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



Select News Releases

IAASB proposes changes for reporting on special purpose financial statements
IFAC - 01/22/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) released proposals to enhance auditor reporting on special purpose financial statements. The exposure draft includes changes proposed to ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.

IAASB issues final standards to improve auditor's report
IFAC - 01/15/2015
On January 15, 2015, the International Auditing and Assurance Standards Board (IAASB) issued new and revised auditor reporting standards and related conforming amendments intended to provide greater transparency about the audit that was performed. The standards are applicable for audits conducted in accordance with international auditing standards and not for audits conducted in accordance with PCAOB or AICPA standards. The final standards, among other matters, require reporting of key audit matters and the engagement partner’s name in audits of listed entities, as well as enhanced information about an entity’s ability to continue as a going concern for audits of all entities.

IAASB releases strategy for 2015-2019 and work plan for 2015-2016
IFAC - 12/17/2014
The International Auditing and Assurance Standards Board (IAASB) released its Strategy for 2015–2019 and Work Plan for 2015–2016. The board’s five-year strategy is underpinned by three strategic objectives that reflect (1) a continued focus on International Standards on Auditing (ISAs) as the basis for high-quality audits, (2) the importance of the IAASB’s standards for other services to address emerging needs of stakeholders, and (3) the board’s intention to strengthen collaboration with others to address public interest matters relevant to its work.

IESBA launches new web-based version of Code of Ethics for Professional Accountants 
IFAC - 12/02/2014
The IESBA has launched a new web-based version of its Code of Ethics for Professional Accountants. The newly released 2014 Code is designed to provide enhanced access and greater ease of use and navigation. Related to the new platform, the IESBA is currently consulting on ways to improve the structure and delivery of the Code. Additional features may be incorporated into the platform in the future.

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).

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Exposure Drafts

Proposed International Standards on Auditing (ISAs), ISA 800 (Revised) and ISA 805 (Revised)
IFAC - 01/22/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) released proposals to enhance auditor reporting on special purpose financial statements. The exposure draft includes changes proposed to ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement. [Comments due - April 22, 2015]

Proposed Changes to Part C of the Code Addressing Presentation of Information and Pressure to Breach the Fundamental Principles
IFAC - 11/24/2014
The proposals in this exposure draft respond to the need for more robust and practical guidance to help professional accountants in business (PAIBs) deal with two matters on which they most often seek assistance in practice: (1) their responsibility to produce financial reports that are faithful representations of the economics of transactions and (2) pressure to breach fundamental ethical principles. [Comments due - April 15, 2015]

Consultation Paper: Improving the Structure of the Code of Ethics for Professional Accountants
IFAC - 11/04/2014
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 - February 4, 2015]

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