AGENDA

CReCER Leadership & Commitment
Program 2010

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	Break-Out Sessions – Roundtable Format
7:30 – 8:00	Coffee and Registration
8:00 – 8:30	Welcoming Address
8:30 – 9:45	Plenary Session: Implementation of International Standards The Role of International Donors in Improving Governance and Accountability The Role of International Donors in Improving Governance and Accountability International donors such as the World Bank and the Inter-American Development Bank promote the adoption and use of high-quality international standards of excellence in both the private and public sectors as a means to strengthen the international financial architecture and to promote efficient, accountable governments. The organization of CReCER is just one part of a broad effort in Latin America, Caribbean and beyond to promote sound governance, transparency and accountability. Implementation of International Financial Reporting Standards (IFRS) Implementation of International Financial Reporting Standards (IFRS) For more than a decade, the IASB has worked to design and refine international standards of financial reporting that allow corporations and financial statement users around the world to speak the same language in presenting and assessing financial positions. In the fast-moving and rapidly changing business environment of the 21st century, the IASB must pursue continuous innovation and enhancement of its standards and guidance. The role of the Accountancy Profession The role of the Accountancy Profession Accountants—whether they work as CFOs, auditors, government comptrollers, professors or in some other role—work in the public interest to provide the information that keeps the Information Economy working well. More and more, today’s accountants and auditors are called upon to perform a variety of roles, to learn new skills, and to do their work at a faster pace than ever before.
9:45 – 10:00	Overview and presentation of the Roundtable format
10:00 – 10: 15	Coffee Break
Stream:	Financial Reporting (A)	Financial Reporting (B)	Public Financial Management
10:15 – 11:30	Asset Valuation: Fair Value Accounting/Provisions [+] Asset valuation: Fair Value Accounting/Provisions In the wake of the recent financial and economic crisis, some have criticized fair value accounting as a root of the crisis, while others have defended it as the only market-based solution. The crisis has also led to modifications and amendments of fair-value rules from major standard-setters global. This session will discuss some of these controversies and trends surrounding valuation and financial reporting.	ISA Implementation - Challenges and Success Factors [+] ISA Implementation - Challenges and Success Factors With the completion of the ISA Clarity Project in 2009, the IAASB has re-issued all its auditing standards in a form designed to enhance understanding and implementation, as well as to facilitate translation. Implementation is the primary priority. IFAC member bodies, audit firms and others have worked to disseminate these revised standards, and this session will share their experiences and success factors.	Performance Based Management [+] Performance Based Management The use of performance indicators and more systematic management techniques promise to deliver increases in efficiency and effectiveness in public financial management. To put these new techniques into practice, government accountants and financial managers in many countries are making changes and enhancements to their overall financial management systems. This session will offer practical insights and lessons learned from the implementation of performance based management.
11:30 – 12:45	Risk Management: Implications for the Banking and Insurance Sectors [+] Risk Management: Implications for the Banking and Insurance Sectors As banks, insurance companies and other financial firms develop increasingly sophisticated tools to measure and mitigate risk, market supervisors are called upon to update their own risk assessment tools through the Basel I & II and Solvency I & II frameworks. Regulators rely on skilled and ethical auditors and accountants to flag areas of concern and to provide a transparent and reliable basis for prudential decision-making.	Development of Professional Accountancy Certification Systems [+] Development of professional accountancy certification systems Professional accountancy certification systems send a signal of heightened preparation and competence to financial statement users. Mexico’s Contador Público Certificado (CPC) credential, which was created as part of the NAFTA treaty, could serve as a blueprint for developing other certification processes in the region. Participants in this session will discuss the many complexities and challenges associated with designing a credible certification process, as well as potential ways forward for resolving them.	Government Financial Reporting: Strategies for IPSAS Adoption [+] Government Financial Reporting: Strategies for IPSAS Adoption The conversion toward a single set of high-quality financial reporting standards is not only occurring in the private sector. A number of countries in the Latin America and Caribbean region are working to implement International Public Sector Accounting Standards today. What are some of the strategies for reconciling an existing government accounting system with these new standards?
12:45 – 14:15	Lunch
14:15 – 15:30	IFRS Implementation - Challenges and Success Factors [+] IFRS Implementation - Challenges and Success Factors In Europe, Latin America, and elsewhere, experience has shown that conversion to IFRS is most successful following a well-designed process. Successful processes include a number of intermediate benchmarks to ensure that companies and their preparers are ready for the change. This session will discuss what has worked and what has not in preparing for the shift to IFRS.	Independent Audit Oversight [+] Independent Audit Oversight Regulators, financial statement users, and other stakeholders rely on the judgment and skill of external auditors to arrive at informed decisions regarding the financial position of a company, as well as to detect potential weaknesses. To ensure that external auditors are prepared to play this role effectively, several countries in the region have begun to explore (or have already begun to implement) a system of independent audit oversight. This session will discuss regional and global best practices in developing independent audit oversight institutions.	Corporate Governance of State-owned Enterprises [+] Corporate governance of state-owned enterprises In most countries of the region, state-owned enterprises are important players in the national economy—not only because of their economic importance but also because of the critical services they deliver to the public. The Panama Canal Authority is known around the world as an example of good practice in corporate governance of state-owned enterprises. Their experience and the experience of other regional players may provide insights for other government companies in the region.
15:30 – 16:45	Corporate Governance, Role of Audit Committees [+] Corporate governance, role of audit committees A critical piece of a sound corporate governance framework is a competent and independent audit committee. Working closely with external auditors and others, audit committees help to ensure that the financial health of the company and potential threats against it are assessed fairly and presented accurately to shareholders and other interested parties. What are the challenges of implementing such a system in practice, and how have companies addressed these challenges?	IFRS for SMEs: From Adoption to Implementation [+] IFRS for SMEs: From Adoption to Implementation Last year, IFRS for SMEs were completed and presented to the world. Now that these new, simplified standards have arrived, many countries are in the process of determining how and when to use them. Policymakers and private sector leaders are now developing adoption and implementation plans, determining which companies should use the simpler standards and what kind of training will be necessary for them to live up to their potential.	Challenges and Success Factors in SAI Operations [+] Challenges and Success Factors in SAI Operations Supreme audit institutions represent citizens’ interests in promoting transparent and accountable governments, yet at the same time they must also understand the realities and challenges of governing to be effective. As governments seek cost efficiency to improve their fiscal position, and donors increasingly rely on a country's system of financial oversight, SAIs help the government “do more with less” and to cut out waste. What strategies do successful SAIs adopt to achieve success in their unique role? What are some of the best practices in this area in Latin America and the Caribbean?
16:45 – 17:00	Coffee Break
17:00 – 17:30	Closing Plenary Session: Accomplishments and Key Issues for the Future The Importance of Training, Education and Certification of Accountancy Professionals The Importance of Training, Education and Certification of Accountancy Professionals A global consensus has formed around the benefits of universal, high-quality standards of financial reporting, auditing, education, ethics. In order to achieve this, it will be critical to establish high-quality accountancy education and training programs, capable of producing competent and principled professionals. The work of enhancing education, training, and certification systems is a common project among the Profession, Academia, national policymakers, business community leaders, regulators, international donors. The Ultimate Challenge - Implementation The Ultimate Challenge - Implementation Implementing the ideas discussed at CReCER and in other forums is challenging. The Global Public Pollicy Committee, comprised of representatives from the six largest international accounting networks (BDO International, Deloitte, Ernst & Young, Grant Thornton International, KPMG and PricewaterhouseCoopers) is focusing on public policy issues for the profession. The committee will draw on their global experience to provide insight and suggestions for overcoming the obstacles to international accounting and auditing standards adoption and implementation.
17:30 – 18:00	The CReCER Initiative The CReCER Initiative - Community of Practice and Center of Excellence What started out as an annual conference in Mexico City in 2007 has grown into a broader and more important initiative. The CReCER Initiative will undertake a range of programming, training, researching, and other activities to promote transparency and accountability in the public and private sectors in Latin America. Closing Comments
18:00 – 20:00	Cocktail