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



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IAASB issues paper on exploring assurance on integrated reporting and other emerging developments in external reporting
IFAC - 07/16/2015
The purpose of this publication, prepared by the IAASB's Integrated Reporting Working Group, is to inform stakeholders about the IAASB’s ongoing work to explore assurance on integrated reporting and other emerging developments in external reporting. It explains that the IAASB established the Integrated Reporting Working Group to inform the IAASB as to how and when to respond to these developments most effectively in the public interest, and outlines the group’s activities.

IAASB issues revised standards to address disclosures in the audit of financial statements
IFAC - 07/15/2015
The IAASB released its revised International Standards on Auditing (ISAs), Addressing Disclosures in the Audit of Financial Statements. The revisions to the standards aim to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behavior in applying the requirements of the ISAs. The revised ISAs will be effective for audits of financial statements for periods ending on or after December 15, 2016.

IESBA publishes 2015 Code of Ethics for Professional Accountants
IFAC - 06/19/2015
IFAC's International Ethics Standards Board for Accountants (IESBA) has published the 2015 Handbook of the Code of Ethics for Professional Accountants. The handbook contains the entire Code of Ethics for Professional Accountants (the Code). The entire Code is currently effective with the exception of "Changes to the Code—Certain Non-assurance Services Provisions for Audit Clients and Assurance Clients." These changes will be effective April 15, 2016.

IFAC issues paper on managing risk
IFAC - 05/07/2015
IFAC published a paper titled From Bolt-on to Built-in: Managing Risk as an Integral Part of Managing an Organization that (1) demonstrates the benefits of properly integrating the management of risk, including internal control, into the governance, management, and operations of an organization; (2) provides ideas and suggestions on how such integration can be achieved; and (3) furnishes practical examples of how professional accountants in business can support their organizations with this integration.

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Exposure Drafts

IESBA issues revised exposure draft on responding to non-compliance with laws and regulations
IFAC - 05/06/2015
The International Ethics Standards Board for Accountants (IESBA) released for re-exposure an updated version of its proposed standard, Responding to Non-Compliance with Laws and Regulations. The proposed standard sets out a new framework to guide auditors, other professional accountants in public practice, and professional accountants in business (PAIBs) in deciding how best to act in the public interest when they come across an act or suspected act of non-compliance with laws and regulations. [Comments due - September 4, 2015]

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