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IFRS Foundation Conference in London 2019

Thursday 20 and Friday 21 June 2019, Leonardo Royal Hotel, London Tower Bridge (formerly Grange Tower Bridge Hotel) The IFRS Foundation’s annual conference will be held at the Leonardo Royal Hotel London Tower Bridge on Thursday 20 and Friday 21 June 2019. The conference will provide an excellent opportunity for you to get ahead and hear first-hand what the International Accounting Standards Board is considering after completing its major projects. This conference will bring together the…

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Global Consultation on Quality Management for Firms and Engagements Now Open

Dear colleagues, The International Auditing and Assurance Standards Board (IAASB) published on 8th of February 2019 highly important suite of three new proposed standards on Quality Management and Explanatory Memorandum, with the request to send comments by July 1, 2019. The IAASB is seeking public comment on three interrelated standards that address quality management. The proposals bring important changes to the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance…

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Realizing the Power of PAOs Workshop Challenges and Solutions to Implementing International Education Requirements

Realizing the Power of PAOs Workshop Challenges and Solutions to Implementing International Education Requirements Accountancy education involves many different elements, from syllabus development to producing learning materials, from establishing tuition arrangements to delivering examinations and requiring practical experience. It can take years to build the foundation for a professional qualification, and while PAOs may not have the legal authority for every aspect of accountancy education, they play a key role in supporting educational programs and…

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The International Code of Ethics for Professional Accountants (including International Independence Standards)

The International Code of Ethics for Professional Accountants (including International Independence Standards) is now completely rewritten, easier to use, navigate and enforce. Beyond its new structure, the new Code brings together substantive revisions to ethics and independence provisions and clarifies how professional accountants should apply the conceptual framework to comply with the fundamental principles of ethics, and where applicable, be independent. The new Code is effective June 15, 2019. http://www.ethicsboard.org/revised-and-restructured-code-ethics

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IAASB Planned Forward Agenda

This table sets out when the IAASB’s ongoing projects, and other committed initiatives, are expected to be discussed at IAASB meetings through the end of 2020 (projections up to date as of [May] 2018). As projects and initiatives progress and circumstances change, further amendments to this table will likely need to be made. https://www.ifac.org/system/files/uploads/IAASB/IAASB-Project-Timetable.pdf

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Global Consultation on Quality Management for Firms and Engagements Now Open

The International Auditing and Assurance Standards Board (IAASB) seeks public comment by July 1, 2019 on three interrelated standards that address quality management. The proposals bring important changes to the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements. The proposed standards include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality. The new approach…

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On February 22, 2019, IFAC and AAT published An Illustrative Competency Framework for Accounting Technicians

Accounting technicians play an important role in many jurisdictions and an accounting technician qualification is frequently a pathway into the accountancy profession. The Framework’s illustrative example is a resource for professional accountancy organizations creating an Accounting Technician designation as an additional pathways into the accountancy profession. Those interested in sharing their experience and knowledge should email their articles and/or resources marked “IFAC AAT Framework Discussion”. http://www.ifac.org/publications-resources/illustrative-competency-framework-accounting-technicians?utm_source=IFAC+Main+List&utm_campaign=42e936a014-SMP_Press_Release_9_14_169_13_2016_COPY_01&utm_medium=email&utm_term=0_cc08d67019-42e936a014-80410761

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Global report recommends that small to medium sized practitioners and professional accountancy bodies must work together to adapt to change for an evolving future.

A global research report ‘The SMP of the Future in a Changing World’ commissioned by the Edinburgh Group – a coalition of 16 accountancy bodies from across the world - examines the landscape ahead for the Accountancy Profession. This report offers recommendations for small to medium sized practitioners (SMPs) and Professional Accountancy Organisations (PAOs) about how they can work better together and sustain great working relationships. The report also states that SMPs and the PAOs…

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IAASB, IFAC, and IASB Convene Standard Setters and Professional Accountancy Organizations from CIS and Baltic States to Discuss International Standards

Over 60 representatives from 12 Commonwealth of Independent States (CIS) and Baltic countries met with leadership and staff of the International Auditing and Assurance Standards Board (IAASB), the International Accounting Standards Board (IASB), and the International Federation of Accountants (IFAC) to discuss adoption and implementation of International Standards on Auditing (ISAs) and International Financial Reporting Standards (IFRSs). The event—jointly hosted by IFAC and the International Financial Reporting Standards Foundation (IFRS Foundation) on November 28 and…

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