IFAC is the global organization for the accounting profession with 167 member organizations representing over 2.5 million accountants. Its mission is to serve the public interest by contributing to the development of high-quality international standards, strengthening professional accountancy organizations, and promoting the expertise of professional accountants. IFAC has close relationships with other standard-setting organizations like the IAA to facilitate regulatory convergence and development of consistent standards. It oversees several standard-setting boards that develop auditing, education, ethics, and other standards used by its members.

1. High Standards in Financial
Reporting
Ian Ball
CEO International Federation of Accountants
International Actuarial Association
Standard-Setters Round Table
26 May 2012
Los Angeles, CA

2. High Standards in Financial Reporting
International Federation of Accountants
• IFAC is the global organization of the accountancy
profession
– 167 members and associates - professional accountancy organizations—
spanning 127 countries and representing approximately 2.5 million
accountants
– Over 170 board and committee (volunteer) positions and 70 staff
– Based in New York

3. High Standards in Financial Reporting
IFAC’s Mission
To serve the public interest by:
• contributing to the development, adoption and
implementation of high-quality international standards and
guidance;
• contributing to the development of strong
professional accountancy organizations and accounting
firms, and to high-quality practices by professional
accountants;
• promoting the value of professional accountants worldwide;
• speaking out on public interest issues where the
accountancy profession’s expertise is most relevant.

4. High Standards in Financial Reporting
IFAC Structure, Oversight and Consultation
Monitoring
Group
IFAC
COUNCIL
Public
Audit Nominating Interest
Committee Committee Oversight
Board
IFAC IFAC
Regulatory
BOARD Liaison Group
Planning
and Finance
Committee
Forum Consultative Consultative Consultative Consultative
of Firms Advisory Advisory Advisory Advisory
Group Group Group Group
Professional Professional Small and International International International International
Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector
Auditors Organization Advisory Panel Assurance Education Standards Accounting
Committee in Business Practices
Development Committee Committee Standards Standards Board for Standards
Committee Board Board Accountants Board

5. High Standards in Financial Reporting
Relationship between IAA and IFAC
• Cooperation between private sector organizations like
those on the Private Sector Task Force
• High level cooperation among standard setters across
different disciplines, e.g. on due process
• Technical cooperation in standards development

6. High Standards in Financial Reporting
Cooperation between Private Sector Organizations
• Private Sector Task Force
– IAA participation was highly valued
– Principal aim is regulatory convergence
– Facilitate growth and stability in the world’s capital markets
– Where to from here?

7. High Standards in Financial Reporting
Auditing Standards
• The International Auditing and Assurance Standards
Board – IAASB
– Serve the public interest by setting high-quality standards in auditing and
assurance
– Facilitate the convergence of international and national auditing and
assurance standards
– Over 80 jurisdictions are using or have signaled their intent to use the
clarified ISAs, as are the members of the Forum of Firms
– IAA serves on the IAASB Consultative Advisory Group

8. High Standards in Financial Reporting
Technical cooperation
• IAASB
– ISA 540 governs estimates—most relevant to the work of actuaries
• Plan to review to ensure ―fit for purpose‖ in light of changing accounting
standards
• May also more explicitly address utilizing the work of experts
– Disclosures
• Feedback starting January 2011
• Project proposals planned for September 2012

9. High Standards in Financial Reporting
Beyond Standards Development
• IFAC Compliance Program
– Promoting and monitoring convergence to international standards
– Members—demonstrate how they are addressing the Statements of
Membership Obligations

10. www.ifac.org