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2020 IFAC INTEGRATED ANNUAL REVIEW
2020 IFAC INTEGRATED ANNUAL REVIEW | 2
IFACrsquos 2020 integrated annual review is a key
element of IFACrsquos accountability to its 180 member
organizations in 135 jurisdictions the Forum of Firms
and other key stakeholders It provides an overview
of IFAC including its governance and stakeholder
engagement strategic objectives value creation
process and performance highlights
Drawing on integrated reporting principles and
concepts as presented in the International Integrated
Reporting ltIRgt Framework the review provides a
concise communication on how IFAC creates value
based on key resources and relationships covering
financial human intellectual social and relationship
capitals While the report does not attempt to detail
every initiative and workstream undertaken during
the year it does aim to provide a helpful overview
of some of our significant work and to impart a
sense of our future direction
We continue to make progress on our own reporting
journey The development of a methodology for
measurement and reduction of our carbon footprint
is a key priority for the organization in 2021 and we
plan to introduce information about IFACrsquos impacts on
natural capital in our report specifically in relation to
the emissions arising from IFACrsquos operations in 2022
IFACrsquos Board contributed to this Review which is
accompanied by our Financial Statements for the
year ended December 31 2020
Copyright copy 2021 by the International Federation of Accountantsreg (IFAC) For copyright trademark and permission information please see back cover
ABOUT THIS REVIEW
2020 IFAC INTEGRATED ANNUAL REVIEW | 3
TABLE OF CONTENTS
Letter from Our President 4
Letter from Our CEO 5
What We Do 6
Our Governance 7
Strategic Objectives
Speaking out and engaging as the voice for the global profession 10
Leading and developing a future ready profession 13
Contributing to and promoting the development adoption and implementation
of high-quality international standards 16
Our Support Structures and Resources 20
Appendices 22
Financial Highlights
Our Global Network
Members
Associates
Affiliates
IFAC Network Partners
Our Volunteers
IFAC Board
IFAC Board Subcommittees amp Advisory Groups
Nominating Committee
IFAC Advisory Groups
2020 IFAC INTEGRATED ANNUAL REVIEW | 4
In my nearly 50 years as a member of the accountancy
profession I have become resolute in my belief that the
profession is global like no other that its commitment
to public service has no parallel and that the
international standards that govern the professions are
second to none
2020 was an unprecedentedly unique year for
our profession Yet it gave IFAC an opportunity
to demonstrate how nimble and agile we can be
Well before the pandemic erupted our profession
understood the importance of being future-ready and
our ability to respond in positive and meaningful ways
to the challenges of the pandemic has proven this
IFAC pivoted quickly to a virtual environment operating
efficiently and effectively in unchartered situations
Thanks to the management and all the dedicated
IFAC staff the social distancing and remote working
conditions havenrsquot deterred the effective operations
of the IFAC businesses nor the importance of our
connections with the broader accounting ecosystem
We committed to the outreach and engagement that
the profession needed from IFAC at a truly global
moment of uncertainty IFAC built trust with all
stakeholders in the Monitoring Group process and is
now on the cusp of finalizing and implementing the
Monitoring Grouprsquos recommendations We started
work on a bold vision for global sustainability reporting
and began to engage stakeholders to help make it a
reality which was consistent with our long-held view
of the importance of the United Nations Sustainable
Development Goals
Still all that we accomplished in 2020 as IFAC and
as a global profession would have been hard to
imagine just a year earliermdashand our successes did
require considerable effort and skill Our work was a
natural expression of our collective dedication to the
public interest
For me serving IFAC and the profession under these
extraordinary circumstances was the honor of a lifetime
It was also humbling I must again thank all of IFACrsquos
staff and leadership especially CEO Kevin Dancey as
well as our many volunteers who commit so much time
and energy to the profession especially my colleagues
on the IFAC Board A special thank you to those who
completed their terms of service in 2020 with me and
my best wishes to my esteemed successor President
Alan Johnson
As an educator I believe that we must not settle for
where our profession is today Instead we must strive
to prepare new generations for even greater success
to inspire them to go beyond what they think they
can do and to make the world a better place IFAC
showed in 2020 that we can and will strive for that
futuremdashdespite momentous challenges or indeed
because of them
Dr In-Ki Joo
IFAC President
LETTER FROM OUR PRESIDENT
Dr In-Ki Joo
2020 IFAC INTEGRATED ANNUAL REVIEW | 5
ldquoIn the middle of difficultyrdquo Albert Einstein famously said ldquolies opportunityrdquo
2020 was an exceptionally difficult year by any standard And yet all around the world people rose to the occasion in ways big and small to meet the challenges brought about by COVID-19 The accountancy profession responded quickly to support our public interest mandate and the people communities businesses and economies we serve
Early in the year IFAC established a COVID Resources hub on our websitersquos Knowledge Gateway to help members of our profession successfully navigate unprecedented situations We collected and disseminated a wealth of insight intelligence and best practices to help the profession equip itself optimally to support its clients as everyone started to work remotely This would not have been as successful an undertaking as it was without the cooperative work and contributions of IFACrsquos member organizations and the Forum of Firms
We developed important thought leadership organized webinars and created virtual forums for the profession to connect And we consistently reiterated the importance of our individual and collective public interest responsibilities during this crisis
We also continued our work with the Monitoring Group to enhance the trust and confidence that all stakeholders need to have in the international audit assurance and ethics standard-setting process The work on the 26 workstreams created after the issuance of the Monitoring Grouprsquos recommendations in July 2020 is nearing completion It has been a very successful collaborative process with excellent working relationships among all of the stakeholders We now look forward to implementing all agreed recommendations
We continued to deepen and broaden our relationships with key stakeholders impacting our profession where in addition to addressing the work at hand we are focused on enhancing trustmdashin the profession and with our stakeholders and partners
We honed our focus on enhanced corporate reporting issuing our call for an international sustainability standards board under the auspices of the IFRS Supporting sustainable businesses is perhaps the most important contribution the profession will make to global societies in years ahead and one of the most transformative trends for the profession itself
At the same time we are taking stock of the greatest challenges and opportunities that lay ahead for IFAC and the profession Sustainability and long-term value creation stand to be definitive issues of the coming decade but many other related themes have a prominent place in our agenda We are looking to enhancing audit quality PAO capacity building the future of work education mental health diversity technology tax anti-corruptionmdashto name just a few The future is broad and vibrant and we are continually assessing and acting to help ensure a thriving profession capable of serving the public interest
As ever we are grateful for the collaborative relationships with our member organizations the Forum of Firms and our many other key stakeholders I would also like to recognize our Board of Directors for their significant commitment to the profession and to IFAC And last but not least my thanks to our incredible staff who worked tirelessly and creatively in a most exceptional time
We are excited for the future that we will build together
Kevin Dancey IFAC CEO
LETTER FROM OUR CEO
Kevin Dancey
2020 IFAC INTEGRATED ANNUAL REVIEW | 6
We use our comparative advantages serving as a global
convener a knowledge gateway and an influential
voice of the professionmdashto help drive such key
outcomes as
bull Strong and sustainable professional accountancy organizations that develop and enhance the quality of professional accountants
bull Confidence in high-quality international standards that are adopted and implemented globally
bull Enhanced recognition of and confidence in professional accountants and their relevance reputation and value
bull Reliable comparable and timely organizational reporting that gives rise to effective decision making
bull Enhanced awareness of and dialogue on public interest and professional issues among key constituencies through a global exchange of knowledge and ideas
bull Effective policy and regulatory decisions aligning the profession with the needs of the public
Ultimately our work is guided by three long-standing
and equally important strategic objectives
bull Speaking out and engaging as the voice for the global profession
bull Leading and developing a future-ready profession
bull Contributing to and promoting the development adoption and implementation of high-quality international standards
Stakeholder engagement and satisfaction drives our
strategy and work program Our annual Stakeholder
Satisfaction Survey captures and measures the views of
our member organizations and the Forum of Firms on
IFACrsquos performance in achieving its Strategic Objectives
This report reviews performance against each of these
objectives and provide highlights of some of our most
important work
IFACrsquoS VISION FOR THE GLOBAL
ACCOUNTANCY PROFESSION IS
TO BE RECOGNIZED AS ESSENTIAL
TO STRONG AND SUSTAINABLE
ORGANIZATIONS FINANCIAL MARKETS
AND ECONOMIES WHILE REMAINING
STEADFAST IN OUR SHARED PURPOSE
WITH OUR MEMBERS TO SERVE THE
PUBLIC INTEREST
WHAT WE DO
HOW IFAC CREATES VALUE
VISION FOR THE PROFESSION
VALUES
IFAC PURPOSE
Essential to Strong Sustainable Organizations Financial Markets and Economies
Integrity Innovation Transparency Collaboration
IFAC with its member organizations serves the public interest by enhancing the relevance reputation and value of the global accountancy profession
IFAC GOVERNANCE
IFAC STRATEGIC OBJECTIVES
IFAC RESOURCES AND INPUTS
Council
Nominating Committee
Consultation Advice Oversight
Operational and Funding Support for Standard Setting
Oversight
Committees
Audit
Governance
Human Resources and Compensation
Membership
Planning and Finance
STANDARD-SETTING GOVERNANCE
Standard-Setting Boards amp CAGs
International Audit and Assurance Standards Board
International Ethics Standards Board for Accountants
Standard-Setting Board amp CAG
International Public Sector Accounting Standards Board
Public Interest Oversight Board
Public Interest Committee
Monitoring Group
Board
Speaking out amp engaging as the voice for the global profession
Knowledge Group Management Advisory Team Quality amp Development
Leading amp developing a future-ready profession
Contributing to amp promoting the development adoption amp implementation of high-quality international standards SHARED RESOURCES
AND INPUTS
IFAC Staff and Infrastructure Support
Communications
Finance
Governance
HR
IP
Operations
Membership Dues
Forum of Firms
Grants and Other Income
Funding
Staff
IFACrsquos Global Stakeholders Advisory Groups
Member Organizations
Forum of Firms
IFAC Network Partners
Standard SetterOversight Bodies
Other Key Stakeholders
Annual CE Forum
Intl Panel on Accountancy Education
Professional Accountants in Business
PAO Development
Public Policy amp Regulation
Small and Medium Practices
Technology
Transnational Auditors
IFAC STRATEGIC ACTIONS
As set out on page 12 of the IFAC Strategic Plan
Global Convener
Knowledge Gateway
Influential Voice
KEY OUTCOMES amp CONTRIBUTION TO SDGS(refer to page 5 of the IFAC Strategic Plan)
Confidence in high-quality international standards that are adopted and implemented across the globe
Reliable comparable and timely organizational reporting that serves as the foundation for effective decision making
Enhanced awareness and dialogue around public interest and professional issues among key constituencies
Effective policy and regulatory decisions aligning the profession with the needs of the public
Strong and sustainable professional accountancy organizations able to equip their members for the future
Enhanced recognition of and confidence in professional accountants and their relevance reputation ethics and value
IFAC PERFORMANCE PRIORITY Continuedrdquo Stakeholder Satisfaction
IFAC KEY ACTIVITIES
REPORTING KPIs Defining Success - IFAC Board | Value to member organizations and global stakeholders - Integrated Annual Review
IFAC COMPARATIVE ADVANTAGES
Promoting amp Monitoring Global Adoption of Standards
Standards Implementation Support
Accountancy Capacity Building
Accountancy Education
Thought Leadership
Policy and Advocacy
We invite you to explore more in How IFAC Creates Value
2020 IFAC INTEGRATED ANNUAL REVIEW | 7
COUNCIL
IFAC governance ultimately rests with our Council
which comprises one representative from each IFAC
Member While the COVID-19 pandemic required
Council hold a virtual Ordinary Council meeting on
November 11-12 2020 we took the opportunity to
leverage technology to innovate
Among the changes enacted for Council 2020 were
expanding our use of videos (many of which were made
available after the meeting to those who could not
attend) and since we werenrsquot limited by space inviting
additional participation at guest speaker sessions Our
speakers included the chairs of the three independent
standard-setting boards representatives from the
Public Interest Oversight Board (PIOB) Public Interest
Committee (PIC) and the Forum of Firms Veronica
Poole a partner at Deloitte Global IFRS Leader and
Head of Accounting and Corporate Reporting for
Deloitte North and South Europe and multiple speakers
for the new PAO Digital Transformation Initiative Marie
Abery Interim Chief Operations Officer Microsoft Bill
Wilson Director of IT and Facilities ICAEW and Francis
Thomas Co-Founder and Chief Technology Officer
cloudThing (for more information on this initiative see
Case Study PAO Digitalization Initiative)
During the virtual meeting the Council elected a new
president Alan Johnson and deputy president Asmacirca
Resmouki amended the IFAC Bylaws and approved
new board members maintaining our female-majority
IFAC board The Council also approved IFACrsquos Strategic Plan (for 2021 and beyond) and the broad parameters
of the 2021 budget welcomed two new Members and
two new Associates and presented Ana Maria Elorrieta
with the IFAC Global Leadership Award
Prior to our Council meeting we took advantage of
the virtual environment to host a special Monitoring
Group-focused meeting with our member organizations
and other key stakeholders on October 29 During
this special session IFAC CEO Kevin Dancey provided
a comprehensive update on the Monitoring Group
Review and expectations for 2021 The webinar
featured presentations from Monitoring Group
Co-Chair Sagar Teotia PIOB Chair Linda de Beer
IAASB Chair Tom Seidenstein and Global Public Policy
Committee Chair David Barnes This webinar allowed
more time to explain the status of the Monitoring
Grouprsquos Review and facilitate more feedback than
would have been possible during the November Council
meeting As with the Ordinary Council meeting videos
from this session were also made available to those
who were unable to attend
OUR GOVERNANCE STRUCTURE
PLAYS AN INTEGRAL ROLE IN
HOW IFAC CREATES VALUE FOR
STAKEHOLDERS SPECIFICALLY THE
COUNCIL AND BOARD ENSURE THAT
IFAC OPERATES EFFECTIVELY AND
MEETS STRATEGIC OBJECTIVES AS
MEASURED BY ACHIEVEMENT OF OUR
KEY PERFORMANCE INDICATORS (KPIS)
AND THROUGH OVERSIGHT OF OUR
RISK MANAGEMENT PROCESS
OUR GOVERNANCE
IFAC STRATEGIC PLAN
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 2
IFACrsquos 2020 integrated annual review is a key
element of IFACrsquos accountability to its 180 member
organizations in 135 jurisdictions the Forum of Firms
and other key stakeholders It provides an overview
of IFAC including its governance and stakeholder
engagement strategic objectives value creation
process and performance highlights
Drawing on integrated reporting principles and
concepts as presented in the International Integrated
Reporting ltIRgt Framework the review provides a
concise communication on how IFAC creates value
based on key resources and relationships covering
financial human intellectual social and relationship
capitals While the report does not attempt to detail
every initiative and workstream undertaken during
the year it does aim to provide a helpful overview
of some of our significant work and to impart a
sense of our future direction
We continue to make progress on our own reporting
journey The development of a methodology for
measurement and reduction of our carbon footprint
is a key priority for the organization in 2021 and we
plan to introduce information about IFACrsquos impacts on
natural capital in our report specifically in relation to
the emissions arising from IFACrsquos operations in 2022
IFACrsquos Board contributed to this Review which is
accompanied by our Financial Statements for the
year ended December 31 2020
Copyright copy 2021 by the International Federation of Accountantsreg (IFAC) For copyright trademark and permission information please see back cover
ABOUT THIS REVIEW
2020 IFAC INTEGRATED ANNUAL REVIEW | 3
TABLE OF CONTENTS
Letter from Our President 4
Letter from Our CEO 5
What We Do 6
Our Governance 7
Strategic Objectives
Speaking out and engaging as the voice for the global profession 10
Leading and developing a future ready profession 13
Contributing to and promoting the development adoption and implementation
of high-quality international standards 16
Our Support Structures and Resources 20
Appendices 22
Financial Highlights
Our Global Network
Members
Associates
Affiliates
IFAC Network Partners
Our Volunteers
IFAC Board
IFAC Board Subcommittees amp Advisory Groups
Nominating Committee
IFAC Advisory Groups
2020 IFAC INTEGRATED ANNUAL REVIEW | 4
In my nearly 50 years as a member of the accountancy
profession I have become resolute in my belief that the
profession is global like no other that its commitment
to public service has no parallel and that the
international standards that govern the professions are
second to none
2020 was an unprecedentedly unique year for
our profession Yet it gave IFAC an opportunity
to demonstrate how nimble and agile we can be
Well before the pandemic erupted our profession
understood the importance of being future-ready and
our ability to respond in positive and meaningful ways
to the challenges of the pandemic has proven this
IFAC pivoted quickly to a virtual environment operating
efficiently and effectively in unchartered situations
Thanks to the management and all the dedicated
IFAC staff the social distancing and remote working
conditions havenrsquot deterred the effective operations
of the IFAC businesses nor the importance of our
connections with the broader accounting ecosystem
We committed to the outreach and engagement that
the profession needed from IFAC at a truly global
moment of uncertainty IFAC built trust with all
stakeholders in the Monitoring Group process and is
now on the cusp of finalizing and implementing the
Monitoring Grouprsquos recommendations We started
work on a bold vision for global sustainability reporting
and began to engage stakeholders to help make it a
reality which was consistent with our long-held view
of the importance of the United Nations Sustainable
Development Goals
Still all that we accomplished in 2020 as IFAC and
as a global profession would have been hard to
imagine just a year earliermdashand our successes did
require considerable effort and skill Our work was a
natural expression of our collective dedication to the
public interest
For me serving IFAC and the profession under these
extraordinary circumstances was the honor of a lifetime
It was also humbling I must again thank all of IFACrsquos
staff and leadership especially CEO Kevin Dancey as
well as our many volunteers who commit so much time
and energy to the profession especially my colleagues
on the IFAC Board A special thank you to those who
completed their terms of service in 2020 with me and
my best wishes to my esteemed successor President
Alan Johnson
As an educator I believe that we must not settle for
where our profession is today Instead we must strive
to prepare new generations for even greater success
to inspire them to go beyond what they think they
can do and to make the world a better place IFAC
showed in 2020 that we can and will strive for that
futuremdashdespite momentous challenges or indeed
because of them
Dr In-Ki Joo
IFAC President
LETTER FROM OUR PRESIDENT
Dr In-Ki Joo
2020 IFAC INTEGRATED ANNUAL REVIEW | 5
ldquoIn the middle of difficultyrdquo Albert Einstein famously said ldquolies opportunityrdquo
2020 was an exceptionally difficult year by any standard And yet all around the world people rose to the occasion in ways big and small to meet the challenges brought about by COVID-19 The accountancy profession responded quickly to support our public interest mandate and the people communities businesses and economies we serve
Early in the year IFAC established a COVID Resources hub on our websitersquos Knowledge Gateway to help members of our profession successfully navigate unprecedented situations We collected and disseminated a wealth of insight intelligence and best practices to help the profession equip itself optimally to support its clients as everyone started to work remotely This would not have been as successful an undertaking as it was without the cooperative work and contributions of IFACrsquos member organizations and the Forum of Firms
We developed important thought leadership organized webinars and created virtual forums for the profession to connect And we consistently reiterated the importance of our individual and collective public interest responsibilities during this crisis
We also continued our work with the Monitoring Group to enhance the trust and confidence that all stakeholders need to have in the international audit assurance and ethics standard-setting process The work on the 26 workstreams created after the issuance of the Monitoring Grouprsquos recommendations in July 2020 is nearing completion It has been a very successful collaborative process with excellent working relationships among all of the stakeholders We now look forward to implementing all agreed recommendations
We continued to deepen and broaden our relationships with key stakeholders impacting our profession where in addition to addressing the work at hand we are focused on enhancing trustmdashin the profession and with our stakeholders and partners
We honed our focus on enhanced corporate reporting issuing our call for an international sustainability standards board under the auspices of the IFRS Supporting sustainable businesses is perhaps the most important contribution the profession will make to global societies in years ahead and one of the most transformative trends for the profession itself
At the same time we are taking stock of the greatest challenges and opportunities that lay ahead for IFAC and the profession Sustainability and long-term value creation stand to be definitive issues of the coming decade but many other related themes have a prominent place in our agenda We are looking to enhancing audit quality PAO capacity building the future of work education mental health diversity technology tax anti-corruptionmdashto name just a few The future is broad and vibrant and we are continually assessing and acting to help ensure a thriving profession capable of serving the public interest
As ever we are grateful for the collaborative relationships with our member organizations the Forum of Firms and our many other key stakeholders I would also like to recognize our Board of Directors for their significant commitment to the profession and to IFAC And last but not least my thanks to our incredible staff who worked tirelessly and creatively in a most exceptional time
We are excited for the future that we will build together
Kevin Dancey IFAC CEO
LETTER FROM OUR CEO
Kevin Dancey
2020 IFAC INTEGRATED ANNUAL REVIEW | 6
We use our comparative advantages serving as a global
convener a knowledge gateway and an influential
voice of the professionmdashto help drive such key
outcomes as
bull Strong and sustainable professional accountancy organizations that develop and enhance the quality of professional accountants
bull Confidence in high-quality international standards that are adopted and implemented globally
bull Enhanced recognition of and confidence in professional accountants and their relevance reputation and value
bull Reliable comparable and timely organizational reporting that gives rise to effective decision making
bull Enhanced awareness of and dialogue on public interest and professional issues among key constituencies through a global exchange of knowledge and ideas
bull Effective policy and regulatory decisions aligning the profession with the needs of the public
Ultimately our work is guided by three long-standing
and equally important strategic objectives
bull Speaking out and engaging as the voice for the global profession
bull Leading and developing a future-ready profession
bull Contributing to and promoting the development adoption and implementation of high-quality international standards
Stakeholder engagement and satisfaction drives our
strategy and work program Our annual Stakeholder
Satisfaction Survey captures and measures the views of
our member organizations and the Forum of Firms on
IFACrsquos performance in achieving its Strategic Objectives
This report reviews performance against each of these
objectives and provide highlights of some of our most
important work
IFACrsquoS VISION FOR THE GLOBAL
ACCOUNTANCY PROFESSION IS
TO BE RECOGNIZED AS ESSENTIAL
TO STRONG AND SUSTAINABLE
ORGANIZATIONS FINANCIAL MARKETS
AND ECONOMIES WHILE REMAINING
STEADFAST IN OUR SHARED PURPOSE
WITH OUR MEMBERS TO SERVE THE
PUBLIC INTEREST
WHAT WE DO
HOW IFAC CREATES VALUE
VISION FOR THE PROFESSION
VALUES
IFAC PURPOSE
Essential to Strong Sustainable Organizations Financial Markets and Economies
Integrity Innovation Transparency Collaboration
IFAC with its member organizations serves the public interest by enhancing the relevance reputation and value of the global accountancy profession
IFAC GOVERNANCE
IFAC STRATEGIC OBJECTIVES
IFAC RESOURCES AND INPUTS
Council
Nominating Committee
Consultation Advice Oversight
Operational and Funding Support for Standard Setting
Oversight
Committees
Audit
Governance
Human Resources and Compensation
Membership
Planning and Finance
STANDARD-SETTING GOVERNANCE
Standard-Setting Boards amp CAGs
International Audit and Assurance Standards Board
International Ethics Standards Board for Accountants
Standard-Setting Board amp CAG
International Public Sector Accounting Standards Board
Public Interest Oversight Board
Public Interest Committee
Monitoring Group
Board
Speaking out amp engaging as the voice for the global profession
Knowledge Group Management Advisory Team Quality amp Development
Leading amp developing a future-ready profession
Contributing to amp promoting the development adoption amp implementation of high-quality international standards SHARED RESOURCES
AND INPUTS
IFAC Staff and Infrastructure Support
Communications
Finance
Governance
HR
IP
Operations
Membership Dues
Forum of Firms
Grants and Other Income
Funding
Staff
IFACrsquos Global Stakeholders Advisory Groups
Member Organizations
Forum of Firms
IFAC Network Partners
Standard SetterOversight Bodies
Other Key Stakeholders
Annual CE Forum
Intl Panel on Accountancy Education
Professional Accountants in Business
PAO Development
Public Policy amp Regulation
Small and Medium Practices
Technology
Transnational Auditors
IFAC STRATEGIC ACTIONS
As set out on page 12 of the IFAC Strategic Plan
Global Convener
Knowledge Gateway
Influential Voice
KEY OUTCOMES amp CONTRIBUTION TO SDGS(refer to page 5 of the IFAC Strategic Plan)
Confidence in high-quality international standards that are adopted and implemented across the globe
Reliable comparable and timely organizational reporting that serves as the foundation for effective decision making
Enhanced awareness and dialogue around public interest and professional issues among key constituencies
Effective policy and regulatory decisions aligning the profession with the needs of the public
Strong and sustainable professional accountancy organizations able to equip their members for the future
Enhanced recognition of and confidence in professional accountants and their relevance reputation ethics and value
IFAC PERFORMANCE PRIORITY Continuedrdquo Stakeholder Satisfaction
IFAC KEY ACTIVITIES
REPORTING KPIs Defining Success - IFAC Board | Value to member organizations and global stakeholders - Integrated Annual Review
IFAC COMPARATIVE ADVANTAGES
Promoting amp Monitoring Global Adoption of Standards
Standards Implementation Support
Accountancy Capacity Building
Accountancy Education
Thought Leadership
Policy and Advocacy
We invite you to explore more in How IFAC Creates Value
2020 IFAC INTEGRATED ANNUAL REVIEW | 7
COUNCIL
IFAC governance ultimately rests with our Council
which comprises one representative from each IFAC
Member While the COVID-19 pandemic required
Council hold a virtual Ordinary Council meeting on
November 11-12 2020 we took the opportunity to
leverage technology to innovate
Among the changes enacted for Council 2020 were
expanding our use of videos (many of which were made
available after the meeting to those who could not
attend) and since we werenrsquot limited by space inviting
additional participation at guest speaker sessions Our
speakers included the chairs of the three independent
standard-setting boards representatives from the
Public Interest Oversight Board (PIOB) Public Interest
Committee (PIC) and the Forum of Firms Veronica
Poole a partner at Deloitte Global IFRS Leader and
Head of Accounting and Corporate Reporting for
Deloitte North and South Europe and multiple speakers
for the new PAO Digital Transformation Initiative Marie
Abery Interim Chief Operations Officer Microsoft Bill
Wilson Director of IT and Facilities ICAEW and Francis
Thomas Co-Founder and Chief Technology Officer
cloudThing (for more information on this initiative see
Case Study PAO Digitalization Initiative)
During the virtual meeting the Council elected a new
president Alan Johnson and deputy president Asmacirca
Resmouki amended the IFAC Bylaws and approved
new board members maintaining our female-majority
IFAC board The Council also approved IFACrsquos Strategic Plan (for 2021 and beyond) and the broad parameters
of the 2021 budget welcomed two new Members and
two new Associates and presented Ana Maria Elorrieta
with the IFAC Global Leadership Award
Prior to our Council meeting we took advantage of
the virtual environment to host a special Monitoring
Group-focused meeting with our member organizations
and other key stakeholders on October 29 During
this special session IFAC CEO Kevin Dancey provided
a comprehensive update on the Monitoring Group
Review and expectations for 2021 The webinar
featured presentations from Monitoring Group
Co-Chair Sagar Teotia PIOB Chair Linda de Beer
IAASB Chair Tom Seidenstein and Global Public Policy
Committee Chair David Barnes This webinar allowed
more time to explain the status of the Monitoring
Grouprsquos Review and facilitate more feedback than
would have been possible during the November Council
meeting As with the Ordinary Council meeting videos
from this session were also made available to those
who were unable to attend
OUR GOVERNANCE STRUCTURE
PLAYS AN INTEGRAL ROLE IN
HOW IFAC CREATES VALUE FOR
STAKEHOLDERS SPECIFICALLY THE
COUNCIL AND BOARD ENSURE THAT
IFAC OPERATES EFFECTIVELY AND
MEETS STRATEGIC OBJECTIVES AS
MEASURED BY ACHIEVEMENT OF OUR
KEY PERFORMANCE INDICATORS (KPIS)
AND THROUGH OVERSIGHT OF OUR
RISK MANAGEMENT PROCESS
OUR GOVERNANCE
IFAC STRATEGIC PLAN
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
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Copyright copy 2021 by the International Federation of Accountants (IFAC) All
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ISBN 978-1-60815-439-5
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IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 3
TABLE OF CONTENTS
Letter from Our President 4
Letter from Our CEO 5
What We Do 6
Our Governance 7
Strategic Objectives
Speaking out and engaging as the voice for the global profession 10
Leading and developing a future ready profession 13
Contributing to and promoting the development adoption and implementation
of high-quality international standards 16
Our Support Structures and Resources 20
Appendices 22
Financial Highlights
Our Global Network
Members
Associates
Affiliates
IFAC Network Partners
Our Volunteers
IFAC Board
IFAC Board Subcommittees amp Advisory Groups
Nominating Committee
IFAC Advisory Groups
2020 IFAC INTEGRATED ANNUAL REVIEW | 4
In my nearly 50 years as a member of the accountancy
profession I have become resolute in my belief that the
profession is global like no other that its commitment
to public service has no parallel and that the
international standards that govern the professions are
second to none
2020 was an unprecedentedly unique year for
our profession Yet it gave IFAC an opportunity
to demonstrate how nimble and agile we can be
Well before the pandemic erupted our profession
understood the importance of being future-ready and
our ability to respond in positive and meaningful ways
to the challenges of the pandemic has proven this
IFAC pivoted quickly to a virtual environment operating
efficiently and effectively in unchartered situations
Thanks to the management and all the dedicated
IFAC staff the social distancing and remote working
conditions havenrsquot deterred the effective operations
of the IFAC businesses nor the importance of our
connections with the broader accounting ecosystem
We committed to the outreach and engagement that
the profession needed from IFAC at a truly global
moment of uncertainty IFAC built trust with all
stakeholders in the Monitoring Group process and is
now on the cusp of finalizing and implementing the
Monitoring Grouprsquos recommendations We started
work on a bold vision for global sustainability reporting
and began to engage stakeholders to help make it a
reality which was consistent with our long-held view
of the importance of the United Nations Sustainable
Development Goals
Still all that we accomplished in 2020 as IFAC and
as a global profession would have been hard to
imagine just a year earliermdashand our successes did
require considerable effort and skill Our work was a
natural expression of our collective dedication to the
public interest
For me serving IFAC and the profession under these
extraordinary circumstances was the honor of a lifetime
It was also humbling I must again thank all of IFACrsquos
staff and leadership especially CEO Kevin Dancey as
well as our many volunteers who commit so much time
and energy to the profession especially my colleagues
on the IFAC Board A special thank you to those who
completed their terms of service in 2020 with me and
my best wishes to my esteemed successor President
Alan Johnson
As an educator I believe that we must not settle for
where our profession is today Instead we must strive
to prepare new generations for even greater success
to inspire them to go beyond what they think they
can do and to make the world a better place IFAC
showed in 2020 that we can and will strive for that
futuremdashdespite momentous challenges or indeed
because of them
Dr In-Ki Joo
IFAC President
LETTER FROM OUR PRESIDENT
Dr In-Ki Joo
2020 IFAC INTEGRATED ANNUAL REVIEW | 5
ldquoIn the middle of difficultyrdquo Albert Einstein famously said ldquolies opportunityrdquo
2020 was an exceptionally difficult year by any standard And yet all around the world people rose to the occasion in ways big and small to meet the challenges brought about by COVID-19 The accountancy profession responded quickly to support our public interest mandate and the people communities businesses and economies we serve
Early in the year IFAC established a COVID Resources hub on our websitersquos Knowledge Gateway to help members of our profession successfully navigate unprecedented situations We collected and disseminated a wealth of insight intelligence and best practices to help the profession equip itself optimally to support its clients as everyone started to work remotely This would not have been as successful an undertaking as it was without the cooperative work and contributions of IFACrsquos member organizations and the Forum of Firms
We developed important thought leadership organized webinars and created virtual forums for the profession to connect And we consistently reiterated the importance of our individual and collective public interest responsibilities during this crisis
We also continued our work with the Monitoring Group to enhance the trust and confidence that all stakeholders need to have in the international audit assurance and ethics standard-setting process The work on the 26 workstreams created after the issuance of the Monitoring Grouprsquos recommendations in July 2020 is nearing completion It has been a very successful collaborative process with excellent working relationships among all of the stakeholders We now look forward to implementing all agreed recommendations
We continued to deepen and broaden our relationships with key stakeholders impacting our profession where in addition to addressing the work at hand we are focused on enhancing trustmdashin the profession and with our stakeholders and partners
We honed our focus on enhanced corporate reporting issuing our call for an international sustainability standards board under the auspices of the IFRS Supporting sustainable businesses is perhaps the most important contribution the profession will make to global societies in years ahead and one of the most transformative trends for the profession itself
At the same time we are taking stock of the greatest challenges and opportunities that lay ahead for IFAC and the profession Sustainability and long-term value creation stand to be definitive issues of the coming decade but many other related themes have a prominent place in our agenda We are looking to enhancing audit quality PAO capacity building the future of work education mental health diversity technology tax anti-corruptionmdashto name just a few The future is broad and vibrant and we are continually assessing and acting to help ensure a thriving profession capable of serving the public interest
As ever we are grateful for the collaborative relationships with our member organizations the Forum of Firms and our many other key stakeholders I would also like to recognize our Board of Directors for their significant commitment to the profession and to IFAC And last but not least my thanks to our incredible staff who worked tirelessly and creatively in a most exceptional time
We are excited for the future that we will build together
Kevin Dancey IFAC CEO
LETTER FROM OUR CEO
Kevin Dancey
2020 IFAC INTEGRATED ANNUAL REVIEW | 6
We use our comparative advantages serving as a global
convener a knowledge gateway and an influential
voice of the professionmdashto help drive such key
outcomes as
bull Strong and sustainable professional accountancy organizations that develop and enhance the quality of professional accountants
bull Confidence in high-quality international standards that are adopted and implemented globally
bull Enhanced recognition of and confidence in professional accountants and their relevance reputation and value
bull Reliable comparable and timely organizational reporting that gives rise to effective decision making
bull Enhanced awareness of and dialogue on public interest and professional issues among key constituencies through a global exchange of knowledge and ideas
bull Effective policy and regulatory decisions aligning the profession with the needs of the public
Ultimately our work is guided by three long-standing
and equally important strategic objectives
bull Speaking out and engaging as the voice for the global profession
bull Leading and developing a future-ready profession
bull Contributing to and promoting the development adoption and implementation of high-quality international standards
Stakeholder engagement and satisfaction drives our
strategy and work program Our annual Stakeholder
Satisfaction Survey captures and measures the views of
our member organizations and the Forum of Firms on
IFACrsquos performance in achieving its Strategic Objectives
This report reviews performance against each of these
objectives and provide highlights of some of our most
important work
IFACrsquoS VISION FOR THE GLOBAL
ACCOUNTANCY PROFESSION IS
TO BE RECOGNIZED AS ESSENTIAL
TO STRONG AND SUSTAINABLE
ORGANIZATIONS FINANCIAL MARKETS
AND ECONOMIES WHILE REMAINING
STEADFAST IN OUR SHARED PURPOSE
WITH OUR MEMBERS TO SERVE THE
PUBLIC INTEREST
WHAT WE DO
HOW IFAC CREATES VALUE
VISION FOR THE PROFESSION
VALUES
IFAC PURPOSE
Essential to Strong Sustainable Organizations Financial Markets and Economies
Integrity Innovation Transparency Collaboration
IFAC with its member organizations serves the public interest by enhancing the relevance reputation and value of the global accountancy profession
IFAC GOVERNANCE
IFAC STRATEGIC OBJECTIVES
IFAC RESOURCES AND INPUTS
Council
Nominating Committee
Consultation Advice Oversight
Operational and Funding Support for Standard Setting
Oversight
Committees
Audit
Governance
Human Resources and Compensation
Membership
Planning and Finance
STANDARD-SETTING GOVERNANCE
Standard-Setting Boards amp CAGs
International Audit and Assurance Standards Board
International Ethics Standards Board for Accountants
Standard-Setting Board amp CAG
International Public Sector Accounting Standards Board
Public Interest Oversight Board
Public Interest Committee
Monitoring Group
Board
Speaking out amp engaging as the voice for the global profession
Knowledge Group Management Advisory Team Quality amp Development
Leading amp developing a future-ready profession
Contributing to amp promoting the development adoption amp implementation of high-quality international standards SHARED RESOURCES
AND INPUTS
IFAC Staff and Infrastructure Support
Communications
Finance
Governance
HR
IP
Operations
Membership Dues
Forum of Firms
Grants and Other Income
Funding
Staff
IFACrsquos Global Stakeholders Advisory Groups
Member Organizations
Forum of Firms
IFAC Network Partners
Standard SetterOversight Bodies
Other Key Stakeholders
Annual CE Forum
Intl Panel on Accountancy Education
Professional Accountants in Business
PAO Development
Public Policy amp Regulation
Small and Medium Practices
Technology
Transnational Auditors
IFAC STRATEGIC ACTIONS
As set out on page 12 of the IFAC Strategic Plan
Global Convener
Knowledge Gateway
Influential Voice
KEY OUTCOMES amp CONTRIBUTION TO SDGS(refer to page 5 of the IFAC Strategic Plan)
Confidence in high-quality international standards that are adopted and implemented across the globe
Reliable comparable and timely organizational reporting that serves as the foundation for effective decision making
Enhanced awareness and dialogue around public interest and professional issues among key constituencies
Effective policy and regulatory decisions aligning the profession with the needs of the public
Strong and sustainable professional accountancy organizations able to equip their members for the future
Enhanced recognition of and confidence in professional accountants and their relevance reputation ethics and value
IFAC PERFORMANCE PRIORITY Continuedrdquo Stakeholder Satisfaction
IFAC KEY ACTIVITIES
REPORTING KPIs Defining Success - IFAC Board | Value to member organizations and global stakeholders - Integrated Annual Review
IFAC COMPARATIVE ADVANTAGES
Promoting amp Monitoring Global Adoption of Standards
Standards Implementation Support
Accountancy Capacity Building
Accountancy Education
Thought Leadership
Policy and Advocacy
We invite you to explore more in How IFAC Creates Value
2020 IFAC INTEGRATED ANNUAL REVIEW | 7
COUNCIL
IFAC governance ultimately rests with our Council
which comprises one representative from each IFAC
Member While the COVID-19 pandemic required
Council hold a virtual Ordinary Council meeting on
November 11-12 2020 we took the opportunity to
leverage technology to innovate
Among the changes enacted for Council 2020 were
expanding our use of videos (many of which were made
available after the meeting to those who could not
attend) and since we werenrsquot limited by space inviting
additional participation at guest speaker sessions Our
speakers included the chairs of the three independent
standard-setting boards representatives from the
Public Interest Oversight Board (PIOB) Public Interest
Committee (PIC) and the Forum of Firms Veronica
Poole a partner at Deloitte Global IFRS Leader and
Head of Accounting and Corporate Reporting for
Deloitte North and South Europe and multiple speakers
for the new PAO Digital Transformation Initiative Marie
Abery Interim Chief Operations Officer Microsoft Bill
Wilson Director of IT and Facilities ICAEW and Francis
Thomas Co-Founder and Chief Technology Officer
cloudThing (for more information on this initiative see
Case Study PAO Digitalization Initiative)
During the virtual meeting the Council elected a new
president Alan Johnson and deputy president Asmacirca
Resmouki amended the IFAC Bylaws and approved
new board members maintaining our female-majority
IFAC board The Council also approved IFACrsquos Strategic Plan (for 2021 and beyond) and the broad parameters
of the 2021 budget welcomed two new Members and
two new Associates and presented Ana Maria Elorrieta
with the IFAC Global Leadership Award
Prior to our Council meeting we took advantage of
the virtual environment to host a special Monitoring
Group-focused meeting with our member organizations
and other key stakeholders on October 29 During
this special session IFAC CEO Kevin Dancey provided
a comprehensive update on the Monitoring Group
Review and expectations for 2021 The webinar
featured presentations from Monitoring Group
Co-Chair Sagar Teotia PIOB Chair Linda de Beer
IAASB Chair Tom Seidenstein and Global Public Policy
Committee Chair David Barnes This webinar allowed
more time to explain the status of the Monitoring
Grouprsquos Review and facilitate more feedback than
would have been possible during the November Council
meeting As with the Ordinary Council meeting videos
from this session were also made available to those
who were unable to attend
OUR GOVERNANCE STRUCTURE
PLAYS AN INTEGRAL ROLE IN
HOW IFAC CREATES VALUE FOR
STAKEHOLDERS SPECIFICALLY THE
COUNCIL AND BOARD ENSURE THAT
IFAC OPERATES EFFECTIVELY AND
MEETS STRATEGIC OBJECTIVES AS
MEASURED BY ACHIEVEMENT OF OUR
KEY PERFORMANCE INDICATORS (KPIS)
AND THROUGH OVERSIGHT OF OUR
RISK MANAGEMENT PROCESS
OUR GOVERNANCE
IFAC STRATEGIC PLAN
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 4
In my nearly 50 years as a member of the accountancy
profession I have become resolute in my belief that the
profession is global like no other that its commitment
to public service has no parallel and that the
international standards that govern the professions are
second to none
2020 was an unprecedentedly unique year for
our profession Yet it gave IFAC an opportunity
to demonstrate how nimble and agile we can be
Well before the pandemic erupted our profession
understood the importance of being future-ready and
our ability to respond in positive and meaningful ways
to the challenges of the pandemic has proven this
IFAC pivoted quickly to a virtual environment operating
efficiently and effectively in unchartered situations
Thanks to the management and all the dedicated
IFAC staff the social distancing and remote working
conditions havenrsquot deterred the effective operations
of the IFAC businesses nor the importance of our
connections with the broader accounting ecosystem
We committed to the outreach and engagement that
the profession needed from IFAC at a truly global
moment of uncertainty IFAC built trust with all
stakeholders in the Monitoring Group process and is
now on the cusp of finalizing and implementing the
Monitoring Grouprsquos recommendations We started
work on a bold vision for global sustainability reporting
and began to engage stakeholders to help make it a
reality which was consistent with our long-held view
of the importance of the United Nations Sustainable
Development Goals
Still all that we accomplished in 2020 as IFAC and
as a global profession would have been hard to
imagine just a year earliermdashand our successes did
require considerable effort and skill Our work was a
natural expression of our collective dedication to the
public interest
For me serving IFAC and the profession under these
extraordinary circumstances was the honor of a lifetime
It was also humbling I must again thank all of IFACrsquos
staff and leadership especially CEO Kevin Dancey as
well as our many volunteers who commit so much time
and energy to the profession especially my colleagues
on the IFAC Board A special thank you to those who
completed their terms of service in 2020 with me and
my best wishes to my esteemed successor President
Alan Johnson
As an educator I believe that we must not settle for
where our profession is today Instead we must strive
to prepare new generations for even greater success
to inspire them to go beyond what they think they
can do and to make the world a better place IFAC
showed in 2020 that we can and will strive for that
futuremdashdespite momentous challenges or indeed
because of them
Dr In-Ki Joo
IFAC President
LETTER FROM OUR PRESIDENT
Dr In-Ki Joo
2020 IFAC INTEGRATED ANNUAL REVIEW | 5
ldquoIn the middle of difficultyrdquo Albert Einstein famously said ldquolies opportunityrdquo
2020 was an exceptionally difficult year by any standard And yet all around the world people rose to the occasion in ways big and small to meet the challenges brought about by COVID-19 The accountancy profession responded quickly to support our public interest mandate and the people communities businesses and economies we serve
Early in the year IFAC established a COVID Resources hub on our websitersquos Knowledge Gateway to help members of our profession successfully navigate unprecedented situations We collected and disseminated a wealth of insight intelligence and best practices to help the profession equip itself optimally to support its clients as everyone started to work remotely This would not have been as successful an undertaking as it was without the cooperative work and contributions of IFACrsquos member organizations and the Forum of Firms
We developed important thought leadership organized webinars and created virtual forums for the profession to connect And we consistently reiterated the importance of our individual and collective public interest responsibilities during this crisis
We also continued our work with the Monitoring Group to enhance the trust and confidence that all stakeholders need to have in the international audit assurance and ethics standard-setting process The work on the 26 workstreams created after the issuance of the Monitoring Grouprsquos recommendations in July 2020 is nearing completion It has been a very successful collaborative process with excellent working relationships among all of the stakeholders We now look forward to implementing all agreed recommendations
We continued to deepen and broaden our relationships with key stakeholders impacting our profession where in addition to addressing the work at hand we are focused on enhancing trustmdashin the profession and with our stakeholders and partners
We honed our focus on enhanced corporate reporting issuing our call for an international sustainability standards board under the auspices of the IFRS Supporting sustainable businesses is perhaps the most important contribution the profession will make to global societies in years ahead and one of the most transformative trends for the profession itself
At the same time we are taking stock of the greatest challenges and opportunities that lay ahead for IFAC and the profession Sustainability and long-term value creation stand to be definitive issues of the coming decade but many other related themes have a prominent place in our agenda We are looking to enhancing audit quality PAO capacity building the future of work education mental health diversity technology tax anti-corruptionmdashto name just a few The future is broad and vibrant and we are continually assessing and acting to help ensure a thriving profession capable of serving the public interest
As ever we are grateful for the collaborative relationships with our member organizations the Forum of Firms and our many other key stakeholders I would also like to recognize our Board of Directors for their significant commitment to the profession and to IFAC And last but not least my thanks to our incredible staff who worked tirelessly and creatively in a most exceptional time
We are excited for the future that we will build together
Kevin Dancey IFAC CEO
LETTER FROM OUR CEO
Kevin Dancey
2020 IFAC INTEGRATED ANNUAL REVIEW | 6
We use our comparative advantages serving as a global
convener a knowledge gateway and an influential
voice of the professionmdashto help drive such key
outcomes as
bull Strong and sustainable professional accountancy organizations that develop and enhance the quality of professional accountants
bull Confidence in high-quality international standards that are adopted and implemented globally
bull Enhanced recognition of and confidence in professional accountants and their relevance reputation and value
bull Reliable comparable and timely organizational reporting that gives rise to effective decision making
bull Enhanced awareness of and dialogue on public interest and professional issues among key constituencies through a global exchange of knowledge and ideas
bull Effective policy and regulatory decisions aligning the profession with the needs of the public
Ultimately our work is guided by three long-standing
and equally important strategic objectives
bull Speaking out and engaging as the voice for the global profession
bull Leading and developing a future-ready profession
bull Contributing to and promoting the development adoption and implementation of high-quality international standards
Stakeholder engagement and satisfaction drives our
strategy and work program Our annual Stakeholder
Satisfaction Survey captures and measures the views of
our member organizations and the Forum of Firms on
IFACrsquos performance in achieving its Strategic Objectives
This report reviews performance against each of these
objectives and provide highlights of some of our most
important work
IFACrsquoS VISION FOR THE GLOBAL
ACCOUNTANCY PROFESSION IS
TO BE RECOGNIZED AS ESSENTIAL
TO STRONG AND SUSTAINABLE
ORGANIZATIONS FINANCIAL MARKETS
AND ECONOMIES WHILE REMAINING
STEADFAST IN OUR SHARED PURPOSE
WITH OUR MEMBERS TO SERVE THE
PUBLIC INTEREST
WHAT WE DO
HOW IFAC CREATES VALUE
VISION FOR THE PROFESSION
VALUES
IFAC PURPOSE
Essential to Strong Sustainable Organizations Financial Markets and Economies
Integrity Innovation Transparency Collaboration
IFAC with its member organizations serves the public interest by enhancing the relevance reputation and value of the global accountancy profession
IFAC GOVERNANCE
IFAC STRATEGIC OBJECTIVES
IFAC RESOURCES AND INPUTS
Council
Nominating Committee
Consultation Advice Oversight
Operational and Funding Support for Standard Setting
Oversight
Committees
Audit
Governance
Human Resources and Compensation
Membership
Planning and Finance
STANDARD-SETTING GOVERNANCE
Standard-Setting Boards amp CAGs
International Audit and Assurance Standards Board
International Ethics Standards Board for Accountants
Standard-Setting Board amp CAG
International Public Sector Accounting Standards Board
Public Interest Oversight Board
Public Interest Committee
Monitoring Group
Board
Speaking out amp engaging as the voice for the global profession
Knowledge Group Management Advisory Team Quality amp Development
Leading amp developing a future-ready profession
Contributing to amp promoting the development adoption amp implementation of high-quality international standards SHARED RESOURCES
AND INPUTS
IFAC Staff and Infrastructure Support
Communications
Finance
Governance
HR
IP
Operations
Membership Dues
Forum of Firms
Grants and Other Income
Funding
Staff
IFACrsquos Global Stakeholders Advisory Groups
Member Organizations
Forum of Firms
IFAC Network Partners
Standard SetterOversight Bodies
Other Key Stakeholders
Annual CE Forum
Intl Panel on Accountancy Education
Professional Accountants in Business
PAO Development
Public Policy amp Regulation
Small and Medium Practices
Technology
Transnational Auditors
IFAC STRATEGIC ACTIONS
As set out on page 12 of the IFAC Strategic Plan
Global Convener
Knowledge Gateway
Influential Voice
KEY OUTCOMES amp CONTRIBUTION TO SDGS(refer to page 5 of the IFAC Strategic Plan)
Confidence in high-quality international standards that are adopted and implemented across the globe
Reliable comparable and timely organizational reporting that serves as the foundation for effective decision making
Enhanced awareness and dialogue around public interest and professional issues among key constituencies
Effective policy and regulatory decisions aligning the profession with the needs of the public
Strong and sustainable professional accountancy organizations able to equip their members for the future
Enhanced recognition of and confidence in professional accountants and their relevance reputation ethics and value
IFAC PERFORMANCE PRIORITY Continuedrdquo Stakeholder Satisfaction
IFAC KEY ACTIVITIES
REPORTING KPIs Defining Success - IFAC Board | Value to member organizations and global stakeholders - Integrated Annual Review
IFAC COMPARATIVE ADVANTAGES
Promoting amp Monitoring Global Adoption of Standards
Standards Implementation Support
Accountancy Capacity Building
Accountancy Education
Thought Leadership
Policy and Advocacy
We invite you to explore more in How IFAC Creates Value
2020 IFAC INTEGRATED ANNUAL REVIEW | 7
COUNCIL
IFAC governance ultimately rests with our Council
which comprises one representative from each IFAC
Member While the COVID-19 pandemic required
Council hold a virtual Ordinary Council meeting on
November 11-12 2020 we took the opportunity to
leverage technology to innovate
Among the changes enacted for Council 2020 were
expanding our use of videos (many of which were made
available after the meeting to those who could not
attend) and since we werenrsquot limited by space inviting
additional participation at guest speaker sessions Our
speakers included the chairs of the three independent
standard-setting boards representatives from the
Public Interest Oversight Board (PIOB) Public Interest
Committee (PIC) and the Forum of Firms Veronica
Poole a partner at Deloitte Global IFRS Leader and
Head of Accounting and Corporate Reporting for
Deloitte North and South Europe and multiple speakers
for the new PAO Digital Transformation Initiative Marie
Abery Interim Chief Operations Officer Microsoft Bill
Wilson Director of IT and Facilities ICAEW and Francis
Thomas Co-Founder and Chief Technology Officer
cloudThing (for more information on this initiative see
Case Study PAO Digitalization Initiative)
During the virtual meeting the Council elected a new
president Alan Johnson and deputy president Asmacirca
Resmouki amended the IFAC Bylaws and approved
new board members maintaining our female-majority
IFAC board The Council also approved IFACrsquos Strategic Plan (for 2021 and beyond) and the broad parameters
of the 2021 budget welcomed two new Members and
two new Associates and presented Ana Maria Elorrieta
with the IFAC Global Leadership Award
Prior to our Council meeting we took advantage of
the virtual environment to host a special Monitoring
Group-focused meeting with our member organizations
and other key stakeholders on October 29 During
this special session IFAC CEO Kevin Dancey provided
a comprehensive update on the Monitoring Group
Review and expectations for 2021 The webinar
featured presentations from Monitoring Group
Co-Chair Sagar Teotia PIOB Chair Linda de Beer
IAASB Chair Tom Seidenstein and Global Public Policy
Committee Chair David Barnes This webinar allowed
more time to explain the status of the Monitoring
Grouprsquos Review and facilitate more feedback than
would have been possible during the November Council
meeting As with the Ordinary Council meeting videos
from this session were also made available to those
who were unable to attend
OUR GOVERNANCE STRUCTURE
PLAYS AN INTEGRAL ROLE IN
HOW IFAC CREATES VALUE FOR
STAKEHOLDERS SPECIFICALLY THE
COUNCIL AND BOARD ENSURE THAT
IFAC OPERATES EFFECTIVELY AND
MEETS STRATEGIC OBJECTIVES AS
MEASURED BY ACHIEVEMENT OF OUR
KEY PERFORMANCE INDICATORS (KPIS)
AND THROUGH OVERSIGHT OF OUR
RISK MANAGEMENT PROCESS
OUR GOVERNANCE
IFAC STRATEGIC PLAN
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 5
ldquoIn the middle of difficultyrdquo Albert Einstein famously said ldquolies opportunityrdquo
2020 was an exceptionally difficult year by any standard And yet all around the world people rose to the occasion in ways big and small to meet the challenges brought about by COVID-19 The accountancy profession responded quickly to support our public interest mandate and the people communities businesses and economies we serve
Early in the year IFAC established a COVID Resources hub on our websitersquos Knowledge Gateway to help members of our profession successfully navigate unprecedented situations We collected and disseminated a wealth of insight intelligence and best practices to help the profession equip itself optimally to support its clients as everyone started to work remotely This would not have been as successful an undertaking as it was without the cooperative work and contributions of IFACrsquos member organizations and the Forum of Firms
We developed important thought leadership organized webinars and created virtual forums for the profession to connect And we consistently reiterated the importance of our individual and collective public interest responsibilities during this crisis
We also continued our work with the Monitoring Group to enhance the trust and confidence that all stakeholders need to have in the international audit assurance and ethics standard-setting process The work on the 26 workstreams created after the issuance of the Monitoring Grouprsquos recommendations in July 2020 is nearing completion It has been a very successful collaborative process with excellent working relationships among all of the stakeholders We now look forward to implementing all agreed recommendations
We continued to deepen and broaden our relationships with key stakeholders impacting our profession where in addition to addressing the work at hand we are focused on enhancing trustmdashin the profession and with our stakeholders and partners
We honed our focus on enhanced corporate reporting issuing our call for an international sustainability standards board under the auspices of the IFRS Supporting sustainable businesses is perhaps the most important contribution the profession will make to global societies in years ahead and one of the most transformative trends for the profession itself
At the same time we are taking stock of the greatest challenges and opportunities that lay ahead for IFAC and the profession Sustainability and long-term value creation stand to be definitive issues of the coming decade but many other related themes have a prominent place in our agenda We are looking to enhancing audit quality PAO capacity building the future of work education mental health diversity technology tax anti-corruptionmdashto name just a few The future is broad and vibrant and we are continually assessing and acting to help ensure a thriving profession capable of serving the public interest
As ever we are grateful for the collaborative relationships with our member organizations the Forum of Firms and our many other key stakeholders I would also like to recognize our Board of Directors for their significant commitment to the profession and to IFAC And last but not least my thanks to our incredible staff who worked tirelessly and creatively in a most exceptional time
We are excited for the future that we will build together
Kevin Dancey IFAC CEO
LETTER FROM OUR CEO
Kevin Dancey
2020 IFAC INTEGRATED ANNUAL REVIEW | 6
We use our comparative advantages serving as a global
convener a knowledge gateway and an influential
voice of the professionmdashto help drive such key
outcomes as
bull Strong and sustainable professional accountancy organizations that develop and enhance the quality of professional accountants
bull Confidence in high-quality international standards that are adopted and implemented globally
bull Enhanced recognition of and confidence in professional accountants and their relevance reputation and value
bull Reliable comparable and timely organizational reporting that gives rise to effective decision making
bull Enhanced awareness of and dialogue on public interest and professional issues among key constituencies through a global exchange of knowledge and ideas
bull Effective policy and regulatory decisions aligning the profession with the needs of the public
Ultimately our work is guided by three long-standing
and equally important strategic objectives
bull Speaking out and engaging as the voice for the global profession
bull Leading and developing a future-ready profession
bull Contributing to and promoting the development adoption and implementation of high-quality international standards
Stakeholder engagement and satisfaction drives our
strategy and work program Our annual Stakeholder
Satisfaction Survey captures and measures the views of
our member organizations and the Forum of Firms on
IFACrsquos performance in achieving its Strategic Objectives
This report reviews performance against each of these
objectives and provide highlights of some of our most
important work
IFACrsquoS VISION FOR THE GLOBAL
ACCOUNTANCY PROFESSION IS
TO BE RECOGNIZED AS ESSENTIAL
TO STRONG AND SUSTAINABLE
ORGANIZATIONS FINANCIAL MARKETS
AND ECONOMIES WHILE REMAINING
STEADFAST IN OUR SHARED PURPOSE
WITH OUR MEMBERS TO SERVE THE
PUBLIC INTEREST
WHAT WE DO
HOW IFAC CREATES VALUE
VISION FOR THE PROFESSION
VALUES
IFAC PURPOSE
Essential to Strong Sustainable Organizations Financial Markets and Economies
Integrity Innovation Transparency Collaboration
IFAC with its member organizations serves the public interest by enhancing the relevance reputation and value of the global accountancy profession
IFAC GOVERNANCE
IFAC STRATEGIC OBJECTIVES
IFAC RESOURCES AND INPUTS
Council
Nominating Committee
Consultation Advice Oversight
Operational and Funding Support for Standard Setting
Oversight
Committees
Audit
Governance
Human Resources and Compensation
Membership
Planning and Finance
STANDARD-SETTING GOVERNANCE
Standard-Setting Boards amp CAGs
International Audit and Assurance Standards Board
International Ethics Standards Board for Accountants
Standard-Setting Board amp CAG
International Public Sector Accounting Standards Board
Public Interest Oversight Board
Public Interest Committee
Monitoring Group
Board
Speaking out amp engaging as the voice for the global profession
Knowledge Group Management Advisory Team Quality amp Development
Leading amp developing a future-ready profession
Contributing to amp promoting the development adoption amp implementation of high-quality international standards SHARED RESOURCES
AND INPUTS
IFAC Staff and Infrastructure Support
Communications
Finance
Governance
HR
IP
Operations
Membership Dues
Forum of Firms
Grants and Other Income
Funding
Staff
IFACrsquos Global Stakeholders Advisory Groups
Member Organizations
Forum of Firms
IFAC Network Partners
Standard SetterOversight Bodies
Other Key Stakeholders
Annual CE Forum
Intl Panel on Accountancy Education
Professional Accountants in Business
PAO Development
Public Policy amp Regulation
Small and Medium Practices
Technology
Transnational Auditors
IFAC STRATEGIC ACTIONS
As set out on page 12 of the IFAC Strategic Plan
Global Convener
Knowledge Gateway
Influential Voice
KEY OUTCOMES amp CONTRIBUTION TO SDGS(refer to page 5 of the IFAC Strategic Plan)
Confidence in high-quality international standards that are adopted and implemented across the globe
Reliable comparable and timely organizational reporting that serves as the foundation for effective decision making
Enhanced awareness and dialogue around public interest and professional issues among key constituencies
Effective policy and regulatory decisions aligning the profession with the needs of the public
Strong and sustainable professional accountancy organizations able to equip their members for the future
Enhanced recognition of and confidence in professional accountants and their relevance reputation ethics and value
IFAC PERFORMANCE PRIORITY Continuedrdquo Stakeholder Satisfaction
IFAC KEY ACTIVITIES
REPORTING KPIs Defining Success - IFAC Board | Value to member organizations and global stakeholders - Integrated Annual Review
IFAC COMPARATIVE ADVANTAGES
Promoting amp Monitoring Global Adoption of Standards
Standards Implementation Support
Accountancy Capacity Building
Accountancy Education
Thought Leadership
Policy and Advocacy
We invite you to explore more in How IFAC Creates Value
2020 IFAC INTEGRATED ANNUAL REVIEW | 7
COUNCIL
IFAC governance ultimately rests with our Council
which comprises one representative from each IFAC
Member While the COVID-19 pandemic required
Council hold a virtual Ordinary Council meeting on
November 11-12 2020 we took the opportunity to
leverage technology to innovate
Among the changes enacted for Council 2020 were
expanding our use of videos (many of which were made
available after the meeting to those who could not
attend) and since we werenrsquot limited by space inviting
additional participation at guest speaker sessions Our
speakers included the chairs of the three independent
standard-setting boards representatives from the
Public Interest Oversight Board (PIOB) Public Interest
Committee (PIC) and the Forum of Firms Veronica
Poole a partner at Deloitte Global IFRS Leader and
Head of Accounting and Corporate Reporting for
Deloitte North and South Europe and multiple speakers
for the new PAO Digital Transformation Initiative Marie
Abery Interim Chief Operations Officer Microsoft Bill
Wilson Director of IT and Facilities ICAEW and Francis
Thomas Co-Founder and Chief Technology Officer
cloudThing (for more information on this initiative see
Case Study PAO Digitalization Initiative)
During the virtual meeting the Council elected a new
president Alan Johnson and deputy president Asmacirca
Resmouki amended the IFAC Bylaws and approved
new board members maintaining our female-majority
IFAC board The Council also approved IFACrsquos Strategic Plan (for 2021 and beyond) and the broad parameters
of the 2021 budget welcomed two new Members and
two new Associates and presented Ana Maria Elorrieta
with the IFAC Global Leadership Award
Prior to our Council meeting we took advantage of
the virtual environment to host a special Monitoring
Group-focused meeting with our member organizations
and other key stakeholders on October 29 During
this special session IFAC CEO Kevin Dancey provided
a comprehensive update on the Monitoring Group
Review and expectations for 2021 The webinar
featured presentations from Monitoring Group
Co-Chair Sagar Teotia PIOB Chair Linda de Beer
IAASB Chair Tom Seidenstein and Global Public Policy
Committee Chair David Barnes This webinar allowed
more time to explain the status of the Monitoring
Grouprsquos Review and facilitate more feedback than
would have been possible during the November Council
meeting As with the Ordinary Council meeting videos
from this session were also made available to those
who were unable to attend
OUR GOVERNANCE STRUCTURE
PLAYS AN INTEGRAL ROLE IN
HOW IFAC CREATES VALUE FOR
STAKEHOLDERS SPECIFICALLY THE
COUNCIL AND BOARD ENSURE THAT
IFAC OPERATES EFFECTIVELY AND
MEETS STRATEGIC OBJECTIVES AS
MEASURED BY ACHIEVEMENT OF OUR
KEY PERFORMANCE INDICATORS (KPIS)
AND THROUGH OVERSIGHT OF OUR
RISK MANAGEMENT PROCESS
OUR GOVERNANCE
IFAC STRATEGIC PLAN
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 6
We use our comparative advantages serving as a global
convener a knowledge gateway and an influential
voice of the professionmdashto help drive such key
outcomes as
bull Strong and sustainable professional accountancy organizations that develop and enhance the quality of professional accountants
bull Confidence in high-quality international standards that are adopted and implemented globally
bull Enhanced recognition of and confidence in professional accountants and their relevance reputation and value
bull Reliable comparable and timely organizational reporting that gives rise to effective decision making
bull Enhanced awareness of and dialogue on public interest and professional issues among key constituencies through a global exchange of knowledge and ideas
bull Effective policy and regulatory decisions aligning the profession with the needs of the public
Ultimately our work is guided by three long-standing
and equally important strategic objectives
bull Speaking out and engaging as the voice for the global profession
bull Leading and developing a future-ready profession
bull Contributing to and promoting the development adoption and implementation of high-quality international standards
Stakeholder engagement and satisfaction drives our
strategy and work program Our annual Stakeholder
Satisfaction Survey captures and measures the views of
our member organizations and the Forum of Firms on
IFACrsquos performance in achieving its Strategic Objectives
This report reviews performance against each of these
objectives and provide highlights of some of our most
important work
IFACrsquoS VISION FOR THE GLOBAL
ACCOUNTANCY PROFESSION IS
TO BE RECOGNIZED AS ESSENTIAL
TO STRONG AND SUSTAINABLE
ORGANIZATIONS FINANCIAL MARKETS
AND ECONOMIES WHILE REMAINING
STEADFAST IN OUR SHARED PURPOSE
WITH OUR MEMBERS TO SERVE THE
PUBLIC INTEREST
WHAT WE DO
HOW IFAC CREATES VALUE
VISION FOR THE PROFESSION
VALUES
IFAC PURPOSE
Essential to Strong Sustainable Organizations Financial Markets and Economies
Integrity Innovation Transparency Collaboration
IFAC with its member organizations serves the public interest by enhancing the relevance reputation and value of the global accountancy profession
IFAC GOVERNANCE
IFAC STRATEGIC OBJECTIVES
IFAC RESOURCES AND INPUTS
Council
Nominating Committee
Consultation Advice Oversight
Operational and Funding Support for Standard Setting
Oversight
Committees
Audit
Governance
Human Resources and Compensation
Membership
Planning and Finance
STANDARD-SETTING GOVERNANCE
Standard-Setting Boards amp CAGs
International Audit and Assurance Standards Board
International Ethics Standards Board for Accountants
Standard-Setting Board amp CAG
International Public Sector Accounting Standards Board
Public Interest Oversight Board
Public Interest Committee
Monitoring Group
Board
Speaking out amp engaging as the voice for the global profession
Knowledge Group Management Advisory Team Quality amp Development
Leading amp developing a future-ready profession
Contributing to amp promoting the development adoption amp implementation of high-quality international standards SHARED RESOURCES
AND INPUTS
IFAC Staff and Infrastructure Support
Communications
Finance
Governance
HR
IP
Operations
Membership Dues
Forum of Firms
Grants and Other Income
Funding
Staff
IFACrsquos Global Stakeholders Advisory Groups
Member Organizations
Forum of Firms
IFAC Network Partners
Standard SetterOversight Bodies
Other Key Stakeholders
Annual CE Forum
Intl Panel on Accountancy Education
Professional Accountants in Business
PAO Development
Public Policy amp Regulation
Small and Medium Practices
Technology
Transnational Auditors
IFAC STRATEGIC ACTIONS
As set out on page 12 of the IFAC Strategic Plan
Global Convener
Knowledge Gateway
Influential Voice
KEY OUTCOMES amp CONTRIBUTION TO SDGS(refer to page 5 of the IFAC Strategic Plan)
Confidence in high-quality international standards that are adopted and implemented across the globe
Reliable comparable and timely organizational reporting that serves as the foundation for effective decision making
Enhanced awareness and dialogue around public interest and professional issues among key constituencies
Effective policy and regulatory decisions aligning the profession with the needs of the public
Strong and sustainable professional accountancy organizations able to equip their members for the future
Enhanced recognition of and confidence in professional accountants and their relevance reputation ethics and value
IFAC PERFORMANCE PRIORITY Continuedrdquo Stakeholder Satisfaction
IFAC KEY ACTIVITIES
REPORTING KPIs Defining Success - IFAC Board | Value to member organizations and global stakeholders - Integrated Annual Review
IFAC COMPARATIVE ADVANTAGES
Promoting amp Monitoring Global Adoption of Standards
Standards Implementation Support
Accountancy Capacity Building
Accountancy Education
Thought Leadership
Policy and Advocacy
We invite you to explore more in How IFAC Creates Value
2020 IFAC INTEGRATED ANNUAL REVIEW | 7
COUNCIL
IFAC governance ultimately rests with our Council
which comprises one representative from each IFAC
Member While the COVID-19 pandemic required
Council hold a virtual Ordinary Council meeting on
November 11-12 2020 we took the opportunity to
leverage technology to innovate
Among the changes enacted for Council 2020 were
expanding our use of videos (many of which were made
available after the meeting to those who could not
attend) and since we werenrsquot limited by space inviting
additional participation at guest speaker sessions Our
speakers included the chairs of the three independent
standard-setting boards representatives from the
Public Interest Oversight Board (PIOB) Public Interest
Committee (PIC) and the Forum of Firms Veronica
Poole a partner at Deloitte Global IFRS Leader and
Head of Accounting and Corporate Reporting for
Deloitte North and South Europe and multiple speakers
for the new PAO Digital Transformation Initiative Marie
Abery Interim Chief Operations Officer Microsoft Bill
Wilson Director of IT and Facilities ICAEW and Francis
Thomas Co-Founder and Chief Technology Officer
cloudThing (for more information on this initiative see
Case Study PAO Digitalization Initiative)
During the virtual meeting the Council elected a new
president Alan Johnson and deputy president Asmacirca
Resmouki amended the IFAC Bylaws and approved
new board members maintaining our female-majority
IFAC board The Council also approved IFACrsquos Strategic Plan (for 2021 and beyond) and the broad parameters
of the 2021 budget welcomed two new Members and
two new Associates and presented Ana Maria Elorrieta
with the IFAC Global Leadership Award
Prior to our Council meeting we took advantage of
the virtual environment to host a special Monitoring
Group-focused meeting with our member organizations
and other key stakeholders on October 29 During
this special session IFAC CEO Kevin Dancey provided
a comprehensive update on the Monitoring Group
Review and expectations for 2021 The webinar
featured presentations from Monitoring Group
Co-Chair Sagar Teotia PIOB Chair Linda de Beer
IAASB Chair Tom Seidenstein and Global Public Policy
Committee Chair David Barnes This webinar allowed
more time to explain the status of the Monitoring
Grouprsquos Review and facilitate more feedback than
would have been possible during the November Council
meeting As with the Ordinary Council meeting videos
from this session were also made available to those
who were unable to attend
OUR GOVERNANCE STRUCTURE
PLAYS AN INTEGRAL ROLE IN
HOW IFAC CREATES VALUE FOR
STAKEHOLDERS SPECIFICALLY THE
COUNCIL AND BOARD ENSURE THAT
IFAC OPERATES EFFECTIVELY AND
MEETS STRATEGIC OBJECTIVES AS
MEASURED BY ACHIEVEMENT OF OUR
KEY PERFORMANCE INDICATORS (KPIS)
AND THROUGH OVERSIGHT OF OUR
RISK MANAGEMENT PROCESS
OUR GOVERNANCE
IFAC STRATEGIC PLAN
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 7
COUNCIL
IFAC governance ultimately rests with our Council
which comprises one representative from each IFAC
Member While the COVID-19 pandemic required
Council hold a virtual Ordinary Council meeting on
November 11-12 2020 we took the opportunity to
leverage technology to innovate
Among the changes enacted for Council 2020 were
expanding our use of videos (many of which were made
available after the meeting to those who could not
attend) and since we werenrsquot limited by space inviting
additional participation at guest speaker sessions Our
speakers included the chairs of the three independent
standard-setting boards representatives from the
Public Interest Oversight Board (PIOB) Public Interest
Committee (PIC) and the Forum of Firms Veronica
Poole a partner at Deloitte Global IFRS Leader and
Head of Accounting and Corporate Reporting for
Deloitte North and South Europe and multiple speakers
for the new PAO Digital Transformation Initiative Marie
Abery Interim Chief Operations Officer Microsoft Bill
Wilson Director of IT and Facilities ICAEW and Francis
Thomas Co-Founder and Chief Technology Officer
cloudThing (for more information on this initiative see
Case Study PAO Digitalization Initiative)
During the virtual meeting the Council elected a new
president Alan Johnson and deputy president Asmacirca
Resmouki amended the IFAC Bylaws and approved
new board members maintaining our female-majority
IFAC board The Council also approved IFACrsquos Strategic Plan (for 2021 and beyond) and the broad parameters
of the 2021 budget welcomed two new Members and
two new Associates and presented Ana Maria Elorrieta
with the IFAC Global Leadership Award
Prior to our Council meeting we took advantage of
the virtual environment to host a special Monitoring
Group-focused meeting with our member organizations
and other key stakeholders on October 29 During
this special session IFAC CEO Kevin Dancey provided
a comprehensive update on the Monitoring Group
Review and expectations for 2021 The webinar
featured presentations from Monitoring Group
Co-Chair Sagar Teotia PIOB Chair Linda de Beer
IAASB Chair Tom Seidenstein and Global Public Policy
Committee Chair David Barnes This webinar allowed
more time to explain the status of the Monitoring
Grouprsquos Review and facilitate more feedback than
would have been possible during the November Council
meeting As with the Ordinary Council meeting videos
from this session were also made available to those
who were unable to attend
OUR GOVERNANCE STRUCTURE
PLAYS AN INTEGRAL ROLE IN
HOW IFAC CREATES VALUE FOR
STAKEHOLDERS SPECIFICALLY THE
COUNCIL AND BOARD ENSURE THAT
IFAC OPERATES EFFECTIVELY AND
MEETS STRATEGIC OBJECTIVES AS
MEASURED BY ACHIEVEMENT OF OUR
KEY PERFORMANCE INDICATORS (KPIS)
AND THROUGH OVERSIGHT OF OUR
RISK MANAGEMENT PROCESS
OUR GOVERNANCE
IFAC STRATEGIC PLAN
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 8
BOARD
The Board works toward IFACrsquos mission by governing and overseeing its operations It is composed of the
President and not more than 22 additional members including the Deputy President A guiding principle for
Board membership is ensuring diverse representation on the Board including diversity in gender geography and
professional backgrounds The Board also conducts outreach on behalf of IFAC and engaged with more than 30
member organizations and Network Partners in over 20 jurisdictions in 2020
Board Effectiveness
The Board has an extensive self-assessment and
feedback process It assesses its performance and looks
for opportunities for improvement by surveying its
members following each meeting
Important value-creation activities to enhance Board
efficiency and effectiveness in 2020 included
bull Amending our Bylaws to permit virtual Board meetings during COVID-19 and pivoting to a virtual environment to allow the Board to continue to operate efficiently and effectively
bull Enhancing and expanding the use of a secure online Board portal
bull Continuing to improve the format of the Board agenda and materials
bull Adapting the orientation program for new Board members for the virtual environment
Board Subcommittees and Advisory Groups
The Board is assisted by several subcommittees These
include the Audit Committee Governance Committee
Human Resources and Compensation Committee
Membership Committee and Planning and Finance
Committee During 2020 Board members also
participated in the Public Policy and Regulation Advisory
Group and Technology Advisory Group
NOMINATING COMMITTEE
The IFAC Nominating Committee makes recommendations
to the Board the Council and Public Interest Oversight
Board (PIOB) regarding the composition of the IFAC Board
and its advisory groups as well as the three standard-
setting boards The Nominating Committee strives
to find the best fit for each vacancy while taking into
consideration professional background technical skills
and contributions to the profession as well as gender
geography and professional balance In 2020 the
Nominating Committee recruited 30 new volunteers and
recommended 19 volunteer reappointments across IFAC
groups and the standard-setting boards In total IFAC had
201 volunteers on various advisory groups who devoted
more than 36000 hours of their time to the profession
while the standard-setting boards had 256 volunteers
who devoted more than 61000 hours of their time
As a result of the Monitoring Group discussion
regarding the oversight arrangements for the IAASB and
IESBA 2021 will be the last year the IFAC Nominating
Committee will make recommendations for the IAASB
and IESBA For appointments that commence in January
2023 the nominations process will be run by a new PIOB
Nominations Committee
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 9
Key Performance Indicators (KPIs)
To ensure that our work is appropriately aligned with
our strategic objectives and to ensure accountability
for achieving our goals IFAC leverages a robust KPI
framework and process that is overseen by the Board
Each year management undertakes an assessment
of its annual KPIs which are then discussed with
and approved by the Board Progress against KPIs
is assessed quarterly
Risk Management Process
IFAC operates in a complex and rapidly changing
global environment To accomplish our mission IFAC
pursues opportunities and provides services that may
pose external or internal risk Accordingly our policy
is to apply an enterprise risk management framework
with clear roles and responsibilities in the identification
and management of risk and to ensure that effective
management of risk is a core competency
Risk management is an integral part of our strategic
planning process Management identifies and assesses
the risks that may cause IFAC not to achieve its
mission and strategic objectives and addresses those
risks as part of developing and achieving strategic
actions and specific KPI targets that are linked to those
actions Successful delivery of the strategic actions
and performance against KPIs serves to mitigate the
identified risks
Management in consultation with the Board identified
the following top risks
bull Loss of stakeholder confidence (eg regulators and other market constituents) in global standard setting and failure to have standards adopted and implemented
bull Change in IFACrsquos role in supporting standard setting for audit and ethics
bull Failure to identify prioritize or render services to meet competing demands of member organizations and other stakeholders and stakeholders become dissatisfied with the comparative advantages of IFAC
bull Failure to be proactive and relevant as the voice for the global profession
bull Insufficient funding for financial sustainability
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified talent base
bull Loss of intellectual capacity through inability to attract and retain a diverse and highly qualified volunteer base
IFACBase
compensationIncentive
CompensationRetirement
CompensationNontaxable
benefitsTotal
Kevin Dancey 641858 275000 23925 34516 975299
Russell Guthrie 501242 85000 23925 34904 645071
Standards Development
Base compensation
Incentive Compensation
Retirement Compensation
Nontaxable benefits
Total
James Gunn 460810 76500 23925 49176 610411
Keean Siong 317242 54900 23925 48903 444970
HUMAN RESOURCES AND COMPENSATION COMMITTEE
The Human Resources amp Compensation Committee provides oversight of and guidance on effective human
resources management on behalf of the IFAC Board
IFAC Executive Compensation Paid in 2020
Standard-Setting Board Executive Compensation Paid in 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 10
Acting as the global voice for the profession is both
an enormous privilege and responsibility for IFAC In
2020 we continued to evolve IFACrsquos voice strategically
identifying those areas where we can leverage it to
greatest effect helping to ensure a vibrant profession
that acts in the public interest
We often collaborate with professional accountancy
organizations (PAOs) Forum of Firms and other
stakeholders and seek to leverage our global position
to address critical issues from across the accountancy
profession with influential thought leadership and
research on issues that sit at the intersection of the
profession with broader trends in business and society
Our work supports and complements that of our
member organizations
All of this work becomes the basis for discussion
with and among the profession and or stakeholders
with the goal of raising awareness of the value that
professional accountants create within organizations
financial markets and economies
Much of our work in 2020 addressed the challenges
posed by COVID-19 with a focus on helping the
profession maintain its duties and responsibilities as
seamlessly as possible In the early months of 2020
IFAC quickly developed the COVID Resources web
page on the Knowledge Gateway bringing together
practical information and insights for the profession
on a broad range of topicsmdasheverything from COVID-
specific financial reporting and assurance issues to
pivoting quickly and effectively to a virtual environment
to taking care of mental health and well-being We
also created a Knowledge Gateway web page for
PAOs willing to provide online continuing professional
development to other PAOs without that capacity Both
resources were heavily used
We published our Achieving High-Quality Audits
point of view and supported that with a series of audit
quality webinars that covered planning execution and
auditor reporting under COVID where the average
attendance exceeded 2000 people per webinar
We also focused on the importance of integrity
and trust Our point of view Maintaining Trust amp Confidence During a Crisis offered an ecosystem
wide view of the cooperation necessary among
companies regulators standard setters and the
profession itself to ensure a successful way through
the COVID crisis
SPEAKING OUT AND ENGAGING
AS THE VOICE FOR THE GLOBAL
PROFESSION
STRATEGIC OBJECTIVE
SIX RECOMMENDATIONS FOR AUDIT COMMITTEESOPERATING IN THE ldquoNEW NORMALrdquo
SMALL BUSINESS CONTINUITY CHECKLISTHOW TO SURVIVE AND THRIVE POST COVID-19
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 11
Likewise we developed a statement Public Interest Responsibilities Must Remain Paramount in an Age of COVID-19 as a direct call to action to
professional accountants around the world reiterating
the importance of their individual and collective
duties during the pandemic IFAC also continued
our commitment to the fight against financial crime
including money laundering and corruption building
off of the point of view Fighting Corruption and Money Laundering with an education series on anti-money laundering and a report on beneficial ownership transparency
Midway through the year we issued our Moving Forward Together G20 Call to Action which is
underpinned by four pillars that serve as the framework
for our global voice The themes therein focused on
Resisting Regulatory Fragmentation Recommitting
to Global Collaboration Focusing on Public Sector
Transparency and Integrity and Accelerating
Sustainability and Inclusiveness Advancing sustainable
business practices and reporting is a priority focus of
IFAC and the profession going forward as is detailed in
the Sustainability case study
OVERALL PERFORMANCE
Our member organization and the Forum of Firms
provide feedback via our annual stakeholder survey
against which we measure our success as the voice of
the global profession In 2020 IFAC earned scores of
bull 844 for enhancing IFACrsquos role as the global voice an increase from 793 in 2019
bull 869 for speaking out as the global voice and sharing thought leadership and guidance which
was rated for the first time in 2020
Other ways in which IFAC met or exceeded our key
performance indicators (KPIs) related to serving as the
voice of the global profession included
bull Delivering on all the elements of IFACrsquos 2020 Communications Plan which includes such metrics as increased positive media coverage deploying campaigns to drive digital traffic performance against web benchmarks enhanced social media presence and integrated communications support for thought leadership
bull Identifying and addressing critical trends and issues relevant to the accountancy profession and developing content to help inform and shape international dialogues
APPROACHES TO BENEFICIAL OWNERSHIP TRANSPARENCY The Global Framework and Views from the Accountancy Profession
ANTI-MONEY LAUNDERING THE BASICSInstallment 1 Introduction to Anti-Money Laundering for Professional Accountants
WHAT IS MONEY LAUNDERING
Money laundering is the process that turns dirty money into funds that appear lawful and can therefore be spent as if they were from legal sources Money laundering legitimizes the proceeds of crime and allows drug gangs human traffickers and other criminals to expand and benefit from their operations It is estimated that the potential annual scale of money laundering may exceed $1 trillion USD globally
United Nations Office on Drugs and Crime
What is this guide
This series is meant to help
professional accountants enhance
their understanding of how money
laundering works the risks they face
and what they can do to mitigate
these risks and make a positive
contribution to the public interest
It is meant to be accessible and easy-
to-use As a result it cannot cover
every issue or local requirement
Instead it addresses key issues for
professional accountants
What is Money-Laundering risk
Money laundering presents professional accountants with three
key risks Accountants may
bull Be used to launder money (eg by holding criminal proceeds
in a bank account or taking a role in an arrangement that
disguises the beneficial ownership of criminal proceeds)
bull Be used to facilitate money laundering by another person
(eg by creating a corporate vehicle to be used for money
laundering or by introducing a money launderer to another
professional adviser)
bull Suffer consequential legal regulatory or reputational damage
because a client (or one or their associates) is involved in money
laundering having failed to spot the red flags and report it
Why should accountants care
The fight against money laundering is not just a compliance exercise
Economic crime including money laundering affects more citizens more
often than any other security threat Money laundering corrodes wider
society whether from illicit investments in high-value property drug-
related violence in disadvantaged neighborhoods or the trauma caused
by human trafficking and modern slavery The criminals responsible
exploit some of the most vulnerable in our communities and bring illegal
drugs and violence to our streets damaging the fabric of society
As a public interest profession we must play our part to keep our
societies safe As gatekeepers to the financial system professional
accountants are the first line of defense to prevent these illicit funds
finding their way into the economy
IFAC CALLS ON THE G20 TO STAY FOCUSED ON THE FUTURE IN
THE GLOBAL COVID-19 RESPONSEThe challenges raised by COVID-19 are unprecedented
in the modern era so too have been the responses from G20 governments The short-term focus on the pandemic has been rightfully all encompassing At the same time we must not allow the immediate needs of the recovery to
derail progress on other urgent global priorities We are at an inflection point staying focused on the future while responding to COVID-19 is critical to strong
sustainable economies and realizing the opportunities of the 21st century for all
ACCELERATE SUSTAINABILITY ACCELERATE SUSTAINABILITY AND INCLUSIVENESSAND INCLUSIVENESSThe COVID crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy and achieve the United Nationsrsquo SDGs Business and Government both have a role to play and must rise to the occasion
For Governments this means for example an economy with opportunity embracing diversity and access to education for all and an economy that sustains our environment delivering on crucial commitments
For business this means an integrated multi-stakeholder approach to the way they operate and govern themselves with a focus on long-term value creation by incorporating integrated reporting principles
FOCUS ON PUBLIC SECTOR FOCUS ON PUBLIC SECTOR TRANSPARENCY AND INTEGRITYTRANSPARENCY AND INTEGRITYThe COVID crisis has driven an enormous increase in public sector spending Now more than ever integrity and transparency in the public sector are central to the social contract between governments and citizens
IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans
Upholding integrity also takes a trusted global tax system and sound public financial
management It continues with credible public sector reporting that supports
transparency and long-term sustainable decision-making
IFAC urges the G20 to adopt accrual accounting at all
levels of government and International Public Sector Accounting Standards
RECOMMIT RECOMMIT TO GLOBAL TO GLOBAL
COLLABORATIONCOLLABORATIONThe line between local and
global problems continues to blur we are in this together
And the challenges we face are all interconnected Accordingly
global institutions for cooperation and crisis-managementmdashboth public
and private sectormdashare more important than ever These institutions must be agile the next
unprecedented crisis could be just round the corner
While crises affect us all their impacts are unequal Multilateralism in support of building back better for those most in need is the foundation for future global resilience and a pathway towards creating a fairer and more prosperous world for all
G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century
RESIST RESIST REGULATORY REGULATORY FRAGMENTATIONFRAGMENTATIONRegulatory fragmentation costs the global economy more than $780 billion a year and the cost is borne disproportionately by small- and medium-sized enterprises We simply cannot afford so much waste
IFAC calls for policymakers across the G20 to prioritize regulatory cooperation and harmonization so that all enterprises can thrive and to enhance mechanisms for continuous and systematic cross-border dialogue between national regulators to improve consistency in international regulations and standards
Regulations play a central role in connecting the economy to sustainability We urge all stakeholders to agree on a global framework to non-financial reporting incorporating integrated reporting principles
Copyright copy 2020 by the International Federation of Accountants (IFAC) All rights reserved
MOVING FORWARD TOGETHERG20 Call to Action 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 12
A key challenge for mainstreaming sustainability
and improving accountability for sustainability in
the capital markets is the lack of global standards
The voluntary approach to measuring and reporting
sustainability information has been in place for a
long time but has not adequately delivered high
quality information that is needed to progress
sustainability Investor and company needs for
information on sustainability are not being met
IFAC has an important influencing
role on behalf of the accountancy
profession to help bring about a
global standard as a baseline for
sustainability information Building
on our Climate Action and
Enhancing Corporate Reporting
points of view in 2020 IFAC
launched a galvanizing initiative
for the profession a call to action
for the creation of an international
sustainability standards board to sit alongside the
International Accounting Standards Board under the
auspices of the IFRS Foundation
Recognizing the critical importance of establishing
global standards to achieve consistent comparable
reliable and assurable information IFAC engaged
and collaborated with many of the most significant
organizations whose work will pave the way for
global standardsmdashincluding the Climate Disclosure
Project Climate Disclosure Standards Board Global
Reporting Initiative the Value Reporting Foundation
(formerly the International Integrated Reporting
Council and Sustainability Accounting Standards
Board) and the World Economic Forum Over the
course of the year IFAC also weighed in on the
consultation of these and other entities to help drive
toward a global solution
Going into 2021 we developed a pragmatic
building blocks approach to help address the
information needs of global capital
market investors as well as meet
the needs of regional and national
jurisdictions IFAC has identified
important areas where professional
accountants will need to ldquocomplete
the ecosystemrdquo or in other words
turn sustainability standards into
high quality information and is
focusing on these areas in 2021
Likewise IFAC has engaged closely
with the International Organization of Securities
Commissions (IOSCO) in coordinating support for
the IFRS Foundation and understanding potential
investor protection considerations as sustainability-
related reporting becomes increasingly mainstream
We are encouraged by the progress that has been
made and look forward to the continuing role
IFAC and the profession will play in this important
evolution
CASE STUDY SUSTAINABILITY
EVEN AS THE PANDEMIC UPENDED
THE WAY OUR WORLD OPERATES
AND HAS BEEN A SETBACK FOR THE
UN SUSTAINABLE DEVELOPMENT
GOALS GLOBAL INSTITUTIONS
AND ORGANIZATIONS AROUND
THE WORLD WERE PUTTING
SUSTAINABILITY AT THE HEART
OF THEIR RECOVERY PLANS
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 13
Small- and medium-sized practices (SMPs) and
professional accountants in business and the public
sector (PAIBs) are critical to the success of business
and economies around the world The extraordinary
circumstances of 2020 led to SMPs and PAIBs stepping
up to lead and support organizations through uncertain
times dealing with both the short-term crisis and the
longer-term road to stability and recovery
The crisis has greatly accelerated various trends from
heightened focus on sustainability and value creation to
the digital transformation of business and public sector
organizations as the means of surviving and thriving in
a virtual world affecting both operations and service
delivery This environment of prolonged and extreme
uncertainty is an opportunity to rethink what future-
ready means for SMPs and PAIBs
For SMPs there is a significant opportunity for practice
transformation focused on how SMPs can embrace
change leverage technology manage talent and
have a renewed emphasis on providing relevant and
value-added services IFACrsquos Practice Transformation Action Plan - A Roadmap to the Future and
webinar series How SMPs Can Evolve in the COVID-19 Environment highlighted the key
areas and initiatives
for SMPs as trusted
advisers to small- and
medium-sized entities
For PAIBs becoming future-ready requires enabling
long-term value creation and sustainability as effective
business partners The Rethinking Value Creation
campaign provides insights and case studies of
companies and their CFOs and finance functions
playing a central role in accounting for value creation
This pivot to a chief value officer mindset will lead to
both stronger more effective finance and accounting
professionals that sit at the heart of organizations and
to the mainstreaming of integrated and sustainability
reporting which is needed by investors and society
To facilitate a future-oriented profession and ensure the
readiness of current and emerging professionals IFAC
embraces accountancy education as a strategic priority
In furtherance of this IFAC focuses on the evolution of
the IFAC approach to accountancy education including
the multi-stakeholder engagement framework and
the new Accountancy Education E-Tool The e-tool
helps accountancy education stakeholders navigate
and access key principles of the International Education
Standards and related implementation support
STRATEGIC OBJECTIVE
PRACTICE TRANSFORMATION ACTION PLAN
A ROADMAP TO THE FUTURE
A VISION FOR THE CFO amp FINANCE FUNCTION
THE CFO AND FINANCE FUNCTION ROLE IN VALUE CREATION
A VISION FOR THE CFO amp FINANCE FUNCTION
UNDERSTANDING VALUE CREATION
LEADING AND DEVELOPING A
FUTURE-READY PROFESSION
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 14
Another important initiative was the Accountancy Education Summit 2020 The Anticipatory Accountant Global Trends Transforming Learning amp Development The four-day summitrsquos
multi-disciplinary panels explored three key forces likely to transform the accountancy profession
technology environment and society Coinciding with International Education Week summit
opened with world-renowned futurist Daniel Burrus and special guest Tom Hood featured
exceptional speakers including Noah Baalesanvu Safoora Biglari Paul Druckman and
Mervyn Kingmdashand drew approximately 1500 attendees
Future-ready focus is not only important for individual accountants but also for the PAOs that
support them Given the importance of digital transformation to PAOsrsquo future readiness long-term
sustainability and resilience in 2020 IFAC partnered with cloudThing to create the PAO Digital Readiness Assessment Tool and Resource Series which is detailed below (see Case Study IFACrsquos PAO Digitalization Initiative)
OVERALL PERFORMANCE
Our efforts to prepare a future-ready accountancy profession
resulted in affirmative reviews from member organizations and
Forum of Firms in our annual stakeholder survey where IFAC
earned the following scores
bull Successfully implementing a new approach to advancing accountancy education at the global level ndash 818 for accountancy education and professional development up from 754 in 2019
bull Delivering relevant and useful guidance and thought leadership especially for small- and medium-sized practices and professional accountants in business - 804 for SMP up from 784 in 2019 and 817 for PAIB up from 779 in 2019
Other ways in which IFAC met or exceeded our key performance
indicators (KPIs) related to leading and developing a future-ready
profession included
bull Effectively using the annual UK Department for International Development (now the Foreign Commonwealth amp Development Office) grant allocation for PAO capacity building IFAC earned an ldquoA+rdquo rating in the final 2020 report from UK Aid thereby maintaining consistency of ldquoArdquo or ldquoA+rdquo ratings since 2015
bull Achieving overall IFAC membership growth with the addition of two new members and two new associates in 2020
bull Effectively nurturing relationships with regional organizations and other key stakeholders
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
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Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
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IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 15
IFAC leveraged its role as a convening force to
develop the PAO Digital Readiness Assessment Tool and Resource Series not only to support
the short-term urgent need of service provision
throughout the COVID-19 pandemic but also with
the longer-term objective of preparing PAOs for the
digital future
The Assessment and Resource Series supports
digital transformation as a crucial component of
PAO sustainability and resiliency
With a comprehensive focus the
Assessment and Resource Series
facilitates organizational leadership
support and buy-in builds workforce
capabilities empowers people to
work in new ways and increases
effective communication throughout
the transformation By emphasizing
the need for mindset as well as
organizational culture changes these
resources require PAOs to envision
and strategize their future first and use that plan
to drive technology decisions not the other way
around
The PAO Digital Readiness Tool is a web-based
self-assessment tool that helps PAOs gauge where
they are on their specific and unique digitalization
journey using 11 pillars and 120 aspects of digital
transformation In 2020 IFAC member organizations
were provided access to the Tool Over 70+
members completed the assessment and each
participating PAO received a tailored and targeted
report containing their results Our members are
now reflecting and considering how they may begin
or progress their digitalization
The second component the PAO Digital Readiness
Resource Series aggregates and organizes various
videos articles and other resources to support PAOs
throughout the entire processmdashfrom self-assessment
to practical application and
integration of technology in their
operations and work programs
An essential element of IFACrsquos
approach has been its work with
member organizations to raise
awareness and understanding
that this transformation requires
continuous improvementmdashit is not
a one-time effort Therefore IFAC
also continues to consider where
and how it can further support PAOs to strengthen
their digitalization and resiliency In 2021 IFAC
expects to conduct workshops to help PAOs
understand interpret and prioritize their results
develop a PAO industry report based on anonymized
results from the self-assessment partner with other
organizations such as the World Bank to expand
the impact of this important initiative and advance
digital inclusion and equity worldwide and prepare
the second version of the PAO Digital Readiness Tool
CASE STUDY PAO DIGITALIZATION INITIATIVE
THE COVID-19 PANDEMIC AND
RESULTING VIRTUAL WORLD
ACCELERATED THE NEED FOR PAOS
TO USE DIGITAL TECHNOLOGIES
TO CREATE NEW OR MODIFY
EXISTING BUSINESS PROCESSES
INCLUDING MEMBER AND STUDENT
EXPERIENCES
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 16
High-quality international standards applied by
professional accountants are foundational to protecting
the public interest and an essential pillar of the global
financial architecture
Over the course of the year IFAC continued to work
closely with the Monitoring Group as part of a multi-
stakeholder consultation process that resulted in
the finalization of the Monitoring Grouprsquos paper
Strengthening the International Audit and Ethics Standard-Setting System which was released in July
(see Case Study IFACrsquos Work with the Monitoring Group)
IFAC provides financial human capital communications
IT and operational support to the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) both of which are overseen by
the Public Interest Oversight Board (PIOB) and to the
International Public Sector Accounting Standards Board (IPSASB) which is overseen by the Public
Interest Committee
IFAC also provided extensive feedback and input to the
IAASB and IESBA on behalf of the profession and the
SMP and PAIB constituencies This helped inform the
direction and output of various projects and involved
formal responses to consultations and exposure drafts
comment letters submitted ahead of the respective
quarterly board meetings and multiple engagements
through virtual meetings
Our specific work to increase adoption and
implementation of international standards takes
many formsmdashproducing and sharing implementation
guidance and resources supporting our member
organizationsrsquo adoption amp implementation advocacy
efforts developing the professionrsquos capacity to
implement standards and using our convening power
to bring together global experts to provide best practice
and learnings To help illustrate the state of adoption
of various standards globally IFAC maintains a digital
a Global Impact Map which was enhanced this year
with new interactivity to provide user-friend snapshots
by standard
CONTRIBUTING TO AND PROMOTING
THE DEVELOPMENT ADOPTION AND
IMPLEMENTATION OF HIGH-QUALITY
INTERNATIONAL STANDARDS
STRATEGIC OBJECTIVE
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 17
IAASB
IFAC launched an important webinar series on
practical audit quality consideration in the pandemic
environment The webinarsmdashon planning execution
and auditor reportingmdashwere a collaboration with the
Forum of Firms and featured speakers from across the
IFAC community including the Forum of Firms IFAC
advisory groups the IAASB and other experts Because
of the urgency of the issue the webinars attracted
a record number of participantsmdashmore than 14000
registrants and more than 6000 unique live viewersmdash
generated a great deal of support and significantly
contributed to the Forum of Firms approving within
its 2021 work plan an increased emphasis to increase
collaboration with IFAC on audit quality initiatives The
webinars were also each followed-up with easy-to-read
key takeaways and summaries
Two dedicated Knowledge Gateway web pages were
developed covering COVID-19 audit and financial reporting considerations which highlighted the
key challenges implications and various resources
available and garnered more than 70000 page
views In addition updates were made to Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity which describes
AUP engagements and when they are appropriate
and identifies key client benefits as well as the
brochure Choosing the Right Service Comparing Audit Review Compilation and Agreed-Upon Procedures Services which explains and differentiates
the range of audit review compilation and agreed-
upon procedures services that practitioners can provide
in accordance with relevant international standards
IESBA
IFAC managed the development of the COVID-19 Ethics and Independence Considerations web
page and helped coordinate IESBArsquos collaboration
with national standard setters which resulted in
the development of six pandemic-related guidance
publications
Strong communications support to enable the
broadest reach and impact for the IESBArsquos work plan
and initiatives was a key support priority in 2020 This
included significant changes to the International Code of Ethics for Professional Accountants (including International Independence Standards)
and driving toward completing Exploring the IESBA Code a 12-part series that examines application
of the Code in real-world situations IFAC also
developed messaging and awareness campaigns
for two final pronouncements Role and Mindset
Expected of Professional Accountants and Alignment
of Part 4B of the Code to ISAE 3000 (Revised) (which
aligns the Code to the IAASBrsquos updated assurance
engagements standard) as well as for exposure drafts for
non-assurance services fees and engagement quality
reviewers and the IESBArsquos phase one technology report
Production of the IESBArsquos five-year review Ethics and
Trust - Breaking New Ground was also a key deliverable
Finally IFAC also played a lead role in supporting IESBArsquos
LinkedIn presence as a strategic communications
platform which has grown to more than 2000
followers to drive greater awareness of the IESBA
and its work
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 18
IPSASB
To help governments and other interested stakeholders understand the impact of government interventions
related to COVID-19 IFAC and the Zurich University of Applied Sciences in partnership with the IPSASB created
the COVID-19 Intervention Assessment Tool The Tool provides an immediate way of evaluating the economic
impacts of current and planned policy initiatives which can be used independently of any given jurisdictionrsquos public
sector accounting basis The Tool provides an immediate way of evaluating the economic impacts of current and
planned policy initiatives which can be used independently of any given jurisdictionrsquos public sector accounting basis
Continuing the conversation regarding the pandemic and its impact on the public sector IFAC the World Bank and
IPSASB hosted a webinar The Sustainability of Public Finance Held in Arabic English and French and with more
than 800 attendees the webinar explored the importance of accrual accounting to support strong public financial
management around the world-during and after the pandemic Encouragingly more than 86 of post-webinar
survey respondents said they were more likely to promote the International Public Sector Accounting Standards
(IPSAS) implementation in their country following the webinar
IFAC also developed a package of user-friendly flexible training materials to support IPSAS implementation in
coordination with IPSASB Train the Trainer Introduction to IPSAS helps public sector entities currently using
a cash basis of accounting transition to accrual IPSAS These materials have been well received and are being
translated into multiple languages by IFAC member organizations
OVERALL PERFORMANCE
IFAC met or exceeded our key performance indicators
(KPIs) related to international standards by
bull Our efforts to support the standard-setting boards and the standards they develop resulted in affirmative reviews from the board chairs on IFACrsquos support and collaboration with their teams For 2020 IFAC received an overall rating of 88 up from 87 in 2019
bull Delivering necessary support and resources to the standard-setting boards allowing them to implement improvements to strengthen their capacity to serve the public interest
bull Effectively contributing to the adoption and implementation of international standards
bull Continuing efforts with the Monitoring Group to reach a conclusion to its Review process and attaining the IFAC Boardrsquos support for managementrsquos actions in relation to the Monitoring Group Review process
bull Achieving Monitoring Group and Public Interest Oversight Board approval for the IAASB and IESBA selection process and operation for 2021
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 19
To remain credible and engender
trust the standards need to
continue to be set following a
transparent multi-stakeholder
approach that ensures the public
interest remains the focus
Since 2015 the oversight
arrangements for the IAASB and
IESBA have been under review
by the Monitoring Group with
productive extensive discussions
among all stakeholders leading up to the issuance
of the July 2020 Monitoring Group paper The
paper set out a number of high-level principles
and recommendations including recognition of
a significant role for IFAC and the accountancy
profession Many details still need to be
determined as the implementation plan is finalized
such as a funding model and reconciling budgeting
with costing
Outstanding issues are slated
for resolution in 2021 at which
point the three-year transition and
implementation plan will begin
in earnest to ensure a smooth
changeover with no disruption
to the current standard-setting
process
Throughout the review process
and into the current transition
period the relationships IFAC
built across the Monitoring Group and the Public
Interest Oversight Board over the last several years
were crucial These relationships helped ensure
the process was constructive and collaborative
Collaborative relationships between the profession
and the regulatory community are essential to
achieve a multi-stakeholder approach that results
in a sustainable independent standard-setting
structure that has appropriate checks and balances
CASE STUDY IFACrsquoS WORK WITH THE MONITORING GROUP
GIVEN THE IMPORTANCE OF THE
INTERNATIONAL STANDARDS TO THE
GLOBAL FINANCIAL ARCHITECTURE
THE GOVERNANCE AND OVERSIGHT
ARRANGEMENTS FOR THE
IAASB AND IESBA DRAW GLOBAL
ATTENTION
THE MONITORING GROUP
STRENGTHENING THE
INTERNATIONAL AUDIT AND
ETHICS STANDARD-SETTING
SYSTEM
July 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 20
OVERALL PERFORMANCE
IFAC met or exceeded all our KPIs related to our
structure resources and processes in 2020 as follows
bull Proposed amendments to IFACrsquos Bylaws were approved by IFACrsquos Board and Council and proposed amendments to the Terms of Reference for the Small and Medium Practices PAO Development and Professional Accountants in Business Advisory Groups were approved by IFACrsquos Board
bull IFACrsquos Strategic Plan (for 2021 and beyond) was was approved by IFACrsquos Board and Council
bull Effectively managed IFACrsquos budget and in coordination with the Managing Director Professional Standards ensured that the independent standard-setting boards were within budget
bull A significant increase in instances where technology was leveraged to achieve cost efficiencies or extend the work program at a lower cost
bull Satisfactorily supported the IFAC Board
bull Adequately managed and mitigated organizational risks as identified in IFACrsquos risk map and dashboard
bull Assessed the effectiveness of the Management Advisory Team
IFACrsquoS INTERNAL SUPPORT
STRUCTURES AND RESOURCES HAVE
PROVEN DURABLE AND FLEXIBLE
OUR STAFF PERFORMANCE AND
RETENTION RATES REFLECT THE
HARD WORK PUT IN ACROSS THE
ENTIRE ORGANIZATION TO SUPPORT
IFACrsquoS MISSION
OUR SUPPORT STRUCTURES AND RESOURCES
Page 1 of 30
November 2020
Exposure Draft October 2011 Comments due February 29 2012
Bylaws of the International Federation of Accountants
IFAC STRATEGIC PLAN
November 2019
Constitution of the International Federation of Accountants
November 2019
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 21
SELECT ACHIEVEMENTS
Human Capital
bull Upward trend in 2020 Employee Engagement Survey
bull Successful retention of 96 of staff with a performance rating of 3+ who are comprised of
ndash 38 of Core Performers with ratings between 30-39
ndash 58 of High Performers with ratings between 40-50
bull Hired and remotely onboarded 10 staff representing 12 of our average headcount
bull Pivoted to 100 remote work mid-March in response to the COVID-19 pandemic including implementing new resources and programs to support our employees and their families while working remotely
bull To reflect that we will be in a changed world post-COVID-19 we created a principles-based framework that evolves our staffing model post-pandemic to provide flexibility for current staff and future hires
Financial Capital
bull IFAC revenues and expenses were 05 over budget and 7 under budget respectively
bull Standard-setting boardsrsquo net expenses were 21 under budget
Technology
bull Evolved the IT Department from ldquohands-offrdquo to ldquohands-onrdquo model by
ndash Building an internal IT Team and hiring a chief technology officer and an IT project manager
ndash Transitioning to a new managed service provider under the direct supervision of the CTO and
ndash Developing a three-year overarching IT strategic plan
bull Implemented new firewalls and VPN (virtual private network) services to provide additional security and support for remote working
bull Instituted a Virtual Meeting Support Program and dedicated service to support additional demand for webinars and virtual meetings
Intellectual Capital
bull Signed 232 reproduction and translation agreements up from 186 in 2019
bull Facilitated 92 total translations in 28 languages for IFAC and standard-setting materials up from 91 total translations in 26 languages in 2019
bull Established a nimble process to enable the timely translations of COVID-19 related resources leading to over 40 translations in 15 languages
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2019 IFAC INTEGRATED ANNUAL REVIEW | 22
FINANCIAL HIGHLIGHTS
IFAC maintains a control environment designed to ensure
that the values of integrity transparency and expertise
are inherent in every aspect of the organization This
environment provides for sound stewardship of the
resources provided by member organizations the Forum
of Firms and other funders and for a clear decision-
making and accountability framework
These financial highlights should be read with the 2020 Financial Statements which include the independent
auditorrsquos report
Financial Performance
bull IFAC is reporting a surplus of $3846 million for 2020 (2019 $1168 million surplus) IFAC had an operating surplus of $3598 million and net unrealized foreign exchange gains on foreign currency bank accounts of $247 thousand
bull Total revenue decreased by 187 (2019 decreased by 16) to $346 million
ndash Membership dues decreased by 232 over 2019 as a result of the historical foreign exchange impact on the dues calculation and approved dues discounts
ndash Net contributions received from the Forum of Firms decreased by 329 due to a decrease in expenses incurred by the Transnational Auditors Committee which are reimbursed by the Forum The Forumrsquos 2020 financial contribution to IFAC remained comparable to 2019
ndash External funding decreased by 1236 mainly due to reduced travel and meeting costs and the move to virtual meetings
ndash Publication sales and royalties and license fees increased by 936 due to new annual licenses amp increased royalty agreements
ndash Other revenue increased by 386 due to the gain on pension settlement and foreign exchange gains
APPENDICESRevenue 2020 2019
Membership Dues $19745100 $20213700
Forum of Firms 12025437 12434676
External Funding 1850371 2111263
Publications Royalties and Licensing 403277 368757
Other Revenues 561052 115362
Total Revenue $34585237 $35243758
Membership Dues
Forum of Firms
External Funding
Publications Royalties and Licensing
Other Revenues
1
57
53
35
2020 revenue by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 23
1
Expenses 2020 2019
Employee Costs $19662568 $18928688
Travel and Meeting Costs 775517 4742091
Occupancy and Maintenance 1348279 1390633
Funding for the Public Interest Oversight Board 1289230 1253256
Depreciation and Amortization 390833 472463
IT Support 766823 707914
Other Expenses 6506221 6581186
Total Expenses $30739471 $34076231
Employee Costs
Travel and Meeting Costs
Occupancy and Maintenance
Funding for the Public Interest Oversight Board
Depreciation and Amortization
IT Support
Other Expenses
2
64
21
44
3
Total expenses decreased by 98 (2019 decreased by
56 ) to $307 million
bull Employee costs increased by 39 due to increases in remuneration and new hires offset by unplanned staff vacancies
bull Travel and meeting costs decreased in 2020 by 837 mainly due to savings by moving to virtual meetings
bull Occupancy and maintenance decreased by 3 due to lower operating charges
bull IT support comprising maintenance and licenses increased by 832 due to new IT licenses and initiatives
bull Other expenses decreased by 114 primarily due to reduced recruitment and relocation costs and lower communications and publicity costs offset by an increase in consultant use
APPENDICES
2019 expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 24
APPENDICES
Financial Position
bull Total assets increased by 1678 (2019 decreased 11) and total liabilities decreased by 6 (2019 decrease 49) thereby increasing total net assets by 3428
bull IFAC entered into an assumption of liability agreement effective December 31 2020 with the American Institute of Certified Public Accountants (AICPA) one of IFACrsquos member organizations Under this agreement the AICPA has assumed IFACrsquos obligations related to the defined benefit plan in exchange for a note payable of $3332516 The note is payable without interest in five annual installments of $666503 commencing in 2021 For financial statement purposes the note has been discounted using IFACrsquos incremental borrowing rate of 334 per annum
bull The equity position as at December 31 2020 was $142 million (2019 $105 million)
Expense Allocation to Activities 2020 2019
Standards Development $17751742 $21353936
Global Representation amp Advocacy 2966199 1766456
Global Accountancy Profession Support 3148531 4046421
Global Accountancy Profession Development 4157100 3709901
Quality amp Membership 2715899 3199517
Total Expenses $30739471 $34076231
Standards Development
Global Representation amp Advocacy
Global Accountancy Profession Support
Global Accountancy Profession Development
Quality amp Membership
58
9
14
10
10
Net AssetsEquity 2020 2019
At beginning of year $10542491 $10339453
Surplus(deficit) for the year 3845766 1167527
Gain (Loss) on re-measurement of defined benefit obligation (231453) (964489)
At end of year $14156804 $10542491
2020 activity allocation expenses by percentage
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 25
APPENDICES
OUR GLOBAL NETWORK
MEMBERS (As at December 31 2020)
Albania
bull Institute of Authorized Chartered Auditors of Albania
bull Instituti i Kontabilisteumlve teuml Miratuar
Argentina
bull Federacioacuten Argentina de Consejos Profesionales de Ciencias Econoacutemicas
Australia
bull Chartered Accountants Australia and New Zealand
bull CPA Australia
bull Institute of Public Accountants
Austria
bull Institut Oumlsterreichischer Wirtschaftspruumlfer
bull Kammer der Steuerberater und Wirtschaftspruumlfer (formerly Kammer der Wirtschaftstreuhaumlnder)
bull Azerbaijan
bull Chamber of Auditors of Azerbaijan Republic
Bahamas
bull Bahamas Institute of Chartered Accountants
Bangladesh
bull Institute of Chartered Accountants of Bangladesh
bull Institute of Cost and Management Accountants of Bangladesh
Barbados
bull Institute of Chartered Accountants of Barbados
Belgium
bull Institute for Tax Advisors and Accountants (Formerly Institut des Experts-comptables et des Conseils FiscauxmdashInstituut Van de Accountants en de Belastingconsulenten)
bull Instituut van de BedrijfsrevisorenmdashInstitut des Reacuteviseurs drsquoEntreprises
Bolivia
bull Colegio de Auditores de Bolivia
Bosnia and Herzegovina
bull Association of Accountants and Auditors of Republic of Srpska
bull Union of Accountants Auditors and Financial Workers of Federation of Bosnia and Herzegovina
Botswana
bull Botswana Institute of Chartered Accountants
Brazil
bull Conselho Federal de Contabilidade
bull Instituto dos Auditores Independentes do Brasil
Bulgaria
bull Institute of Certified Public Accountants of Bulgaria
Cameroon
bull Institute of Chartered Accountants of Cameroon
Canada
bull Chartered Professional Accountants Canada
Cayman Islands
bull Cayman Islands Institute of Professional Accountants
Chile
bull Colegio de Contadores de Chile
China
bull Chinese Institute of Certified Public Accountants
Chinese Taiwan
bull Federation of CPA Associations of Chinese Taiwan
Colombia
bull Instituto Nacional de Contadores Puacuteblicos de Colombia
Costa Rica
bull Colegio de Contadores Puacuteblicos de Costa Rica
Cyprus
bull Institute of Certified Public Accountants of Cyprus
Czech Republic
bull Chamber of Auditors of the Czech Republic
Denmark
bull FSRmdashdanske revisorer
Dominican Republic
bull Instituto de Contadores Puacuteblicos Autorizados de la Repuacuteblica Dominicana
Egypt
bull Egyptian Society of Accountants amp Auditors
El Salvador
bull Instituto Salvadorentildeo de Contadores Puacuteblicos
Estonia
bull Estonian Auditorsrsquo Association
eSwatini
bull Swaziland Institute of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 26
Fiji
bull Fiji Institute of Accountants
Finland
bull Suomen Tilintarkastajat ry
France
bull Compagnie Nationale des Commissaires aux Comptes
bull Conseil Supeacuterieur de lrsquoOrdre des Experts-Comptables
Georgia
bull Georgian Federation of Professional Accountants and Auditors
Germany
bull Institut der Wirtschaftspruumlfer
bull Wirtschaftspruumlferkammer
Ghana
bull Institute of Chartered Accountants (Ghana)
Greece
bull Institute of Certified Public Accountants of Greece
Guatemala
bull Instituto Guatemalteco de Contadores Puacuteblicos y Auditores
Guyana
bull Institute of Chartered Accountants of Guyana
Haiti
bull Ordre des Comptables Professionnels Agreacuteeacutes drsquoHaiumlti
Honduras
bull Colegio de Peritos Mercantiles y Contadores Puacuteblicos
Hong Kong Special Administrative Region of China
bull Hong Kong Institute of Certified Public Accountants
Hungary
bull Chamber of Hungarian Auditors
Iceland
bull Feacutelag Loumlggiltra Endurskodenda
India
bull Institute of Chartered Accountants of India
bull Institute of Cost Accountants of India
Indonesia
bull Ikatan Akuntan Indonesia
Iran Islamic Republic of
bull Iranian Association of Certified Public Accountants
bull Iranian Institute of Certified Accountants
Iraq
bull Iraqi Union of Accountants and Auditors
Ireland
bull Chartered Accountants Ireland
bull Institute of Certified Public Accountants in Ireland
Israel
bull Institute of Certified Public Accountants in Israel
Italy
bull Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili
Ivory Coast
bull Ordre des Experts-Comptables de Cocircte drsquoIvoire
Jamaica
bull Institute of Chartered Accountants of Jamaica
Japan
bull Japanese Institute of Certified Public Accountants
Jordan
bull International Arab Society of Certified Accountants
bull Jordanian Association of Certified Public Accountants
Kazakhstan
bull Chamber of Auditors of the Republic of Kazakhstan
Kenya
bull Institute of Certified Public Accountants of Kenya
Korea Republic of
bull Korean Institute of Certified Public Accountants
Kosovo
bull Society of Certified Accountants and Auditors of Kosovo
Kuwait
bull Kuwait Association of Accountants and Auditors
Latvia
bull Association of Accountants of the Republic of Latvia
bull Latvian Association of Certified Auditors
Lebanon
bull Lebanese Association of Certified Public Accountants
Lesotho
bull Lesotho Institute of Accountants
Liberia
bull Liberian Institute of Certified Public Accountants
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 27
Lithuania
bull Lithuanian Chamber of Auditors
Luxembourg
bull Institut des Reacuteviseurs drsquoEntreprises
Madagascar
bull Ordre des Experts Comptables et Financiers de Madagascar
Malawi
bull Institute of Chartered Accountants in Malawi
Malaysia
bull Malaysian Institute of Accountants
bull Malaysian Institute of Certified Public Accountants
Malta
bull Malta Institute of Accountants
Mauritius
bull Mauritius Institute of Professional Accountants
Mexico
bull Instituto Mexicano de Contadores Puacuteblicos AC
Moldova Republic of
bull Association of Professional Accountants and Auditors of the Republic of Moldova
Mongolia
bull Mongolian Institute of Certified Public Accountants
Montenegro
bull Institute of Certified Accountants of Montenegro
Morocco
bull Ordre des Experts Comptables du Royaume du Maroc
Namibia
bull Institute of Chartered Accountants of Namibia
Nepal
bull Institute of Chartered Accountants of Nepal
Netherlands
bull Netherlands Association of Registered Controllers
bull Royal Nederlandse Beroepsorganisatie van Accountants
New Zealand
bull Chartered Accountants Australia and New Zealand (Formerly New Zealand Institute of Chartered Accountants)
Nicaragua
bull Colegio de Contadores Puacuteblicos de Nicaragua
Nigeria
bull Association of National Accountants of Nigeria
bull Institute of Chartered Accountants of Nigeria
North Macedonia
bull Institute of Certified Auditors of the Republic of Macedonia
Norway
bull Den norske Revisorforening
Pakistan
bull Institute of Chartered Accountants of Pakistan
bull Institute of Cost and Management Accountants of Pakistan
bull Pakistan Institute of Public Finance Accountants
Panama
bull Colegio de Contadores Puacuteblicos Autorizados de Panamaacute
Papua New Guinea
bull Certified Practising Accountants Papua New Guinea
Paraguay
bull Colegio de Contadores de Paraguay
Peru
bull Junta de Decanos de Colegios de Contadores Puacuteblicos del Peruacute
Philippines
bull Philippine Institute of Certified Public Accountants
Poland
bull Accountants Association in Poland
bull Polish Chamber of Statutory Auditors
Portugal
bull Ordem dos Contabilistas Certificados
bull Ordem dos Revisores Oficiais de Contas
Romania
bull Chamber of Financial Auditors of Romania
bull Corpul Expertilor Contabili si Contabililor Autorizati din Romania
Rwanda
bull Institute of Certified Public Accountants of Rwanda
Saudi Arabia
bull The Saudi Organization for Chartered and Professional Accountants (formerly Saudi
Organization for Certified Public Accountants)
APPENDICES
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 28
Senegal
bull Ordre National des Experts Comptables et Comptables Agreacuteeacutes du Seacuteneacutegal
Serbia Republic of
bull Serbian Association of Accountants and Auditors
Sierra Leone
bull Institute of Chartered Accountants of Sierra Leone
Singapore
bull Institute of Singapore Chartered Accountants
Slovakia
bull Slovenska Komora Auditorov
Slovenia
bull Slovenian Institute of Auditors
South Africa
bull South African Institute of Chartered Accountants
bull South African Institute of Professional Accountants
Spain
bull Instituto de Censores Jurados de Cuentas de Espantildea
Sri Lanka
bull Association of Accounting Technicians of Sri Lanka
bull Institute of Certified Management Accountants of Sri Lanka
bull Institute of Chartered Accountants of Sri Lanka
Sweden
bull FAR
Switzerland
bull EXPERTsuissemdashSwiss Expert Association for Audit Tax and Fiduciary
Tanzania United Republic of
bull National Board of Accountants and Auditors
Thailand
bull Federation of Accounting Professions
Trinidad and Tobago
bull Institute of Chartered Accountants of Trinidad and Tobago
Tunisia
bull Ordre des Experts Comptables de Tunisie
Turkey
bull Expert Accountantsrsquo Association of Turkey
bull Union of Chambers of Certified Public Accountants of Turkey
Uganda
bull Institute of Certified Public Accountants of Uganda
Ukraine
bull Ukrainian Federation of Professional Accountants and Auditors
United Kingdom
bull Association of Chartered Certified Accountants (ACCA)
bull Association of International Certified Professional AccountantsndashCIMA
bull Chartered Institute of Public Finance and Accountancy
bull Institute of Chartered Accountants in England and Wales (ICAEW)
bull Institute of Chartered Accountants of Scotland
bull Institute of Financial Accountants
bull Association of Accounting Technicians
United States of America
bull Association of International Certified Professional AccountantsndashAICPA
bull Institute of Management Accountants
Uruguay
bull Colegio de Contadores Economistas y Administradores del Uruguay
Vietnam
bull Vietnam Association of Accountants and Auditors
Zambia
bull Zambia Institute of Chartered Accountants
Zimbabwe
bull Institute of Chartered Accountants of Zimbabwe
APPENDICES
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 29
APPENDICES
ASSOCIATES (As at December 31 2020)
Armenia
bull Chamber of Auditors and Expert Accountants of Armenia (Formerly Association of Accountants and Auditors of Armenia)
Benin
bull Ordre des Experts-Comptables et Comptables Agreacuteeacutes du Beacutenin
Brunei Darussalam
bull Brunei Darussalam Institute of Certified Public Accountants
Burkina Faso
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Burkina Faso
Cambodia
bull Kampuchea Institute of Certified Public Accountants and Auditors
Croatia
bull Croatian Audit Chamber
Ecuador
bull Colegio de Contadores Puacuteblicos de Pichincha y del Ecuador
Guatemala
bull Colegio de Contadores Puacuteblicos y Auditores de Guatemala
Honduras
bull Colegio Hondurentildeo de Profesionales Universitarios en Contaduriacutea Puacuteblica
Indonesia
bull Institut Akuntan Publik Indonesia
Ireland
bull Accounting Technicians Ireland
Kazakhstan
bull Chamber of Professional Accountants of the Republic of Kazakhstan
Kyrgyz Republic
bull Union of Accountants and Auditors
Lao PDR
bull Lao Chamber of Professional Accountants and Auditors
Lithuania
bull Lithuanian Association of Accountants and Auditors
Luxembourg
bull Ordre des Experts-Comptables du Luxembourg
Montenegro
bull Institute of Accountants and Auditors of Montenegro
Mozambique
bull Ordem dos Contabilistas e Auditores de Moccedilambique
Myanmar
bull Myanmar Institute of Certified Public Accountants
Palestine
bull Palestinian Association of Certified Public
Accountants
Russian Federation
bull Russian Union of Auditors
bull Self-regulatory Organization of Auditors Association ldquoSodruzhestvordquo
Serbia Republic of
bull Chamber of Authorized Auditors of Serbia
Suriname
bull Suriname Chartered Accountants Institute
Togo
bull Ordre National des Experts-Comptables et des Comptables Agreacuteeacutes du Togo
Uzbekistan
bull Chamber of Auditors of Uzbekistan
bull National Association of Accountants and Auditors of Uzbekistan
Vietnam
bull Vietnam Association of Certified Public Accountants
Zimbabwe
bull Institute of Chartered Secretaries and Administrators in Zimbabwe
Admitted by the IFAC Council in November 2020
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 30
APPENDICES
AFFILIATES (As at December 31 2020)
Netherlands
bull Nederlandse Orde van Register EDP-Auditors
United Kingdom
bull Association of Corporate Treasurers
United States of America
bull Information Systems Audit and Control Association
bull National Association of State Boards of Accountancy
IFAC NETWORK PARTNERS (As at December 31 2020)
Professional Accountancy Organizations
bull Accountancy Europe
bull ASEAN Federation of Accountants
bull Association of Accountancy Bodies of West Africa
bull Confederation of Asian and Pacific Accountants
bull Feacutedeacuteration des Experts-Comptables Meacutediterraneacuteens
bull Feacutedeacuteration Internationale des Experts Comptables et Commissaires aux Comptes Francophones
bull Gulf Cooperation Council Accounting and Auditing Association
bull Institute of Chartered Accountants of the Caribbean
bull Interamerican Accounting Association
bull Pan African Federation of Accountants
bull South Asian Federation of Accountants
Other IFAC Network Partners
bull International Financial Reporting Standards Foundation
bull International Integrated Reporting Council
bull International Organization of Supreme Audit Institutions
bull The Institute of Internal Auditors
bull United Nations Conference on Trade and Development
Regional Organizations
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 31
APPENDICES
OUR VOLUNTEERS
IFAC BOARD (November 2019 to November 2020)
Dr In-Ki Joo President
Alan Johnson Deputy President (United Kingdom ndash Portugal)
Yeong Kyun Ahn (Korea Republic of)
William Balhoff (United States)
Tommye Barie (United States)
Joan Curry (Ireland)
Ideacutesio da Silva Coelho Jr (Brazil)
Elbano De Nuccio (Italy)
Sheila Fraser (Canada)
Caroline Gardner (United Kingdom)
Winnie Nyamute (Kenya)
Lisa Padmore (Barbados)
Richard Petty (Australia)
Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland)
Christine Ramon (South Africa)
Asmacirca Resmouki (Morocco)
Shinji Someha (Japan)
Yacoob Suttar (Pakistan)
Jianhua Tang (China)
Joy Thomas (Canada)
Ayşe Arıak Tunaboylu (Turkey)
Fiona Wilkinson (United Kingdom)
Ismaila Muhammadu Zakari (Nigeria)
Swiss Liaison Officer Thorsten Kleibold
2019-2020 IFAC Board
Standing (L to R) Ayşe Arıak Tunaboylu (Turkey) Ideacutesio da Silva Coelho Jr (Brazil) Richard Petty (Australia)
Shinji Someha (Japan) Margreacutet Peacutetursdoacutettir (Nordic Federation - Iceland) Jianhua Tang (China) Elbano De Nuccio
(Italy) Tommye Barie (United States) William Balhoff (United States) Christine Ramon (South Africa) Yacoob Suttar
(Pakistan) IFAC Deputy President Alan Johnson (United Kingdom - Portugal) Joy Thomas (Canada)
Asmacirca Resmouki (Morocco) Sheila Fraser (Canada) Lisa Padmore (Barbados)
Seated (L to R) Yeong Kyun Ahn (Korea Republic of) Fiona Wilkinson (United Kingdom)
IFAC President Dr In-Ki Joo Joan Curry (Ireland) Winnie Nyamute (Kenya)
Missing Caroline Gardner (United Kingdom) and Ismaila Muhammadu Zakari (Nigeria)
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 32
APPENDICES
IFAC BOARD SUBCOMMITTEES AND ADVISORY GROUPS
Audit Committee
Tommye Barie Chair United States
Caroline Gardner United Kingdom
Lisa Padmore Barbados
Shinji Someha Japan
Ismaila Zakari Nigeria
Human Resources amp Compensation Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson United Kingdom - Portugal
Tommye Barie United States
Ideacutesio da Silva Coelho Jr Brazil
Asmacirca Resmouki Morocco
Governance Committee
Asmacirca Resmouki Chair Morocco
William Balhoff United States
Joan Curry Ireland
Elbano de Nuccio Italy
Winnie Nyamute Kenya
Margreacutet Peacutetursdoacutettir Nordic Federation - Iceland
Membership Committee
Ideacutesio da Silva Coelho Jr Chair Brazil
Lindawati Gani Indonesia
Jim Knafo United States
Khalid Rahman Pakistan
Yelena Rodriguez Trujillo Panama
Ayşe Arıak Tunaboylu Turkey
Ismaila Muhammadu Zakari Nigeria
Planning and Finance Committee
IFAC Deputy President Alan Johnson Chair United Kingdom - Portugal
Yeong Kyun Ahn Korea Republic of
Ideacutesio da Silva Coelho Jr Brazil
Christine Ramon South Africa
Joy Thomas Canada
Ayşe Arıak Tunaboylu Turkey
Fiona Wilkinson United Kingdom
Tommye Barie United States (Audit Committee Chair Observer)
Wally Gregory United States (Forum of Firms Chair Observer)
Technology Advisory Group
Lisa Padmore Chair Barbados
Richard Anning United Kingdom
Tashia Batstone Canada
Jan Begg Australia
Robert Harris United States
Donny Shimamoto United States
Yacoob Suttar Pakistan
Chris Wales United Kingdom
Public Policy amp Regulation Advisory Group
Sheila Fraser Chair Canada
Helene Ageacutelii Nordic Federation - Sweden
Jean Bouquot France
Prafulla Chhajed India
Sue Coffey United States
Monica Foerster Brazil
Richard Petty Australia
Sanjay Rughani United Kingdom - Tanzania
Jianhua Tang China
Nominating Committee
IFAC President Dr In-Ki Joo Chair
IFAC Deputy President Alan Johnson Deputy Chair United Kingdom - Portugal
Guy Andrade Brazil
Kathryn Byrne United States
Michael Codling Australia
Angela Peasah Ghana
Wienand Schruff Germany
Aiko Sekine Japan
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 33
APPENDICES
IFAC COMMITTEES (Jan 1 2020 ndash Dec 31 2020)
International Panel on Accountancy Education
Anne-Marie Vitale Chair United States
Yoke Kai Chan Singapore
Dhal Choi Korea Republic of
Fabio Costa Brazil
Alice Deakin United Kingdom
Thorben Ehrlich Germany
Lionel Escaffre France
Susan Flis United States
Stacy-Ann Golding Trinidad amp Tobago
Simon Hann AustraliaNew Zealand
Alan Hatfield United Kingdom
Yvonne Hinson United States
Yoshinori Kawamura Japan
Chaaminda Kumarasiri Sri Lanka
Rania Uwaydah Mardini Lebanon
Gabriela Maria Farias Martinez Mexico
Innocent Okwuosa Nigeria
Greg Owens United States
Adriana Florina Popa Romania
Zhijian Song China
Kim Watty Australia
Irene Wiecek Canada
Professional Accountancy Organization Development Advisory Group
Arjuna Herath Chair Sri Lanka
Priya Iyer Deputy Chair Botswana - United Kingdom
Andrew Conway Australia
Arnaud Debray France
Sheree Ebanks Cayman Islands
Razak Jaiyeola Nigeria
Clemente Kiss Romania
Jamal Milhem Palestine - Jordan
Jelena Misita Bosnia and Herzegovina
Naeem Akhtar Sheikh Pakistan
Freddy Solis Nicaragua
Ivan Sotomayor United States
Professional Accountants in Business Advisory Group
Sanjay Rughani Chair United Kingdom - Tanzania
Stuart Chaplin Deputy Chair United Kingdom
Gregory Bedard United States
Daping Gao China
Ibrahim Murat Caglar Turkey
Zaiton Mohd Hassan Malaysia
Catherine Little United Kingdom
Daniel Monehin Nigeria - United Arab Emirates
Margaret Muinde Kenya
Stephen Muscat Malta
Khalilullah Shaikh Pakistan
Laurie Tugman Canada
Paul Urquhart Australia
Tine van de Werken the Netherlands
Ichiro Waki Japan
Larry White United States
Wendy Wen Yee Yung Hong Kong Special Administrative Region of China
Gloria Zvaravanhu Zimbabwe
Small and Medium Practices Advisory Group
Monica Foerster Chair Brazil
Robyn Erskine Deputy Chair Australia
William Bailey Malta
Klaus Bertram Germany
Andrew Brathwaite Barbados
Alexandra Penuela Cuesto Colombia
Antoni Goacutemez Spain
Naofumi Higuchi Japan
Twaha Kaawaase Uganda - United Kingdom
Wassim Khrouf Tunisia
Johnson Kong Hong Kong Special Administrative Region of China
Michael Mbaya Kenya
John Nagy Canada
Alex Peal United Kingdom
Matteo Pozzoli Italy
Tapani Vuopala Finland
George Willie United States
Dequan Yin China
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
2020 IFAC INTEGRATED ANNUAL REVIEW | 34
APPENDICES
TRANSNATIONAL AUDITORS COMMITTEE
Voting Representatives
Sam Burke (Chair) PricewaterhouseCoopers International Limited
Jean-Luc Barlet Mazars
Bettina Cassegrain HLB International
David Chitty Crowe Global
Andrew Collier Kreston International
Roderick Devlin KPMG International Cooperative
Stewart Dunne BDO
Wallace Gregory Deloitte Touche Tohmatsu Limited
Jean-yves Jegourel Ernst amp Young Global Limited
Pablo San Martin SMS Latinoameacuterica
Katherine Schamerhorn Grant Thornton International Ltd
Alternate Representatives
Christine Albrecht Deloitte Touche Tohmatsu Limited
Sheri Anderson KPMG International Cooperative
Frederic Borras IECnet
Ed Fox Grant Thornton International Ltd
Marion Hannon RSM International Limited
Gary Hengelsberg Ernst amp Young Global Limited
Chris Smith BDO
Gill Spaul Moore Stephens International Limited
Alfredo Spilzinger SFAI
Laura Taylor PricewaterhouseCoopers International Limited
Paul Winrow Baker Tilly International Limited
Swiss Liaison Officer
Jeremy Howarth
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants
IFAC does not accept responsibility for loss caused to any person who acts or
refrains from acting in reliance on the material in this publication whether
such loss is caused by negligence or otherwise The IFAC logo lsquoInternational
Federation of Accountantsrsquo and lsquoIFACrsquo are registered trademarks and service
marks of IFAC in the US and other countries
Copyright copy 2021 by the International Federation of Accountants (IFAC) All
rights reserved Written permission from IFAC is required to reproduce store
or transmit or to make other similar uses of this document save for where
the document is being used for individual noncommercial use only
Contact permissionsifacorg
ISBN 978-1-60815-439-5
Published by
529 Fifth Avenue | New York NY 10017
IFAC
IFAC
International Federation of Accountants