Adoption and Implementation Support

International Federation of Accountants

Adoption and Implementation SupportAdoption and Implementation Support

Paul ThompsonPaul Thompson

Senior Technical Manager, SMP CommitteeSenior Technical Manager, SMP Committee

IAASB MeetingIAASB Meeting

New York, USANew York, USA

March 18, 2010March 18, 2010

PIOBPIOB

“ “.. new challenges posed by standards .. new challenges posed by standards implementation over the near term and the implementation over the near term and the need for coordinated implementation support”need for coordinated implementation support”

“ “International standards will deliver tangible International standards will deliver tangible benefits in the international public interest benefits in the international public interest only if they are properly adopted and only if they are properly adopted and implemented.”implemented.”

(Fourth Public Report, May 2009)(Fourth Public Report, May 2009)

Public Interest Oversight Board

IFACIFAC

• IFAC is helping its member bodies help IFAC is helping its member bodies help their members throughtheir members through

–Setting high quality standardsSetting high quality standards

–Assisting in adoption and Assisting in adoption and implementation of standardsimplementation of standards

–Enhancing the relevance of the professionEnhancing the relevance of the profession

–Speaking out on behalf of the global Speaking out on behalf of the global accountancy professionaccountancy profession

Strategic Objectives

Adoption & Implementation Support Adoption & Implementation Support

• New objective but much already doneNew objective but much already done

• Formalize, coordinate, report…..Formalize, coordinate, report…..

• AdoptionAdoption

– Political decision - advocacyPolitical decision - advocacy

– Enactment activities - policy adviceEnactment activities - policy advice

General Approach


• Implementation SupportImplementation Support

– AvailabilityAvailability

– Accessibility (Translations - Kelly)Accessibility (Translations - Kelly)

– Application support (guidance and tools)Application support (guidance and tools)

– Core education & training materials Core education & training materials (deferred)(deferred)

General Approach


• Clarified ISAs promote consistent applicationClarified ISAs promote consistent application

• Proportionality of Application of the ISAs Proportionality of Application of the ISAs

• Partnership with national standard settersPartnership with national standard setters

• Outreach to practitioners, regulators and othersOutreach to practitioners, regulators and others

• Clarity CenterClarity Center

• ISA implementation monitoring ISA implementation monitoring

• Impact analysisImpact analysis

IAASB Initiatives


• IESBAIESBA

– Adoption & implementation toolkitAdoption & implementation toolkit

– Convergence planConvergence plan

• SMP CommitteeSMP Committee

– Implementation guidesImplementation guides

– International Center for SMPsInternational Center for SMPs

• Tips on Cost Effective Application of ISAsTips on Cost Effective Application of ISAs

Other Initiatives


• Compliance ProgramCompliance Program

–Platform to promote adoption & Platform to promote adoption & implementation of international standardsimplementation of international standards

–SzymonSzymon

Other Initiatives

Specific IAASB IssuesSpecific IAASB Issues

• AdoptionAdoption

– Sometimes standard setting & enforcement Sometimes standard setting & enforcement not done by IFAC member bodiesnot done by IFAC member bodies

– Revision of SMOsRevision of SMOs

• ImplementationImplementation

– Overcoming cultural barriersOvercoming cultural barriers

– SME/SMP & developing/emerging nationsSME/SMP & developing/emerging nations

Specific IAASB Issues

QUESTIONS

International Federationof Accountants

www.ifac.org

Documents

Adoption and Implementation Support