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

Select News Releases

IESBA releases its 2014 Annual Report
IFAC - 08/21/2015
IFAC's International Ethics Standards Board for Accountants (IESBA) released its 2014 Annual Report,Advancing Ethics for an Evolving, Global Profession. The report provides a summary of the IESBA's work to enhance its responsiveness to emerging issues of international relevance in the context of continued heightened scrutiny on ethics following the global financial crisis, and an ever-evolving global environment, all while consolidating its efforts to deliver on its existing strategic commitments, including: (1) advancing the development of international standards and guidance in the Code of Ethics for Professional Accountants; (2) proactively pursuing its stakeholder outreach program; and (3) developing a new structure for the Code to enhance its usability and clarity, thereby supporting its consistent application and enforcement, and furthering its global adoption. The report discusses the board's operating environment, highlights achievements from 2014, and summarizes the progress made on each of the projects in the board’s Strategy and Work Plan.

IAASB publishes staff audit practice alert
IFAC - 08/14/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) has published a Staff Audit Practice Alert, Responsibilities of the Engagement Partner in Circumstances when the Engagement Partner Is Not Located Where the Majority of the Audit Work is Performed. The Alert responds to concerns raised in the course of the post-implementation review of the clarified International Standards on Auditing (ISAs) by regulators and audit oversight entities that relate primarily to inconsistencies in the application of ISA 600, Using the Work of Another Auditor, to group audits and to audit engagements involving other auditors.

IAASB issues paper on exploring assurance on integrated reporting and other emerging developments in external reporting
IFAC - 07/16/2015
The purpose of this publication, prepared by the IAASB's Integrated Reporting Working Group, is to inform stakeholders about the IAASB’s ongoing work to explore assurance on integrated reporting and other emerging developments in external reporting. It explains that the IAASB established the Integrated Reporting Working Group to inform the IAASB as to how and when to respond to these developments most effectively in the public interest, and outlines the group’s activities.

IAASB issues revised standards to address disclosures in the audit of financial statements
IFAC - 07/15/2015
The IAASB released its revised International Standards on Auditing (ISAs), Addressing Disclosures in the Audit of Financial Statements. The revisions to the standards aim to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behavior in applying the requirements of the ISAs. The revised ISAs will be effective for audits of financial statements for periods ending on or after December 15, 2016.

IESBA publishes 2015 Code of Ethics for Professional Accountants
IFAC - 06/19/2015
IFAC's International Ethics Standards Board for Accountants (IESBA) has published the 2015 Handbook of the Code of Ethics for Professional Accountants. The handbook contains the entire Code of Ethics for Professional Accountants (the Code). The entire Code is currently effective with the exception of "Changes to the Code—Certain Non-assurance Services Provisions for Audit Clients and Assurance Clients." These changes will be effective April 15, 2016.

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Exposure Drafts

Proposed ISA 810 (Revised), Engagements to Report on Summary Financial Statements
IFAC - 08/03/2015
The IAASB is proposing limited conforming amendments to ISA 810 as a result of the issuance of its new and revised auditor reporting standards, which address auditor reporting on general purpose financial statements. [Comments due - November 2, 2015]

IPSASB Exposure Draft 56: The Applicability of IPSASs
IFAC - 07/31/2015
The proposed changes contained in this exposure draft address constituents’ concerns about the application of International Public Sector Accounting Standard (IPSAS) to public sector entities. Currently, each IPSAS includes a statement that it does not apply to Government Business Enterprises (GBEs), which are expected to be commercially-oriented public sector entities. [Comments due - November 30, 2015]

Proposed Amendments to the IAASB International Standards: Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations 
IFAC - 07/23/2015
This exposure draft aims to propose limited amendments to the IAASB’s International Standards in response to the International Ethics Standards Board for Accountants (IESBA) May 2015 re-exposure draft, Responding to Non-Compliance with Laws and Regulations (NOCLAR). [Comments due - October 21, 2015]

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