S.No Event Country Host Body Tentative Dates

Transcription

1 Proposed Action Plan 2014 for the South Asian Federation of Accountants (SAFA) South Asian Federation of Accountants (SAFA) is promoting the development of accounting profession in the SAFA Region. As an Acknowledged Accounting Group of IFAC, it is promoting the work plan of IFAC through its various technical Committees. In addition, being an Apex body of SAARC, SAFA is working towards positioning, maintaining and developing the accountancy profession in public interest and playing a broader role in the regional economic development. SAFA has been regularly submitting its annual activity report to IFAC and SAARC. In 2011 SAFA has identified following six strategic themes in the overall context of SAFA mission of positioning, maintaining and developing the accountancy profession in public interest and playing a broader role in the regional economic development: To promote Sustainable Business Practices and Reporting in SAARC To strengthen Corporate Governance Standards in SAARC To develop Uniform Accountancy Education Framework in SAARC Region. To assist SAARC Governments in Accounting and taxation related areas Capacity Building of Small & Medium Practitioners (SMPs) in SAARC Region. To promote professional ethics in SAARC Region and to work towards reducing corporate corruption in SAARC Region. It is requested that the various technical Committees of SAFA should organize any one or more of the following activities on these strategic themes identified by SAFA: Theme based SAFA Conferences, Workshops or Seminars Studies, Surveys and Documents of Gap Analysis vis a vis global standards Joint Events with other member body of SAFA Joint Events with IFAC, CAPA or other Regional bodies of SAFA Comparative Studies on Best Practices being followed in SAFA Region on various technical areas Sharing of common resources It is suggested to finalize the events to be organized in This would help in smooth conduct of events and good participation. It is also requested that each SAFA member body must organize at least one event as SAFA event either as stand alone basis or coinciding with SAFA meetings. Following events may be considered: S.No Event Country Host Body Tentative Dates 1. SAFA BPA Awards Dhaka or ICAB or ICAP or 2 nd week of February Conference Marking Karachi or ICAN 2014 Session and ITAG Kathmandu 1

2 Committee Meeting 2. SAFA Board, Committee meetings and CFO Conference 3. SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosure Awards Ceremony 2012 and Regional Standard Setters Conference 4. IFAC-SAFA - EFAA SMP Forum 5. SAFA Conference on Reforms in Public Sector Accounting, Board & Committee Meetings 6. Regional Public Sector Standard Setters Karachi, Pakistan ICAP 9 th -11 th March 2014 Pakistan ICMAP Tentatively in April 2014 India Institute of Chartered Accountants of India To be decided Bangladesh ICAB Tentatively August end or 1 st week of September Tentatively Pakistan ICMAP Conference 7. SAFA Summit India Institute of Chartered Accountants of India 8. SAFA Students Exchange Programmes At least two students exchange programme in a year To be decided To be decided To be decided 9. SAFA Conferences Nepal ICA Nepal Tentatively July 18-19, SAFA-GRI Conference on Sustainability Reporting Sri Lanka CMA Sri Lanka To be decided 11. SAFA Board Meeting Maldives Audit Office of To be decided Maldives 12. SAFA Conference Bhutan AASB Bhutan To be decided 1 1 st SAFA Summit was held on 11 th -12 th December, 2010 at Kathamndu, Nepal, and 2 nd SAFA Summit was held on 10 th November 2012 at Lahore Pakistan. 2

3 Major thrust areas for focusing in 2014 A. Augmenting visibility though increased stakeholder engagement B. Positioning SAFA as an effective Regional Forum C. Increased international convergence D. Qualification Reciprocity with in Region E. Increase Member Body cooperation Expectations from SAFA Board in 2014 SAFA Board being the Executive Board should develop a strategy to demonstrate SAFA s status as a forum for deliberating upon technical and other issues having global implications, elevating the role of accountancy profession in SAARC Region. The SAFA Board should work on following areas: 1. To work towards Mutual Recognition of Qualification within the region. 2. To work towards harmonization of various facets of accountancy profession in the Region - education, accounting, auditing, professional and ethical standards. 3. To raise the concern on issues germane to the accountancy profession so that while drafting international standards, SAFA s concern are adequately considered. A system could be developed whereby comments of any member body could be circulated to all member bodies on different Exposure Drafts issued by IFAC/IASB so that views expressed by one member body could be suitably considered by other member body. 4. To work closely with IFAC, CAPA, Federation of European Accountants (FEE), Interamerican Accounting Association, PAFA and other Regional Accountancy Bodies. 5. To identify such projects and give its value proposition to SAARC which can be undertaken by the SAFA in times to come. 6. To create awareness about the SAFA and its ongoing activities among the members of SAFA member bodies, regulators nationally in each jurisdiction and alike 7. Disseminate information about the SAFA Conferences/Seminars amongst the general membership. 3

4 8. Suggestions on policy initiative to SAARC for increasing trade within SAARC countries and how accountancy profession can help support the broader mandate of SAARC 9. To guide the technical Committees of SAFA 10. To promote Inter Region Networking of Firms across SAFA region. 11. Authorising ICAN to be in regular touch with the SAARC Secretariat. 12. Compliance of timely submission of Activity Plan to IFAC, SAARC and other Compliances, if any 13. To work towards IFAC Regional Organisation Status for SAFA. 14. Revamping the SAFA website making it more robust and informative. 15. To bring document on the 30 years of SAFA History. 16. To associate with the WCOA 2014 and having a speaking slot for SAFA. 17. To work towards development and strengthening of Accountancy Bodies in SAARC region and get financial support through MOSIAC or other donor bodies for them. 18. To invite representatives of donor agencies as Observer in the meetings of SAFA Board. Expectations from Technical Committees in 2014 It is requested that the technical Committees of SAFA should prepare a detailed action plan to be achieved in The following points may be considered while preparing the action plan by respective Committees of SAFA: 1. Committee for Improvement in Transparency, Accountability and Governance (ITAG) For promoting its objectives the Committee has been organizing SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosures. In the past, this Committee has primarily involved in organizing above said event and no other activities or contribution has been made. Accordingly, it is suggested that the Committee may undertake a few research studies to study and promote Accountability and Governance in SAARC region. Following research projects may be considered to be undertaken by the Committee 4

5 i) Comparative Study of Corporate Governance Practices in SAARC Region. Based on the Comparative Study, a paper on Best Corporate Governance Practices in SAARC Region may be prepared. ii) iii) iv) A Study on Corporate Social Responsibility or Sustainability Reporting may be undertaken. Concept Paper for Sustainability Report Award may be worked out. To develop database of independent directors based in the SAARC region having membership of the member bodies with a view to ensure regular training in line with the changing dimensions world over, to promote best corporate governance practices. In addition to above process of nominating and evaluating winners of SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosures needs to be documented in the form of a guideline to the member bodies. 2. Committee on Professional Ethics and Independence In the past, the Committee had prepared a Comparative Study of Code of Ethics prevailing in SAARC countries and prepared a study on Code of Ethics for Professional Accountants in SAFA Countries in It is suggested that Committee should send its regular comments to various Exposure Drafts issued by IESBA of IFAC. In addition, Committee may consider undertaking following research studies i) How to curb Black Money ii) Updation of study Code of Ethics for Professional Accountants in SAFA Countries as the previous study was done in Committee on Professional Accountants in Business The Committee is currently working on the following projects: i) CSR Sustainability Integrated Reporting ii) Corporate Governance for the State Owned Enterprises iii) Creative Accounting & Earning Management iv) Role of PAIB in Climate change Mitigation v) Financial Reporting Aspects for Sustainability & Integrated Reporting It is suggested that Committee should regularly send its comments on various Exposure Drafts issued by the Committee on Professional Accountants in Business of IFAC. Committee may also 5

6 consider organizing SAFA Best PAIB Awards in lines with SAFA Best Presented Annual Report Awards and modalities of that could be worked out.. If all the member bodies of SAFA have PAIB Awards, then such awardees shall become contestants for the SAFA PAIB Awards. 4. Committee on Education, Training and CPD The Committee has undertaken following comparative studies: i) Comparative Study of Syllabi of SAFA Chartered Accountancy Bodies ii) Comparative Study of Syllabi of SAFA Cost and Management Accountancy Bodies iii) Comparative Study of CPD framework prevailing in SAFA countries iv) Comparative Study of Training Requirements in SAFA member bodies In addition, Committee has been promoting Students exchanges programmes amongst SAFA member bodies. It is proposed that Committee should regularly send its comments to various Exposure Drafts issued by the IAESB of IFAC. In addition, Committee should work towards bringing harmony in the standards and quality of education imparted by the member bodies and how uniform accountancy education framework in SAARC Region could be achieved. Joint conference of Students based in member bodies may be considered to organize in every member country on rotational basis. Promoting CPD programme being organized by the one member bodies among the members of other bodies through webcast or online video lectures for the benefit of all. To device a system under which CPD credit provided by one member body may be recognized by the other member bodies of SAFA. To develop a panel/database of subject wise speakers for the CPD activities in the SAFA member bodies 5. Committee on Accounting & Auditing Standards One of the annual events of the Committee is Regional Standard Setters Conference. In addition, Committee is annually updating comparative studies of accounting & auditing standards vis-à-vis IFRS/Internationals Standards on Auditing. In addition, Committee has also published SAFA Guidelines for Not-for-Profit Organisations (Including Non-Governmental Organisations) and SAFA Accounting & Financial Reporting Standards for Small & Medium Sized Enterprises (SMEs). 6

7 The Committee should discuss region specific issues and challenges on accounting and auditing and send consolidated comments to IFRS foundation on issues affecting region as a whole. To identify the region specific accounting and auditing issues that needs to be addressed by the International Standard Setters. To conduct regular Train the Trainers programmes so that to have a pool of resource persons within the member bodies to develop and disseminate best accounting and auditing practices among the SAARC region. To undertake a project on Micro Finance. 6. Committee on Quality Control The Committee had prepared a comparative study of the Quality Control Framework prevailing in SAARC Region and based on the Study a Model Quality Control Framework in SAFA Region was to be prepared. However the matter is still pending. It can be taken forward. The Committee may consider developing a Panel of Quality Assurance Reviewers that can be used by other SAFA member bodies. Information gathered during Peer Review programmes may be shared with the other member bodies for spreading among its members so as to make them aware about the type of noncompliances observed during the process and advice them to take necessary safeguards and thereby improving audit quality. 7. Committee on Harmonization of Fiscal & Tariff Regimes The Committee had undertaken following two projects: i) Comparative Study of Fiscal & Tariff Regimes in SAARC Region ii) Comparative Study of International Taxation & Transfer Pricing provisions in SAARC Region iii) SAARC is planning a Seminar on International Taxation and Transfer Pricing at Nagpur, India from 4 th -7 th March The Committee may provide necessary technical support to SAARC In view of the increased trade ties among the SAARC countries it may be considered to have study tours among the members counties or joint study tour of member countries to other developed countries to have an insight about the fiscal and tariff regime, analyse them and to recommend them to respective governments for adoption within the SAARC countries. 8. Small & Medium Practices Committee The Committee has shared important initiatives of member bodies with other member bodies that they may also consider for replicating in their respective country. Committee had also prepared a 7

8 Concept Paper on the Status of SMPs & SMEs in SAARC Region. MoU with European Federation of Accountants and Auditors (EFAA) has also been signed to exchange initiatives for the capacity building of SMPs. Committee may organize a few joint programmes with EFAA for the Capacity Building of SMPs. Technological, software and other utility tools may be developed to strengthen the Small and Medium Practioners of the region. Regular feedback should be given on the paper(s) released by the Small and Medium practioners Committee of the IFAC. Annual SAFA SMP Survey to be conducted to identify the Capacity Building needs of SMPs in the Region Webinars jointly with EFAA may be organized for SMPs during the year. A paper can be prepared on the financial needs of members of respective accounting bodies and how such needs can be addressed. 9. Committee on Governmental & Public Sector Enterprises Accounting The Committee has prepared a comparative study of the status of Accrual Based Accounting in the SAARC Region. The Committee may undertake following additional projects. i) Undertaking research and analysis of the public finance with a view to making suggestions for improving finances of the Central Government and the State Governments. ii) Assisting SAARC Governments in enhancing accountability and transparency in public service delivery mechanism. iii) Providing technical support and assistance to the SAARC Governments in introducing reforms in government accounting and reforms in accounting and financial management system of Urban Local Bodies and Panchayati Raj Institutions. iv) Conferences, Seminars and Workshops should be organized to create awareness about accrual accounting in SAARC Countries 10. International Relations Committee The objective of constituting the Committee is to assist Maldives, Bhutan and Afghanistan where accountancy profession is at initial stage of development and to closely work with IFAC, SAARC, CAPA and other Regional Accountancy bodies. The Committee should develop a strategy to improve SAFA s relation with other global accountancy bodies and how SAFA can be benefited by entering into some type of knowledge sharing arrangements with such global accountancy bodies. 8

9 Joint programs with IFAC, CAPA, other SAARC Apex bodies and Regional Accountancy Bodies should be organized on thematic issues. The Committee should also work towards assisting Afghanistan, Bhutan and Maldives in getting World Bank funding for setting up of full fledged accountancy Institute in respective country. 11. Task Force to develop Strategy to Combat Corruption in SAARC Region The objective of the Task Force is to develop a strategy to combat corruption in SAARC Region. 12. Task Force to harmonize the evaluation criteria being used by SAFA member bodies for giving BPA Awards The objective of the Task Force is to submit its recommendations for harmonizing national BPA evaluation criteria to be used by member bodies at National level so that all the companies participating at SAFA Awards Competition would be at the same footing. It is suggested that the Task Force should finalize its recommendation at the earliest. 9