slide presentation: strategic planning update ... · slide presentation: strategic planning update...

International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin

Prepared by: Jim Sylph (May 2008) of 10

Slide Presentation: Strategic Planning Update

International Federation of Accountants

Strategic Planning Update

Jim Sylph, Executive Director

IAESB Meeting

May 26, 2008

KEY

ACCOUNTABILITY

OVERSIGHT

CONSULTATION/ADVICE

IFAC Organization



Planning

ImplementationMonitoring

Reporting

Overview of Strategic Planning Process

2 Year

Cycle


• Ongoing Monitoring of the Professional

Environment

• Consultations throughout 2007

• Management’s Preliminary Responses

• Development of Strategic Planning Documents

• Continuing Consultation with Key Stakeholders


• 2007: Implementation and Consultation

– Board and Council Strategy Sessions

– Annual Chief Executives’ Meeting

– Standard Setting Board Strategy Consultations

– Consultation with Key Stakeholders

– Global Leadership Survey

– Financial Reporting Supply Chain Project

– Member Body Compliance Program

– Consultations with Regulators




Outputs:

• Strategic Plan for 2009-2012

• Operational Plan for 2009

– Activity Area Work Plans

– Associated Budgets

• Implementation Plan

Strategic Planning ProcessCurrent

Strategies and

Objectives

Professional and

Regulatory

Environments

Consultation

with

Stakeholders

Risk

Management

Planning

and

Finance

Committee

2009

Operational

Plan

2009-2012

Strategic

Plan

Implement-

ation Plan

Resource

Assessment



Pressures of Success

• Growing Adoption of Standards

• Broadening Implementation of Standards

• Recognized Reliability of Data

• Credibility of Programs

• Increased Outreach Activities

• Enhanced Reputation and Visibility

Sources of Pressure

Pressures of

Success

Pressures

on OutputsEnvironmental

Factors and

Changes

Inputs from

Stakeholders

Capital

Inputs

Governance



Impacts on IFAC

• Pressures on All Service Areas

– Standards and Guidance

– Promoting Quality

– International Collaboration Activities

– Representation of the Profession

– Information Services

• Pressures on Resources

Standards and Guidance

• Increased Call for Assistance in Adoption of

International Standards

• Greater Need for Implementation Guidance

• Growing Demands for Translation of Materials

• Widespread Need for Standards and Guidance for

SMEs/SMPs

Promoting Quality

• Pressure to Enhance and Promote Recognition of

the Importance of Training and Education on the

Role and Relevance of Professional Accountants

• Growing Need for Further Development of Strong

Professional Institutes

• Increasing Demand for Involvement in

Advancement of the Profession



International Collaboration Activities

• Expanding Need for Coordinated Responses to

International and Global Issues

• Increased Call for the Profession to Participate in

Economic Development Efforts (i.e., collaboration

between development agencies and Compliance

Program)

Representation of the Profession

• Growing Demand from the Stakeholders for

Positions on Public Policy Issues

• Significantly Increased Need for Involvement in

Regulatory Matters

• Expanding Need for Consistent and Positive

Coordination and Communication with Regulatory

Agencies

Information Services

• Growing Need for Sharing of Information

• Increasing Focus on Coordinated Communications

• Continuing Growth in the Use of Technology by

Professional Accountants

• Demands for Resources to Maintain Professional

Relevance and Development



Current Strategic Themes

1. Be recognized as the international standard setter

in the areas of auditing and assurance, education,

ethics and governmental financial reporting

2. Sustainability of the profession

3. Be the international voice of the accountancy

profession

4. Achieve greater value for the public through

enhancing collaborative efforts

5. Continue to enhance IFAC’s governance

Proposed Strategic Themes

1. Be recognized as the international standard setter

in the areas of auditing and assurance, education,

ethics and governmental financial reporting

2. Continually enhance the relevance of the

profession

3. Be the international voice of the accountancy

profession

4. Be active in supporting the adoption and assisting

the implementation of international standards



Proposed Service Responses

• Increased Adoption and Implementation Services

• Enhanced Compliance Activities

• Expanded Regulation and Public Policy Roles

• Increased Communication Activities

• Improved Global Coordination of Projects and

Priorities

• Expanded Development Efforts

Current Resource Allocation

Standards & Guidance

60%

Promoting Quality

11%

International

Collaboration

10%

Representation

12%Information Services

7%



Current Resources

• Annual Budget = $ 18 Million

• 45 Full Time Employees (or Equivalent)

– 28 Professional Technical and Management

– 17 Operations and Support

• One Month Operating Reserve

Impact of Proposed Activities

• Over the 2009-2012 Plan Period, Responding

Properly to the Pressures on IFAC May Require:

– Increasing Financial Resources

– Expanding Staff Complement

• Potentially, doubling current financial resource

requirements over 4 years.

IAESB considerations

• Impact assessments

– For all new standards

• Post implementation reviews

• Increased use of public forums

• Review of Committee/Board (Volunteer) Working

Model

• High level policy advice in relation to

adoption/implementation



IAESB cont

• Certification program for products and services that

assert compliance with IES?

• Encourage/support academic research on public

interest topics relevant to the profession

• Active consultation with regulators/oversight

authorities on adoption and implementation

• Increased communication activities

Next Steps

• Consultation with Key Stakeholders

• Drafting of Plans:

– Strategic

– Operational

– Implementation

• Development of Funding Sources and Strategies

• Board and Council Approval – Nov 2008

International Federation of Accountants