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 illustrates the concept of key audit matters in practice
IFAC - 04/22/2015
The Auditor Reporting Implementation Working Group of the IFAC's International Auditing and Assurance Standards Board (IAASB) has released a new publication titled Auditor Reporting – Illustrative Key Audit Matters. This publication is intended to illustrate how the concept of key audit matters (KAM) may be applied in practice in accordance with ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report.

IAASB issues revised ISA 720 to enhance auditor focus on “other information” in annual reports
IFAC - 04/08/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The revisions are intended to clarify and increase the auditor’s involvement with “other information” — defined in the standard as financial and non-financial information, other than the audited financial statements, that is included in entities’ annual reports. The standard also includes new requirements related to auditor reporting on other information that are intended to complement the changes arising from the IAASB’s new and revised Auditor Reporting standards, issued earlier this year. Concurrent with those standards, ISA 720 (Revised) will be effective for audits of financial statements for periods ending on or after December 15, 2016.

IAASB issues guidance on auditor reporting on going concern
IFAC - 01/30/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) issued this publication to provide an overview of how the new auditor’s report will address going concern as set out in ISA 570 (Revised), Going Concern.

IAASB issues guidance on key audit matters
IFAC - 01/30/2015
The IAASB issued this publication to assist in understanding key aspects of Key Audit Matters as set out in ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report.

IPSASB Releases Standards on Accounting for Interests in Other Entities
IFAC - 01/30/2015
IFAC's International Public Sector Accounting Standards Board (IPSASB) published International Public Sector Accounting Standards (IPSASs) 34-38 to replace the current requirements in IPSASs 6, 7, and 8. The five IPSASs establish requirements for how public sector entities, including governments, should account for their interests in other entities. The previous guidance in IPSASs 6, 7, and 8 is based on International Financial Reporting Standards (IFRSs). Because the International Accounting Standards Board (IASB) has amended the underlying IFRSs, the IPSASB developed IPSASs 34-38 to maintain convergence to the appropriate extent. These IPSASs also incorporate guidance to make them appropriate for application in the public sector.

IPSASB Publishes Standard on First-Time Adoption of Accrual Basis IPSASs
IFAC - 01/29/2015
IPSASB has published IPSAS 33, First-time Adoption of Accrual Basis IPSASs. IPSAS 33 grants transitional exemptions to entities adopting accrual basis IPSASs for the first time, providing a major tool to help entities along their journey to implement IPSASs. IPSAS 33 allows first-time adopters three years to recognize specified assets and liabilities.

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Exposure Drafts

Proposed International Standards on Auditing (ISAs), ISA 800 (Revised) and ISA 805 (Revised)
IFAC - 01/22/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) released proposals to enhance auditor reporting on special purpose financial statements. The exposure draft includes changes proposed to ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement. [Comments due - April 22, 2015]

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