IFAC update

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22 Nov, 2012

The International Federation of Accountants (IFAC) has made a number of recent announcements, including the appointment of new president and vice-president, the election of new IFAC Board members, admission of new members, and the approval of a new strategic plan for the organisation. In addition, an updated series of 'Statements of Member Obligations' has been released and IFAC has announced that the initial phase of the process of nominations for its various boards and committees has been delayed, whilst the IFAC Professional Accountants in Business Committee has also released its strategy and plan.

In brief (links to further information on the IFAC website):

  • Warren Allen, of New Zealand, has been appointed as IFAC president for a two-year term ending November 2014 and Olivia Kirtley, of the United States, has been appointed deputy president (a role previously held by Mr. Allen)
  • The six new members of the IFAC Board are: Carol Bellringer (Canada), Norunn Byrkjeland (Norway), Dr. Yugui Chen (China), Pamela Monroe Ellis (Jamaica), Dr. In-Ki Joo (South Korea), and Russell Loubser (South Africa). The IFAC Council also re-elected Jacques Potdevin (France) and Marta Rejman (UK)
  • The new IFAC associates are: the Albanian Institute of Certified Accountants, the Association of National Accountants of Nigeria, the Institute of Professional Auditors (Russia), the Ordre National des Experts Comptables et des Comptablies Agréés du Togo, the Institute of Certified Public Accountants of Rwanda, and the Ordem Dos Tecnicos Oficiais dos Contas (Portugal).  A number of organisations have changed status and the Pan African Federation of Accountants has been granted 'Recognized Regional Organization' status
  • IFAC’s strategic plan for 2013-16 will continue a focus on the development, adoption, and implementation of high-quality international standards, improved public sector financial reporting and integrated reporting, and enhance focus on regulation and public policy
  • IFAC has recently completed its revision of the Statements of Membership Obligations (SMOs), which assist member organisations support the adoption and implementation of international standards and maintain quality assurance review systems and investigation and discipline mechanisms.  Most of the revised SMOs commence operation from 1 January 2013
  • Notification of the 'Call for Nominations for Boards and Committees in 2014' has been postponed until 26 November 2012 due to the recent storms, with the final call be issued on 15 January 2013, and nominations submitted from 15 January to 15 March 2013
  • The proposed Professional Accountants in Business Strategy and Work Plan for 2013-2016 has been published for comment, with comments due by 31 January 2013.

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