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

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.

IPSASB publishes 2016 Handbook of International Public Sector Accounting Pronouncement
IFAC - 07/19/2016
The IPSASB handbook contains the complete set of the International Public Sector Accounting Standards Board's (IPSASB) pronouncements on IPSAS, published as of January 30, 2016. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities

IESBA publishes Responding to Non-compliance with Laws and Regulations
IFAC - 07/14/2016
The IESBA published Responding to Non-compliance with Laws and Regulations for auditors and other professional accountants. It sets out a framework to guide public accountants in what actions to take when they become aware of a potential illegal act, known as non-compliance with laws and regulations, or NOCLAR, committed by a client or employer. 

2015 IESBA Annual Report
IFAC - 05/27/2016
The Annual Report summarizes the International Ethics Standards Board for Accountants (IESBA)’s achievements, project developments, and operating context in 2015.

The New Auditor's Report: A comparison between the ISAs and the PCAOB reproposal
IFAC - 05/23/2016
The New Auditor’s Report: A Comparison between the ISAs and the PCAOB Reproposal has been developed by the IAASB's Auditor Reporting Implementation Working Group to illustrate the key similarities and differences between the IAASB’s new and revised Auditor Reporting standards issued in January 2015 and the PCAOB May 2016 reproposed standard, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion (the PCAOB Reproposal).

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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]

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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