International Federation of Accountants (IFAC)

Website: www.ifac.org

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, ethics, and education for professional accountants.

Recent Developments – Past year


Select News Releases

IPSASB Publishes the Applicability of IPSASs
IFAC - 04/21/2016
The International Public Sector Accounting Standards Board (IPSASB) published The Applicability of IPSASs and a revised Preface to International Public Sector Accounting Standards (Preface), which change how the IPSASB communicates the type of public sector entities that it considers when developing an IPSAS or Recommended Practice Guideline (RPG). Until now, IPSASs and RPGs have included a definition of a Government Business Enterprise (GBE) and a statement that GBEs apply International Financial Reporting Standards. The definition of a GBE has proved ambiguous in places and difficult for preparers to interpret.

IPSASB publishes improvements to IPSAS 2015
IFAC - 04/19/2016
The International Public Sector Accounting Standards Board published Improvements to IPSAS 2015, which sets out amendments to International Public Sector Accounting Standards for the following: (1) Part I: Consequential Amendments Arising from Chapters 1-4 of the Conceptual Framework; (2) Part II: General Improvements to IPSAS; (3) Part III: IPSAS/Government Finance Statistics Alignment; and (4) Part IV: The International Accounting Standards Board's annual improvements and narrow scope amendments projects.

IESBA nears finalization of revised long association provisions in Ethics Code; re-proposes enhancements to address limited set of remaining issues
IFAC - 02/04/2016
IFAC's International Ethics Standards Board for Accountants (IESBA) released for public comment the Exposure Draft, Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of Personnel with an Audit Client (the ED). The ED relates to the IESBA’s project to develop more robust and comprehensive provisions dealing with the long association of personnel with an audit or assurance client. It contains a basis for conclusions regarding proposals that have been finalized, as well as the limited re-exposure of three remaining issues.

IFAC issues report on high-quality global regulation
IFAC - 02/03/2016
IFAC published a report titled From Crisis to Confidence: A Call for Consistent, High-Quality Global Regulation, calling for political leaders and governments around the world to follow ten principles for consistent, high-quality global regulation, to aid global economic growth. The principles are intended to help guide regulators toward better decisions and protect the global economy from the dangers posed by a patchwork approach to regulation.

IPSASB proposes revisions to the cash basis IPSAS
IFAC - 02/03/2016
The IPSASB released for comment Exposure Draft (ED) 61, Amendments to Financial Reporting under the Cash Basis of Accounting. The Cash Basis IPSAS has two parts. Part 1 identifies requirements that a reporting entity needs to adopt to claim that its financial statements comply with the IPSAS. It presently includes requirements for preparation of consolidated financial statements and for disclosure of information about external assistance and payments made by third parties. ED 61 proposes that these requirements be revised, recast as encouragements, and moved into Part 2 of the IPSAS. Part 2 identifies encouraged disclosures that an entity may choose to provide, but which are not required to claim compliance with the IPSAS. 

IPSASB publishes exposure draft on public sector combinations
IFAC - 01/28/2016
IFAC's International Public Sector Accounting Standards Board (IPSASB) published Exposure Draft 60, Public Sector Combinations, intended to classify public sector combinations as either amalgamations or acquisitions, using a rebuttable presumption approach that takes into account control and other factors.

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Exposure Drafts

IESBA Exposure Draft: Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of Personnel with an Audit Client
IFAC - 02/04/2016
This Exposure Draft relates to the IESBA’s project to develop more robust and comprehensive provisions dealing with the long association of personnel with an audit or assurance client. It contains a basis for conclusions regarding proposals that have been finalized, as well as the limited re-exposure of three remaining issues.  [Comments are due - May 9, 2016]

IPSASB Exposure Draft 61, Amendments to Financial Reporting under the Cash Basis of Accounting
IFAC - 02/03/2016
This Exposure Draft proposes amendments to financial reporting under Cash Basis IPSAS. The Cash Basis IPSAS has two parts. Part 1 identifies requirements that a reporting entity needs to adopt to claim that its financial statements comply with the IPSAS. It presently includes requirements for preparation of consolidated financial statements and for disclosure of information about external assistance and payments made by third parties. ED 61 proposes that these requirements be revised, recast as encouragements, and moved into Part 2 of the IPSAS. Part 2 identifies encouraged disclosures that an entity may choose to provide, but which are not required to claim compliance with the IPSAS. [Comments are due - July 31, 2016]

IPSASB Exposure Draft 60: Public Sector Combinations
IFAC - 01/28/2016
This Exposure Draft classifies public sector combinations as either amalgamations or acquisitions, using a rebuttable presumption approach that takes into account control and other factors. The ED proposes the use of the “modified pooling of interests” method of accounting for amalgamations, while the “acquisition” method of accounting (which involves measuring assets and liabilities at fair value) is proposed for acquisitions. [Comments are due - June 30, 2016]

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