IFAC 2008 annual report - IBR

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FINANCIAL STATEMENTS 22. Line of Credit As at December 31, 2008, IFAC had an available credit with its bank, JP Morgan Chase of $ 1,500,000 (2007: IFAC did not hold an available credit as at December 31). IFAC did not access its line of credit while available during 2008 and 2007. Borrowings under the line of credit are collateralized by substantially all of IFAC’s assets. 23. Reclassifications Certain reclassifications have been made to the 2007 financial statements to conform to the current period presentation. The reclassifications had no effect on the previously reported surplus. The Statement of Accounting Policies and the accompanying notes form part of the financial statements. SIXTY-SIX
To the Board of the International Federation of Accountants REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of the International Federation of Accountants (“IFAC”), which comprise the statement of financial position as at December 31, 2008 and 2007, and the statements of financial performance, changes in equity and cash flows for the years then ended, and a summary of significant accounting policies and other explanatory notes. Managements’ Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Public Sector Accounting Standards. is responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with International Standards on Auditing. ose standards require that we comply with ethical requirements and plan and perform the audits to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. e procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of IFAC as of December 31, 2008 and 2007, and of its financial performance, changes in its equity, and its cash flows for the years then ended in accordance with International Public Sector Accounting Standards. CERTIFIED PUBLIC ACCOUNTANTS February 20, 2009 529 FIFTH AVENUE, NEW YORK, NY 10017 • (212) 697-1000 • FAX (212) 697-1004 e-mail: ccc@citrincooperman.com
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International Federation of Account
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INTERNATIONAL FEDERATION OF ACCOUNT
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Approaches to Continuing Profession
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Caribbean Region Conference entitle
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and beyond. In fact, we remain uniq
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REPORTS FROM THE CONSULTATIVE ADVIS
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CONSULTATIVE ADVISORY GROUP MEMBERS
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MESSAGE FROM STAVROS B. THOMADAKIS
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IFAC 2008 annual report - IBR

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