The President of the Group of Latin American Accounting Standard Setters (GLASS), José Luiz Carvalho, participated in the Latin American Forum of the International Federation of Accountants (IFAC), themed “Public Interest Collaboration on Key Opportunities for the Profession”. The event took place on May 8 and 9 in Bogotá, Colombia.
José Luiz delivered a presentation on “Experiences in Latin America”, where he discussed the progress in adopting standards issued by the ISSB. During the presentation, the main challenges on the subject and the aspects affecting the adoption and implementation of standards in Latin American countries were addressed. He also introduced the seven working groups and committees currently existing in GLASS for the study of launched projects.
During the presentation, it was also announced that the GLASS board approved the creation of two permanent working groups: the Ethics Working Group and the Assurance Working Group, which will participate in the commenting process on projects to be published by the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB).
According to President José Luiz, the next step is to establish the scope of action of the groups and to follow the structuring with professionals to be appointed by the member organizations. Thus, GLASS will be able to participate in other discussion forums in Latin America or internationally, subject to prior approval by its board.