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<br /> 2011 ANNUAL REPORT<br /> ILLUMINATING THE ISSUES<br /> HIGHLIGHTING THE SOLUTIONS<br /> IFAC 2011 ANNUAL REPORT<br /> 3<br /> Table of Contents<br /> MESSAGE FROM THE PRESIDENT AND CHIEF EXECUTIVE OFFICER 4<br /> MESSAGE FROM THE PUBLIC INTEREST OVERSIGHT BOARD CHAIR 9<br /> GOVERNANCE 11<br /> REPORTS OF CONSULTATIVE ADVISORY GROUPS 21<br /> MEMBERS AND ASSOCIATES 29<br /> BOARD AND COMMITTEES 37<br /> INDEPENDENT STANDARD‑SETTING BOARDS 41<br /> SERVICE DELIVERY <a title="IFAC-Annual-Report-2011 page 1" href="http://viewer.zmags.com/publication/ed4395af?page=1"> 2011 ANNUAL REPORT ILLUMINATING THE ISSU</a> <a title="IFAC-Annual-Report-2011 page 2" href="http://viewer.zmags.com/publication/ed4395af?page=2"> IFAC 2011 ANNUAL REPORT</a> <a title="IFAC-Annual-Report-2011 page 3" href="http://viewer.zmags.com/publication/ed4395af?page=3"> 3 Table of Contents MESSAGE FROM THE PRES</a> <a title="IFAC-Annual-Report-2011 page 4" href="http://viewer.zmags.com/publication/ed4395af?page=4"> 4 Message from the President and Chief Executi</a> <a title="IFAC-Annual-Report-2011 page 5" href="http://viewer.zmags.com/publication/ed4395af?page=5"> independent standard-setting boards operate in th</a> <a title="IFAC-Annual-Report-2011 page 6" href="http://viewer.zmags.com/publication/ed4395af?page=6"> 6 </a> <a title="IFAC-Annual-Report-2011 page 7" href="http://viewer.zmags.com/publication/ed4395af?page=7"> </a> <a title="IFAC-Annual-Report-2011 page 8" href="http://viewer.zmags.com/publication/ed4395af?page=8"> THE PUBLIC INTEREST OVERSIGHT BOARD</a> <a title="IFAC-Annual-Report-2011 page 9" href="http://viewer.zmags.com/publication/ed4395af?page=9"> 9 Message from the Public Interest Oversight B</a> <a title="IFAC-Annual-Report-2011 page 10" href="http://viewer.zmags.com/publication/ed4395af?page=10"> </a> <a title="IFAC-Annual-Report-2011 page 11" href="http://viewer.zmags.com/publication/ed4395af?page=11"> GOVERNANCE</a> <a title="IFAC-Annual-Report-2011 page 12" href="http://viewer.zmags.com/publication/ed4395af?page=12"> 12 IFAC’s Vision IFAC’s vision is t</a> <a title="IFAC-Annual-Report-2011 page 13" href="http://viewer.zmags.com/publication/ed4395af?page=13"> IFAC’s Structure IFAC’s structure provides </a> <a title="IFAC-Annual-Report-2011 page 14" href="http://viewer.zmags.com/publication/ed4395af?page=14"> 14 The Board is assisted by var</a> <a title="IFAC-Annual-Report-2011 page 15" href="http://viewer.zmags.com/publication/ed4395af?page=15"> 15 </a> <a title="IFAC-Annual-Report-2011 page 16" href="http://viewer.zmags.com/publication/ed4395af?page=16"> 16 The chief executive officer </a> <a title="IFAC-Annual-Report-2011 page 17" href="http://viewer.zmags.com/publication/ed4395af?page=17"> encouraging members of the FoF to meet high- qual</a> <a title="IFAC-Annual-Report-2011 page 18" href="http://viewer.zmags.com/publication/ed4395af?page=18"> 18 organizations provide technical su</a> <a title="IFAC-Annual-Report-2011 page 19" href="http://viewer.zmags.com/publication/ed4395af?page=19"> 19 Committee recommends to the Board </a> <a title="IFAC-Annual-Report-2011 page 20" href="http://viewer.zmags.com/publication/ed4395af?page=20"> </a> <a title="IFAC-Annual-Report-2011 page 21" href="http://viewer.zmags.com/publication/ed4395af?page=21"> REPORTS OF CONSULTATIVE ADVISORY GROUPS</a> <a title="IFAC-Annual-Report-2011 page 22" href="http://viewer.zmags.com/publication/ed4395af?page=22"> 22 International Auditing and Assur</a> <a title="IFAC-Annual-Report-2011 page 23" href="http://viewer.zmags.com/publication/ed4395af?page=23"> Member Organizations Asian Financial Executives I</a> <a title="IFAC-Annual-Report-2011 page 24" href="http://viewer.zmags.com/publication/ed4395af?page=24"> 24 International Accounting Educati</a> <a title="IFAC-Annual-Report-2011 page 25" href="http://viewer.zmags.com/publication/ed4395af?page=25"> At the end of this year I conclude my term </a> <a title="IFAC-Annual-Report-2011 page 26" href="http://viewer.zmags.com/publication/ed4395af?page=26"> 26 International Ethics Standards B</a> <a title="IFAC-Annual-Report-2011 page 27" href="http://viewer.zmags.com/publication/ed4395af?page=27"> 27 Member Organizations Asian Financial E</a> <a title="IFAC-Annual-Report-2011 page 28" href="http://viewer.zmags.com/publication/ed4395af?page=28"> </a> <a title="IFAC-Annual-Report-2011 page 29" href="http://viewer.zmags.com/publication/ed4395af?page=29"> MEMBERS AND ASSOCIATES</a> <a title="IFAC-Annual-Report-2011 page 30" href="http://viewer.zmags.com/publication/ed4395af?page=30"> 30 Members (As at December 31, 2011) ALBAN</a> <a title="IFAC-Annual-Report-2011 page 31" href="http://viewer.zmags.com/publication/ed4395af?page=31"> DENMARK • FSR–danske revisorer (Merger between </a> <a title="IFAC-Annual-Report-2011 page 32" href="http://viewer.zmags.com/publication/ed4395af?page=32"> 32 Members (As at December 31, 2011) JAMAI</a> <a title="IFAC-Annual-Report-2011 page 33" href="http://viewer.zmags.com/publication/ed4395af?page=33"> PARAGUAY • Colegio de Contadores de Paraguay PHI</a> <a title="IFAC-Annual-Report-2011 page 34" href="http://viewer.zmags.com/publication/ed4395af?page=34"> 34 Members (As at December 31, 2011) UNITE</a> <a title="IFAC-Annual-Report-2011 page 35" href="http://viewer.zmags.com/publication/ed4395af?page=35"> MONTENEGRO • Institute of Accountants and Audito</a> <a title="IFAC-Annual-Report-2011 page 36" href="http://viewer.zmags.com/publication/ed4395af?page=36"> </a> <a title="IFAC-Annual-Report-2011 page 37" href="http://viewer.zmags.com/publication/ed4395af?page=37"> BOARD AND COMMITTEES</a> <a title="IFAC-Annual-Report-2011 page 38" href="http://viewer.zmags.com/publication/ed4395af?page=38"> 38 IFAC Board (November 2010 to November 2011) </a> <a title="IFAC-Annual-Report-2011 page 39" href="http://viewer.zmags.com/publication/ed4395af?page=39"> Professional Accountants in Business Committee Ro</a> <a title="IFAC-Annual-Report-2011 page 40" href="http://viewer.zmags.com/publication/ed4395af?page=40"> </a> <a title="IFAC-Annual-Report-2011 page 41" href="http://viewer.zmags.com/publication/ed4395af?page=41"> INDEPENDENT STANDARD‑ SETTING BOARDS</a> <a title="IFAC-Annual-Report-2011 page 42" href="http://viewer.zmags.com/publication/ed4395af?page=42"> 42 International Accounting Education Standards</a> <a title="IFAC-Annual-Report-2011 page 43" href="http://viewer.zmags.com/publication/ed4395af?page=43"> International Ethics Standards Board for Accounta</a> <a title="IFAC-Annual-Report-2011 page 44" href="http://viewer.zmags.com/publication/ed4395af?page=44"> </a> <a title="IFAC-Annual-Report-2011 page 45" href="http://viewer.zmags.com/publication/ed4395af?page=45"> SERVICE DELIVERY</a> <a title="IFAC-Annual-Report-2011 page 46" href="http://viewer.zmags.com/publication/ed4395af?page=46"> 46 IFAC’S Service Delivery To achie</a> <a title="IFAC-Annual-Report-2011 page 47" href="http://viewer.zmags.com/publication/ed4395af?page=47"> Section 1 Standards and Guidance The st</a> <a title="IFAC-Annual-Report-2011 page 48" href="http://viewer.zmags.com/publication/ed4395af?page=48"> 48 Exposure Drafts Proposed ISA</a> <a title="IFAC-Annual-Report-2011 page 49" href="http://viewer.zmags.com/publication/ed4395af?page=49"> • Exposure Draft 45, Improvements to IPSASs </a> <a title="IFAC-Annual-Report-2011 page 50" href="http://viewer.zmags.com/publication/ed4395af?page=50"> 50 Section 2 Support for Adoption and Imple</a> <a title="IFAC-Annual-Report-2011 page 51" href="http://viewer.zmags.com/publication/ed4395af?page=51"> development of a process for assessing the effect</a> <a title="IFAC-Annual-Report-2011 page 52" href="http://viewer.zmags.com/publication/ed4395af?page=52"> 52 Modifications The IPSASB def</a> <a title="IFAC-Annual-Report-2011 page 53" href="http://viewer.zmags.com/publication/ed4395af?page=53"> Section 3 Quality and Development IFAC </a> <a title="IFAC-Annual-Report-2011 page 54" href="http://viewer.zmags.com/publication/ed4395af?page=54"> 54 community. The signing ceremony wa</a> <a title="IFAC-Annual-Report-2011 page 55" href="http://viewer.zmags.com/publication/ed4395af?page=55"> in Organizations. Following the IFAC / UNCTAD cor</a> <a title="IFAC-Annual-Report-2011 page 56" href="http://viewer.zmags.com/publication/ed4395af?page=56"> 56 Section 4 Representation IFAC deve</a> <a title="IFAC-Annual-Report-2011 page 57" href="http://viewer.zmags.com/publication/ed4395af?page=57"> Private Sector Taskforce of Regulated </a> <a title="IFAC-Annual-Report-2011 page 58" href="http://viewer.zmags.com/publication/ed4395af?page=58"> 58 Participation in International, Re</a> <a title="IFAC-Annual-Report-2011 page 59" href="http://viewer.zmags.com/publication/ed4395af?page=59"> 59 ACCOUNTING EDUCATION External Sub</a> <a title="IFAC-Annual-Report-2011 page 60" href="http://viewer.zmags.com/publication/ed4395af?page=60"> 60 AUDITING AND ASSURANCE External S</a> <a title="IFAC-Annual-Report-2011 page 61" href="http://viewer.zmags.com/publication/ed4395af?page=61"> 61 ETHICS External Submission </a> <a title="IFAC-Annual-Report-2011 page 62" href="http://viewer.zmags.com/publication/ed4395af?page=62"> 62 MEMBER BODY DEVELOPMENT CReCER </a> <a title="IFAC-Annual-Report-2011 page 63" href="http://viewer.zmags.com/publication/ed4395af?page=63"> 63 SMALL AND MEDIUM PRACTICES IFAC S</a> <a title="IFAC-Annual-Report-2011 page 64" href="http://viewer.zmags.com/publication/ed4395af?page=64"> 64 Section 5 Communications IFAC’s co</a> <a title="IFAC-Annual-Report-2011 page 65" href="http://viewer.zmags.com/publication/ed4395af?page=65"> • The 2011 Global Leadership Survey was co</a> <a title="IFAC-Annual-Report-2011 page 66" href="http://viewer.zmags.com/publication/ed4395af?page=66"> IFAC 2011 ANNUAL REPORT</a> <a title="IFAC-Annual-Report-2011 page 67" href="http://viewer.zmags.com/publication/ed4395af?page=67"> IFAC 2011 ANNUAL REPORT</a> <a title="IFAC-Annual-Report-2011 page 68" href="http://viewer.zmags.com/publication/ed4395af?page=68"> </a> <a title="IFAC-Annual-Report-2011 page 69" href="http://viewer.zmags.com/publication/ed4395af?page=69"> FINANCIAL HIGHLIGHTS AND FINANCIAL STATEMENTS</a> <a title="IFAC-Annual-Report-2011 page 70" href="http://viewer.zmags.com/publication/ed4395af?page=70"> 70 2011 Financial Highlights IFAC c</a> <a title="IFAC-Annual-Report-2011 page 71" href="http://viewer.zmags.com/publication/ed4395af?page=71"> project to establish public interest oversight fo</a> <a title="IFAC-Annual-Report-2011 page 72" href="http://viewer.zmags.com/publication/ed4395af?page=72"> 72 Statement of Financial Performance For the y</a> <a title="IFAC-Annual-Report-2011 page 73" href="http://viewer.zmags.com/publication/ed4395af?page=73"> 73 Statement of Changes in Net Assets/Equity Fo</a> <a title="IFAC-Annual-Report-2011 page 74" href="http://viewer.zmags.com/publication/ed4395af?page=74"> 74 Statement of Financial Position As at Decemb</a> <a title="IFAC-Annual-Report-2011 page 75" href="http://viewer.zmags.com/publication/ed4395af?page=75"> 75 Statement of Cash Flows For the year ended D</a> <a title="IFAC-Annual-Report-2011 page 76" href="http://viewer.zmags.com/publication/ed4395af?page=76"> 76 Statement of Accounting Policies For the yea</a> <a title="IFAC-Annual-Report-2011 page 77" href="http://viewer.zmags.com/publication/ed4395af?page=77"> 77 Interest income Interest inc</a> <a title="IFAC-Annual-Report-2011 page 78" href="http://viewer.zmags.com/publication/ed4395af?page=78"> 78 Intangible assets are carrie</a> <a title="IFAC-Annual-Report-2011 page 79" href="http://viewer.zmags.com/publication/ed4395af?page=79"> 79 Notes to the Financial Statements For the ye</a> <a title="IFAC-Annual-Report-2011 page 80" href="http://viewer.zmags.com/publication/ed4395af?page=80"> 80 The International Public Sec</a> <a title="IFAC-Annual-Report-2011 page 81" href="http://viewer.zmags.com/publication/ed4395af?page=81"> 81 in Euros, and is the Euro equivale</a> <a title="IFAC-Annual-Report-2011 page 82" href="http://viewer.zmags.com/publication/ed4395af?page=82"> 82 8. Property and Equipment Office E</a> <a title="IFAC-Annual-Report-2011 page 83" href="http://viewer.zmags.com/publication/ed4395af?page=83"> 83 Software licenses and develo</a> <a title="IFAC-Annual-Report-2011 page 84" href="http://viewer.zmags.com/publication/ed4395af?page=84"> 84 Also during 2011, IFAC execu</a> <a title="IFAC-Annual-Report-2011 page 85" href="http://viewer.zmags.com/publication/ed4395af?page=85"> 85 Change in the present value of the</a> <a title="IFAC-Annual-Report-2011 page 86" href="http://viewer.zmags.com/publication/ed4395af?page=86"> 86 Expense recognized in the statemen</a> <a title="IFAC-Annual-Report-2011 page 87" href="http://viewer.zmags.com/publication/ed4395af?page=87"> 87 The mortality assumption has</a> <a title="IFAC-Annual-Report-2011 page 88" href="http://viewer.zmags.com/publication/ed4395af?page=88"> 88 14. Reconciliation of Net Surplus </a> <a title="IFAC-Annual-Report-2011 page 89" href="http://viewer.zmags.com/publication/ed4395af?page=89"> 89 As at December 31, 2011, a t</a> <a title="IFAC-Annual-Report-2011 page 90" href="http://viewer.zmags.com/publication/ed4395af?page=90"> 90 organization. These positions are </a> <a title="IFAC-Annual-Report-2011 page 91" href="http://viewer.zmags.com/publication/ed4395af?page=91"> 91 Auditors Committee totaling $511,5</a> <a title="IFAC-Annual-Report-2011 page 92" href="http://viewer.zmags.com/publication/ed4395af?page=92"> 92 REVENUE International Auditing and Assuran</a> <a title="IFAC-Annual-Report-2011 page 93" href="http://viewer.zmags.com/publication/ed4395af?page=93"> For purposes of total PIACs expenses. $12</a> <a title="IFAC-Annual-Report-2011 page 94" href="http://viewer.zmags.com/publication/ed4395af?page=94"> 94 For purposes of this note, assets and liabili</a> <a title="IFAC-Annual-Report-2011 page 95" href="http://viewer.zmags.com/publication/ed4395af?page=95"> IFAC 2011 ANNUAL REPORT</a> <a title="IFAC-Annual-Report-2011 page 96" href="http://viewer.zmags.com/publication/ed4395af?page=96"> IFAC 2011 ANNUAL REPORT</a> <a title="IFAC-Annual-Report-2011 page 97" href="http://viewer.zmags.com/publication/ed4395af?page=97"> </a> <a title="IFAC-Annual-Report-2011 page 98" href="http://viewer.zmags.com/publication/ed4395af?page=98"> For more information about IFAC please contact: L</a>