The International Federation of Accountants (IFAC) in partnership with the Emirates Association for Accountants & Auditors (EAAA) and under the patronage of H.E. Abdulla bin Touq Al Marri, Minister of Economy, this week convened regional and global leaders representing finance, accountancy, securities and audit regulators, the investment community, and the standard setting community with the aim of advancing sustainability reporting, assurance, and capacity building in the Middle East North Africa region (MENA).
IFAC, EAAA, and IPSASB Leadership at the October 2024 event in Dubai
The event, IFAC ConnectTM MENA, is the third in a series of IFAC Connect events created by IFAC around the world to encourage broad, solutions-oriented dialogue about key regional issues with global impact. IFAC recently held similar events in Singapore and in Bogota, Colombia, and in each of these cases collaborated with local professional accountancy organizations as well as the Forum of Firms -- an association of international networks of accounting firms that promotes consistent and high-quality standards of financial reporting and auditing practices worldwide.
Lee White, IFAC Chief Executive Officer, said, “Connected learning, innovation, a strong collective voice and commitment to the public interest are central characteristics of IFAC’s members, and critical to driving positive momentum. Moreover, in order to respond meaningfully to global challenges related to climate and sustainability matters, we need alignment and cooperation between governments, regulators, standard setters, and the accountancy profession.”
His Excellency Saif Al-Muheiri, Chairman of the Emirates Association for Accountants and Auditors (EAAA), said: “The accountancy profession that EAAA represents in the UAE is critical to how corporate reporting evolves to incorporate sustainability-related information, especially for use in capital allocation and investment decisions. Our skills with data, systems, processes and analysis are critical to this transformation which will create an ongoing dialogue with important regulatory bodies such as the Ministry of Economy.”
IFAC recently released its latest report, Beyond the G20: The State of Play in Sustainability Disclosure & Assurance, which provides a focal point for discussions between accounting, regulatory, and policy leaders and has a specific focus on the unique challenges and opportunities faced by six representative jurisdictions from MENA.
To advance the sustainability transformation or for more information about this conference or IFAC Connect events, please contact the office of Chief Executive Officer Lee White at Communications@IFAC.org.
About IFAC IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
The global search for the next International Public Sector Accounting Standards Board (IPSASB) Chair is underway, led by the independent Search Committee (Search Committee) established by the Public Interest Committee and the International Federation of Accountants (IFAC). Interested candidates with a background in public sector financial and/or sustainability reporting and strong leadership skills are encouraged to apply.
The IPSASB Chair is a full-time executive position, appointed for an initial three-year term, commencing January 1, 2026, with the possibility of re-appointment for a total tenure of up to nine years. While relocation is not required for this role, regular interaction with IPSASB staff located in Toronto, Canada, and geographically dispersed Board members is expected. Additionally, extensive international travel is needed to ensure effective collaboration with all key stakeholders and to promote the adoption and implementation of the International Public Sector Accounting Standards (IPSAS) and the forthcoming IPSASB Sustainability Reporting Standards (IPSASB SRS).
As the IPSASB enters a new phase with an increased focus on the maintenance and application of the IPSAS suite of standards along with the development of sustainability reporting standards, the Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Given the pace of change in both technical areas and the broader public sector environment, the next Chair must be adept at navigating these challenges and leading the Board’s technical standard setting program successfully.
“We seek candidates with significant, and senior-level experience, who are well-recognized within the professional global community,” said Vinod Rai, Chair of the Search Committee. “It is equally important that candidates have a strong understanding of the public sector and a commitment to the IPSASB’s public interest mandate. Strategic leadership and communication skills are essential, and relevant standard-setting experience is also key for success in this important global role.”
A complete job description, along with application instructions, is included in the Call for Applications. Applications are due January 26, 2025 (midnight UTC).
About IFAC IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
About the Public Interest Committee The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.
About the IPSASB The International Public Sector Accounting Standards Board® (IPSASB®) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards™ (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
The Chair Will Lead the Next Phase of Developing Standards for the Public Sector
The Brazilian Presidency of the G20 has brought an important focus on the interconnection between sustainability from a climate and environmental perspective and broader social and governance issues. A just world and a sustainable planet are intrinsically linked.
Emerging economies, including the Global South, present enormous opportunities for economic growth, and their development is important in both local and global contexts. For these economies to grow and achieve prosperity, the active contribution of professional accountants is essential.
Today, IFAC commenced MOSAIC meetings in Bucharest beginning with the MOSAIC Steering Committee meeting to discuss plans for developing the capacity of the accounting profession in emerging economies. IFAC has again strategically aligned MOSAIC meetings with the INTOSAI Capacity Building Committee and Donor Coordination Committee meetings, all of which are hosted by the Supreme Audit Institution of Romania this year. These events mark the first MOSAIC meetings for new IFAC Chief Executive Officer, Lee White.
Over the next days, the MOSAIC Steering Committee meeting will bring together the signatories to MOSAIC (the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) Development partners who will join IFAC and SAI representatives for the MOSAIC Forum. Mr. White will join a dynamic synergy session between the MOSAIC signatories and the INTOSAI community.
MOSAIC serves as a cornerstone for a unified global approach to enhance the capacity of professional accountancy organizations (PAOs) and elevate the quality of financial management systems in emerging economies. The agreement and the collaborative efforts it fosters aim to empower PAOs in partner countries to improve the standards of accountancy and financial management, ultimately amplifying the effectiveness of donor assistance. Acknowledging the complexities of PAO development, MOSAIC is designed to strengthen cooperation and collaboration between IFAC, international donors, and the global development community.
Today’s discussions were focused on the future of the MOSAIC MoU, exploring strategies to magnify its impact developing the accountancy profession in emerging economies in the years ahead. This comes at a crucial moment, with the rapid evolution of sustainability reporting and assurance in the private sector, and in the context of the continued work of the International Public Sector Accounting Standards Board (IPSASB) to develop sustainability reporting standards for the public sector, where SAIs are key stakeholders.
Lee White, Chief Executive Officer, IFAC said: “Strengthening capacity among PAOs and throughout the accountancy profession is one of the most effective ways to support sustainable economic and social growth and development, and we outlined a number of areas where accountants can have an impact in our recent publication The Accountancy Profession Enabling Africa's Transformation. It is inspiring to see so many development partners prioritizing capacity building in the accountancy profession. We look forward to working together with the MOSAIC signatories and INTOSAI Community to strengthen our collective impact and drive meaningful change.”
Arturo Herrera Gutierrez, World Bank Global Director for Governance said: “Proper accounting is critical for the development of the private sector and enabling access to credit markets and enhancing citizens’ trust in governments' effective use of public resources. The World Bank has a long history of engagement on this foundational agenda. We are committed to supporting emerging issues including sustainability reporting and proper recording of contingent liabilities in the public sector in collaboration with the International Federation of Accountants (IFAC) and its International Public Sector Accounting Standards Board. We look forward to continuing to work closely with IFAC, MOSAIC, and the INTOSAI communities to strengthen and improve collaboration.”
Tsakani Maluleke, INTOSAI CBC Chair said: “Professional accountancy organizations and supreme audit institutions should have a shared commitment to excellence in public sector financial management and realize the value of working together to achieve an improved public sector. Sharing insights on how accountability ecosystems across the globe can be strengthened through enabling mechanisms such as improved standard-setting, ongoing auditor professionalization and investment in strong institutional capacity will be critical. Of course, this will require SAIs and PAOs to strategically partner to work to the benefit of citizens in the countries where they operate and, in doing so, play an essential role in achieving the vision of the UN Sustainable Development Goals – to leave no one behind.”
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 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.
MOSAIC Meetings Unite Global Partners to Strengthen the Accountancy Profession
À medida que formuladores de políticas e reguladores se movem com ritmo para introduzir novos requisitos obrigatórios para relatórios de sustentabilidade e sua garantia, a IFAC está tomando medidas para ajudar todos os usuários de informações de sustentabilidade — incluindo a profissão contábil, reguladores de mercado, preparadores e investidores — a entender e se preparar para o que a garantia de sustentabilidade de alta qualidade parecerá, publicando Asseguração de Sustentabilidade: O Que Esperar.
