JAMES PICKETT WESBERRY Jr >>>> PERSONAL WEBSITE

IFAC, FASB, AICPA, AIC, IIA

Introduction to Jim Wesberry
GIVING THANKS
E-Magazines by Jim Wesberry
THE FALTERING EAGLE: Speech made in 1970
MIAMI KEYNOTE: Public Financial Management, 2016
CONFERENCIA: CONTROL INTERNO Y ÉTICA: ESTARÍAN PERTINENTES EN 2025?
CONFERENCIA 6a Conferencia de Auditores Ecuador: El Auditor Interno Frente sus Tres Mayores Desafios
CONFERENCIA CReCER 2015: Empresas Estales en Busca de Etica---State Enterprises in Search of Ethics
CONFERENCIA QUITO HONESTO: Ambiente Etico = Municipio Eficiente: Principios de Conducta Etica, 2014
DOCTORADO HONORIS CAUSA - UNIVERSIDAD INCA GARCILASO DE LA VEGA, LIMA, PERU - 2013
DECORATION BY THE PERUVIAN GOVERNMENT 1972
CONFERENCIA EN HUANUCO, PERU - El Auditor enfrenta la Erupcion de Corrup$ion del Siglo XXI -2013
CONFERENCIAS EN CHILE - 3 Mayores Desafios al Auditor Interno - 2012 - VIDEO y TEXTO
DOLLARCRACY ->>>>>>>>>>>>>>>>>>>>>>>>>>> $$$ COUNT.........PEOPLE DON'T
THE CONTINUING FINANCIAL CRISIS
GEORGIA CORRUPTION ON MY MIND
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AMERICA IN DECLINE? The Life Cycle of a Great Power
ACCOUNTANCY & AUDITING: MY CHOSEN PROFESSION
SERVICE AS PAGE IN US HOUSE OF REPRESENTATIVES 1949-51
SPECIAL INVESTIGATOR OF CORRUPTION IN STATE GOVERNMENT 1959-60
LEGENDS: Georgians Who Lived Impossible Dreams
Wesberry v. Sanders, 376 US 1 Landmark US House Reapportionment Case
POLITICS - MY FIRST CAMPAIGN 1961
POLITICS - ELECTION TO GEORGIA STATE SENATE 1962
The Best Speech I Ever Made
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MANILA LECTURES AT FAR EASTERN & SANTO TOMAS UNIVERSITIES: Good Governance and Social Responsibility
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This page presents statements and actions by the international and national professional accountancy associations pertinent to the global financial and ethical crisis.

Political Pressure Threatens Accounting Boards

Members of the international Financial Crisis Advisory Group warned at a meeting in London that political pressure on accounting standard-setters posed a threat to the very existence of international accounting standards. The group, which includes members of the International Accounting Standards Board and the U.S. Financial Accounting Standards Board, talked about recent actions that have forced the boards to alter the standards for financial instruments such as mortgage-backed securities to deal with the credit crisis. The IASB has come under pressure from the European Commission, as well as the French and German governments, to relax the IAS 39 standards on asset impairment, while FASB has been pressured by Congress to loosen FAS 157 standards on fair value and mark-to-market accounting. There has been a lot of pressure, that both of us get, about an un-level playing field, said IASB Chairman Sir David Tweedie, according to a report on Financial Executives Internationals Financial Reporting blog.

The American Institute of CPA's says...

In today’s economic environment, which affects all types of businesses and industries, it is crucial to remain alert to current events and evaluate how they affect the audits you perform. There are a number of critical accounting and financial reporting issues that auditors should consider, such as: fair value, including fair value measurements in illiquid markets, impairment, and liquidity restrictions.

The U.S. is experiencing great economic instability and the U.S. government is taking unprecedented actions in efforts to curtail the economic crisis.

Principled accountants will report unethical conduct regardless of career damage. Unprincipled accountants (e.g., contingent fees and commissions), attorneys (e.g., class action lawsuits) , doctors (e.g., unnecessary procedures and over-billing Medicare) find ways to maximize earnings via unethical actions.

 - fromThe Pursuit of Professionalism, James P. Wesberry, Jr.,  The Internal Auditor Journal, April 1989, pp. 22-29.

IFAC President: U.S. Needs SEC Commitment to Global Standards

The time is now to implement global accounting and auditing standards, said International Federation of Accountants (IFAC) President Robert L. Bunting, CPA, in a speech (click to read) last week at the World Bank in Washington.

In a JofA interview, Bunting, a partner in Seattle-based Moss Adams LLP and a former chairman of the AICPA, further explained what he means by now. The SEC’s proposed road map (click to read) for the adoption of IFRS is “doable” as are the road maps of Canada, China and Japan, he said.

 

“The problem in the U.S. is the lack of clear commitment to the road map from the new leadership at the SEC,” said Bunting. “They haven’t come out and said ‘We are committed to the road map; we may move the dates around a little bit, but we know where we’re going.’ So for the United States, the issue is to confirm the destination, not so much the timing, but the destination.”

 

Market, rather than political, forces will drive the use of global standards in the U.S., according to Bunting. “A significant portion of U.S. companies will be reporting under IFRS no matter what the SEC decides,” he said.

 

But Bunting cautions that lack of action by the SEC could create a significant burden on U.S. businesses, their stakeholders and the accounting profession. “Unless the SEC commits to a road map, we’re going to be a bilingual country in terms of financial reporting,” he said. “And there’s nothing [the SEC] can do to keep that from happening unless they commit to the same language that the rest of the world will be operating in.”

 

In his remarks to the World Bank, Bunting also pointed out that small and medium-size entities and micro-entities require special attention. IFRS for private companies (nonpublicly accountable entities) may or may not be adequate today, according to Bunting.

 

“What’s important is that [IFRS for private companies] represents a commitment that ‘one size fits all’ does not apply in standards and that recognition has to be given to the special needs of smaller enterprises,” he said, further emphasizing that standards should be for accountability and transparency to help the functioning of the markets. “They should not be obstacles to the creation … or the growth of small businesses.”

 

The U.S. should be more committed to the development of IFRS for private companies, according to Bunting. “I believe that if the Unites States were to commit to this notion and it gains more traction in other markets, that it would become the standard for private entities, not micro enterprises, but private, small-medium enterprises that have a moderately sophisticated  reporting need,” he said.

 

While IFAC—with 158 member bodies in 123 countries and jurisdictions—is known for its work in establishing international standards for auditing, education, ethics, and public sector accounting, Bunting pointed out that the organization has recently changed its strategy in light of the economic crisis so that it can be more involved in driving for quality implementation of standards.

 

“If you want quality implementation in any country, including the United States, of auditing and ethics standards and even financial reporting standards, there are multiple parties that have to come together in the game plan.” said Bunting. “We’re the only organization in the world that has the kind of structure that makes it possible to set a standard and then obligate multiple participants around the world to use it. That positions us very uniquely to help with the implementation process.”

 

Bunting identified three key groups that IFAC works with to facilitate the implementation of global standards.

 

The first group is IFAC’s national member bodies like the AICPA, which Bunting says are critically important because of the training they provide, their support for the standards and the forums they create in order to help the profession deal with the standards and identify problems.

 

CPA firm networks are also under the IFAC umbrella through an IFAC organization called the Forum of Firms. “Firms have to embrace the standards, and the implementation occurs through the firms,” says Bunting. “The firms that belong to IFAC through the Forum of Firms are committed to implement IFAC auditing standards globally everywhere unless they are required by the country to use another standard. The major global firm networks also have IFAC’s International Standard on Quality Control 1 integrated into their transnational audit manuals and their training. They use IFAC standards for independence globally, and they do that, in part, because it makes sense and, in part, because it’s their commitment as members of the Forum of Firms.”

 

Finally, national regulators oversee the IFAC standard-setting process through the organization’s Public Interest Oversight Board.

__________________________
IFAC Backs G-20 Financial Reforms
The International Federation of Accountants has endorsed a set of proposals made at last week’s G-20 Summit of world leaders that aim to reform the global financial regulatory system.

The proposals were included in the G-20 Comunique issued by the Group of 20 leaders at their London meeting.

The G-20 objectives are consistent with many of the recommendations that IFAC sent to the G-20 Working Groups prior to the London summit, such as a call for implementing the Financial Stability Board’s 12 key International Standards and Codes, which include International Standards on Auditing.

IFAC had also recommended making significant progress toward a single set of high-quality global accounting standards, making improvements in the international regulatory framework, and strengthening the roles of the International Monetary Fund and the World Bank.

“We support the G-20 in building a reformed international financial system,” said IFAC CEO Ian Ball (pictured) in a statement. “The accountancy profession will have a vital role to play moving forward, and IFAC will continue to emphasize the measures we suggested in our recommendations to the G-20 last week.”

Among IFAC’s recommendations were the adoption of International Public Sector Accounting Standards in all jurisdictions and the provision by the G-20 of sufficient resources to develop and disseminate implementation guidance for the global standards they support. IFAC also proposed strengthening the IMF's “Code of Good Practices on Fiscal Transparency” through the application of IPSAS support for the establishment of well-governed professional accountancy bodies in countries where they do not currently exist; continued support for the World Bank’s Reports on Observance of Standards and Codes initiative; the establishment of an international, principles-based threshold of competencies for senior financial officers in public interest entities; and that the G-20 ensure its actions are supportive of the small business sector.

IFAC is developing a further set of recommendations that builds on the proposals in the G-20 Communiqué. The communiqué called on “the accounting standard-setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards.”

The G-20 issued an additional document, “Declaration on Strengthening the Financial System, which renames the Financial Stability Forum the Financial Stability Board and gives it the authority to review and advise financial regulators and standard-setting bodies. The declaration recommends that accounting standard-setters take a number of actions by the end of the year:

· Reduce the complexity of accounting standards for financial instruments:
·  Strengthen accounting recognition of loan-loss provisions by incorporating a broader range of credit information;
· Improve accounting standards for provisioning, off-balance-sheet exposures and valuation uncertainty;
· Achieve clarity and consistency in the application of valuation standards internationally, working with supervisors;
· Make significant progress towards a single set of high-quality global accounting standards; and,
· Within the framework of the independent accounting standard-setting process, improve involvement of stakeholders, including prudential regulators and emerging markets, through the IASB’s constitutional review.

 

U.S. accounting standard-setters bowed to congressional and banking industry pressure Thursday and allowed more flexibility in valuing toxic assets that have forced billions of dollars in writedowns.

The five-member Financial Accounting Standards Board (FASB) voted unanimously to let banks exercise more judgment in mark-to-market accounting, to determine whether a transaction is distressed and a market inactive.

But in a move that would help many U.S. banks report stronger results, the board split 3-2 in approving guidance that would let lenders take smaller losses on impaired assets available for sale...Canada.com

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Whenever you find you are on the side of the majority, it is time to pause and reflect

                     --- Mark Twain

We have never observed a great civilization with a population as old as the United States will have in the twenty-first century; we have never observed a great civilization that is as secular as we are apparently going to become; and we have had only half a century of experience with advanced welfare states...Charles Murray

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This is a personal website containing personal information and some news and  personal opinions on certain issues affecting democratic governance of interest to me and my friends, associates and seminar participants. The financial information, charts, etc., consist of items I find interesting. Draw your own conclusions from it.
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