This update provides an overview of Phase 1 of IESBA's Long Association Post-Implementation Review (LAPIR) which will review the implementation of a specific partner rotation provision for engagement partners around the world with respect to audits of public interest entities.

Phase 1 commences with information gathering activities. Phase 2 is due to commence in Q2 2023.

To develop an IPSAS adapted from IAS 26, Accounting and Reporting by Retirement Benefit Plans.

Current Status of the Project

The IPSASB approved IPSAS 49, Retirement Benefit Plans. This pronouncement provides accounting and reporting requirements for plans that provide retirement benefits to public sector employees.

IPSAS 49 will be effective for periods beginning on or after January 1, 2026. .

The GGA holds colloquia to share and engage with matters of governance and business science. The 5th colloquium will see an unprecedented group of international experts present on the topic of "enterprise value creation."

This year's colloquium well be held on 13 May 2021, from 07:00 to 11:00 UCT (03:00 to 07:00 EDT). Admission is free of charge.

Professor Mervyn King will open proceedings and will be followed by the following presentations:

IFAC, the International Federation of Accountants, which comprises 180 member and associate organizations and represents 3 million professional accountants globally, continues its work to support the establishment of global sustainability standards in the public interest.

In this regard, IFAC endorses the most recent actions announced by the IFRS Foundation Trustees and IOSCO. 

Specifically, IFAC supports the IFRS Foundation’s formation of a working group and efforts to set up a multi-stakeholder expert consultative committee, both of which will accelerate progress towards a successful standards setting board. These steps demonstrate the IFRS Foundation’s focus on delivering with speed by leveraging and bringing together the work of existing initiatives.

IFAC further supports IOSCO’s establishment of a new Technical Expert Group under its Sustainable Finance Task Force, which demonstrates growing international demand for the work of the IFRS Foundation.

IFAC CEO Kevin Dancey said, “IFAC reiterates its support for the IFRS Foundation to establish an international standard setting board with a focus on enterprise value creation, a unique connection to the work of the IASB, and backing from IOSCO and other authorities.  This approach offers the quickest and most effective route to a baseline of internationally consistent sustainability-related disclosures for enterprise value creation developed in the public interest.  IFAC calls for international collaboration and cooperation to make this initiative a success.”

Read Kevin Dancey’s most recent letter to IFAC member organizations here.

In November 2020, IFAC in partnership with cloudThing launched the IFAC PAO Digital Readiness Assessment Tool (the Tool). 

The Tool was created to help and support IFAC member organizations on their digital journey. Each participating PAO will receive a report containing their results.