Read
Edit: admin
The Core Tips: The 5th issue of international accounting career development in 2020, including IFAC newsletters, standard-setting newsletters, global accounting industry newsletters, etc.
IFAC Newsletter
1. To help the global accounting industry cope with the COVID-19 epidemic, the International Federation of Accountants (IFAC) has recently set up a column of "Online Follow-up Education Services for Professional Accounting Organizations" on its website, which aims to share the follow-up education information and the follow-up education provided by member organizations for its members. Services (including paid and free items). For more information, you can log in
https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/online-cpd-services-professional-accountancy-organizations?utm_medium=email&utm_source=transactional&utm_campaign=GKG_Latest
2. Recently, the International Federation of Accountants (IFAC) published an article on its website entitled "The Seven-Step Crisis Management Method for Professional Accounting Organizations" to help member organizations actively respond to the outbreak. The article points out that the seven-step crisis management method is divided into three stages, namely the preparation stage, the implementation and response stage, and the summary experience, evaluation and repair stage. For more information, you can log in
https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/seven-essential-crisis-management-planning-steps-paos?utm_medium=email&utm_source=transactional&utm_campaign=GKG_Latest
Code-setting newsletter
1. Recently, the International Auditing and Assurance Standards Board (IAASB) and the International Accountants’ Professional Ethics Standards Board (IESBA) jointly issued an open letter expressing their determination to overcome difficulties and calling on relevant institutions to carry out various tasks in an orderly manner. Please log in for details
https://www.ethicsboard.org/news-events/2020-04/joint-message-chairs-iaasb-and-iesba?utm_medium=email&utm_source=transactional&utm_campaign=GKG_Latest
2. The International Accountants’ Professional Ethics Standards Board (IESBA) has recently decided to extend the term of its chairman Mr. Stavros B.Thomadakis to the end of 2021. Mr. Tom Madakis has led IESBA to revise the International Accountants’ Code of Professional Ethics and launch a digital version.
Global Accounting Industry Newsletter
1. Recently, the Institute of Chartered Accountants of Singapore (ISCA) issued a series of measures to deal with the COVID-19 epidemic to support accounting and financial professionals affected by the epidemic. The outbreak has had a huge impact on the Singapore accounting industry, including loss of business and customers, tight cash flow and the threat of unemployment. ISCA measures cover occupational support, resource sharing, and virtual training. Under the premise of making full use of government support, it proposes specific response plans for specific challenges facing the accounting industry, and will continue to adjust and improve according to the development of the epidemic situation.
2. Considering that the COVID-19 epidemic has a major impact on Hong Kong’s public health and economy, the Hong Kong Institute of Certified Public Accountants believes that in the face of the worsening economic outlook, directors, business owners, employees and the public should take early preventive measures to deal with possible financial difficulties. To reduce financial risk. The Association believes that it is very important to raise the awareness of the crisis among the public, enterprises and members. Therefore, it has recently compiled a "Handling Financial Crisis" handbook to provide important information and suggestions that help companies and individuals cope with financial difficulties.
3. The Association of Chartered Accountants in Sri Lanka (CASL) recently released two documents, "The COVID-19 Outbreak: Guidelines on the Impact on Audit" and the "COVID-19 Outbreak: Guidelines on the Application of Impact on Financial Reporting." The former explains the complexity and uncertainty that the epidemic brings to the auditors to perform audits, and provides practical guidance to reduce the scope of the epidemic's restrictions on the audit scope; the latter provides financial report compilers with guidance on the problems caused by the epidemic, including financial Tools, asset impairment, continuous operation, etc.
4. According to a recent global survey of members and related parties conducted by the Association of Chartered Certified Accountants (ACCA), nearly one-third of companies do not have appropriate business continuity plans to effectively respond to the crisis caused by the COVID-19 epidemic. The biggest impact caused by the epidemic is the decrease in employee productivity. The concerns of various industries about cash flow are reflected in the corporate world, the financial world, and the public sector.
5. The Canadian Institute of Chartered Professional Accountants (CPA Canada) and the Canada Revenue Agency (CRA) discussed the pressure and economic consequences of the COVID-19 epidemic, reached a consensus on cooperation, and discussed solutions. Canadian Chartered Professional Accountants will be deeply involved in the evaluation process and provide strategic guidance in ensuring business continuity.
6. The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued a statement on April 20, stating that due to the COVID-19 epidemic, it will postpone the recently issued auditing standards No. 134-140 until the end of 2021.
7. To curb the impact of the COVID-19 epidemic, the Charities SORP Committee took relevant measures and recently issued guidance on the impact of financial reports. The Association of Chartered Accountants in Scotland (ICAS) urges members to become familiar with the guidance and consider the relevance.
8. The British Financial Reporting Council (FRC) called for more effective use of audit quality indicators (AQI) in order to promptly correct misconduct and improve the quality of practice. Although British accounting firms are using this indicator to highlight areas of business that need improvement, FRC found that large firms only use such indicators after the audit business is over, not in advance.
9. The Independent Regulatory Board of Auditors of South Africa (IRBA) has appointed Ms. Jenitha John as Executive President from June 1, 2020, responsible for the implementation of the strategy from 2021 to 2026. Previously, Ms. John served as Senior Vice President of the Global Council of Internal Auditors Association (IIA).