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

IPSASB consults on strategy and work plan priorities for 2015-2019
IFAC - 03/31/2014
IFAC's International Public Sector Accounting Standards Board (IPSASB) has published its Strategy Consultation, which includes a consultation on its work program for 2015-2019 and emphasizes the IPSASB’s commitment to serving the public interest by developing high-quality International Public Sector Accounting Standards (IPSASs) for global adoption.

IFAC issues proposed guidance on supplementary financial measures
IFAC - 02/26/2014
IFAC's Professional Accountants in Business (PAIB) Committee issued a proposed International Good Practice Guidance (IGPG) titled Developing and Reporting Supplementary Financial Measures for public comment. This guidance seeks to establish a benchmark for the use of supplementary financial measures, in order to improve understanding of an organization’s performance among management, investors, and other stakeholders.

IAASB releases new Framework for Audit Quality
IFAC - 02/18/2014
IFAC's International Auditing and Assurance Standards Board (IAASB) released a new publication titled A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. Through this Framework, the IAASB aims to raise awareness of the key elements of audit quality, encourage key stakeholders to challenge themselves to do more to increase audit quality in their particular environments, and facilitate greater dialogue between key stakeholders on the topic.

IFAC and ICAS discuss key issues in developing IASB's conceptual framework
IFAC - 01/30/2014
IFAC and the Institute of Chartered Accountants of Scotland (ICAS) published a paper, titled Do We Need A Roadmap For Financial Reporting?—Developing the IASB's Conceptual Framework, to highlight some of the key issues to be considered in developing the IASB Conceptual Framework. IFAC and ICAS believe that it is important to engage all financial reporting stakeholders in the debate on the Conceptual Framework, as it will potentially become the roadmap for future financial reporting. The paper is not intended to offer solutions. Its purpose is instead to provide some context and raise areas for the IASB’s consideration around the key themes in the board’s Discussion Paper: A Review of the Conceptual Framework for Financial Reporting.

IFAC calls for renewed focus on global regulatory convergence to advance sustainable economic recovery
IFAC - 01/07/2014
As Australia assumes the presidency of the G-20 for 2014, IFAC has reiterated its call on global policymakers to refocus on regulatory convergence, and said their failure to do so is stifling business confidence, economic stability, and ambitions for a sustainable recovery. The global financial crisis highlighted the problems created by having "uneven playing fields" for multi-national organizations. Different regulatory arrangements in different jurisdictions allowed these organizations to engage in regulatory arbitrage, but at the same time created unnecessary costs and uncertainty for them and their key stakeholders.

Back to top


Exposure Drafts

Proposed International Good Practice Guidance: Developing and Reporting Supplementary Financial Measures
IFAC - 02/26/2014
This proposed guidance seeks to establish a benchmark for the use of supplementary financial measures, in order to improve understanding of an organization’s performance among management, investors, and other stakeholders. [Comments due - May 26, 2014]

Exposure Draft 54: Reporting Service Performance Information
IPSASB - 12/20/2013
This proposed Recommended Practice Guideline (RPG) provides guidance on reporting service performance information. Service performance information is information for users on an entity’s service performance objectives, its achievement of those objectives, and the services that the entity provides. Service performance information can also assist users to assess the entity’s service efficiency and effectiveness. [Comments due - May 31, 2014]

Back to top