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

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.

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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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