Ballot 44 – IFAC Membership

Ballot overview

• Ballot 44 – IFAC Membership was passed unanimously.
• The ballot amends the definition of Accounting Practitioner and subsection 10.10.2(1)(A) Status of Author in the Verified Accountant Letter section.

What changes were made

• The existing definition tied Accounting Practitioner to being licensed by a full member of IFAC.
• The revised definition allows a certified public accountant, chartered accountant, or equivalent license within the relevant jurisdiction, provided that an accounting standards body in that jurisdiction maintains full IFAC membership status.
• The revised 10.10.2(1)(A) language requires the CA to verify that the accountant letter is authored by an independent Accounting Practitioner who meets the jurisdiction-based licensing requirement.
• Verification of the license must be through that jurisdiction’s IFAC member or through the appropriate regulatory organization in that jurisdiction.

Timing

• The motion states that it begins effective immediately.
• The ballot review period comes into effect at 2100 UTC on 9 Apr 2010 and closes at 2100 UTC on 16 Apr 2010.
• The voting period starts immediately after the review period and closes at 2100 UTC on 23 Apr 2010.

Compliance impact

• CAs were required to apply the erratum immediately upon the motion taking effect.
• The change applies to the Accounting Practitioner definition and the Status of Author verification requirement in section 10.10.2(1)(A).