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

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IFAC Introduces New Guidance on Supplementary Financial Measures 
IFAC - 09/22/2014
IFAC's Professional Accountants in Business (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. Since supplementary financial measures fall outside the remit of GAAP, they may lack transparency, comparability, and consistency—essential qualities for investors and other stakeholders wanting to assess financial performance. To address this challenge, 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.

IESBA publishes 2014 Handbook of the Code of Ethics for Professional Accountants
IFAC - 07/17/2014
IFAC's International Ethics Standards Board for Accountants (IESBA) has published the 2014 Handbook of the Code of Ethics for Professional Accountants. The handbook contains the entire Code of Ethics for Professional Accountants. This edition incorporates several revised pronouncements that were published previously and are now effective.

IFAC and CIPFA release important framework for good governance in the public sector
IFAC - 07/02/2014
The IFAC and the Chartered Institute of Public Finance and Accountancy (CIPFA) have published the International Framework: Good Governance in the Public Sector to help improve and encourage better governed and managed public sector organizations by improving decision making and the efficient use of resources.

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Exposure Drafts

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]

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