Transcript Slide 1

International Federation of Accountants
Adoption and Implementation Support
Paul Thompson
Senior Technical Manager, SMP Committee
IAASB Meeting
New York, USA
March 18, 2010
PIOB
Public Interest Oversight Board
“.. new challenges posed by standards
implementation over the near term and the
need for coordinated implementation
support”
“International standards will deliver tangible
benefits in the international public interest
only if they are properly adopted and
implemented.”
(Fourth Public Report, May 2009)
IFAC
Strategic Objectives
• IFAC is helping its member bodies help
their members through
–Setting high quality standards
–Assisting in adoption and
implementation of standards
–Enhancing the relevance of the profession
–Speaking out on behalf of the global
accountancy profession
Adoption & Implementation Support
General Approach
• New objective but much already done
• Formalize, coordinate, report…..
• Adoption
– Political decision - advocacy
– Enactment activities - policy advice
Adoption & Implementation Support
General Approach
• Implementation Support
– Availability
– Accessibility (Translations - Kelly)
– Application support (guidance and tools)
– Core education & training materials
(deferred)
Adoption & Implementation Support
IAASB Initiatives
• Clarified ISAs promote consistent application
• Proportionality of Application of the ISAs
• Partnership with national standard setters
• Outreach to practitioners, regulators and others
• Clarity Center
• ISA implementation monitoring
• Impact analysis
Adoption & Implementation Support
Other Initiatives
• IESBA
– Adoption & implementation toolkit
– Convergence plan
• SMP Committee
– Implementation guides
– International Center for SMPs
• Tips on Cost Effective Application of ISAs
Adoption & Implementation Support
Other Initiatives
• Compliance Program
–Platform to promote adoption &
implementation of international standards
–Szymon
Specific IAASB Issues
Specific IAASB Issues
• Adoption
– Sometimes standard setting & enforcement
not done by IFAC member bodies
– Revision of SMOs
• Implementation
– Overcoming cultural barriers
– SME/SMP & developing/emerging nations
International Federation
of Accountants
QUESTIONS
www.ifac.org