International Federation of Accountants (IFAC)


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 releases new thought paper on integrated thinking
IFAC - 11/03/2015
IFAC published a new thought paper titled Creating Value with Integrated Thinking: The Role of Professional Accountants, which is intended to facilitate the contribution of professional accountants to integrated thinking, and help align capital allocation, corporate behavior, financial stability, and sustainable development. The thought paper sets out a vision for integrated thinking and explores what professional accountants working in the public and private sectors can do in practical terms to facilitate it in their organization, regardless of whether their organization is planning to publish an integrated report. It identifies five key elements, which, if implemented, can lead to more effective organizations. This ultimately provides the basis for shifting from today’s financially oriented reporting to integrated reporting.

IFAC submits recommendations for endorsement by G-20
IFAC - 10/20/2015
IFAC submitted 12 recommendations for endorsement by the Group of Twenty (G-20), urging action on issues impacting the G-20 priorities of robust, inclusive growth. IFAC’s 12 recommendations focus on: (1) good governance and regaining trust in key public and private sector structures, frameworks, and organizational and regulatory arrangements; (2) globally consistent, good regulation, that enables, promotes, and does not hamper growth and good governance; (3) resolving poor financial management, transparency, and accountability that persists in many G-20 countries and beyond; and (4) a transparent, fair, and effectual international taxation system, and the need for collaboration and inclusiveness in implementing reforms.

IFAC issues guide on compilation engagements to help accountants meet changing market demand 
IFAC - 09/24/2015
IFAC has released the Guide to Compilation Engagements to help professional accountants conduct compilation engagements in compliance with ISRS 4410 (Revised), an International Standard on Related Services developed by the International Auditing and Assurance Standards Board (IAASB).  The guide includes practical guidance on the application of the requirements in the standard and of “Consider Points,” which offer suggestions to facilitate efficiency and address areas where practitioners often encounter difficulties. 

IAASB publishes staff audit practice alert
IFAC - 08/14/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) has published a Staff Audit Practice Alert, Responsibilities of the Engagement Partner in Circumstances when the Engagement Partner Is Not Located Where the Majority of the Audit Work is Performed. The Alert responds to concerns raised in the course of the post-implementation review of the clarified International Standards on Auditing (ISAs) by regulators and audit oversight entities that relate primarily to inconsistencies in the application of ISA 600, Using the Work of Another Auditor, to group audits and to audit engagements involving other auditors.

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Exposure Drafts

IPSASB Exposure Draft 57, Impairment of Revalued Assets
IFAC - 10/15/2015
This exposure draft proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of the IPSASB’s two standards on impairment―IPSAS 21, Impairment of Non-Cash-Generating Assets, and IPSAS 26, Impairment of Cash-Generating Assets. These changes seek to provide users with relevant information on impairments to these assets. They also clarify that an impairment to one or more individual assets within a class of property, plant, and equipment does not necessitate a revaluation of the entire class to which that impaired asset belongs. [Comments are due - January 15, 2016]

IPSASB Exposure Draft 58, Improvements to IPSASs 2015
IFAC - 10/15/2015
This exposure draft proposes minor changes, including: (1) consequential amendments arising from the first four chapters of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities; (2) general improvements to International Public Sector Accounting Standards; (3) improvements to increase consistency with Government Finance Statistics reporting guidelines; and (4) improvements to maintain convergence with International Financial Reporting Standards. This is the first IPSASB Improvements project to consider broader improvements, rather than focusing solely on those to maintain convergence with IFRS. [Comments are due - January 15, 2016]

Proposed ISA 810 (Revised), Engagements to Report on Summary Financial Statements
IFAC - 08/03/2015
The IAASB is proposing limited conforming amendments to ISA 810 as a result of the issuance of its new and revised auditor reporting standards, which address auditor reporting on general purpose financial statements. [Comments due - November 2, 2015]

IPSASB Exposure Draft 56: The Applicability of IPSASs
IFAC - 07/31/2015
The proposed changes contained in this exposure draft address constituents’ concerns about the application of International Public Sector Accounting Standard (IPSAS) to public sector entities. Currently, each IPSAS includes a statement that it does not apply to Government Business Enterprises (GBEs), which are expected to be commercially-oriented public sector entities. [Comments due - November 30, 2015]

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