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Notes from the XVII World Congress of Accountants

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14 Nov 2006

The World Congress of Accountants began yesterday in Istanbul, Turkey, and runs through 16 November 2006. There are 5,000 delegates from over 120 countries.

There are nearly 50 plenary and technical sessions. IAS Plus will include selected notes from each day of the Congress – generally those sessions related to financial reporting in the context of International Financial Reporting Standards. If you happen to be attending the Congress, please stop by and say hello at the Deloitte booth in the exhibition area.

Notes from the XVII World Congress of Accountants

Istanbul, Turkey, 13 November 2006

 Opening Ceremonies

The Seventeenth World Congress of Accountants was inaugurated this afternoon at a special plenary session at the Istanbul Convention and Exhibition Centre. Speeches of welcome were delivered by the Chairman of the Congress, Prof Dr Recep Pekdemir; the President of the Union of Chambers of Certified Public Accountants of Turkey (TURMOB), Mr Mehmet Timur; and the President of the Expert Accountants' Association of Turkey, Dr Masum Turker.

The outgoing President of the International Federation of Accountants, Graham Ward, reviewed his term of office and noted that the accountancy profession had used the opportunity of profound scrutiny following the financial scandals such as Enron and Parmalat to examine itself and undertake fundamental reforms that placed the worldwide profession on a solid foundation to be part of the solution to restoring public trust in financial markets. He stated that where there was a sound, vibrant, and independent accounting profession there was almost certainly an 'investment climate of trust'. He rounded out his address by reviewing the various measures that IFAC has put in place to ensure that the standards it promulgates (including International Standards on Auditing, standards for ethics in accounting firms, and education standards) were developed in as transparent an environment as possible.

The Congress has honoured by two senior members of the Turkish government: the Finance Minister and the Prime Minister, Recep Tayyip Erdogan. The Prime Minister noted that the upgrading of Turkey's financial systems and strengthening its financial infrastructure – including financial reporting – is a vital part of the country's ambition to join the European Union.

The working sessions of the Congress begin on 14 November, with a plenary session on the role of the accounting profession in generating economic growth in developing nations and three sets of topical workshops. IASB Chairman Sir David Tweedie will speak the 15 November plenary session on capital market stability worldwide and the accounting profession.

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