COLUMBUS STATE COMMUNITY COLLEGE College Planning Forum Strategic Planning Update May 31, 2012.
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International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 1 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
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 2 of 10
Planning
ImplementationMonitoring
Reporting
Overview of Strategic Planning Process
2 Year
Cycle
Overview of Strategic Planning Process
• Ongoing Monitoring of the Professional
Environment
• Consultations throughout 2007
• Management’s Preliminary Responses
• Development of Strategic Planning Documents
• Continuing Consultation with Key Stakeholders
Overview of Strategic Planning Process
• 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
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 3 of 10
Overview of Strategic Planning Process
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
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 4 of 10
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
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 5 of 10
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 Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 6 of 10
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
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 7 of 10
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
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 8 of 10
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%
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 9 of 10
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
International Accounting Education Standards Board Agenda Item 6-9 May 2008 – Dublin
Prepared by: Jim Sylph (May 2008) Page 10 of 10
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