The International Federation of Accountants (IFAC), which comprises 180 member and associate organizations and represents over 3 million professional accountants globally, continues its work in support of a global system for delivering consistent, comparable and assurable sustainability information.

In its response to the U.S. Securities Exchange Commission’s (SEC) recent request for public input on climate change disclosures, IFAC emphasized the needs of investors and other stakeholders for climate and other sustainability-related information to be high-quality, decision-useful, and trusted.

A Building Blocks Approach provides the architecture for a global system that enables comprehensive corporate reporting for capital markets, while also addressing specific public policy initiatives like climate action and other jurisdiction-specific issues. IFAC believes that the IFRS Foundation’s initiative to establish a new International Sustainability Standards Board is a critical component of creating a global baseline of investor-focused reporting requirements. The IFRS Foundation’s ongoing work focused on climate disclosure will benefit all jurisdictions who are taking steps to address the urgency of climate change.

IFAC CEO Kevin Dancy said, “The U.S. and the SEC have played a critical role in the development of IFRS Standards for financial reporting, including convergence between the FASB and IASB and permitting foreign SEC registrants to use IFRS Standards to meet their U.S. reporting requirements. Today, as policymakers consider the best way forward for crafting an emerging global system for sustainability-related reporting, U.S. support is more important than ever. As the SEC explores climate-change related disclosure, IFAC urges the Commission to support a global approach.”

See IFAC’s response to the SEC on the IFAC website.

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.

This Working Group Briefing Paper has been prepared by the IESBA Technology Working Group.

The COVID-19 pandemic has wreaked havoc on our societies and economies. While there will be many long-lasting impacts of the pandemic – the impact on gender equality is particularly troubling. Women have fallen out of the paid economy at faster rates than men, domestic violence rates are on the rise and UN Women predicts that 47 million more women will fall into extreme poverty as a result of the pandemic. 

The International Federation of Accountants (IFAC) and the World Bank invite you to attend the virtual event "PAO Digital Transformation for Results."

The auditor reporting standards are effective from December 15, 2016.

During this webinar, the IESBA’s Non-Assurance Services (NAS) Task Force Chair, Mr. Richard Fleck and IESBA member and NAS Task Force Member, Ms. Kim Gibson will explain the key changes to the revised NAS provisions of the Code. The revisions, which can be found here, will come into effect in December 2022.

Topics covered will include the: