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

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.

IAASB publishes 2013 annual report
IFAC - 06/12/2014
The 2013 Annual Report summarizes the IAASB’s work to develop in the public interest high-quality international auditing, review, other assurance, quality control, and related services standards. The Report also spotlights the board's extensive 2013 outreach initiatives aimed at keeping its stakeholders informed of the board’s standard-setting activities, and promoting the adoption and effective implementation of its international standards.

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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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