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 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.

IAASB proposes enhancements to auditing standards focused on financial statement disclosures
IFAC - 05/14/2014
IFAC's International Auditing and Assurance Standards Board (IAASB) released for public comment proposed changes to the International Standards on Auditing (ISAs) to clarify expectations of auditors when auditing financial statement disclosures. The proposals include new guidance on considerations relevant to disclosures—from when the auditor plans the audit and assesses the risks of material misstatement, to when the auditor evaluates misstatements and forms an opinion on the financial statements.

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.

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Exposure Drafts

Proposed Changes to Certain Provisions of the Code Addressing Non-Assurance Services for Audit Clients
IFAC - 05/20/2014
IFAC's International Ethics Standards Board for Accountants (IESBA) is proposing changes aimed at enhancing the independence provisions in the Code of Ethics for Professional Accountants. The IESBA is also proposing enhancements to the corresponding non-assurance services provisions in Section 291—Other Assurance Engagements with respect to assurance clients. [Comments due - August 18, 2014]

Proposed Changes to the International Standards on Auditing (ISAs) Addressing Disclosures in the Audit of Financial Statements
IFAC - 05/15/2014
This Exposure Draft seeks views from stakeholders in relation to the International Standards on Auditing (ISAs) that address disclosures in the audit of financial statements. The proposals include new guidance to clarify expectations of auditors when auditing financial statement disclosures. [Comments due - September 11, 2014]

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]

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