In This Issue:

IFAC Seeks Public Members for IAASB
IFAC Seeks Comments on Translation Strategy
IESBA Seeks Further Input on Independence Requirements
IPSASB Invites Comments on Proposed Social Benefits Standard and Consultation Paper
IPSASB Consults on Service Concession Arrangements
IAASB Issues ISAs on Written Representations and Subsequent Events
IFAC Releases Guidance for Professional Accountants in Business
IFACnet Enhances Search Results Page Functionality
2008 Auditing, Ethics and Public Sector Accounting Handbooks Now Available
PIOB Issues Third Public Report
IFAC 2007 Annual Report Now Available


1. IFAC Seeks Public Members for IAASB

IFAC is seeking nominations for two public member positions on the International Auditing and Assurance Standards Board (IAASB) beginning in January 2009. While a professional accountancy designation is not required, nominees must have an appropriate level of knowledge about the work of the IAASB. In addition, public members are expected to act in the public interest and must be seen to be independent of any special interests.

Nominations must be submitted by June 22, 2008, using the Candidate Information Form. For more information about qualifications and the submission process, see the Call for Nominations.


2. IFAC Seeks Comments on Translation Strategy

IFAC is seeking comments on its proposed strategy to move to one quality translation of IFAC standards per language. Set out in a consultation paper entitled Translation of IFAC Standards, the proposed strategy is designed to increase the accessibility of IFAC standards and guidance to accountants and others worldwide.

Comments are requested by June 30, 2008, and may be submitted via Esta dirección de correo electrónico está protegida contra los robots de spam, necesita tener Javascript activado para poder verla


3. IESBA Seeks Further Input on Independence Requirements

The International Ethics Standards Board for Accountants (IESBA) has issued a re-exposure draft of proposals to strengthen the independence requirements in the IFAC Code of Ethics for Professional Accountants. The proposals relate to the provision of internal audit services to a public interest audit client, and to required safeguards when public interest audit client fees exceed 15 percent of the firm’s total fees. Comments on the exposure draft are due by August 31, 2008, and may be emailed to Esta dirección de correo electrónico está protegida contra los robots de spam, necesita tener Javascript activado para poder verla

In April 2008, the IESBA released its 2008-2009 Strategic and Operational Plan, which set out the IESBA's work program once the independence and other projects have been completed. The IESBA's Strategic Plan may be downloaded from the IFAC bookstore.


4. IPSASB Invites Comments on Proposed Social Benefits Standard and Consultation Paper

The International Public Sector Accounting Standards Board (IPSASB) has launched a project to develop a framework to assist public sector entities in assessing the long-term viability of social benefit programs. It is also seeking comments on an exposure draft, Social Benefits: Disclosure of Cash Transfers to Individuals or Households, which proposes disclosure requirements for amounts paid to beneficiaries as part of social benefit programs, as well as for information on those programs. The goal is to improve the consistency and transparency of reporting on social benefits by public sector entities. Comments are requested by July 15, 2008.


5. IPSASB Consults on Service Concession Arrangements

The IPSASB is also seeking comments on its consultation paper, Accounting and Financial Reporting for Service Concession Arrangements. The paper identifies issues and provides proposals to be considered in the development of international guidance for grantors (typically public sector entities) of service concession arrangements. Comments are requested by August 1, 2008.


6. IAASB Issues ISAs on Written Representations and Subsequent Events

The IAASB continued to make progress on its Clarity Project with the issuance of two International Standards on Auditing (ISAs): ISA 580 (Revised and Redrafted), Written Representations, and ISA 560 (Redrafted), Subsequent Events. ISA 580 is designed to enhance the quality and suitability of written representations sought by auditors. ISA 560 deals with the auditor's responsibilities relating to subsequent events in an audit of financial statements.

ISAs 580 and 560 are available for download through the IFAC bookstore.


7. IFAC Releases Guidance for Professional Accountants in Business

As part of its ongoing program to develop guidance to support professional accountants in business in delivering long-term value to their organizations, the Professional Accountants in Business (PAIB) Committee released new guidance entitled Project Appraisal Using Discount Cash Flow. This guidance addresses the use of discounted cash flow analysis and net present value in evaluating investments. Together with the guidance, the committee released the new Preface to IFAC's International Good Practice Guidance, which details the scope, purpose and due process of the International Good Practice Guidance project.

The documents may be downloaded free-of-charge from the IFAC bookstore.


8. IFACnet Enhances Search Results Page Functionality

IFACnet, the global, multilingual search engine supported by IFAC and more than 30 member bodies and other organizations worldwide, recently enhanced the functionality of its search results page. Accountancy practitioners and other users of IFACnet may now more easily refine searches, provide feedback and share links through the redesigned page. IFACnet may be accessed on its home page, http://www.ifacnet.com, as well as on the websites of participating organizations.


9. 2008 Auditing, Ethics and Public Sector Accounting Handbooks Now Available

The 2008 editions of the Handbook of International Auditing, Assurance, and Ethics Pronouncements and the Handbook of International Public Sector Accounting Pronouncements are now available for download in PDF free-of-charge from the IFAC bookstore. Print copies of the auditing handbook are available for $150.00, plus $25.00 shipping. Print copies of the public sector handbook are available for just the $25.00 shipping fee.


10. PIOB Issues Third Public Report

The Public Interest Oversight Board (PIOB) has issued its Third Public Report on its independent oversight of IFAC public interest activities, including international standard setting for auditing, ethics and education, as well as the Member Body Compliance Program. The report, which summarizes the past year's PIOB activities, is available on the PIOB website.


11. IFAC 2007 Annual Report Now Available

IFAC has issued its 2007 Annual Report, which describes its activities over the past year to strengthen the global accountancy profession and serve the public interest. The report includes messages from IFAC's President, Chief Executive Officer and the Chair of the Public Interest Oversight Board. To download a PDF of the report, in full or in part, visit: http://www.ifac.org/About/2007AnnualReport.php. Print copies of the IFAC annual report may be obtained by sending an email with your name, address and the desired quantity to Esta dirección de correo electrónico está protegida contra los robots de spam, necesita tener Javascript activado para poder verla


For more information about any of the items mentioned above or other information about IFAC, please contact Esta dirección de correo electrónico está protegida contra los robots de spam, necesita tener Javascript activado para poder verla

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.