IFAC board approves several new initiatives

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02 Aug 2005

At its meeting in New York last week, the board of the International Federation of Accountants (IFAC) approved a number of new IFAC initiatives, including several directly relevant to international financial reporting: A global study on how to enhance the quality of the financial reporting, considering such issues as corporate management and governance, regulatory developments, auditor independence and rotation, and the expectations around the auditor's responsibility for fraud detection.

An independent chair will be appointed to lead the study.
  • Publication of a new International Guidance Document on Environmental Accounting. The document was developed jointly by IFAC and environmental agencies from the United Nations, United States, and United Kingdom
  • A project by IFAC's Small and Medium Practice Permanent Task Force to develop guidance materials on International Standards of Auditing (ISAs) for use in SME audit engagements.
  • Support for the implementation of Part 2 of the IFAC Member Body Compliance Program, which will provide a picture of the stage of incorporation of standards issued by IFAC and the International Accounting Standards Board into the national standards used by member bodies.
    • Click for Press Release (PDF 80k).

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