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Adoption and Implementation Support by IFAC: Challenges and Strategies for Global Standards

Paul Thompson, Senior Technical Manager at the SMP Committee, discussed the importance of effective adoption and implementation support for international standards at the IAASB meeting in New York on March 18, 2010. He highlighted the challenges faced in this area and the need for coordinated efforts to ensure that standards are properly adopted, which is essential for delivering tangible benefits in the public interest. Thompson outlined IFAC's strategic objectives to assist member bodies with high-quality standards, advocacy, education, and practical implementation tools.

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Adoption and Implementation Support by IFAC: Challenges and Strategies for Global Standards

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  1. Adoption and Implementation Support Paul Thompson Senior Technical Manager, SMP Committee IAASB Meeting New York, USA March 18, 2010

  2. PIOB Public Interest Oversight Board “.. new challenges posed by standards implementation over the near term and the need for coordinated implementation support” “International standards will deliver tangible benefits in the international public interest only if they are properly adopted and implemented.” (Fourth Public Report, May 2009)

  3. IFAC Strategic Objectives • IFAC is helping its member bodies help their members through • Setting high quality standards • Assisting in adoption and implementation of standards • Enhancing the relevance of the profession • Speaking out on behalf of the global accountancy profession

  4. Adoption & Implementation Support General Approach • New objective but much already done • Formalize, coordinate, report….. • Adoption • Political decision - advocacy • Enactment activities - policy advice

  5. Adoption & Implementation Support General Approach • Implementation Support • Availability • Accessibility (Translations - Kelly) • Application support (guidance and tools) • Core education & training materials (deferred)

  6. Adoption & Implementation Support IAASB Initiatives • Clarified ISAs promote consistent application • Proportionality of Application of the ISAs • Partnership with national standard setters • Outreach to practitioners, regulators and others • Clarity Center • ISA implementation monitoring • Impact analysis

  7. Adoption & Implementation Support Other Initiatives • IESBA • Adoption & implementation toolkit • Convergence plan • SMP Committee • Implementation guides • International Center for SMPs • Tips on Cost Effective Application of ISAs

  8. Adoption & Implementation Support Other Initiatives • Compliance Program • Platform to promote adoption & implementation of international standards • Szymon

  9. Specific IAASB Issues Specific IAASB Issues • Adoption • Sometimes standard setting & enforcement not done by IFAC member bodies • Revision of SMOs • Implementation • Overcoming cultural barriers • SME/SMP & developing/emerging nations

  10. International Federationof Accountants QUESTIONS www.ifac.org

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