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.
IFAC issues proposed guidance on supplementary financial measures
IFAC - 02/26/2014
IFAC's Professional Accountants in Business (PAIB) Committee issued a proposed International Good Practice Guidance (IGPG) titled Developing and Reporting Supplementary Financial Measures for public comment. This guidance seeks to establish a benchmark for the use of supplementary financial measures, in order to improve understanding of an organization’s performance among management, investors, and other stakeholders.
IAASB releases new Framework for Audit Quality
IFAC - 02/18/2014
IFAC's International Auditing and Assurance Standards Board (IAASB) released a new publication titled A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. Through this Framework, the IAASB aims to raise awareness of the key elements of audit quality, encourage key stakeholders to challenge themselves to do more to increase audit quality in their particular environments, and facilitate greater dialogue between key stakeholders on the topic.
IFAC and ICAS discuss key issues in developing IASB's conceptual framework
IFAC - 01/30/2014
IFAC and the Institute of Chartered Accountants of Scotland (ICAS) published a paper, titled Do We Need A Roadmap For Financial Reporting?—Developing the IASB's Conceptual Framework, to highlight some of the key issues to be considered in developing the IASB Conceptual Framework. IFAC and ICAS believe that it is important to engage all financial reporting stakeholders in the debate on the Conceptual Framework, as it will potentially become the roadmap for future financial reporting. The paper is not intended to offer solutions. Its purpose is instead to provide some context and raise areas for the IASB’s consideration around the key themes in the board’s Discussion Paper: A Review of the Conceptual Framework for Financial Reporting.
IFAC calls for renewed focus on global regulatory convergence to advance sustainable economic recovery
IFAC - 01/07/2014
As Australia assumes the presidency of the G-20 for 2014, IFAC has reiterated its call on global policymakers to refocus on regulatory convergence, and said their failure to do so is stifling business confidence, economic stability, and ambitions for a sustainable recovery. The global financial crisis highlighted the problems created by having "uneven playing fields" for multi-national organizations. Different regulatory arrangements in different jurisdictions allowed these organizations to engage in regulatory arbitrage, but at the same time created unnecessary costs and uncertainty for them and their key stakeholders.
IAASB consults on five-year strategic objectives and work priorities
IFAC - 12/18/2013
IFAC's International Auditing and Assurance Standards Board (IAASB) released for public comment its Proposed Strategy for 2015–2019 and Proposed Work Program for 2015–2016. The IAASB has identified the following three strategic objectives for the period: (a) develop and maintain high-quality ISAs that are accepted as the basis for high-quality financial statement audits; (b)ensure the IAASB’s suite of standards continues to be relevant in a changing world by responding to stakeholder needs; and (c) collaborate and cooperate with contributors to the financial reporting supply chain to foster audit quality and stay informed.
IFAC's Ethics Board consults on future strategy and work plan
IFAC - 12/17/2013
The International Ethics Standards Board for Accountants (IESBA) released for public consultation its Proposed Strategy and Work Plan, 2014-2018. The consultation paper lays out the following four proposed strategic themes to reflect the Ethics Board’s vision for the medium to longer term and to guide its work plan over the five-year period: (a) maintaining a high-quality Code for application by professional accountants globally; (b) promoting and facilitating the adoption and effective implementation of the Code; (c) evolving the Code for continued relevance in a changing global environment; and (d) increasing engagement and cooperation with key stakeholders.
IAASB publishes enhanced standard for assurance engagements
IFAC - 12/9/2013
IFAC's International Auditing and Assurance Standards Board (IAASB) released an updated and enhanced International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. The standard covers both reasonable and limited assurance engagements, and introduces guidance designed to help readers better understand these two levels of assurance. ISAE 3000 is effective for assurance engagements where the assurance report is dated on or after December 15, 2015.
IFAC releases new guide on review engagements
IFAC - 12/10/2013
IFAC has released a Guide to Review Engagements to help professional accountants conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), which is effective for periods ending on or after December 31, 2013. The guide includes illustrative examples alongside relevant extracts from the standard, practical points for practitioners’ consideration, and tips on how to efficiently implement the standard.
Proposed International Good Practice Guidance: Developing and Reporting Supplementary Financial Measures
IFAC - 02/26/2014
This proposed guidance seeks to establish a benchmark for the use of supplementary financial measures, in order to improve understanding of an organization’s performance among management, investors, and other stakeholders. [Comments due - May 26, 2014]
Exposure Draft 54: Reporting Service Performance Information
IPSASB - 12/20/2013
This proposed Recommended Practice Guideline (RPG) provides guidance on reporting service performance information. Service performance information is information for users on an entity’s service performance objectives, its achievement of those objectives, and the services that the entity provides. Service performance information can also assist users to assess the entity’s service efficiency and effectiveness. [Comments due - May 31, 2014]