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


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IAASB Issues 2016-2017 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
IFAC - 12/20/2016
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 Issues Auditor Reporting: Frequently Asked Questions to Provide Guidance on Auditor Reporting Standards and IAS 720
IFAC - 11/30/2016
The International Auditing and Assurance Standards Board (IAASB) issued Auditor Reporting: Frequently Asked Questions to provide guidance to address areas where there are common differences in interpretation of the IAASB’s new and revised Auditor Reporting standards and ISA 720 (Revised), which become effective for periods ending on or after December 15, 2016.

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

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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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