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Մարտ 29, 2020
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Հարգելի գործընկեր,
Ստորև ներկայացնում ենք ՀՄԴ ստացված նյութերը:
Հարգանքով,
ՀՀԱԱ գործադիր տնօրինություն

March 25, 2020 

 

Dear IFAC Member Organizations, Observers and Key Contacts,In recent days, our lives have changed dramatically. The coronavirus (COVID-19) pandemic reminds us that we are truly one global community as we all face this global threat. More than ever, we must stay connected and share information. IFAC is working to help our Member Organizations address these challenges. You will have received a communication from IFAC CEO Kevin Dancey on March 24 about the new COVID-19 Resourcesweb page,which aggregates important content and information to help all of us navigate in these uncertain times. As Kevin said, many of you have already created your own COVID-19 content hubs, and we thank you for your work to help the accountancy profession deal with this crisis. We welcome any additional content that can help others in the profession. IFAC has transitioned to a completely virtual environment for the foreseeable future. Staff members are continuing to focus on implementing our strategic initiatives and advancing work on behalf of the profession. In this spirit, I wanted to share with you highlights of some of the important meetings that were held in February when IFAC convened the Education Directors’ Forum, the Chief Executives’ Forum, and the IFAC Board meetings. A common theme across the programming for these events was the development of IFAC’s Strategy for 2021 and Beyond (IFAC’s Strategy). I am pleased to report that it was a very productive week with many shared learnings and insights and am glad to share this update on key activities. IFAC International Forum for Accountancy Education DirectorsThe first International Forum for Accountancy Education Directors (Education Directors’ Forum) for PAOs and firms, which I attended, was held on Friday, February 21. The Education Directors’ Forum is a key feature of IFAC's Accountancy Education Multi-Stakeholder Engagement Frameworkand a platform for providing advice on IFAC’s Strategy. As Alta Prinsloo, Executive Director, explained, the objective of the Forum was to provide input to IFAC’s workplan for advancing accountancy education at the global level. The directors supported IFAC’s proposed key outcome for accountancy education: Professional Accountancy Organizations (PAOs) actively contributing to the development of a future-ready accountancy profession – relevant, reputable, valued, sustainable – that is attractive to a diversity of existing and new talent and meets the needs of organizations and society. They encouraged IFAC to define and promote the accountant/profession of the future, and share knowledge about initiatives undertaken by PAOs and firms to support the evolution of accountants from doing the same things to doing the same things differently, and—ultimately—to accountants doing different things. They also encouraged enhanced dialogue between educators and PAOs, PAOs and firms, and PAOs, firms, and regulators. More than 25 directors from 17 countries attended the Education Directors’ Forum. In my closing remarks, I thanked the

 

 



Report from the Chief Executive Officer 

IFAC Board Meeting (February 27-28, 2020) Agenda Item 5.11-Appendix C Page 1 of 20

 APPENDIX C HIGHLIGHTS OF KEY ACHIEVEMENTS FOR 20191. The Monitoring Group (MG) Review has been concluded in a timely and responsible way,including agreement on a shared public/private standard-setting model2019 Target (a): Board satisfaction with the resolution of the MG Review and support provided by IFAC Management(Status of Mitigation for Risk(s): SG2, FP5)Management continues to constructively engage with Monitoring Group (MG), Public Interest OversightBoard (PIOB), independent Standard-Setting Boards (SSBs) and Global Public Policy Committee(GPPC) to achieve a satisfactory conclusion to the review.The IFAC CEO attended the June PIOB Meeting in Madrid, Spain, to seek agreement from the PIOBto work together with IFAC in a spirit of continual improvement. In the following months, the CEO andPresident worked with the PIOB Chair, Eddy Wymeersch and the Secretary General of the PIOB,Gonzalo Ramos, on potential recommendations to strengthen the oversight and operations of theIAASB and IESBA in the spirit of continual improvement which were shared with the MG. The Presidentand CEO attended the MG’s meeting in Brussels on October 16.On December 2, the IFAC President and CEO, along with PIOB representatives, joined the MonitoringGroup meeting in Washington, DC. The meeting was quite constructive. It focused primarily on issuespreviously raised in IFAC’s response to the Monitoring Group, specifically the enforceability of any setof recommendations and the need for appropriate practitioner expertise on the standard-setting boards.The Monitoring Group also met separately with the Global Public Policy Committee as well as with thechairs of the IAASB and IESBA, Tom Seidenstein and Stavros Thomadakis, and James Gunn,Managing Director, Professional Standards.On January 8, a follow-up call was held with the Monitoring Group co-chairs, Sagar Teotia, ChiefAccountant of the US Securities and Exchange Commission, and Ana Maria Martínez-Pina Garcia,the Vice-Chair of the Comisión Nacional del Mercado de Valores (CNMV). The Co-Chairs were verycomplimentary of the efforts that have been made to move the process along over the past six months.The Co-Chairs are now taking all the feedback into account and hope to be able to share a reviseddraft of their paper with IFAC by the end of February and discuss it with the President and CEO at ameeting in Madrid in April. Their goal is to finalize the way forward by the end of June 2020.2019 Target (b): Member organization and Forum of Firms (FoF) survey results same or better than prior year where available; format to be determined (Status of Mitigation for Risk(s): SG2, FP5)Results of 2019 survey (as of January 23, 2020): IFAC member organizations overall average of 7.93andthe FoF networks overall average of7.38 (new question in 2019).Strategic ObjectiveContributing to and promoting the development, adoption, and implementation of high-quality international standardsReport from the Chief Executive OfficerIFAC Board Meeting (February 27-28, 2020) Agenda Item 5.11-Appendix C Page 2 of 202. The SSBs have the necessary support and resources, and have implemented improvements tostrengthen their capacity to serve the public interest 2019 Target (a): Survey of SSB Chairs on IFAC support for and collaboration with SSBs with results the same or better than prior year where available; format to be determined (Status of Mitigation for Risk(s): SG1)Results of 2019 survey: 2019 overall rating for SSBs is 8.7, compared with the 2018 overall rating of8.1.Highlights of other key achievements:Launched new websites for the four standard-setting boards (SSBs). The new websites willfeature more streamlined navigation, improved search function, and respond to internal andexternal users’ needs. They also provide a digital home for the overarching ProfessionalStandards office, and opportunities to feature collaboration and coordination.Supported IPSASB outreach events in Washington, DC and Niagara-on-the-Lake with mediaoutreach, social media amplification, and video interview development.Developed a social media toolkit to facilitate information-sharing around the launch of the IESBAeCode.Facilitated JICPA interview with IAASB chair, interview for the Accounting Today podcast withIESBA Deputy Director on the Code of Ethics, International Accounting Bulletin interview withIESBA member Brian Friedrich to discuss the eCode and numerous media inquiries into theSSBs from trade media, regional media outlets and top-tier media, including Bloomberg Tax.Supported IAASB’s public release of a key “conforming amendments” exposure draft (ED); afeedback Statement and Way Forward release focused on the audits of Less Complex Entities(LCEs); and a revised standard focused on enhancing and modernizing ISA315 for a more robustrisk assessment.Secured distinction for IESBA Deputy Director on Crain’s New York 2019 Notable Women inAccounting and Consulting list.Announced and/or launched: new IAASB Chair; IESBA eCode; IPSAS 42, Social Benefits; updateon IAASB & IESBA’s joint coordination efforts; IAASB’s public report, Foundation for the Future;Dr. Stavros Thomadakis’ reappointment as IESBA chair; the IAASB’s extended external reportingconsultation; IPSASB’s Biennial Review, Delivering for the Future; and IPSASB’s ED on PublicSector Specific Financial Instruments: Amendments to IPSAS 41, Financial Instruments.Supported the IAESB as it completed its work plan, including issuing its final revisions to five of itsstandards, and the transition to a new model for global accountancy education.Supported the SSBs’ calls for nominations for 2021, including developing social media content.Supported the IAASB with initial research covering 85 jurisdictions to obtain an understanding ofthe global implementation of the Auditor Reporting Standards and ISA 720 (Revised).2019 Target (b): MG and PIOB approve of the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA) selection process and operation for 2020(Status of Mitigation for Risk(s): SG1)The MG had indicated that they are comfortable with the existing Nominating Committee (NC) structureand that a Selection Panel, similar to the interim Nominating Committee (iNC), did not need to be

Report from the Chief Executive OfficerIFAC Board Meeting (February 27-28, 2020) Agenda Item 5.11-Appendix C Page 3 of 20formed for the appointments for 2020 composition of the IAASB and IESBA. The iNC, which was formed to recommend the next IAASB Chair, announced the appointment of Tom Seidenstein on June 3, 2019. 3. IFAC has effectively contributed to the adoption and implementation of international standardsas indicated by positive trends in the International Standards Global Status Report2019 Target (a): Overall positive trends in International Standards 2019 Global Status Report (Status of Mitigation for Risk(s): SG1, SG3)A positive trend in standards’ usage worldwide was indicated in the International Standards: 2019Global Status Report. There is also a positive trend in international standards’ usage where IFACmember organizations have at least some authority in the standard-setting and regulatory environment.Released the report on October 14, 2019 as part of World Standards’ Day. The launch included socialand traditional media content and outreach in the US and internationally. The campaign generatedtraditional media coverage in six outlets, one of which appeared in Public Finance International’s printand digital editions and was later cited as one of the outlet’s top digital articles for 2019, and an TVinterview with Director, Quality & Development (Q&D) while in Guadalajara, Mexico. Social and digitalmedia content included a short graphic timeline video on LinkedIn and content across all IFAC’s digitalplatforms, generating more than 5K views and more than 500 report downloads in the first week. Thecampaign also included IFAC’s first LinkedIn Live activation featuring a Q&A session between IFAC’sTechnical Manager, Q&D and Director, Q&D, which was promoted on LinkedIn with a paid amplificationcampaign, resulting in more than 60K video views.2019 Target (b): Deliver a minimum of two adoption and implementation initiatives (Status of Mitigation for Risk(s): SG1, SG3)—5 Key Initiatives Delivered in 2019Regional priorities plans developed, and outreach plan prepared for 2019, incorporating adoption andimplementation initiatives as prioritization criteria.Supported the transition from the Ibero-American Cooperation Framework (IBERAM) with Spain,Mexico, and Argentina to enable timely and reliable translations of standards and guidance into Spanishand obtained agreement with the World Bank to finance and facilitated the French translation of the2018International Code of Ethics for Professional Accountants (including International IndependenceStandards)(the Code).IFAC supported the IAASB Audits of LCEs initiative through assisting with the organization of an event,publishing a Gateway article, organizing three webinars, and launching and analyzing a Survey toobtain a deeper understanding of the specific challenges in applying the International Standards onAuditing (ISA) in audits of LCEs, which received over 1,700 responses from 142 countries. Thisinformed the IAASB deliberations and was included in the Feedback Statement.Four Gateway videos produced with the IAASB and FoF to support the implementation of ISA 540(Revised) Accounting Estimates covering early lessons, practical examples and suggested goodpractices.Published an updatedGuide to Practice Management to reflect changes to the IESBA Code, inparticular professionalism and ethics within the firm and safeguards and threats.

Report from the Chief Executive OfficerIFAC Board Meeting (February 27-28, 2020) Agenda Item 5.11-Appendix C Page 4 of 20Relevant Input to Standards to Support Adoption and Implementation IFAC SMP Committee (SMPC) submitted a response to the IAASB’s ED on Agreed-Upon ProceduresEngagements generally supporting the approach and proposed changes. The response specificallysupported the clarification that International Standard on Related Services 4400 (Revised) applies tothe performance of agreed-upon procedures (AUP) engagements on both financial and non-financialsubject matters and the intention to retain the approach whereby practitioners report on the factualresults from performing an AUP engagement, differentiating this from subjective findings.IFAC SMPC submitted a formal letter ahead of the IAASB March meeting which welcomed the planneddiscussion paper on audits of LCEs and noted that this initiative should be a high priority for the IAASB.It supported the ISA 315 (Revised) Task Force’s work to address the concerns raised in response tothe ED on the scalability, length and complexity of the proposed standard.IFAC SMPC submitted a formal letter on the IAASB’s Proposed Strategy for 2020-2023 and Work Planfor 2020-2021 generally supporting the proposed framework of activities and new approach to how theIAASB will revise and develop standards.IFAC SMPC provided input to the IESBA ahead of its June and September meetings on the role andmindset expected of professional accountants, non-assurance services, and fees. This includedemphasizing the importance of a period of stability before any new changes to the Code becomeeffective.IFAC SMPC submitted a response to the IAASB’s Discussion Paper on Audits of LCEs. The SMPCstrongly welcomed exploring the possible options to address the challenges and believes it should bea high priority for the IAASB.IFAC SMPC submitted an overall comment letter to the IAASB ED on Quality Management at the Firmand Engagement level, a response to proposed International Standards on Quality Management(ISQM) 1 , a response to proposed ISQM 2 and a response to proposed ISA 220. The SMPC supportsthe new quality management approach using a risk management lens but expressed significantconcerns about the cost and benefits of the changes due to the inherent complexity and highlightedthat the standards need to be operationalized for firms of all sizes and be applicable to all types andnature of audit, assurance and related services engagements in all situations.IFAC SMPC submitted a response to the IESBA ED on the proposed revisions to the Code to promotethe role and mindset expected of professional accountants. The SMPC is supportive of the explorationof concepts other than professional skepticism, but it is not convinced it is necessary to add the currentlyproposed standalone requirement outside the fundamental principles.IFAC Professional Accountants in Business Committee (PAIBC) submitted a response to the IAASB’sconsultation paper on Extended External Reporting Assurance, reiterating IFAC’s position on integratedreporting as the umbrella framework and the importance of addressing assurance in the context ofintegrated reporting.2019 Target (c): Council approval of a new fit-for-purpose approach to quality membership (Status of Mitigation for Risk(s): SG3)Updated the Compliance Program working procedures to ensure a fit-for-purpose approach to qualitymembership. Implemented and communicated the new risk-based reporting cycles for memberorganizations based on levels of Statements of Membership Obligation (SMO) fulfilment assessed bystaff in Dashboard Reports. Levels of fulfilment and reporting cycles agreed with the ComplianceAdvisory Panel (CAP).

 

participants for their valuable input. I also thanked Alta Prinsloo, Executive Director, and her team for their excellent work in preparing for the Forum.IFAC Chief Executives’ ForumThe 18th annual Chief Executives’ Forum (CE Forum) was held on February 24 and 25. Over 90 participants attended the CE Forum, including senior executives of Member organizations and representatives of IFAC Network Partners. We were also fortunate to have a number of our Board members join us this year. As with the Education Directors’ Forum, a key goal was soliciting participant input on the development of IFAC’s Strategy for 2021 and beyond. Accordingly, the theme this year was “Shaping the Future”, and there were many fascinating presentations and discussions that fit under this umbrella.CE Forum Day One: February 24After I had the opportunity to welcome our guests, Kevin set the stage with opening remarks about the process for developing IFAC’s Strategy, emphasizing the need to be nimble and agile in order to help lead our profession into the future. Next up was Andrew Wilson, permanent observer to the United Nations (UN) from the International Chamber of Commerce. Given the increasing importance of the Sustainable Development Goals (SDGs) and the important role for accountants in driving consistent measurement frameworks and reporting, we were delighted to receive his presentation, The Importance of the United Nations (UN) Sustainable Development Goals (SDGs) and Relevance to the Accountancy Profession. The morning continued with Barry Melancon, CEO, Association of International Certified Professional Accountants and President & CEO, American Institute of CPAs, who provided an interesting look into the pace of change and technology in a presentation called How to Deal with Disruption. Later in the day, Helen Brand, Chief Executive, ACCA Global, moderated a Future ServiceOfferings in the Accountancy Professionpanel that featured the informative insights of Josh Jones, EY Partner; Dr. Nurmazilah Dato’ Mahzan, CEO, Malaysian Institute of Accountants; and Andrew Hunter, CEO, CPA Australia. A second panel, The Implications of Future Services and Careers on Learning and Development, was moderated by Anne-Marie Vitale, Chair of IFAC’s recently launched International Panel on Accountancy Education (IPAE). Interesting points of view were shared by panelists Michael Izza, Chief Executive, ICAEW, and Victor Petri, Global Assurance Human Capital Leader, PwC. CE Forum Day Two: February 25 Following brief opening remarks from Deputy President Alan Johnson, we moved immediately to an information-rich panel called The Regulatory and Policy Environment, moderated by Kevin, which explored increasing demands from stakeholders and regulators, and the corresponding impact on accountants. Panelists included Helene Agélii, Secretary General and CEO, Nordic Federation of Public Accountants; Olivier Boutellis-Taft, CEO, Accountancy Europe; Wally Gregory, Managing Director, Regulatory Deputy, Independence Leader, Deloitte Global; and Robert Mul, Deputy CEO, NBA Netherlands. This was followed by the Young Professionals Virtual Panel, wherein we convened ten young professionals nominated by their member organizations or firms to address one of three issues: challenges, future roles, and SDGs. Moderated by Russell Guthrie, IFAC CFO, this was the first time we utilized a virtual panel at the CE Forum, and the feedback to both the content and format was quite positive from the audience as well as the panelists. An overview of the program and full list of young professionals is available in the Gateway article,Young Accountants to the Leaders of the Profession. It is worth noting that across the presentations, Q&A sessions, and conversations during the two days, there were several consistent themes and phrases that emerged again and again: pace of change, importance of technology, acting with urgency, opportunity to lead, changing the face of audit, SDGs, need for collaboration, and importance of global voice, to name a few. The conversations were invigorating and inspiring and, I believe, provided excellent context for the breakout sessions, facilitated by Janet Dalicandro of Enrichment Enterprises, on the afternoon of Day Two. Armed with loads of fresh information and possibly new perspectives, participants were assigned to working groups where they were asked to consider two issues and report back to the full audience:1. The extent to which IFAC’s strategic objectives remain relevant in today’s dynamic landscape;and2. Whether we have the right (and right number of) strategic actions to support our strategic objectives, and are they articulated in the best way possible?Overall, there was strong consensus that our objectives remain fit-for-purpose, and there was significant input on strategic actions – for example, initial thoughts about where we can focus further for greater impact. The output from the Education Directors’ Forum and the CE Forum served as excellent material for further conversation at the Board Meetings that began later in the week. For your information, we have included excerpts of a PowerPoint (Supplement A) that was presented at the Board meeting that summarizes key takeaways from the Education Directors’ and CE Forums.IFAC Board MeetingAt its meeting on February 27-28, the IFAC Board participated in breakout sessions to discuss the feedback from the Chief Executives and Education Directors on IFAC’s Strategy for 2021 and beyond. The input received will be further discussed and synthesized by IFAC’s Management Advisory Team, who will then prepare the revised strategy. A draft will be made available for member organization comment in mid-summer 2020.

In addition, the Board: Approved Memorandums of Understanding with IFAC Network Partners – Confederation of Asian and Pacific Accountants, Fédération des Experts Comptables Méditerranéen, Fédération Internationale Des Experts-Comptables et Commissaires aux Comptes Francophones, International Financial Reporting Standards Foundation, Pan African Federation of Accountants and South Asian Federation of Accountants.Received an update from the CEO on the Monitoring Group (MG). (After the Board meeting, IFAC received a draft of the Monitoring Group’s Consultation Paper and provided comments. The paper and IFAC’s comments were discussed during a teleconference with the Board on March 23. Kevin and I will participate in a virtual meeting of the Monitoring Group on April 2 to discuss the paper.)Received a report from the CEO on IFAC’s performance and outcomes for 2019 using KeyPerformance Indicators (KPIs) as the basis, and in the context of IFAC’s key strategic and operational risks. The Board confirmed that the KPI related to the MG had been achieved. Approved the 2019 financial statements on which the external auditor expressed an unqualified opinion. For 2019, IFAC had a surplus of $1.168m that reflects an operating surplus of $1.142m and net unrealized foreign exchange gains of $26k. Audited 2019 financial statements will be available on the IFAC website.Received a report from the CFO on the 2020-2022 financial outlook and the status of outstanding membership dues receivable. Discussed the approach to IFAC’s Integrated Annual Report for 2019. The full report will be presented for review and approval to the Board in late May or early June, and will then be available on the IFAC website. Discussed the 2020 Tracker: Thought Leadership, Advocacy and Adoption & Implementation Support. Received a presentation from Olivier Boutellis-Taft on the need to significantly increase the pace and scale of adaptation and manage the rising levels of the risk posed by climate change; the efforts in Europe to address this risk; and the role that the accounting profession can play in addressing this risk.Received a letter from UN Secretary-General, António Guterres, read by Deputy President, Alan Johnson, on the important role that the profession can play in advancing the UN’s SDGs. Received reports from the President and the Committees of the Board.Received the 2019 Biannual Communications Results Report and the 2020 Communications Framework and KPIs.Received a report on feedback from a survey of participants in the 2019 Council meeting. I recognized Tadashi Umino, whose term of service as the Chief Executive of the Japanese Institute of Certified Public Accountants is ending, and thanked him for his excellent contributions to IFAC as a technical advisor and as a liaison between the Board and the Asia region.In addition to the above information, we are pleased to attach an extract from the IFAC Report to the Board from the CEO, which summarizes IFAC’s accomplishments and significant developments in 2019(Supplement B). I’d like to highlight one update – since the preparation of this report, IFAC has issued its fourth Point of View, Achieving High-Quality Audits. I invite you to review this important document.

In anticipation of celebrating International Women’s Day on March 8, we captured a photograph of eleven of our twelve female Board members who were present at the February Board meeting. We shared a copy of the photo with the entire Board, and it has traveled well on social platforms.On a final note, I wish you and your loved ones health and safety during these uncertain times. Even though many meetings and conferences have been cancelled or postponed for the time being, I look forward to stayingconnected with you virtually and continuing our important work. If you have any questions, please let us know.Sincerely,In-Ki JooIFAC President

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