss issues (including emerging issues), present findings, or assist in achieving good practice.
The Framework is addressed primarily to IFAC member bodies because of their interest in the education, development, and assessment of their members and students. It is also relevant to a wide range of stakeholders, including accounting faculties at universities, employers of professional accountants, professional accountants, prospective professional accountants, and others interested in the work of the IAESB.
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3. Support Material for New Framework
IFAC staff has developed support material in the form of a PowerPoint presentation and supporting speaking notes to assist in providing an overview of the content of the Framework. In addition, staff has prepared a summary of the changes made to the original Framework document which enables interested readers toreadily identify significant changes. This support material is available on the IAESB website at: www.ifac.org/Education/Resources.php.
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4. Share IAESB eNews with Your Colleagues
The IAESB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive the next issue of IAESB eNews directly into their inbox by following these simple steps:
1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
2. Enter their email address, name and country.
3. Select "IAESB eNews" from the checklist as well as any other eNews alerts that IFAC publishes.
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For more information about any of the items mentioned above or other information about the IAESB and IFAC, please contact communications@ifac.org.
About the IAESB and IFAC
The IAESB, an independent standard-setting board within IFAC, develops standards and guidance on prequalification education, training, and continuing professional education and development for all members of the accountancy profession. The Public Interest Oversight Board oversees the activities of the IAESB and, as one element of that oversight, establishes its due process and working procedures.
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 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international education standards through the IAESB, IFAC, through its independent standard-setting boards, sets standards on ethics, auditing and assurance, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business
You may edit or remove your subscription from IFAC's eNews service by clicking here: http://web.ifac.org/enews/edit/subscriptions/62b4736813e498f881d9b917987e89c80faedac5

Boletín del Comité de Contadores Profesionales en Empresas (PAIB)

FEBRUARY 05, 2010
Thank you for signing up to receive eNews from the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC). We welcome your comments.
This issue of the PAIB eNews focuses primarily on the subject of Business and Financial Reporting.
In This Issue:
News on Business and Financial Reporting
1. Third Phase of IFAC Business Reporting Project Nears Completion
2. IAASB issues Q&As to Raise Awareness of XBRL Uses in Business Reporting
3. Other Developments in XBRL from IFAC Members and International Organizations
4. IFAC Global Seminar Explores Future of Financial Reporting
5. Other Developments in Business Reporting from IFAC Members and International Organizations
Other PAIB Committee News
6. IFAC Publishes 2009 Articles of Merit for Professional Accountants in Business
7. PAIB Launches New Projects
8. Next PAIB Meeting Schedule for April in Geneva
9. Share PAIB eNews with Your Colleagues
________________________________________
News on Business and Financial Reporting
1. Third Phase of IFAC Business Reporting Project Nears Completion
The third phase of IFAC's comprehensive review of global business reporting trends is nearing completion. IFAC's Business Reporting Steering Group has finalized a series of interviews with key leaders within the professional and regulatory arena designed to provide practical solutions for making business reporting more useful and for further improving the communication on performance between a business and its stakeholders.
The IFAC review was launched in 2007 to determine where the financial reporting supply chain had improved over the past few years and what could be done to make financial reporting more relevant, reliable and understandable. The previous two phases of the project, involving studies on the progress of financial reporting reform globally and in specific jurisdictions, culminated the publication of the following two reports:
• Financial Reporting Supply Chain: Current Perspectives and Directions (March 2008)
• Developments in the Financial Reporting Supply Chain-Results from a Global Study among IFAC Member Bodies (February 2009)
The key leaders who where interviewed for the third phase of this project explore potential solutions to a number of important issues raised in the previous reports.
One of the most important, and most consistent, themes expressed during these interviews was the need for improvement in the current format of business reporting to make it more useful to investors and other users, for example the need to better integrate sustainability, corporate governance, strategy and risk management into business reporting to enable stakeholders to make a more informed assessment of the economic value of a company. Other important themes included the increased use of plain English, XBRL, websites and other modern multimedia technologies to offer multi-layered information.
The interview highlights were presented at the IFAC Global Seminar, held on November 17, 2009 in Washington, D.C.
Publication of the interview articles, including a proposed action plan by the IFAC Business Reporting Steering Group, is planned for later in 2010. More information about this project can be found at www.ifac.org/frsc.
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2. IAASB issues Q&As to Raise Awareness of XBRL Uses in Business Reporting
Recognizing the growing international use of Extensible Business Reporting Language (XBRL), the staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question-and-answer publication. It is designed to raise awareness about how XBRL-tagged data is prepared and how it may affect financial reporting.
Entitled XBRL: The Emerging Landscape, the publication explains that the IAASB's current International Standards on Auditing (ISAs) were not developed with XBRL in mind and, accordingly, do not require auditors to perform procedures on XBRL-tagged data as part of a financial statement audit. It also clarifies how XBRL may lead to a demand for various types of assurance and related services engagements, and describes the scope of the IAASB's planned consultations to determine whether to develop a new international pronouncement addressing XBRL.
The publication is available to download free of charge from the IAASB section of IFAC's Publications and Resources site: web.ifac.org/publications.
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3. Other Developments in XBRL from IFAC Members and International Organizations
A. The ACCA Research Report no 111, XBRL: The Views of Stakeholders
The Association of Chartered Certified Accountants (ACCA) has released a research report, no 111, XBRL: The Views of Stakeholders, which provides a variety of viewpoints related to the use of eXtensible Business Reporting Language in financial reporting.
www.accaglobal.com/general/activities/research/reports
B. FEE Issues XBRL Policy Statement
The Fédération des Experts comptables Européens (FEE) has issued eXtensible Business Reporting Language (XBRL) - The Impact on Accountants and Auditors, a policy statement to briefly explain XBRL, its impact on accountants and auditors as well as FEE's position on the language.
www.fee.be/news/default.asp?library_ref=2&content_ref=1182 and
www.fee.be/news/default.asp?library_ref=2&content_ref=1212
C. ACRA Launches First XBRL-Enabled Financial Analysis Tool
The Accounting and Corporate Regulatory Authority (ACRA) of Singapore has launched Open Analytics, the first XBRL-enabled interactive financial analysis tool on the financials of Singapore companies.
appiqs.acra.gov.sg/ops/news/news04.asp?id=460
D. ICAEW Publishes Digital Reporting Options for Europe: a Socio-Technical Analysis of Interactive Data from the Perspective of Non-Professional Investors
The Institute of Chartered Accountants in England and Wales has published Digital Reporting Options for Europe: a Socio-Technical Analysis of Interactive Data from the Perspective of Non-Professional Investors, which reports the findings of a detailed analysis of the social and technical factors that were important in the development of the SEC's interactive data project and assesses the prospects for a similar development in Europe.
www.icaew.com/index.cfm/route/168667/icaew_ga/en/Technical_and_Business_Topics/Thought_leadership/
Centre_for_business_performance/CBP_publications_and_research/Briefing_Digital_reporting_options_for_Europe
E. To learn more about the XBRL International initiative, please go to the organization's main site at http://xbrl.org/.
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4. IFAC Global Seminar Explores Future of Financial Reporting
In November, IFAC hosted the IFAC Global Seminar and 32nd Council Meeting, which addressed many important issues related to the financial crisis and the future of financial reporting.
Topics addressed during the Seminar included convergence of standards in the financial reporting world, the case for international standards, and the role of the public sector in financial stability.
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5. Other Developments in Business Reporting from IFAC Members and Other International Organizations
Business Reporting Topics
A. CGA-Canada Report on Convergence of Standards and
The Certified General Accountants Association of Canada (CGA-Canada) has released a report, Fair Value Accounting: The Road to be Most Travelled, which states that much of the controversy surrounding fair value accounting could be abated by the adoption of consistent high-quality global accounting standards.
www.cga-canada.org
B. IASB: Exposure Draft Management Commentary
The International Accounting Standards Board (IASB) has issued an Exposure Draft (ED), Management Commentary, which explores the benefits of management commentary to financial reports. The ED is open for comment until March 1, 2010. www.iasb.org/Current+Projects/IASB+Projects/Management+Commentary/Management+Commentary.htm
C. ICAEW Report Developments in New Reporting Models
The ICAEW has released a report, Developments in New Reporting Models, which looks at the public calls for a new model in relation to both financial and non-financial reporting, and identifies underlying features of the development of business reporting.
www.icaew.com/index.cfm/route/169547/icaew_ga/en/Faculties/Financial_Reporting/Information_for_better_markets/
IFBM_reports/Developments_in_new_reporting_models_report
D. Royal NIVRA Publishes Non-Financial Information in Progress
The Koninklijk Nederlands Instituut van Registeraccountants (Royal NIVRA) has published Non-Financial Information in Progress, a guide to the reporting and assurance of non-financial information in the public sector.
www.nivra.nl/Sites/Files/0000024233_EnglishversionNFI.pdf
E. CICA issues Striving for Improvement; Revised MD&A Guide
The Canadian Performance Reporting Board of the Canadian Institute of Chartered Accountants (CICA) issued Striving for Improvement-A Review of Management's Discussion and Analysis in 2008 Annual Reports. It summarizes the results of applying an MD&A self-assessment checklist to a wide range of companies. The publication discusses how companies have adapted their reporting as a result of the financial crisis and illustrates some real-life examples of best-practice disclosures in these uncertain times. CICA has also issued the revised MD&A guide: MD&A Guidance on Preparation and Disclosure- Comprehensive Revision, Update #3, July 2009.
www.cica.ca/research-and-guidance/mda-and-business-reporting/index.aspx
F. For other recent publications on sustainability, governance, risk and internal control, please go to http://web.ifac.org/publications/professional-accountants-in-business-committee.
Topics Related to Sustainability
A. CDSB: Proposed Reporting Framework
The Technical Working Group (within which IFAC is represented) and the Secretariat of the Carbon Disclosure Standards Board (CDSB) has developed a framework for climate change-related disclosure to be used by companies in compiling their mainstream annual corporate reports.
www.cdsb-global.org/reporting-framework
B. The A4S Project
The Forum of the Prince of Wales's Accounting for Sustainability (A4S) Project, which met in December 2009 (www.accountingforsustainability.org/media), proposed the creation of an "International Connected Reporting Committee" to oversee the development of a connected and integrated approach to corporate reporting. www.accountingforsustainability.org/files/pdf/Governance%20&%20Collaboration.pdf.
C. New ICAEW Guide on Environmental Reporting in Financial Statements:
The Institute of Chartered Accountants in England and Wales (ICAEW), in association with the Environment Agency, has launched a new guide on reporting environmental issues in annual financial statements. Environmental issues and annual financial reporting is available for download from environment-agency or icaew.com/corporate responsibility.
www.icaew.com/index.cfm/route/169014/icaew_ga/en/Home/Press_and_policy/Press_and_policy_home/
New_guide_on_environmental_reporting_in_financial_statements_launched
D. SEC Issues Guidance on Climate Change Disclosure
The US Securities and Exchange Commission has voted to provide public companies with interpretive guidance on existing SEC disclosure requirements as they apply to business or legal developments relating to the issue of climate change.
www.sec.gov/news/press/2010/2010-15.htm
E. CICA Paper on Climate Change Disclosures
The Canadian Institute of Chartered Accountants (CICA) has a paper regarding Management Discussion and Analysis of environmental issues. Titled Building a Better MD&A - Climate Change Disclosures, the publication has five sections devoted to climate change disclosure, including an orientation to the business issues of climate change and a discussion on what investors want to know.
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Other PAIB Committee News
6. IFAC Publishes 2009 Articles of Merit for Professional Accountants in Business
IFAC's member bodies have chosen "Enterprise Governance" as the top article published in 2009 Articles of Merit for Professional Accountants in Business (PAIB). The Articles of Merit Award Program identifies and promotes outstanding articles on financial and management accounting topics that have previously appeared in the publications of IFAC's member bodies and associates. The articles were selected by the PAIB Committee and visitors to IFAC's International Center for Professional Accountants in Business.
The 2009 winning article challenges conventional business thinking: Businesses should be more circumspect during a boom and be better prepared to take risks under harsh conditions. It was first published in Financial Management, the monthly members' magazine of the Chartered Institute of Management Accountants. The publication's nine runner-up articles offer additional advice and insights for professional accountants in business on such topics as capital grants, investment appraisal, and shared services, with useful ideas on matters such as governance and risk management, accounting for sustainability, and writing board reports.
The 2009 Articles of Merit, together with previous publications, can be downloaded free of charge from the Publications & Resources section of the IFAC website. Each of the ten articles may also be downloaded individually.
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7. PAIB Launches New Projects
The PAIB Committee is developing a discussion paper, Strong and Adaptive - How PAIBs Create Sustainable Value for Their Organizations in a Changing Business Environment, that links trends in the business environment to the successful value drivers of high performing organizations and future expectations of the roles and key competencies of professional accountants in business. This paper is expected to be available for consultation in June.
The committee has also started the development of principles-based guidance in the area of predictive performance measurement and analytics, a core activity for many PAIBs performing roles in improving decision making capability or taking decisions. This will be available towards the end of 2010.
________________________________________
8. Next PAIB Meeting Scheduled for April in Geneva
The PAIB Committee has scheduled its next meeting for Geneva on April 22nd -April 23rd.
Highlights from previous PAIB Committee meetings can be downloaded at www.ifac.org/PAIB.
________________________________________
9. Share PAIB eNews with Your Colleagues
The PAIB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive this eNews by following these simple steps:
1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
2. Enter your email address, name, and country.
3. Select "PAIB eNews" from the checklist, as well as any other eNews alerts that you would like to receive.
The next issue of the PAIB eNews will be delivered directly to you in your inbox.
________________________________________
For more information about any of the items mentioned above or other information about the PAIB Committee, please contact communications@ifac.org.
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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

You may edit or remove your subscription from IFAC's eNews service by clicking here: http://web.ifac.org/enews/edit/subscriptions/62b4736813e498f881d9b917987e89c80faedac5

Boletín del Consejo de Desarrollo de la IFAC

February 18, 2010
Welcome to the first issue of the IFAC Member Body Development eNews.
IFAC's Member Body Development activities include promoting and supporting the role of professional accountancy organizations, facilitating the work of its members in the adoption and implementation of international standards, collaborating with the donor community to build capacity in emerging economies, and raising awareness about the issues being addressed by the profession globally. These activities are carried out by the Member Body Development staff with advice and consultation from the IFAC Compliance Advisory Panel and the Developing Nations Committee.
The Member Body Development eNews will highlight the work of IFAC members, recognized regional organizations, and acknowledged accountancy groupings, and the development community to strengthen and contribute to the worldwide accountancy profession.
We welcome all of your comments and suggestions for making this new publication even better. For further information, please contact communications@ifac.org.
In this Issue:
1) IFAC Members Focus on Actions and Continuous Improvement
2) Capacity Building Initiatives
3) New IFAC Members and Associates
4) International Standards Adoption - ISA Update
5) Share MBD eNews With Your Colleagues
________________________________________
1) IFAC Members Focus on Actions and Continuous Improvement
The IFAC Member Body Compliance Program was launched in 2004 to encourage continuous improvement by IFAC members and associates. The foundation of the program is articulated in IFAC's membership requirements (Statements of Membership Obligations (SMOs)). The SMOs cover seven areas of relevance to the profession and focus on promoting the adoption and implementation of international standards, as well as investigation and disciplinary mechanisms and external quality assurance.
The program is currently in the Part 3, Action Plan phase, launched after the initial two phases that were designed to gather information about national standard setting and regulatory frameworks. Action Plans are developed by IFAC members and associates to illustrate how these organizations are addressing SMOs requirements. In the interest of transparency, action plans are published on the IFAC website. To date, 76 organizations have published their Action Plans on the IFAC website with an additional 39 plans under review by the Compliance staff.
The Action Plan process recognizes that IFAC members and associates are at different stages of development and operate in different jurisdictions. However, the primary purpose of the process is to encourage continuous improvement.
"Participating in the Compliance Program has been a truly meaningful and rewarding experience for CICPA, leading to important improvements in major areas of the development of the accounting profession in China. The Policy Recommendation and Action Plan process, in particular, have been very helpful for us to work out the convergence plan, enhance the quality assurance program, and communicate effectively with regulators, the government, and other key stakeholders." (The Chinese Institute of Certified Public Accountants)
In the coming issues of this eNews, we will be highlighting interesting and insightful developments related to the process.
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2) Capacity Building Initiatives
Through Member Body Development activities, IFAC seeks to represent the profession in developing nations, and provide guidance and other resources to meet their needs. IFAC also seeks funding from the donor community for the strengthening of the accountancy profession in developing nations. Some of these initiatives are highlighted below.
West Africa Workshop
In November 2009, several professional accountancy bodies of West Africa participated in the conference organized by the Association of Accountancy Bodies in West Africa (ABWA) in Senegal. In addition to participating in the event, IFAC staff and Developing Nations Committee members organized a workshop attended by 12 of the 15 ABWA member bodies, ABWA leadership, and representatives from the World Bank to focus on the role of professional accountancy organizations and the requirements for IFAC membership. The workshop participants discussed the IFAC membership application process and Member Body Compliance Program. They also discussed the international standard-setting process in the region of West Africa. The economic size and unique regulatory framework of the region has resulted in establishing a regional mechanism coordinating standard setting for the francophone countries in the region.
Outreach in Poland, Latvia, Lithuania
Also in November 2009, Member Body Development staff met with IFAC members in Poland, Lithuania, and Latvia. The meetings with these national professional accountancy organizations served as an opportunity to follow-up on recent developments with regards to implementation of European Union regulations relating to the profession, as well as the progress of their Action Plans. Additional meetings were held with key stakeholders in each country, including representatives of Ministries of Finance and Public Oversight bodies. Information was exchanged on the roles of the profession and the oversight body in meeting EU requirements, and the general progress of oversight mechanisms.
Central America Workshop
IFAC representatives organized and lead discussions at a workshop on the IFAC Action Plan process in Panamá in January 2010. The initiative was proposed by the Colegio de Contadores Públicos Autorizados de Panamá (CCPAP) with the event being attended by IFAC members in the Dominican Republic, Nicaragua, and Costa Rica, the president of the regional organization, the Inter-American Accounting Association, and a World Bank financial management specialist for the sub-region. A representative from the World Bank also presented on the World Bank perspective of the Action Plan process, noting particular usefulness of the process for the capacity building of the accountancy profession. Representatives from the member bodies presented on their progress with drafting Action Plans and exchanged experience on region-specific challenges, including strengthening education requirements and providing meaningful implementation support for the international standards being adopted in their countries. At the conclusion of the workshop, all participants and presenters agreed that going forward this type of collaborative approach is the best way for progress to be achieved and sustained.
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3) New IFAC Members and Associates
During IFAC's 32nd Annual Council Meeting, the IFAC Council approved five new organizations to member or associate status. We congratulate them on this significant achievement.
New Members
1. Iran - Iranian Association of Certified Public Accountants (IACPA) - www.iacpa.ir
The Iranian Association of Certified Public Accountants was created by law in 1994 and became operational in 2001. IACPA members, in addition to audits of financial statements, perform management consultancy, accountancy work, insolvency and liquidation management, internal audits, and management (performance) audits. IACPA has about 1,800 CPA members employed in the public practice, business, and public sectors. In September 2009, IACPA finalized its IFAC Compliance Program Part 3, Action Plan, which is published on the IFAC website.
2. Latvia - Latvian Association of Certified Auditors (LACA) - www.lzra.lv
The Latvian Association of Certified Auditors was created pursuant to the Law on Certified Auditors of January 1, 1977. LACA is officially recognized as the only professional organization in Latvia authorized to unite all certified auditors and commercial companies of certified auditors. Presently, LACA is comprised of 160 certified auditors and 140 audit firms and this number is adequate for the size of the audit market in Latvia. According to the Audit Law, only members of LACA are authorized to perform statutory audits. Additional information about LACA's planned activities are described in its Action Plan.
3. Kosovo - Society of Certified Accountants and Auditors of Kosovo (SCAAK) - www.scaak-ks.org
The Society of Certified Accountants and Auditors of Kosovo was created under the framework established by the Law on Financial Reporting of 2001. SCAAK is the only professional accounting and auditing body in Kosovo and has a clear objective of supporting adoption of international standards. SCAAK membership includes 124 certified auditors, 548 certified accountants, and 1,318 accounting technicians. Additional information about SCAAK's planned activities are described in its Action Plan.
New Associates
4. Brunei Darussalam - Brunei Darussalam Institute of Certified Public Accountants (BICPA) - www.bicpabrunei.com
The Brunei Darussalam Institute of Certified Public Accountants was registered with the Registrar of Societies of Brunei Darussalam on June 7, 1987. It was formed to allow the accountants in Brunei Darussalam to develop and promote the profession in the country. BICPA plays a role in advising the Ministry of Finance of Brunei in standard-setting activities and supporting implementation of standards. Members of BICPA are recognized by the Ministry of Finance as public accountants (Authorized Auditors). BICPA membership, currently 70 members, reflects the small population of the country. As an IFAC associate, BICPA will work on developing its IFAC Compliance Program Part 3, Action Plan.
5. Luxembourg - Ordre des Experts-Comptables du Luxembourg (OEC) - www.oec.lu
The Ordre des Experts-Comptables du Luxembourg joins IFAC as the second organization representing Luxembourg. OEC is the professional accountancy organization representing the profession of experts-comptables in the country. It was originally established as the Ordre des Experts-Comptables Luxembourgeois (OECL) in 1950. Following the changes in the country's legal framework, it was transformed into OEC in 1999. OEC has close to 1,000 members that provide a wide range of services, including preparation of financial statements and contractual audits. As an IFAC associate, OEC will work on developing its IFAC Compliance Program Part 3, Action Plan.
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4) International Standards Adoption - ISA Update
Professional accountancy organizations play an important role in the adoption and implementation of international standards within effective regulatory frameworks. This includes the adoption and of International Standards on Auditing (ISAs) as developed by the International Auditing and Assurance Standards Board (IAASB). To help the public, member bodies, and other stakeholders better understand the ongoing nature of the adoption process, IFAC has released an interactive chart that captures the status of ISA adoption process in different jurisdictions around the world Basis of ISA Adoption Chart.
The chart, at the time of publication of this eNews, shows that a total of 126 jurisdictions worldwide have adopted ISAs to at least some degree. The basis of ISA adoption used in preparing the chart is categorized as follows:
Required by Law or Regulation 11
ISAs are Adopted 32
National Standards are the ISAs 28
Other 55
TOTAL 126

Adoption of ISAs, including the clarified ISAs, and changes to strengthen local regulatory and standard-setting frameworks is an ongoing process. Consequently, the chart and related notes will be updated as national standard-setters and IFAC members provide information about their country's progress. Compliance staff encourages information to be submitted to Technical Manager Szymon Radziszewicz at SzymonRadziszewicz@ifac.org.
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5) Share MBD eNews with Your Colleagues
Going forward, the MBD staff will issue regular eNews updates to keep you current on recent developments. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive the next issue of MBD eNews by following these simple steps:
1. Go to the eNews sign-up page at www.ifac.org/E-news/index.tmpl.
2. Enter your email address, name, and country.
3. Select "MBD eNews" from the checklist, as well as any other eNews alerts that IFAC publishes.
________________________________________
For more information about any of the items mentioned above or other information about the Member Body Compliance Program, the Compliance Advisory Panel, or the Developing Nations Committee and IFAC, please contact communications@ifac.org.
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 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

You may edit or remove your subscription from IFAC's eNews service by clicking here: http://web.ifac.org/enews/edit/subscriptions/62b4736813e498f881d9b917987e89c80faedac5

Boletín sobre las Pequeñas y Medianas Entidades SMP

Thank you for signing up to receive SMP eNews from the International Federation of Accountants. We welcome your comments.
In This Issue:
Features:
IFAC and Member Bodies Expand Practical Resources for SMPs
1) SMP Committee Progresses on Practical Support Documents
2) International Center for SMPs Continues to Improve
3) Speeches and Presentations from IFAC SMP Forum 2009 Now Available
4) Member Bodies and Regional Organizations Increase Practical Support for SMPs and SMEs
5) FEE Issues SME Sustainability Policy Statements
IFAC News
6) IAASB Staff Issues Q&As to Raise Awareness of XBRL
7) IFAC Global Leadership Survey Highlights SME/SMP Issues
Other SMP News from Around the World
8) IASC Foundation Launches First Two Sets of Training Modules
9) Other Developments in Private Company Reporting
10) APB Issues Revised Guidance on Smaller Entity Audit Documentation
11) FEE SME/SMP Congress Scheduled for Venice in April
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Features:
IFAC and Member Bodies Expand Practical Resources for SMPs
1) SMP Committee Progresses on Practical Support Documents
Four SMP Committee publications are planned for release in 2010.These projects are:
• An updated Guide to Using International Standards on Auditing in the Audits of Small- and Medium-sized Entities (ISA Guide) in Q3 2010. The updated ISA Guide will feature many improvements and conform to the newly clarified ISAs. Designed to help practitioners efficiently apply ISAs to audits of SMEs, the updated ISA Guide will comprise two volumes: Volume 1 will describe the basic concepts of a risk-based audit in conformance with ISAs; and Volume 2 will set out the practical guidance for the audit of SMEs.
• A new Guide to Practice Management for Small- and Medium-sized Practices (PM Guide) is expected in Q2 2010. Under development by CPA Australia, the PM Guide is intended to help SMPs operate proficiently and profitably as well as enhance their responsiveness to the needs of their clients. The PM Guide will include practical guidance, case studies, and checklists capable of being tailored to suit the needs of a particular practice or jurisdiction.
• An updated Guide to Quality Control for Small- and Medium-sized Practices (QC Guide) is scheduled for issue in Q3 2010. Designed to help SMPs understand and efficiently apply International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, the updated QC Guide will conform to the revised and redrafted Code of Ethics for Professional Accountants and include other enhancements.
• An information paper, the Role of SMPs in Providing Business Support to SMEs, is expected to be released in Q2 2010. The paper will provide some insights into how SMPs can better provide business support to SME clients.
All SMP Committee documents can be accessed at 'Publications' at www.ifac.org/SMP/index.php#Resources.
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2) International Center for SMPs Continues to Improve
The online International Center for Small and Medium Practices (the Center) continues to expand, in particular the set of links to free resources of member bodies and others that are designed to help SMPs apply international standards, manage their practices, offer business advice, and assist them and their SME clients cope with the economic slowdown.

These revised links can be found at www.ifac.org/SMP/relevant_links.php.
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3) Speeches and Presentations from IFAC SMP Forum 2009 Now Available
The Small and Medium Practices (SMP) Committee held is fourth annual IFAC SMP Forum in Beijing in October 2009. Over 200 delegates from more than 40 countries--the largest gathering in the event's history--attended the event, which was co-hosted by the Chinese Institute of Certified Public Accountants and the Confederation of Asian and Pacific Accountants.

The Forum's program covered recent international developments, the work of the IFAC SMP Committee, as well as panel discussions on such topics as "Adapting to the Economic Turbulence and Laying Foundations for Sustainable Growth"; "Ensuring International Standards are Relevant to SMP/SMEs"; and "The Role of SMPs in Providing Business Support to SMEs."
The press release, speeches and presentations from this event are now available in the Center under 'Conferences' at http://www.ifac.org/smp/index.php#Resources. These will be supplemented with streaming videos in the coming weeks funded by the Consiglio Nazionale dei Dottori Commercialisti e Degli Esperti Contabili.
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4) Member Bodies and Regional Organizations Increase Practical Support for SMPs and SMEs

AICPA

The American Institute of Certified Public Accountants (AICPA) has created a special poster that American CPAs can download for free to promote their credentials. The poster, which displays the hallmark values of CPAs and offer the message "It All Adds Up," was also produced in thumbnail size for use on stationery, PowerPoint slides, business cards and more. Click here to access the poster.
The AICPA's Private Companies Practice Section (PCPS) has also developed an Economic Podcast Series to help its member firms help their clients and their own firm get through the economic crisis. The podcasts share experiences from around the US. The podcasts are posted on the AICPA's Economic Crisis Resource Center. See pcps.aicpa.org/Resources/Economic+Podcast+Series/.
CICA

The Canadian Institute of Chartered Accountants (CICA) is offering personalized brochures to promote professional services. A marketing tool for sole practitioners and small-and-medium-sized firms, the CA client development brochures are designed to help CAs build awareness about the services that they provide and reinforce their position as leaders in decision making.
IBRACON
IBRACON, or Instituto dos Auditores Independentes do Brasil, has established a new Working Group, the GT Small and Medium Sized Practices (FPMP), coordinated by Counsellor Ricardo Rodil. According to Rodil, who is also a member of the IFAC SMP Committee, the initiative will include assisting SMPs with the implementation of International Standards on Auditing (ISAs) a permanent forum to ensure that the views of SMPs are heard and promote research on SMPs.
More information on the Working Group is available at www.ibracon.com.br/noticias/destaque.asp?identificador=3608.
ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) has developed a set of resources to help SMEs manage and succeed in the next 12 months. See From survival to sustainability.
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5) FEE Issues SME Sustainability Policy Statements
The Fédération des Experts comptables Européens (FEE) has issued three policy statements addressing the subject of sustainability and SMEs. Within these statements, the FEE argues that accountants have a role and a responsibility in helping small enterprises achieve long-term prosperity. The organization also calls on the professional practice community to enhance sustainable thinking in small enterprises by developing and promoting sustainable services and products for their small business.
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IFAC News
6) IAASB Staff Issues Q&As to Raise Awareness of XBRL
The staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question-and-answer publication that is designed to raise awareness about how XBRL-tagged data is prepared and how it may affect financial reporting.
Entitled XBRL: The Emerging Landscape, the publication explains that the IAASB's current International Standards on Auditing (ISAs) were not developed with XBRL in mind and, accordingly, do not require auditors to perform procedures on XBRL-tagged data as part of a financial statement audit. It clarifies how XBRL may lead to a demand for various types of assurance and related services engagements, and describes the scope of the IAASB's planned consultations to determine whether to develop a new international pronouncement addressing XBRL.
To download the document, see the IAASB section of IFAC's Publications and Resources site: web.ifac.org/publications.
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7) IFAC Global Leadership Survey Highlights SME/SMP Issues
IFAC has released the revised results of its Third Annual Global Leadership Survey which polled the presidents and chief executive officers of its member bodies and associates, regional organizations, and accountancy groupings. IFAC is pleased to issue the results of the global survey, reflecting responses received by 112 presidents and chief executives from member bodies, associates, and regional accountancy organizations and groupings.
The survey indicated that IFAC members are strong advocates for small and midsize businesses, as well as for the adoption of international standards issued by IFAC's independent standard-setting boards and the IASB. The survey also underscored that great strides have been made in the area of corporate governance.
SME and SMP issues featured prominently throughout the report. Respondents believed that, of all IFAC's initiatives during the last year, the most important to the accountancy profession was the IFAC recommendation to the G-20 that regulation or re-regulation in financial policies should not place unreasonable burdens on SMEs. While respondents felt that "addressing the needs of SMEs and SMPs" was the second most important issue for the accountancy profession right now, they expect it to become the most important in the coming years.
The full results of the IFAC 2009 Global Leadership Survey can be accessed here.
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Other SMP News from Around the World
8) IASC Foundation Launches First Two Sets of Training Modules and Proposed IFRS Taxonomy
The International Accounting Standards Committee Foundation (IASC Foundation) has published the two parts of its comprehensive set of training materials for the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs). The free-to-download training material forms part of a range of initiatives undertaken by the IASC Foundation and the International Accounting Standards Board (IASB) to support the widespread adoption of the IFRS for SMEs.
See www.iasb.org/News/Press+Releases/IFRS+for+SMEs+training+material+launch.htm.
The IASC Foundation has also published for public comment an exposure draft of the International Financial Reporting Standards (IFRSs) XBRL Taxonomy 2010. The proposed taxonomy is consistent with IFRSs and the IFRS for SMEs. Interested parties are invited to comment on the exposure draft of the IFRS Taxonomy 2010 and accompanying materials by April 22, 2010. The proposed taxonomy and related material can be accessed here. The final version is expected to be released at the end of April 2010.
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9) Other Developments in Private Company Reporting

Global
At least 35-countries, many developing and emerging economies, have indicated they will either require or permit the use of IFRS for SMEs by 2013. See Accountancy Age.
Europe
The European Commission is seeking the views of stakeholders on the IFRS for SMEs by March 12, 2010. Comments will assist DG Internal Market and Services in its ongoing review of the 4th and 7th Company Law Directives (The Accounting Directives). Stakeholders are invited to comment on the questions raised in this Consultation Paper by completing the response document located at the Commission's website at the following: http://ec.europa.eu/internal_market/consultations/docs/2009/ifrs_for_sme/consultation_IFRS_for_
SMES_questionnaire_en.doc.
USA
A panel created by the AICPA and the Financial Accounting Foundation with support from the National Association of State Boards of Accountancy will explore questions about the future of standard setting for U.S. private companies. Recommendations from the blue-ribbon panel are likely to come in 2010. Read the panel chairman's interview with the Journal of Accountancy. The AICPA is also developing a resource that compares the IFRS for SMEs with corresponding requirements of U.S. generally accepted accounting principles (U.S. GAAP). This resource is available in a Wiki format and you are invited to contribute to its development. To learn more about the resource, view available sections and contribute to its content visit the website.
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10) APB Issues Revised Guidance on Smaller Entity Audit Documentation
The Auditing Practices Board (APB) of the U.K. Financial Reporting Council (FRC) has updated Practice Note 26 which provides guidance and illustrative examples on how the documentation requirements contained within ISAs (UK and Ireland) can be applied to smaller entity audits.
Richard Fleck, Chairman of the APB commented that "The APB received strong support from practitioners, training providers and standard setters in other countries for Practice Note 26 when it was first issued in 2007. This has now been updated to reflect the new ISAs (UK and Ireland) that apply to audits of accounting periods ending on or after 15 December 2010. I hope that the timely publication of this update will assist firms with their implementation of the new standards in 2010."
More about this revised guidance can be found at www.frc.org.uk/apb/publications/pub2193.html.
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11) FEE SME/SMP Congress Scheduled for Venice in April
The next FEE SME/SMP Congress will be held on 15 and 16 APRIL 2010 in Venice in cooperation with the national Italian institute CNDCEC. The event will start on Thursday afternoon with plenary sessions and that evening participants will have the opportunity to enjoy a Networking Dinner. On Friday the Congress will continue with a series of plenary sessions which focus on practical experience, lessons learnt and the use of tools. Both SMPs and small business owners will share their experiences.
The Sessions will cover subjects such as EU and international developments, SMEs' expectations from their accountants, auditing standards and guidance, cross-border activities, services beyond auditing. For detailed information including the program and registration details see http://www.fee.be/events/default.asp?id=30.
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For more information about any of the items mentioned above or other information about the SMP Committee, please contact communications@ifac.org.
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 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

You may edit or remove your subscription from IFAC's eNews service by clicking here: http://web.ifac.org/enews/edit/subscriptions/62b4736813e498f881d9b917987e89c80faedac5

Boletin de la Junta Internacional de Normas de Etica para Contadores (IESBA)

May 3, 2010
Thank you for signing up to receive eNews from the International Ethics Standards Board for Accountants (IESBA). We welcome your comments.
In this Issue:
1. IESBA Seeks Comment on Proposed Strategy and Work Plan for 2010-2012
2. Adoption and Implementation Material Available
3. IESBA Convergence Objective
4. 2010 Ethics Handbook Available in Print and Electronic Formats
5. Upcoming Meetings
6. Share Ethics eNews with Your Colleagues
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1. IESBA Seeks Comment on Proposed Strategy and Work Plan for 2010-2012

The IESBA has released an exposure draft of its proposed Strategy and Work Plan 2010-2012. This plan focuses on proposed new projects and activities that the board will undertake over the next three years.

In the draft 2010-2012 plan, the IESBA states that it intends to continue work and complete two projects that had been a high priority in the previous work plan:
• Conflicts of Interest - The IESBA will reconsider the nature and extent of the guidance in the Code of Ethics for Professional Accountants (the Code) on conflicts of interest and revise Sections 220 Conflicts of Interest and 310 Potential Conflicts as appropriate; and
• Responding to Fraud or Illegal Acts - The IESBA will reconsider the nature and extent of the guidance currently in the Code on how professional accountants should respond in situations where they encounter a suspected fraud or illegal act. The board will then revise the Code as appropriate.
The IESBA also intends to commence a project that will consider which entities should be considered to be a "related entity" of a collective investment vehicle, including mutual funds, and whether the existing definition of related entity should be revised when applied to collective investment vehicles.

In addition to its standard-setting activities, the IESBA plans to continue to assess its activities supporting those professionals, organizations and other stakeholders who are working to adopt and implement the revised Code. The board will consider whether additional support materials and activities would be useful.

The plan also outlines intended activities related to the IESBA's convergence objective.

Comments are due on June 15, 2010. To access the exposure draft, visit: http://www.ifac.org/Guidance/EXD-Details.php?EDID=0137.
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2. Adoption and Implementation Material Available
The IESBA staff has prepared materials to support the adoption and implementation of the Code of Ethics for Professional Accountants (the Code).

These materials include:
• PowerPoint presentations that can be used to explain the content of the Code;
• Comparisons of the revised Code with the previous Code;
• A template that can assist individuals in understanding how the provisions in a particular jurisdiction compare to the Code, and
• An overview of the independence requirements in the Code.
The IESBA will continue to assess what additional material or activities would be useful to further the adoption and implementation of the Code.

The adoption and implementation support materials are available at http://www.ifac.org/Ethics/Resources.php#implementation-and-adoption.
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3. IESBA Convergence Objective

Promoting international convergence of independence requirements for accountancy professionals is a major priority for the IESBA. To that end, the IESBA will liaise closely with national standard setters and regulators to identify and understand their perspectives on convergence, and to obtain their views on how the Code can be used as a catalyst to achieve greater convergence. In particular, the IESBA will be seeking input on:
(a) Whether in a group audit situation, where the national independence standards in the jurisdiction of the parent auditor contain requirements that are more stringent than those contained in the Code, the parent auditor would accept foreign auditors of foreign subsidiaries complying with the independence requirements in the Code; and
(b) The types of improvements to the Code that standard setters and regulators believe should be made in order for the Code to gain acceptance and recognition in their jurisdictions. The IESBA will consider input it has received from stakeholders, such as the need to identify more clearly the independence provisions related to public interest entities. Accordingly, it will prepare a document identifying those provisions, which it will use in discussions with national standard setters and regulators.
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4. 2010 Ethics Handbook Available in Print and Electronic Formats
The 2010 edition of the Handbook of the Code of Ethics for Professional Accountants is now available for download free-of-charge from IFAC's Publications and Resources site (web.ifac.org/publications). Print copies of the handbook, together with the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, can be ordered for US $185.00 plus shipping by calling IFAC at +1 (212) 471-8722.
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5. Upcoming Meetings

The IESBA next meets on June 23-24, 2010 in Paris, France. For more information and to register to attend an IESBA meeting as a public observer, visit: http://www.ifac.org/Ethics/Meetings.php.
Meetings of the IESBA Consultative Advisory Group are also open to public observers. Its next meeting will be held on September 13, 2010 in London, United Kingdom. For more information, visit: http://www.ifac.org/Ethics/ConsultativeAdvisoryGroup.php.
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6. Share Ethics eNews with Your Colleagues
The IESBA issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive IESBA eNews by following these simple steps:
1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
2. Enter your email address, first name, last name and country.
3. Select "Ethics eNews" from the check list, as well as any other electronic newsletters that you would like to receive.
You will receive the next issue of the IESBA eNews directly to your inbox.
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For more information about any of the items mentioned above or other information about the IESBA, please contact: communications@ifac.org.
About the IESBA and IFAC
The IESBA develops ethical 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 IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the Code.
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 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.


You may edit or remove your subscription from IFAC's eNews service by clicking here: http://web.ifac.org/enews/edit/subscriptions/62b4736813e498f881d9b917987e89c80faedac5