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<br /> 2012 ANNUAL REPORT<br /> TRANSPARENCY AND ACCOUNTABILITY:<br /> PAST, PRESENT, FUTURE<br /> Exposure Drafts, Consultation Papers, and other IFAC publications are published by, and copyright of, IFAC.<br /> IFAC does not accept responsibility for loss caused to any person who acts or refrains from acting in<br /> reliance on the material in this publication, whether such loss is caused by negligence or otherwise.<br /> The IFAC logo, ‘International Federation of Accountants’, and ‘IFAC’ are trademarks and service marks of<br /> IFAC<br /> Copyright © March 2013 by the International Federation of Accountants (IFAC). All rights reserved. Permission<br /> is granted to make copies of this work provided that such copies are for use in academic classrooms or<br /> for personal use and are not sold or disseminated and provided that each copy bears the following credit<br /> line: “Copyright © March 2013 by the International Federation of Accountants (IFAC). All rights reser<a title="IFAC-2012-Annual-Report page 1" href="http://viewer.zmags.com/publication/3b64b02c?page=1"> 2012 ANNUAL REPORT TRANSPARENCY AND ACCO</a> <a title="IFAC-2012-Annual-Report page 2" href="http://viewer.zmags.com/publication/3b64b02c?page=2"> Exposure Drafts, Consultation Papers, and other I</a> <a title="IFAC-2012-Annual-Report page 3" href="http://viewer.zmags.com/publication/3b64b02c?page=3"> 3 Table of Contents THE PAST DECADE </a> <a title="IFAC-2012-Annual-Report page 4" href="http://viewer.zmags.com/publication/3b64b02c?page=4"> 4 THE PAST DECADE The Past Decade </a> <a title="IFAC-2012-Annual-Report page 5" href="http://viewer.zmags.com/publication/3b64b02c?page=5"> 5 </a> <a title="IFAC-2012-Annual-Report page 6" href="http://viewer.zmags.com/publication/3b64b02c?page=6"> 6 Message from the President Durin</a> <a title="IFAC-2012-Annual-Report page 7" href="http://viewer.zmags.com/publication/3b64b02c?page=7"> WHAT WE DO Over the past 10+ year</a> <a title="IFAC-2012-Annual-Report page 8" href="http://viewer.zmags.com/publication/3b64b02c?page=8"> 8 35 </a> <a title="IFAC-2012-Annual-Report page 9" href="http://viewer.zmags.com/publication/3b64b02c?page=9"> 48Languages into which IFAC publications have bee</a> <a title="IFAC-2012-Annual-Report page 10" href="http://viewer.zmags.com/publication/3b64b02c?page=10"> 10 Sustainable Organizations and Financial Mar</a> <a title="IFAC-2012-Annual-Report page 11" href="http://viewer.zmags.com/publication/3b64b02c?page=11"> Building the Future of Reporting During</a> <a title="IFAC-2012-Annual-Report page 12" href="http://viewer.zmags.com/publication/3b64b02c?page=12"> 12 165 considerations</a> <a title="IFAC-2012-Annual-Report page 13" href="http://viewer.zmags.com/publication/3b64b02c?page=13"> Building the Future of Reporting 13 The Outcomes </a> <a title="IFAC-2012-Annual-Report page 14" href="http://viewer.zmags.com/publication/3b64b02c?page=14"> 14 40 As </a> <a title="IFAC-2012-Annual-Report page 15" href="http://viewer.zmags.com/publication/3b64b02c?page=15"> 40 Participants representing 19 countries partic</a> <a title="IFAC-2012-Annual-Report page 16" href="http://viewer.zmags.com/publication/3b64b02c?page=16"> 16 Strengthening the Capacity of the Profession T</a> <a title="IFAC-2012-Annual-Report page 17" href="http://viewer.zmags.com/publication/3b64b02c?page=17"> 17 Advocating for Public Sector Financial Manag</a> <a title="IFAC-2012-Annual-Report page 18" href="http://viewer.zmags.com/publication/3b64b02c?page=18"> 18 contributing to the international </a> <a title="IFAC-2012-Annual-Report page 19" href="http://viewer.zmags.com/publication/3b64b02c?page=19"> 19 Advocating for Public Sector Financial Mana</a> <a title="IFAC-2012-Annual-Report page 20" href="http://viewer.zmags.com/publication/3b64b02c?page=20"> </a> <a title="IFAC-2012-Annual-Report page 21" href="http://viewer.zmags.com/publication/3b64b02c?page=21"> HOW WE DO IT</a> <a title="IFAC-2012-Annual-Report page 22" href="http://viewer.zmags.com/publication/3b64b02c?page=22"> 22 IFAC’s Vision IFAC’s vision is t</a> <a title="IFAC-2012-Annual-Report page 23" href="http://viewer.zmags.com/publication/3b64b02c?page=23"> IFAC’s Structure IFAC’s structure provides </a> <a title="IFAC-2012-Annual-Report page 24" href="http://viewer.zmags.com/publication/3b64b02c?page=24"> 24 of IFAC’s financial and non</a> <a title="IFAC-2012-Annual-Report page 25" href="http://viewer.zmags.com/publication/3b64b02c?page=25"> 25 </a> <a title="IFAC-2012-Annual-Report page 26" href="http://viewer.zmags.com/publication/3b64b02c?page=26"> 26 </a> <a title="IFAC-2012-Annual-Report page 27" href="http://viewer.zmags.com/publication/3b64b02c?page=27"> any improper influence. In addition, all nominati</a> <a title="IFAC-2012-Annual-Report page 28" href="http://viewer.zmags.com/publication/3b64b02c?page=28"> 28 194 Council approv</a> <a title="IFAC-2012-Annual-Report page 29" href="http://viewer.zmags.com/publication/3b64b02c?page=29"> In addition, we offer a number of health an</a> <a title="IFAC-2012-Annual-Report page 30" href="http://viewer.zmags.com/publication/3b64b02c?page=30"> 30 18 69 </a> <a title="IFAC-2012-Annual-Report page 31" href="http://viewer.zmags.com/publication/3b64b02c?page=31"> 31 transitional economies. The </a> <a title="IFAC-2012-Annual-Report page 32" href="http://viewer.zmags.com/publication/3b64b02c?page=32"> 32 82 IFAC Board (Nov</a> <a title="IFAC-2012-Annual-Report page 33" href="http://viewer.zmags.com/publication/3b64b02c?page=33"> Professional Accountants in Business Committee Ro</a> <a title="IFAC-2012-Annual-Report page 34" href="http://viewer.zmags.com/publication/3b64b02c?page=34"> 34 Members (As at December 31, 2012) ALBAN</a> <a title="IFAC-2012-Annual-Report page 35" href="http://viewer.zmags.com/publication/3b64b02c?page=35"> 129 35 Countries represented by IFAC’s member</a> <a title="IFAC-2012-Annual-Report page 36" href="http://viewer.zmags.com/publication/3b64b02c?page=36"> 36 Members (As at December 31, 2012) KOSOV</a> <a title="IFAC-2012-Annual-Report page 37" href="http://viewer.zmags.com/publication/3b64b02c?page=37"> 2 37 Associates became members POLAND • </a> <a title="IFAC-2012-Annual-Report page 38" href="http://viewer.zmags.com/publication/3b64b02c?page=38"> 38 Members (As at December 31, 2012) URUGU</a> <a title="IFAC-2012-Annual-Report page 39" href="http://viewer.zmags.com/publication/3b64b02c?page=39"> MONTENEGRO • Institute of Accountants and Audito</a> <a title="IFAC-2012-Annual-Report page 40" href="http://viewer.zmags.com/publication/3b64b02c?page=40"> </a> <a title="IFAC-2012-Annual-Report page 41" href="http://viewer.zmags.com/publication/3b64b02c?page=41"> PIOB, CAGs, AND INDEPENDENT STANDARD-SETTING BOAR</a> <a title="IFAC-2012-Annual-Report page 42" href="http://viewer.zmags.com/publication/3b64b02c?page=42"> 42 Message from the Public Interest Oversight B</a> <a title="IFAC-2012-Annual-Report page 43" href="http://viewer.zmags.com/publication/3b64b02c?page=43"> directly involved in risk transparency and risk m</a> <a title="IFAC-2012-Annual-Report page 44" href="http://viewer.zmags.com/publication/3b64b02c?page=44"> 44 International Accounting Educati</a> <a title="IFAC-2012-Annual-Report page 45" href="http://viewer.zmags.com/publication/3b64b02c?page=45"> 45 the IAESB and, in particular, the </a> <a title="IFAC-2012-Annual-Report page 46" href="http://viewer.zmags.com/publication/3b64b02c?page=46"> 46 International Auditing and Assur</a> <a title="IFAC-2012-Annual-Report page 47" href="http://viewer.zmags.com/publication/3b64b02c?page=47"> In Conclusion Sincere thanks to the members</a> <a title="IFAC-2012-Annual-Report page 48" href="http://viewer.zmags.com/publication/3b64b02c?page=48"> 48 International Ethics Standards B</a> <a title="IFAC-2012-Annual-Report page 49" href="http://viewer.zmags.com/publication/3b64b02c?page=49"> 49 Member Organizations Asian Financial E</a> <a title="IFAC-2012-Annual-Report page 50" href="http://viewer.zmags.com/publication/3b64b02c?page=50"> 50 Independent Standard-Setting Boards (January</a> <a title="IFAC-2012-Annual-Report page 51" href="http://viewer.zmags.com/publication/3b64b02c?page=51"> International Ethics Standards Board for Accounta</a> <a title="IFAC-2012-Annual-Report page 52" href="http://viewer.zmags.com/publication/3b64b02c?page=52"> </a> <a title="IFAC-2012-Annual-Report page 53" href="http://viewer.zmags.com/publication/3b64b02c?page=53"> SERVICE DELIVERY AND FINANCIAL STATEMENTS</a> <a title="IFAC-2012-Annual-Report page 54" href="http://viewer.zmags.com/publication/3b64b02c?page=54"> 54 Service Delivery Statement To ac</a> <a title="IFAC-2012-Annual-Report page 55" href="http://viewer.zmags.com/publication/3b64b02c?page=55"> Section 1 Standards and Guidance The st</a> <a title="IFAC-2012-Annual-Report page 56" href="http://viewer.zmags.com/publication/3b64b02c?page=56"> 56 Pacific (October) which brought to</a> <a title="IFAC-2012-Annual-Report page 57" href="http://viewer.zmags.com/publication/3b64b02c?page=57"> Handbook of IPSASB Pronouncements The Handb</a> <a title="IFAC-2012-Annual-Report page 58" href="http://viewer.zmags.com/publication/3b64b02c?page=58"> 58 Section 2 Support for Adoption and Imple</a> <a title="IFAC-2012-Annual-Report page 59" href="http://viewer.zmags.com/publication/3b64b02c?page=59"> Articles During 2012 IAESB members and staf</a> <a title="IFAC-2012-Annual-Report page 60" href="http://viewer.zmags.com/publication/3b64b02c?page=60"> 60 Other Podcasts highlighting </a> <a title="IFAC-2012-Annual-Report page 61" href="http://viewer.zmags.com/publication/3b64b02c?page=61"> 61 the ISA Guide Orientation Slides: </a> <a title="IFAC-2012-Annual-Report page 62" href="http://viewer.zmags.com/publication/3b64b02c?page=62"> 62 6 2 Section 3 Quality</a> <a title="IFAC-2012-Annual-Report page 63" href="http://viewer.zmags.com/publication/3b64b02c?page=63"> • Mauritania • South Africa • Swaziland • Tri</a> <a title="IFAC-2012-Annual-Report page 64" href="http://viewer.zmags.com/publication/3b64b02c?page=64"> 64 was deferred to 2013 to allow addi</a> <a title="IFAC-2012-Annual-Report page 65" href="http://viewer.zmags.com/publication/3b64b02c?page=65"> Section 4 Representation IFAC develops </a> <a title="IFAC-2012-Annual-Report page 66" href="http://viewer.zmags.com/publication/3b64b02c?page=66"> 66 Regulatory and Other Relationships</a> <a title="IFAC-2012-Annual-Report page 67" href="http://viewer.zmags.com/publication/3b64b02c?page=67"> 67 PARTICIPATION IN INTERNATIONAL, R</a> <a title="IFAC-2012-Annual-Report page 68" href="http://viewer.zmags.com/publication/3b64b02c?page=68"> 68 PROMOTION OF PUBLIC INTEREST ACTI</a> <a title="IFAC-2012-Annual-Report page 69" href="http://viewer.zmags.com/publication/3b64b02c?page=69"> 69 AUDITING, ASSURANCE, AND RELATED </a> <a title="IFAC-2012-Annual-Report page 70" href="http://viewer.zmags.com/publication/3b64b02c?page=70"> 70 ETHICS Participation in Internati</a> <a title="IFAC-2012-Annual-Report page 71" href="http://viewer.zmags.com/publication/3b64b02c?page=71"> 71 PUBLIC SECTOR FINANCIAL REPORTING</a> <a title="IFAC-2012-Annual-Report page 72" href="http://viewer.zmags.com/publication/3b64b02c?page=72"> 72 MEMBER BODY DEVELOPMENT Mentoring</a> <a title="IFAC-2012-Annual-Report page 73" href="http://viewer.zmags.com/publication/3b64b02c?page=73"> 73 PROFESSIONAL ACCOUNTANTS IN BUSIN</a> <a title="IFAC-2012-Annual-Report page 74" href="http://viewer.zmags.com/publication/3b64b02c?page=74"> 74 SMALL AND MEDIUM PRACTICES IFAC S</a> <a title="IFAC-2012-Annual-Report page 75" href="http://viewer.zmags.com/publication/3b64b02c?page=75"> Section 5 Communications IFAC’s communi</a> <a title="IFAC-2012-Annual-Report page 76" href="http://viewer.zmags.com/publication/3b64b02c?page=76">   INDEPENDENT ASSURANCE REPORT ON SERVICE DELIVER</a> <a title="IFAC-2012-Annual-Report page 77" href="http://viewer.zmags.com/publication/3b64b02c?page=77"> We believe that the assurance evidence we have ob</a> <a title="IFAC-2012-Annual-Report page 78" href="http://viewer.zmags.com/publication/3b64b02c?page=78"> 78 Statement of Financial Performance For the y</a> <a title="IFAC-2012-Annual-Report page 79" href="http://viewer.zmags.com/publication/3b64b02c?page=79"> 79 Statement of Changes in Net Assets/Equity Fo</a> <a title="IFAC-2012-Annual-Report page 80" href="http://viewer.zmags.com/publication/3b64b02c?page=80"> 80 Statement of Financial Position As at Decemb</a> <a title="IFAC-2012-Annual-Report page 81" href="http://viewer.zmags.com/publication/3b64b02c?page=81"> 81 Statement of Cash Flows For the year ended D</a> <a title="IFAC-2012-Annual-Report page 82" href="http://viewer.zmags.com/publication/3b64b02c?page=82"> 82 Statement of Accounting Policies For the yea</a> <a title="IFAC-2012-Annual-Report page 83" href="http://viewer.zmags.com/publication/3b64b02c?page=83"> 83 an amount equal to the expenses in</a> <a title="IFAC-2012-Annual-Report page 84" href="http://viewer.zmags.com/publication/3b64b02c?page=84"> 84 over the average remaining service</a> <a title="IFAC-2012-Annual-Report page 85" href="http://viewer.zmags.com/publication/3b64b02c?page=85"> 85 Membership dues and other receivab</a> <a title="IFAC-2012-Annual-Report page 86" href="http://viewer.zmags.com/publication/3b64b02c?page=86"> 86 Notes to the Financial Statements For the ye</a> <a title="IFAC-2012-Annual-Report page 87" href="http://viewer.zmags.com/publication/3b64b02c?page=87"> 87 rate changes. IFAC accepts the cur</a> <a title="IFAC-2012-Annual-Report page 88" href="http://viewer.zmags.com/publication/3b64b02c?page=88"> 88 the new office located at 529 Fift</a> <a title="IFAC-2012-Annual-Report page 89" href="http://viewer.zmags.com/publication/3b64b02c?page=89"> 89 Software licenses and develo</a> <a title="IFAC-2012-Annual-Report page 90" href="http://viewer.zmags.com/publication/3b64b02c?page=90"> 90 Upon vacating the office spa</a> <a title="IFAC-2012-Annual-Report page 91" href="http://viewer.zmags.com/publication/3b64b02c?page=91"> 91 The following presents pens</a> <a title="IFAC-2012-Annual-Report page 92" href="http://viewer.zmags.com/publication/3b64b02c?page=92"> 92 Expense recognized in the statemen</a> <a title="IFAC-2012-Annual-Report page 93" href="http://viewer.zmags.com/publication/3b64b02c?page=93"> 93 The mortality assumption is </a> <a title="IFAC-2012-Annual-Report page 94" href="http://viewer.zmags.com/publication/3b64b02c?page=94"> 94 13. Employee Disclosure As a</a> <a title="IFAC-2012-Annual-Report page 95" href="http://viewer.zmags.com/publication/3b64b02c?page=95"> 95 15. Related Parties Council </a> <a title="IFAC-2012-Annual-Report page 96" href="http://viewer.zmags.com/publication/3b64b02c?page=96"> 96 (2011: $73,703). This amount is in</a> <a title="IFAC-2012-Annual-Report page 97" href="http://viewer.zmags.com/publication/3b64b02c?page=97"> the PIOB. 2012 448,893 137,407 16,138 27</a> <a title="IFAC-2012-Annual-Report page 98" href="http://viewer.zmags.com/publication/3b64b02c?page=98"> 98 EXPENSES Public Interest Activity Commit</a> <a title="IFAC-2012-Annual-Report page 99" href="http://viewer.zmags.com/publication/3b64b02c?page=99"> unallocated assets and liabilities. Current ass</a> <a title="IFAC-2012-Annual-Report page 100" href="http://viewer.zmags.com/publication/3b64b02c?page=100">   INDEPENDENT AUDITORS' REPORT To the Board of t</a> <a title="IFAC-2012-Annual-Report page 101" href="http://viewer.zmags.com/publication/3b64b02c?page=101"> </a> <a title="IFAC-2012-Annual-Report page 102" href="http://viewer.zmags.com/publication/3b64b02c?page=102"> For more information about IFAC, please contact: </a>