Education board begins framework
IASC names new Advisory Council…
IFAC chief executive to serve another
Education board begins
The International Accounting Education
Standards Board (IAESB) has begun a project to enhance the
relevance, clarity and consistency of its standards, as well as
their applicability to users. The board is proposing a revised
Framework for International Education Standards (IES), which sets
out the concepts that underlie the IES. The proposed framework
consists of two parts. Part one explains the educational concepts
of competence, initial professional development, continuing
professional development, and measurement of the effectiveness of
learning and development. Part two describes the nature of the IES,
related IAESB pronouncements and International Federation of
Accountants member body obligations. Comments on the proposal are
requested by 30 April 30.
IASC names new Advisory
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The trustees of the International
Accounting Standards Committee Foundation (IASC) have appointed the
members of a reconstituted Standards Advisory Council (SAC). The
council is the formal advisory body to the International Accounting
Standards Board. Its membership has been restructured so that it is
comprised of people from representative organisations that have an
interest in standard setting and represent relevant constituencies.
The IASC last year selected Paul Cherry to chair the SAC for
2009-11. Two vice-chairs, former Australian Financial Reporting
Council chair Charles Macek and Accounting Committee of Business
Europe chair Patrice Marteau have now also been named. These
leaders will be joined by more than 40 other members representing a
range of stakeholder groups including the accounting profession,
listed companies, the insurance and banking industries, investors
IFAC chief executive to
serve another term
Ian Ball’s term as chief executive of
the International Federation of Accountants (IFAC) has been
extended until February 2013. Ball became IFAC chief executive in
2002 after previously serving as chair of its Public Sector
Committee. During his tenure, Ball has overseen the implementation
of initiatives designed to strengthen international audit, ethics
and accounting education standard-setting processes to achieve
convergence with international standards.
South African institute names new executive president
Matsobane Matlwa is the new executive president at the South
African Institute of Chartered Accountants (SAICA). Matlwa takes
over from Ignatius Sehoole, who will remain with the institute
until the end of April in order to ensure a smooth transition.
Matlwa has experience in both management and the professional
services industry. He joins SAICA from the South African Revenue
Service, where he was group executive of the large business centre.
Before working at the revenue service he was the general manager
responsible for group finance at South African bank ABSA, while
prior to that he was an audit partner at Ernst & Young. Matlwa
views education as a prime priority during his presidency. He said
pass rates at both the secondary and tertiary levels are nowhere
near as prolific as they should be if SAICA is to ensure the CA
designation commands the relevance it warrants.
IOSCO welcomes developing nations members
The Securities and Exchange Board of India, the Commissao de
Valores Mobiliarios of Brazil and the China Securities Regulatory
Commission are to become members of the International Organization
of Securities Commissions (IOSCO) technical committee in June this
year. The regulatory bodies are also currently members of the IOSCO
emerging markets committee. The new members were chosen based on
the size of their capital markets, the international nature of
their markets and the development of their regulatory system and
authority. IOSCO members regulate more than 90 percent of the
world's securities markets.
AICPA chair commits to another five years
Barry Melancon has been reappointed as president and chief
executive of the American Institute of Certified Public Accountants
(AICPA) for an additional five years. AICPA chairman Ernie Almonte
said that Melancon’s leadership had achieved a lot, including
strengthening the profession’s voice in public policy debates and
fortifying its role in business, finance and capital markets. The
AICPA is one of the largest accounting bodies in the world with
more than 350,000 CPA members. Melancon joined as president and
chief executive in July 1995.