International Federation of Accountants Adoption and Implementation Support Paul Thompson Senior Technical Manager, SMP Committee IAASB Meeting New York, USA March 18, 2010

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

IFAC IFAC is helping its member bodies help their members through 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 Strategic Objectives

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

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

Adoption & Implementation Support Clarified ISAs promote consistent applicationClarified ISAs promote consistent application Proportionality of Application of the ISAsProportionality 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 monitoringISA implementation monitoring Impact analysisImpact analysis IAASB Initiatives

Adoption & Implementation Support IESBAIESBA –Adoption & implementation toolkit –Convergence plan SMP CommitteeSMP Committee –Implementation guides –International Center for SMPs Tips on Cost Effective Application of ISAsTips on Cost Effective Application of ISAs Other Initiatives

Adoption & Implementation Support Compliance ProgramCompliance Program –Platform to promote adoption & implementation of international standards –Szymon Other Initiatives

Specific IAASB Issues AdoptionAdoption –Sometimes standard setting & enforcement not done by IFAC member bodies –Revision of SMOs ImplementationImplementation –Overcoming cultural barriers –SME/SMP & developing/emerging nations Specific IAASB Issues

QUESTIONS International Federation of Accountants