Ballot 44 – IFAC Membership

Ballot 44 – IFAC Membership (Passed Unanimously)

Motion

Ben Wilson made the following motion, and Eddy Nigg and Bruce Morton endorsed it:

The existing definition of “Accounting Practitioner” contemplates that an Accounting Practitioner is licensed by an entity that is a member of the International Federation of Accountants. IFAC Membership is not restricted to licensing and regulatory activities. “Each member body determines the specific criteria for its members, in accordance with any applicable legislation or regulation” and “[IFAC members] carry out such programs on their own behalf, on behalf of the profession, or on behalf of governments, regulators or other agencies [and some] programs are carried out by another body.”

Thus, some countries have multiple members of IFAC, while in other countries the IFAC Member is not the same as the Regulatory/Licensing body. Therefore, it is proposed that the definition of “Accounting Practitioner” and subsection (1)(A) (Status of Author) of section 10.10.2 Verified Accountant Letter be amended as follows:

Motion begins

EFFECTIVE IMMEDIATELY

Erratum begins

In 3. Definitions, DELETE:- Accounting Practitioner: A certified public accountant, chartered accountant, or equivalent licensed by a full member of the International Federation of Accountants (IFAC) to practice accounting in the country of the Applicant’s Jurisdiction of Incorporation or Registration or any jurisdiction where the Applicant maintains an office or physical facility.

And in 3. Definitions, INSERT: Accounting Practitioner: A certified public accountant, chartered accountant, or a person with an equivalent license within the country of the Applicant’s Jurisdiction of Incorporation or Registration or any jurisdiction where the Applicant maintains an office or physical facility; provided that an accounting standards body in the jurisdiction maintains full (not “suspended” or “associate”) membership status with the International Federation of Accountants (IFAC).

In 10.10.2(1), DELETE: (A) Status of Author: The CA MUST verify that the accountant letter is authored by an independent professional accountant retained by and representing the Applicant (or an in-house professional accountant employed by the Applicant) (Accounting Practitioner) who is a certified public accountant, chartered accountant, or equivalent licensed by a full member of the International Federation of Accountants (IFAC) to practice accounting in the country of the Applicant’s Jurisdiction of Incorporation or Registration or any jurisdiction where the Applicant maintains an office or physical facility;

And in 10.10.2(1), INSERT: (A) Status of Author: The CA MUST verify that the accountant letter is authored by an independent Accounting Practitioner retained by and representing the Applicant (or an in-house professional accountant employed by the Applicant) who is a certified public accountant, chartered accountant, or has an equivalent license within the Applicant’s Jurisdiction of Incorporation, Jurisdiction of Registration, or the jurisdiction where the Applicant maintains an office or physical facility. Verification of license MUST be through that jurisdiction’s member of the International Federation of Accountants (IFAC) or through the regulatory organization in that jurisdiction appropriate to contact when verifying an accountant’s license to practice in that jurisdiction.

Erratum ends

Motion ends

The ballot review period comes into effect at 2100 UTC on 9 Apr ’10 and will close at 2100 UTC on 16 Apr ’10. Unless the motion is withdrawn during the review period, the voting period will start immediately thereafter and will close at 2100 UTC on 23 Apr ’10.

Votes must be cast by ‘reply all’ to this email.

A vote in favour of the motion must indicate a clear ‘yes’ in the response. A vote against must indicate a clear ‘no’ in the response. A vote to abstain must indicate a clear ‘abstain’ in the response. Unclear responses will not be counted.

The latest vote received from any representative of a voting member before the close of the voting period will be counted.