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 re-proposes standard addressing information in annual reports: further clarifies auditor effort and reporting responsibilities
IFAC - 04/18/2014
IFAC's International Auditing and Assurance Standards Board (IAASB) released for re-exposure an enhanced International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The proposed standard clarifies and strengthens the scope and focus of auditor efforts on information included in entities’ annual reports, other than the audited financial statements, and introduces new auditor reporting responsibilities. This re-exposure of the proposed revised ISA provides requirements and guidance on the scope of other information, the auditor’s work effort related to other information, and the auditor’s associated reporting responsibilities.

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.

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Exposure Drafts

Proposed International Standard on Auditing 720 (Revised), The Auditor’s Responsibilities Relating to Other Information
IFAC - 04/18/2014
This Exposure Draft seeks views from stakeholders in relation to proposed International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. This re-exposure of the proposed revised ISA provides requirements and guidance on the scope of other information, the auditor’s work effort related to other information, and the auditor’s associated reporting responsibilities. [Comments due - July 18, 2014]

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]

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