The International Federation of Accountants (IFAC), which comprises 180 member and associate organizations and represents over 3 million professional accountants globally, welcomes the opportunity to provide input into the European Commission’s work to enhance corporate reporting—including a focus on corporate governance, statutory audit, and supervisory aspects of the ecosystem that delivers relevant, reliable, and comparable information to stakeholders.
As the voice of the global accountancy profession, IFAC understands the crucial role that auditors, as well as professional accountants more broadly, play in high-quality corporate reporting. But no matter how skilled or well-resourced, auditors alone cannot overcome significant shortcomings in other key areas of the reporting ecosystem—especially the role of directors, audit committees, and those charged with governance.
IFAC believes that global standards promote global methodologies, which lead to enhanced and more consistent quality in both reporting and assurance. We support high-quality, globally-applicable standards for financial reporting developed by the IASB, sustainability disclosure developed by the ISSB, audit and assurance developed by the IAASB, as well as the IESBA International Code of Ethics. We also believe audit firms are best placed to provide not only audits of financial statements but also assurance on sustainability disclosures.
IFAC CEO Kevin Dancey said, “Corporate governance, audit, and supervision have historically focused on financial statement reporting for investors and other providers of capital. But now that sustainability-related disclosure is becoming mainstream, this information must also be high-quality and trustworthy. The accountancy profession, with its responsibility to act in the public interest, has an essential role to play in this evolution of corporate reporting.”
About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
A multi-pillar approach is the best path to high-quality, decision-useful information
The Fast Future With IFAC is a conversational podcast series that features innovative SMPs sharing how they’re adapting to the rapidly changing global economy.
Episode one features an interview with Amela Kmetas, a member of the Chartered Accountants of Australia and New Zealand (CAANZ). Her small firm in Melbourne, Australia specializes in taxation advice, management accounting, budgeting, and bookkeeping.
Our host, IFAC principal Kristy Illuzzi, spoke with Amela about many pressing issues facing the SMPs, including:
Visit IFAC's iTunes podcast channel or click below to listen to this episode of The Fast Future With IFAC.
Stay tuned for our next conversation with an innovative practitioner, coming in March.
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To mark this year’s International Women's Day (IWD), we have invited two empowering leaders and diversity champions:
Senior Manager, IPSASB
Joanna Spencer is a senior manager at the IPSASB and is responsible for the development of accounting standards for the public sector as well as working on other technical projects. Joanna is currently working on several projects including developing an IPSAS for Retirement Benefit Plans. Other projects include Non-current Assets Held for Sale and Discontinued Operations, and Property, Plant and Equipment. Joanna is also part of the IPSASB Social media team.
Prior to joining the IPSASB, Joanna was a project manager with the Australian Accounting Standards Board (AASB), where she worked on various projects including Revenue, and Reporting Service Performance Information. Joanna was also the technical advisor to the Australian IPSASB member. Whilst at the AASB, Joanna was seconded to the UK Financial Reporting Council (FRC) as a project director. During her three years at the FRC, Joanna developed the public benefit entity/not-for-profit requirements for FRS 102 The Financial Reporting Standard for the United Kingdom and the Republic of Ireland. Joanna also has experience in the mining, and advertising industries.
Ms. Spencer holds a First-Class Honours Bachelor of Commerce with majors in Accounting and Marketing from the University of Tasmania (Australia). She is also a member of CPA Australia.
The International Federation of Accountants (IFAC) published in December 2021 its vision for high-quality assurance of sustainability information.