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Decision summary for IFAC Council meeting

  • IFAC (International Federation of Accountants) (lt gray) Image

22 Nov 2004

The Board and Council of the International Federation of Accountants (IFAC) met in Paris last week and took action on a range of issues, including these: Established a working group to identify initiatives that IFAC could undertake to enhance corporate governance and increase public confidence in capital markets.

The group was asked to report to the Board in March 2005.
  • Approved a Memorandum of Understanding with the United Nations Conference on Trade and Development to work more closely together in the areas of good governance, reliable accounting, and clear accountability to economic growth and social development. Early projects will focus on education and training programs and corporate governance.
  • Approved a Memorandum of Understanding with the Institute of Internal Auditors to cooperate in such areas as corporate governance and the accountability of public sector organisations.
  • Agreed to move ahead on recommendations in the recently issued report, Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs, giving particular attention to the needs of small and medium enterprises and practices.
  • Accepted six new organizations as members of IFAC:
    • Association of Accountants and Auditors of Republic of Srpska (associate member)
    • Chamber of Financial Auditors of Romania (associate member)
    • Certified Public Accountants Association of Morocco (full member)
    • Estonian Auditing Board (full member)
    • Iranian Association of Certified Public Accountants (associate member)
    • National Institute of Accountants in Australia (full member)
  • Elevated the Association of Professional Accountants and Auditors of the Republic of Moldova from associate member to full member of IFAC.
  • Click for IFAC Press Release on IFAC's website.

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