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IFAC begins part 2 of compliance programme

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

03 Dec 2005

In July 2003, IFAC began a Member Body Compliance Programme to monitor and assess compliance with IFAC's membership obligations by IFAC's 163 member bodies.

The programme is being conducted in two parts.
  • Part 1 – information gathering. A questionnaire was distributed in March 2004 to identify the regulatory requirements and standard-setting processes in member body countries with respect to standards for auditing, accounting, ethics, public sector, and education. To date, responses to Part 1 from 78 member bodies have been posted on IFAC's Website.
  • Part 2 – member body self assessment. The goal of this step is to provide information on compliance by member bodies with IFAC's Statements of Membership Obligations. Part 2 was launched in December 2005. Each IFAC member and associate has been sent a package of materials including an instruction guide to Part 2 and confidential access to their self-assessment questionnaire. You can view the questionnaire at IFAC's Website.

Statement of Membership Obligation 7 International Financial Reporting Standards, which took effect in 2004 and applies to both full and associate IFAC members, requires the following:

  • 1. Member bodies of IFAC should support the work of the IASB by notifying their members of every IFRS.
  • 2. The IASB exposes proposed IFRSs for public comment. Member bodies are encouraged to notify their members of all exposure drafts issued by the IASB and to encourage them to comment on behalf of those members that have an interest in accounting standards.
  • 3. Member bodies should use their best endeavors:
    • (a) To incorporate the requirements of IFRSs in their national accounting requirements, or where the responsibility for the development of national accounting standards lies with third parties, to persuade those responsible for developing those requirements that general purpose financial statements should comply with IFRSs, or with local accounting standards that are converged with IFRS, and disclose the fact of such compliance; and
    • (b) To assist with the implementation of IFRSs, or national accounting standards that incorporate IFRSs.
  • 4. Interpretation. A member body has used 'best endeavors' if it could not reasonably do more than it has done and is doing to meet the particular membership obligation.

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