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The event - jointly hosted by IFAC and the IFRS Foundation on November 28 and 29, 2011, in London, with the support of the Institute of Chartered Accountants of England and Wales (ICAEW) - was an excellent example of the constructive cooperation in regard to the development, adoption and implementation of high-quality auditing, assurance and financial reporting standards. The event involved a series of meetings to discuss areas of particular interest for each country delegation, including translation and adoption of standards and membership of IFAC. These meetings were preceded by a half-day seminar with presentations by key IAASB and IASB members. The event was attended by representatives from Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. Delegates included IFAC member bodies and associates, professional accountancy organisations, national standard-setters, ministries of finance, regulators and securities market authorities, national banks, donor organisations and other key stakeholders.
The meeting was convened under the leadership of Mr David Damant, former chair of the IAASB Consultative Advisory Group and former board member of the IASC (predecessor to the IASB). During his presentation on the IAASB’s activities, chairman Arnold Schilder spoke about development of audit and assurance standards and audit quality. He said: “In developing high-quality audit standards, achieving effective implementation, and enhancing audit quality, we need to have a strong dialogue and cooperation with users and with regulators”. Prof Schilder highlighted the constructive relationship between the IAASB and the IASB, and gave examples of this cooperation, including mutual attendance at meetings and commenting on relevant exposure drafts.
Jon Grant, IAASB member, discussed the adoption and implementation of the ISAs and some key success factors, including effective planning, cooperation with relevant stakeholders and high-quality translations.
IASB vice chair, Ian Mackintosh, presented an overview of the IASB’s current work plan and its ongoing consultation on the future agenda. Over 100 countries now require or permit the use of IFRSs. Russia is expected to adopt IFRSs in the very near future. Mr Mackintosh also discussed the recently-signed Memorandum of Understanding between the IASB and IFAC, which outlines the bodies’ commitment to continue to work together and further their constructive dialogue.
Wei-Guo Zhang, IASB member responsible for the relationship with the CIS, discussed ongoing IASB projects in the areas of revenue, leases, financial instruments and insurance.