The International Federation of Accountants has issued its 2005 annual report, highlighting the update of its code of ethics, as well as the formal establishment of the Public Interest Oversight Board.

In a statement, IFAC president Graham Ward said that the group's most notable accomplishments in 2005 included the strengthening of standard-setting processes, the development of practice guidance to help developing nations build accounting capacity and the release of the updated "Code of Ethics for Professional Accountants." The international code goes into effect June 30.

The federation said that one of the most significant events of 2005 was the establishment of the PIOB, which will oversee IFAC's auditing and assurance, ethics, and education standard-setting activities. The PIOB also released its first public report, which further defines its mission, and can be downloaded at http://www.ipiob.org.

Other significant IFAC achievements included:

  • The establishment and expansion of consultative advisory groups for IFAC standard-setting boards, to ensure that there is sufficient public interest input;
  • Progress on the development of a global electronic knowledge resource for professional accountants in business; and,
  • The successful implementation of the first phase of the IFAC Member Body Compliance Program, which provides comprehensive information about the regulatory and standard-setting frameworks in countries around the world.

The full report is available at www.ifac.org/About/IFAC_2005_Annual.pdf.Earlier this month, the International Accounting Standards Committee Foundation published its report on activities in 2005. The report contains audited financial statements and other information, including a report on the governing board's activities. That report is available at www.iasb.org/uploaded_files/documents/10_845_IASCF2005-AnnualReports.pdf.

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