The board of the International Federation of Accountants has extended the contract of its chief executive through December 2009.

Ian Ball assumed the position in June 2002 and has implemented a number of reforms aimed at strengthening the group's standards-setting processes. He has also worked to improve IFAC's relationships with international regulators, as well as IFAC's member bodies, regional accountancy organizations and accounting firms.

"Alongside our key objective of achieving convergence to international standards, we will be focusing increased attention on building accountancy capacity worldwide, developing and promoting the important role of professional accountants in business, and promoting sound governmental financial management and financial reporting," Ball said.

Earlier this month, the federation's board also approved Kuala Lumpur, Malaysia, as the site for the 2010 World Congress of Accountants. Five cities were in the running; support of the national profession, along with the location, quality of facilities and infrastructure, were all factors in the final determination. The board announced its decision at its first-ever meeting held in China.

IFAC president Graham Ward said that the meeting recognized China's growing role in the international marketplace, as well as the country's recent decision to converge to International Financial Reporting Standards and International Standards on Auditing. Several key members of China's finance ministry were in attendance.

"This type of interaction is vital to understanding how IFAC can best support nations like China in the development of the profession," said Ward, in a statement.

Ward also said that the board approved a project to develop guidance materials on ISAs for use in audit engagements for small and midsized businesses. The new guidance will be based on standards going into effect Dec. 31. The project findings are scheduled for publication in early 2007.

Previously on WebCPA:

IFAC Issues 2005 Annual Report (May 24, 2006)

China to Adopt Standards for 2007 (Feb. 16, 2006)

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