This an update on the initiative the IAESB has undertaken to revise and redraft its suite of eight International Education Standards (IESs).

Where accountancy flourishes, economies grow.

High-quality business reporting provided by a robust and well-functioning accountancy profession composed of competent and capable accounting professionals contributes significantly to a sound global financial structure. Professional accountancy organizations (PAOs) are essential for the sustainability of the accountancy profession. They hold the power to advance society, further national economic growth, and enhance development assistance.

The UK Department for International Development (DFID), which leads the United Kingdom’s work to end extreme poverty, and IFAC, the global organization for the accountancy profession, have entered into an agreement to strengthen professional accountancy organizations (PAOs) in developing countries. Under this agreement, DFID will provide £4.935 million to IFAC over seven years. The funding will be used to strengthen PAOs in at least 10 DFID focal countries to play a greater role in furthering economic development. These focal countries are currently being selected by IFAC, in consultation with its regional organizations and DFID.

On September 30, 2014, IFAC invited organizations to indicate their interest in providing PAO capacity-building services under this agreement. IFAC will facilitate, coordinate, and supervise projects, including peer-to-peer support by more established PAOs, to build developing country PAOs’ managerial, financial, and technical capacity so that they are able to drive improvements in professional and ethical standards. Expressions of Interest can be submitted online prior to November 19, 2014. (Please note, the deadline for submitting an Expression of Interest has passed; there will be an additional Call in 2015.)

On October 17, 2014, IFAC held a webinar to answer questions regarding and clarify instructions for the Expressions of Interest to partner with IFAC to build the capacity of PAOs. An overview of the capacity-building program was also provided.

The recording of the webinar and presentation are available below. A summary of the questions and clarifications is also available. Any further questions can be submitted via email to development@ifac.org.

The UK Department for International Development (DFID), which leads the United Kingdom’s work to end extreme poverty, and the International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, have entered into an agreement to strengthen professional accountancy organizations (PAOs) in developing countries. Under this agreement, DFID will provide £4.935 million to IFAC over seven years. The funding will be used to strengthen PAOs in at least 10 DFID focal countries to play a greater role in furthering economic development. These focal countries are currently being selected by IFAC, in consultation with its regional organizations and DFID.

IFAC invites organizations to indicate their interest in providing PAO capacity-building services under this agreement. IFAC will facilitate, coordinate, and supervise projects, including peer-to-peer support by more established PAOs, to build developing country PAOs’ managerial, financial, and technical capacity so that they can drive improvements in professional and ethical standards.

Expressions of Interest can be submitted via www.surveygizmo.com/s3/1735005/Expression-of-Interest. Interested organizations should be able to demonstrate that they have the required qualifications and relevant experience to perform the capacity-building services. Based on information in the Expressions of Interest, IFAC will evaluate interested organizations and—in the future—invite eligible organizations to submit proposals to provide services for specific projects. Further information is available by emailing development@ifac.org.

Timetable and Deadlines for Expressions of Interest

• October 17, 2014, 8:30 am (New York time) – Webinar for applicants to clarify any matters. Please email development@ifac.org to receive instructions for participation.
• November 19, 2014 – Deadline for submissions of interest.
• First Quarter 2015 –Organizations will be invited to submit full proposals.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About DFID
The Department for International Development (DFID) leads the UK’s work to end extreme poverty. We're ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information visit www.gov.uk/dfid.

The Call for Applications:Chair of the International Ethics Standards Board for Accountants (IESBA) was issued today.

The Chair will lead the strategic direction of the IESBA, serving on a remunerated basis for a minimum of 150 days per year beginning January 1, 2015. He/she will work closely with the IESBA senior staff to facilitate the deliberative and consultative processes that underpin the authority of the IESBA and the legitimacy of its standards and activities. In addition, the Chair will be involved in developing and maintaining effective relationships with national standard setters, regulators, and other key stakeholders.

The successful candidate should have effective leadership, communication, and strategic skills; demonstrated technical and professional competency; and a commitment to the IESBA and its mission to protect the public interest. He or she will have very significant and senior experience. Exposure to professional ethical issues at a national, regional, or international level would be an asset, as would familiarity with regulatory and standard-setting processes. Only individuals who possess the highest integrity will be considered. The preferred candidate is an individual who is not a professional accountant. Candidates who are professional accountants will need to demonstrate their independence from the accountancy profession.

The IESBA Chair reports functionally to the Public Interest Oversight Board on matters related to the Board’s work program and refers to the Managing Director, Professional Standards, as a resource and key source of advice.

The IESBA is an independent standard-setting body that develops and issues the Code of Ethics for Professional Accountants (the Code). The Code includes standards on auditor independence and is applicable to the actions and decisions of all professional accountants, including those in business.

For further information about the position, please see the Call for Applications: Chair of the IESBA on the IFAC website. Applications are due by June 6, 2014.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information.

About IFAC
The International Federation of Accountants (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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Accountant's Carlos Martin Tornero and Vincent Huck interview industry leaders about key issues facing the profession, encompassing transparency, public sector financial management reform, MINTs, 'hot' Southeast Asia, management accounting and the ongoing regulation debate. 

The World Survey starts this year in a Central London café, where we met Warren Allen, currently presiding over the International Federation of Accountants (IFAC). As IFAC president, Allen is globetrotting the world, London being a brief stop between meetings in New York and Australia.

"This is an exciting profession. We quote 2.5 million professional accountants under IFAC membership and there are not enough of us," Allen says, taking a sip of his cappuccino.

IFAC membership could expand this year with new countries, six candidates from around the world whose identity Allen would not reveal at this stage. The accountancy profession has attained global status, and what affects international mainstream economics affects accountants too.

Accountants, especially in the West, have felt the impact of the economic crisis in the past few years. At times it looked like they had lost public trust and that their relevance in the global economy was put into question. But as the tide of the economic recession recedes and economic recovery starts to be a reality again, accountants look at playing a major role in the economy and regaining public confidence.

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The UK Department for International Development (DFID) and the International Federation of Accountants (IFAC), the global organization for the accountancy profession, today announced an agreement to develop professional accountancy organizations (PAOs) in emerging economies. The new initiative was announced at a roundtable event in London, hosted by Justine Greening, UK Secretary of State for International Development, and attended by Warren Allen, IFAC President.

Under the agreement, DFID will provide £4.935m funding to IFAC over seven years. The funding will be used to strengthen PAOs in at least 10 DFID focal countries in four regions: Asia, the Caribbean, the Middle East and North Africa, and Sub-Saharan Africa. IFAC will facilitate, coordinate, and supervise capacity building programs and technical support, including peer-to-peer support by more established PAOs, including those in the UK. These programs will build the developing country PAOs’ managerial, financial, and technical capacity so that they can drive improvements in professional and ethical standards.

“IFAC has a long history of working to build capacity and strengthen PAOs as part of our public interest mission, and we are delighted about this significant next step in that journey,” said Fayez Choudhury, CEO of IFAC. “Well-functioning PAOs ensure a sustainable supply of professional accountants that support high-quality accounting practices and financial information in both the public and private sectors. They support enhanced confidence in business and transparency in use of public funds, giving rise to increased foreign investment and donor funding and improved government accountability and transparency—and therefore are essential to economic growth and stability.”

Ms. Greening said, “The UK’s financial sector is second to none and its skills and experience can boost development across the world. By helping developing countries to manage their own resources better and attract investment we can create the jobs and growth needed to lift people out of poverty.”

IFAC and DFID are signatories of MOSAIC: Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration, which sets out the basis for improving cooperation and collaboration between IFAC, international donors, and the international development community to increase the capacity of PAOs and improve the quality of financial management systems in emerging economies.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Accounting Education Standards Board has released an International Education Information Paper to help professional organizations conduct written examinations of aspiring accountants seeking qualification.

IFAC and the Institute of Chartered Accountants of Scotland (ICAS) have collaborated on this paper in order to highlight some of the key issues to be considered in developing the International Accounting Standards Board’s (IASB)’s Conceptual Framework. The IASB initiative, in taking forward the difficult challenge of reviewing and updating its conceptual framework, is welcomed. IFAC and ICAS believe that it is important to engage all financial reporting stakeholders in the debate on the Conceptual Framework, as this will potentially become the roadmap for future financial reporting.

IES 4 prescribes the learning outcomes for professional values, ethics, and attitudes that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. Professional values, ethics, and attitudes are defined as the behavior and characteristics that identify professional accountants as members of a profession. These include the ethical principles generally associated with, and considered essential in defining, the distinctive characteristics of professional behavior.