INTERNATIONAL FEDERATION OF
In this Issue:
1. PAIB Committee Publishes Award-Winning Articles
The PAIB Committee recently selected 10 articles from among IFAC member body journals and websites to be published in itsArticles of Merit: 2004. The ten articles were chosen based on their distinct and valuable contribution to the financial and management accounting profession. This year's winning article is "Ensuring Ethical Effectiveness" by Randy Myers, which examines the requirement of the U.S. Sarbanes-Oxley Act that publicly traded companies disclose whether they have adopted a code of ethics for their senior financial officers and explains how to draft such a code.
2. Guidance on Corporate Codes of Ethics Under Development
The PAIB Committee is focusing on Corporate Codes of Ethical Conduct. A steering group was created at the PAIB's March 2004 meeting, and it expects to have a draft discussion paper, being prepared by CMA Canada, available for its approval by the end of December 2004. The discussion paper will provide guidance for professional accountants on the need for a corporate code of ethical conduct and how to develop and administer such a code.
The IFAC Ethics Committee recently released an exposure draftProposed Revised Code of Ethics for Professional Accountants. The current and Proposed Revised Code of Ethics will apply to all accountants, including those in professional practice.
3. Seminar in Paris to Focus on Sustainability and Enterprise Governance
IFAC is hosting a Seminar on Enterprise Governance and Sustainability in Paris on November 9, 2004 at the Intercontinental Hotel. The seminar will include presentations from Christian Noyer, Governor, La Banque de France; Michel Prada, President, Authorité des Marchés Financiers; and Graham Ward, Deputy President of IFAC, among others. For more information, please contactAndreaFallon@ifac.org.
4. PAIB Committee Focuses on Sustainability
The PAIB Committee and the International Auditing and Assurance Standards Board (IAASB) have launched a research project on sustainability. The first step in this project was the establishment of a Sustainability Panel of Experts, which will advise IFAC committees and boards on matters related to sustainability. The PAIB Committee is also liaising with the IAASB on the assurance aspects of sustainability, and is liaising through the Panel of Experts with the Global Reporting Initiative on reporting elements.
Member bodies that have currently undertaken sustainability projects are encouraged to submit any suitable case studies toPaulThompson@ifac.org.
5. New Study on Enterprise Governance Available
Earlier this year the PAIB Committee, together with the Chartered Institute of Management Accountants (CIMA), releasedEnterprise Governance: Getting the Balance Right. This study includes case studies of 27 successes and failures in enterprise governance from ten countries and a variety of industries. The report found that the four key determinates of success or failure are the tone at the top, the chief executive, the board of directors, and the internal control system.
6. New Booklet to Explore Role of Professional Accountants in Business
The PAIB Committee will publish a new booklet on The Roles of Professional Accountants in Business in November 2004. It will highlight the variety of work performed by professional accountants in business and the many ways in which they add value. The booklet will also focus on issues of ethics and continuing professional education. Robert Bruce, a leading accountancy journalist, was commissioned to conduct interviews with professional accountants working in a variety or roles throughout the world.
7. International Report Examines Convergence Issues
IFAC recently released a new international study,Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs. The Board commissioned Peter Wong, a former IFAC Board member and President of the Hong Kong Institute of CPAs, to conduct the study. The findings are based on interviews and focus group meetings with international regulators, standards setters, representatives of IFAC member bodies and regional accountancy organizations, as well as preparers, auditors, and users of financial statements.
This study and the other documents mentioned above may be downloaded at no charge from the IFAC website:www.ifac.org.
8. Future Meetings
The next meeting of the PAIB Committee will be held in Hong Kong and has been provisionally scheduled for April 18-20, 2005. Highlights from previous PAIB Committee meetings can be downloaded atwww.ifac.org/PAIB/.
Questions and Comments: Send to PAIB-eNews@ifac.org
IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest, strengthening the worldwide accountancy profession, and contributing to the development of strong international economies. Its current membership consists of 157 professional accountancy bodies in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization sets ethics, auditing and assurance, education, and public sector accounting standards, and provides best practice guidance for professional accountants in business.