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.
IESBA releases its 2013 Annual Report
IFAC - 11/19/2014
IFAC's International Ethics Standards Board for Accountants (IESBA) released its 2013 Annual Report, Reinforcing Trust in the Profession. The report provides a summary of the IESBA’s 2013 achievements and includes developments on key projects and initiatives that have continued to progress throughout 2014. In particular, it highlights the board’s extensive efforts in reaching out to stakeholders, and the developments of the board that centered on building public trust in both the profession and the IESBA’s Code of Ethics for Professional Accountants.
IESBA consults on restructuring Code of Ethics for Professional Accountants
IFAC - 11/4/2014
IFAC's International Ethics Standards Board for Accountants (IESBA) released for public comment a consultation paper titled Improving the Structure of the Code of Ethics for Professional Accountants. The paper seeks input from stakeholders on approaches that could be taken to improve the clarity and usability of the Code, thereby facilitating its adoption, effective implementation, and consistent application.
IPSASB publishes Public Sector Conceptual Framework
IFAC - 10/31/2014
The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities establishes the concepts that are to be applied in developing International Public Sector Accounting Standards (IPSASs) and Recommended Practice Guidelines (RPGs) applicable to the preparation and presentation of general purpose financial reports (GPFRs) of public sector entities.
IFAC announces availability of IAASB, IESBA, and IPSASB 2014 Handbooks
IFAC - 10/17/2014
IFAC announced the availability of the 2014 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).
IFAC issues recommendation to G-20 Leaders' Summit
IFAC - 10/08/2014
IFAC issued eight recommendations for consideration at the G-20 Leaders' Summit on November 15-16 in Brisbane, Australia. IFAC's recommendations to help achieve strong, sustainable, and balanced growth are centered upon three core themes: (i) global consistency for sound financial regulation and standards for reporting and audit, (ii) enhanced financial management, reporting, transparency and accountability by governments, and (iii) effective taxation systems.
IESBA publishes its Strategy & Work Plan for 2014-2018
IFAC - 09/29/2014
IFAC's International Ethics Standards Board for Accountants (IESBA) published its Strategy & Work Plan —2014-2018, which highlights the board’s priorities and planned actions toward achieving its objective of setting high-quality ethics standards for professional accountants that are widely adopted around the world.
IFAC Introduces New Guidance on Supplementary Financial Measures
IFAC - 09/22/2014
IFAC's PAIB Committee issued an International Good Practice Guidance that provides recommendations for the use of supplementary financial measures as part of high-quality financial reporting in organizations. The PAIB Committee’s guidance establishes a set of principles that allows professional accountants to develop and report useful measures in accordance with the qualitative characteristics of financial information.
IPSASB approves public sector conceptual framework
IFAC - 09/18/2014
IFAC's International Public Sector Accounting Standards Board (IPSASB) has approved of its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities, which establishes the concepts that will guide the IPSASB’s approach to standard-setting and guidance. It addresses concepts applicable to both public sector financial statements and a wider set of public sector financial reporting needs.
IPSASB Publishes Consultation Paper on the Applicability of IPSASs to GBEs and Other Public Sector Entities
IFAC - 08/28/2014
The International Public Sector Accounting Standards Board (IPSASB) released for comment a Consultation Paper titled The Applicability of IPSASs to Government Business Enterprises and Other Public Sector Entities, which contains two approaches to communicate IPSASB's view of the entities to which IPSASs apply.
Proposed Changes to Certain Provisions of the Code Addressing the Long Association of Personnel with an Audit or Assurance Client
IFAC - 08/14/2014
IFAC's International Ethics Standards Board for Accountants (IESBA) released for public comment an exposure draft in response to stakeholder concern about the appearance of independence and the need to ensure that the threats created by the long association of audit firm personnel with an audit client are appropriately addressed on all audit engagements. The proposals aim to strengthen the independence provisions in the Code of Ethics for Professional Accountants. [Comments due - November 12, 2014]