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.
IPSASB Publishes Exposure Drafts 48-52 on Accounting for Interests in Other Entities
IFAC - 10/21/2013
The International Public Sector Accounting Standards Board (IPSASB) has published these five EDs as part of its on-going improvements to International Public Sector Accounting Standards (IPSASs). The EDs propose to update the requirements in IPSASs 6 to 8.
IFAC Issues Policy Position Paper on Enhancing Organizational Reporting
IFAC - 10/11/2013
IFAC issued Policy Position Paper 8, Enhancing Organizational Reporting, to emphasize the importance and usefulness of reporting broad-based information beyond that which is provided in traditional financial reporting.
IFAC Publishes Discussion Paper: The Role and Expectations of a CFO: A Global Debate on Preparing Accountants for Finance Leadership
IFAC - 10/10/2013
To stimulate a global debate on preparing accountants for finance leadership, IFAC released a new Discussion Paper titled The Role and Expectations of a CFO. The paper features five principles that highlight the changing expectations, scope, and mandate of the chief financial officer (CFO) and finance leadership roles and recommends actions professional accountancy organizations and employers can take to prepare professional accountants for career progression to finance leadership.
2013 Handbooks from IAASB, IESBA, and IPSASB Now Available
IFAC - 9/27/2013
IFAC announced the availability of the 2013 editions of the handbooks from the International Auditing and Assurance Standards Board (IAASB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB).
PAIB Committee Issues Guidance on Project and Investment Appraisal
IFAC - 8/14/2013
IFAC's Professional Accountants in Business (PAIB) Committee has published an International Good Practice Guidance titled Project and Investment Appraisal for Sustainable Value Creation. The guidance supports the accountancy profession's facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization's current practice.
Exposure Drafts 48-51: Accounting for Interests in Other Entities
IPSASB - 10/21/2013
The International Public Sector Accounting Standards Board (IPSASB) has published five EDs as part of its on-going improvements to International Public Sector Accounting Standards (IPSASs). The EDs propose to update the requirements in IPSASs 6 to 8. [Comments due - February 24, 2014]
Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing
IPSASB - 7/25/2013
IFAC's International Public Sector Accounting Standards Board (IPSASB) released for comment proposals to enhance auditor reporting globally. This exposure draft includes proposed new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and a number of proposed revised ISAs, including revisions to ISA 700, Forming an Opinion and Reporting on Financial Statements. Example reports illustrating various circumstances are included in the proposed ISAs. The complete exposure draft is included as the first file below; the separate components are also included for ease of accessibility. [Comments due - November 22, 2013]