IFAC: Developing the Profession. Tools and Guidance for Capacity Building

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1 IFAC: Developing the Profession Tools and Guidance for Capacity Building International Conference on Financial Reporting Kosovo May 2011 Deborah Williams

2 What is IFAC? IFAC is the global organization for the accountancy profession We are an organization of organizations Our 164 member organizations are mostly Professional Accountancy Organizations (PAOs - entities comprised of professional accountants)

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

4 What IFAC Does Serve the public interest Establish and promote adherence to high uality professional standards Further the adoption and implementation of such standards Support the global development of the accountancy profession Share in regulation of the profession

5 Standard-Setting Boards

6 Standard-Setting Boards International Accounting Education Standards Board (IAESB) International Ethics Standards Board for Accountants (IESBA) International Public Sector Accounting Standards Board (IPSASB) International Auditing and Assurance Standards Board (IAASB)

7 Advancing Accountancy

8 The impact of accountancy and high quality financial reporting Financial stability Attracting Foreign Direct Investment (FDI) Transparency and accountability in the use of public funds Improving the development and delivery of vital public services

9 How do Professional Accountancy Organizations (PAOs) improve financial management capacity in the public interest? Further the adoption and implementation of international accounting standards Oversee member compliance with professional ethical standards Educate, certify and train professional accountants

10 IFAC s Efforts in Advancing Accountancy Professional Accountants in Business (PAIB) Small and Medium Practices Committee (SMP) IFAC Member Body Compliance Program Professional Accountancy Organization Development Committee (PAODC)

11 Professional Accountants in Business Committee Increase awareness and achieve global recognition of professional accountants as: Business leaders Strategic partners in building long-term sustainable organizational success Creators, enablers, preservers, and reporters of value for organizations and their stakeholders Helps enhance competence of PAO members by: Facilitating communication Sharing good practices and ideas

12 Small and Medium Practices Committee Monitors the work of IFAC groups to ensure SMP representation Provides input to international standard-setting Develops resources and tools for SMPs in collaboration with IFAC member bodies Works to increase SMPs and SMEs participation in global public policy and regulatory dialogue Raises the visibility and voice of SMEs and SMPs

13 Member Body Compliance Program Statements of Membership Obligations (SMOs) serve as the foundation Assists member bodies and associates in complying with international standards Works in partnership with member bodies, associates and regional organizations Compliance information posted on website Overseen by Compliance Advisory Panel

14 Member Body Compliance Program Phase 1 Fact-based questionnaire on the regulatory and standard-setting framework in the member body s country or jurisdiction Phase 2 Phase 3 Self-assessment of compliance with specific requirements of the SMOs Action plans developed by the member body to address areas identified in the selfassessment

15 Statements of Membership Obligations SMO 1 SMO 2 SMO 3 SMO 4 SMO 5 SMO 6 SMO 7 Quality Assurance International Education Standards International Standards on Auditing and Assurance IESBA Code of Ethics International Public Sector Accounting Standards Investigation and Discipline International Financial Reporting Standards

16 Part 3 the Action Plan Process A way of illustrating the steps being taken to enable a PAO to comply with the SMOs A PAO s own strategic planning process outlining key activities, roles and responsibilities and timeframes to facilitate SMO compliance

17 The PAO s role in the Action Plan Process Create an Action Plan Implement the activities Regularly communicate with IFAC Update the Action Plan annually

18 PAO Development Committee (PAODC) Targets PAOs in developing and emerging economies Provides guidance and other resources to meet the needs of the developing profession Seeks development assistance from donor agencies for the strengthening of the accountancy profession 60% of IFAC membership

19 PAODC guidance and support Establishing and developing a PAO Mentoring guidelines Education guidelines accounting technicians Outreach Partnering with donors CReCER Africa ROSC/PAFA Technical consultation Coordination with Regional Organizations (ROs)

20 Thank You!