ETHICS BOARD ISSUES Strategic and operational Plan - The International Ethics Standards Board for Accountants (IESBA) has issued its 2008-2009 Strategic and Operational Plan, which outlines its planned activities following the completion of its current projects on independence and improving the clarity of the IFAC Code of Ethics for Professional Accountants.

These include developing additional guidance regarding the professional accountants’ ethical responsibilities when encountering fraud and illegal acts or when confronting conflicts of interest, as well as advancing its convergence initiatives to establish the Code of Ethics as the global benchmark. The IESBA’s Strategic Plan can be downloaded from the IFAC online bookstore (http://www.ifac.org/store).

NEW STANDARD issued to enhance WRITTEN REPRESENTATIONS

To enhance the quality and appropriateness of written representations sought by auditors, the International Auditing and Assurance Standards Board (IAASB) has issued International Standard on Auditing (ISA) 580 (Revised and Redrafted), Written Representations, which establishes new requirements to improve the auditor’s practice in relation to written representations. In addition, the IAASB has released ISA 560 (Redrafted), Subsequent Events. The redrafted ISA clarifies the auditor’s responsibility regarding subsequent events in an audit of financial statements. To download the ISAs, visit the IFAC bookstore at http://www.ifac.org/store.

IFAC releaseS its 2007 ANNUAL REPORT

IFAC has released its 2007 annual report which highlights the progress IFAC has made in promoting international convergence, supporting developing nations, and enhancing the quality of work provided by professional accountants in all sectors. For the first time, the “Service Delivery” section of the report was reviewed by IFAC’s independent auditor and received an unqualified assurance engagement opinion. The 2007 annual report can be downloaded from the IFAC website at http://www.ifac.org/About/2007AnnualReport.php. Print copies will be sent to all member bodies, associates, regional organizations, boards and committees, and other stakeholders.

IFAC TO COHOST SECOND LATIN AMERICAN CONFERENCE

IFAC, the Inter-American Development Bank, and the World Bank will host the second conference on Accounting and Accountability for Regional Economic Growth in the Latin American and Caribbean region in San Salvador, El Salvador on June 11-13, 2008. Organized around an interactive panel format, the 2008 conference will focus on financial reporting, auditing and governance issues specific to the Latin America and the Caribbean region. Representatives of IFAC member bodies and professional accountants in the region are encouraged to attend this event. For more information, visit: http://www.creceramericas.org/index_eng.html.

2008 Public sector handbook is now available

The 2008 edition of the Handbook of International Public Sector Accounting Pronouncements, which includes all pronouncements of the International Public Sector Accounting Standards Board issued as of February 15, 2008, is now available for download from the IFAC online bookstore (http://www.ifac.org/store). Print copies of the handbook will be sent to all member bodies and associates. Additional printed copies can be ordered from the bookstore for a US$25 shipping fee.

IFAC’S PUBLIC SECTOR BOARD ADVANCES GLOBAL CONVERGENCE

The International Public Sector Accounting Standards Board has released a technical update to International Public Sector Accounting Standard (IPSAS) 4, The Effects of Changes in Foreign Exchange Rates. The updates to IPSAS 4 clarify the requirements for public sector entities to convert foreign currency transactions and balances into their reporting currency. These updates reflect the latest amendments to the corresponding International Financial Reporting Standard issued by the International Accounting Standards Board. The revised IPSAS 4 can be downloaded at http://www.ifac.org/store.

Technical Manager Sought to Support Auditing Board

IFAC is seeking a technical manager to support the work of the IAASB. The technical manager will be responsible for conducting project research; interacting with standard setters and IFAC members and associates from around the world; and developing, editing and overseeing publication of IAASB documents. More information is available on the IFAC website at http://www.ifac.org/JobsAtIFAC/.