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, ethics, and education for professional accountants.

Recent Developments – Past year

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IAASB amends standards to enhance auditor focus on non-compliance with laws and regulations
IAASB - 10/05/2016
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.

IPSASB publishes employee benefits standard
IFAC – 07/28/2016
The International Public Sector Accounting Standards Board (IPSASB) has published IPSAS 39, Employee Benefits, which will replace IPSAS 25, Employee Benefits, on January 1, 2018. Earlier adoption is encouraged. This limited-scope project was part of the IPSASB’s strategy to maintain its existing standards, including updating them for relevant changes made to the equivalent International Financial Reporting Standards (IFRS).

IPSASB issues impairment of revalued assets amendments
IFAC – 07/28/2016
The IPSASB issued a final pronouncement titled, Impairment of Revalued Assets(Amendments to IPSAS 21, Impairment of Non-Cash-Generating Assets, and IPSAS 26, Impairment of Cash-Generating Assets) which brings property, plant and equipment and intangible assets on the revaluation model within the scope of IPSAS 21 and IPSAS 26. The amendments have an effective date of January 1, 2018.


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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 due - May 9, 2016]

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