February 2007

NASBA President David Costello and NASBA/AICPA International Qualifications Appraisal Board Chair William Treacy met with the International Federation of Accountants President Fermin del Valle and Chief Executive Ian Ball on February 16, 2007 in New York City to discuss NASBA’s relationship with the international body, which has over 150 members and associates in 118 countries. Both NASBA and the AICPA are members of IFAC.

In a candid discussion with the IFAC leaders, President Costello stressed the importance of the state boards of accountancy to the promotion in the United States of any policies that IFAC may recommend. Charles Calhoun and John Peace, both former state board chairs, currently serve on IFAC committees and are sponsored by NASBA. President Costello recommended to the IFAC leaders that others with similar experience be considered for future IFAC appointments.

To study the relationship between the international accounting bodies’ pronouncements and the state boards and NASBA, a new task force has been appointed by NASBA Chair Wesley Johnson. As a task force of the Regulatory Response Committee, the new group is under the leadership of Rick Isserman (NY). The members of the new Task Force on International Professional Standards are: J. Coalter Baker (TX), Samuel K. Cotterell (ID), Robert L. Gray (NY), Gaylen R. Hansen (CO), Ray G. Stephens (OH) and Robert H. Temkin (MA). Their formal charge is: “ Identify entities that promulgate international practice standards that may impact or influence the public protection mandate of the state boards of accountancy. Determine if the entities possess the appropriate credentials, experience and background for reliability. Review and evaluate current and proposed standards. Make recommendations to the Regulatory Response Committee based on your findings and conclusions.” The Task Force will hold its initial conference call this month.

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