To meet the needs of their members, IFAC and the Inter-American Accounting Association (IAC) have been working on a series of webinars in Spanish in 2021, focusing on guidance and resources in Spanish, and sharing regional experiences in adopting and implementing international standards and best practices highlighting success factors in meeting IFAC membership requirements. The series also aimed to show how successful compliance and commitment to IFAC membership requirements could strengthen the relevance and reputation of PBOs in Latin America. The series ran from May 5 to June 23, 2021 and has over 9,000 views on YouTube. The complexity of the introduction and phased implementation applies in particular to jurisdictions where professional accountancy bodies (PAOs) have a shared responsibility to adopt appropriate standards for professional accountants and/or where DTP does not have the legal authority to adopt standards. Data collected through IFAC`s Member Compliance Program shows that in Latin America, on average, only 7% of IFAC member organizations have the exclusive legal authority to adopt standards. In order to meet IFAC requirements and best practices, IFAC member organisations need to maintain close relationships with key stakeholders to advocate, influence and promote the adoption and implementation of best practices. In addition, IFAC`s Global State of the Report 2019 found that more than 120 IFAC member organizations operate in countries where English is not the official or business language. Therefore, translation is essential and can contribute to the challenges of adoption and implementation. Eighteen (15%) of these ODPs are located in Spanish-speaking jurisdictions and represent the majority of Latin American jurisdictions.
Languages available: English | Hispano-Latin America Manuel Arias is Director at IFAC, where he leads member engagement and strengthens data collection to generate insights for better decision-making. Manuel is directly responsible for Latin America, North America and some European member organizations under the IFAC Member Compliance Program. Previously, he was Deputy Director of Interinstitutional Relations and Strategy at the Colombian INCP – DTP and previously worked at the Colombian Red Cross. Manuel holds a Master of Business Administration (MBA) from the Universidad de Los Andes – Colombia and a degree in Economics from the Universidad Nacional – Colombia. More From Manuel Arias Sarah Gagnon is a Senior Director at IFAC, where she provides membership and development services to IFAC member organizations in Central, Southern and Eastern Europe. Sarah also leads IFAC`s member compliance program and leads external and internal strategic communications and reporting on the adoption and implementation of global accounting standards. Prior to joining IFAC, Sarah worked in the SEEP network in Arlington, Virginia supporting research and membership services for SEEP global members in microfinance associations. She holds a bachelor`s degree in political science from Union College and a degree in Latin American Studies and Development from Georgetown University`s School of Foreign Service. More from Sarah Gagnon Over the past 15 years, great progress has been made in the adoption of international standards in Latin American countries, mainly with regard to auditing standards, private sector accounting standards and the International Code of Ethics for Professional Accountants.
The introduction of these standards creates a universal understanding of financial reporting for global investors, repeat customers and other stakeholders. Nevertheless, there is room for improvement in some specific areas that could increase confidence in the application of standards, such as quality assurance, education, research and discipline. Adopting and implementing international standards and inspection and monitoring mechanisms is hard work, and the process often requires years of advocacy, public education, awareness-raising, and building coalitions. The series fostered productive conversations and greater knowledge sharing among PBOs in the region. Equally exciting was that the webinar series inspired other webinars. From late 2021 to early 2022, IFAC and the ASEAN Federation of Accountants joined forces to hold similar monthly workshops on IFAC requirements, share best practices from the ASEAN region, and support PBOs in their process to meet the requirements. It is important to engage regional peers to continue to create a stronger regulatory environment in each jurisdiction. IFAC is committed to supporting adoption and implementation efforts, particularly in priority areas where overall adoption rates are lower. To help PBOs conduct gap analysis and prioritize measures in the adoption and implementation of standards, IFAC translated self-assessments of quality assurance systems, international educational standards, and research and discipline systems into five languages (Arabic, French, Portuguese, Russian and Spanish).
Click on each webinar to access the video recording and slides of the presentation. To leave a comment below, log in or register on IFAC.org But our actions don`t stop there. COVID-19 has significantly accelerated the need for regional and country-specific collaboration as PBOs have thought about their value proposition and service delivery to expand their scope of operations. Therefore, IFAC regularly publishes documents and tools to promote the resilience and value of our member organisations, including digital transformation. These initiatives help PBOs maintain their important role as advocates and technical advisors and build on their successes. Source: IFAC International Standards: Global Adoption Status Overview 2022.