International Federation of Accountants (IFAC)

IFAC’s mission is to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards in auditing and assurance, public sector accounting and education for professional accountants.

Website: www.ifac.org

Select news releases

Enhanced Reporting Policy Position Paper Updated; Focuses on Importance of Integrated Reporting

A revised and updated version of IFAC’s Policy Position Paper 8, Enhanced Organizational Reporting: Integrated Reporting Key, is available on the IFAC website. The paper outlines IFAC position that integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time.

IAASB Issues 2016-2017 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements

The International Auditing and Assurance Standards Board released the 2016-2017 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements. The latest edition includes: new and revised Auditor Reporting standards; revised ISAs in the 800 series; and Volume III includes the IAASB's Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality, among other topics.

IAASB amends standards to enhance auditor focus on non-compliance with laws and regulations

The IAASB released International Standard on Auditing (ISA) 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other International Standards, which respond to new requirements in the International Ethics Standards Board for Accountants (IESBA)’s Code of Ethics for Professional Accountants addressing non-compliance with laws and regulations (NOCLAR). The revisions enable the IAASB’s International Standards to continue to be applied effectively alongside the IESBA Code, and clarify and emphasize key aspects of the IESBA Code in the IAASB’s Standards.

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