Nearly 80% of jurisdictions worldwide have adopted International Standards for Auditing for mandatory audits, while more than 60% have fully adopted the international Code of Ethics for Professional Accountants, according to a new study by IFAC—International Federation of Accountants—on rates of adoption of international standards across 80 of the jurisdictions in which IFAC’s more than 175 member organizations operate.

High-quality international standards are essential pillars of the global financial architecture. Their adoption and implementation improve the availability of the high-quality financial information in the public and private sectors that improves decision making and ultimately results in greater economic growth, development, and accountability.

“This forward momentum is positive news for investors, governments, businesses of all sizes, global regulators and the public given these standards’ relevance to the entire global finance structure,” said Alta Prinsloo, Executive Director, Quality & Development. “Following comparable international standards enable businesses to produce financial information that decision makers can rely on.”

The data is included in a first-of-its kind report that assesses and publically reports on the global status of the adoption of international standards—International Standards: 2017 Global Status Report. The report details the high rates of adoption around the world, driven by IFAC and its member organizations, and positive results in several key areas, including ethics, financial reporting standards, and quality assurance, and provides examples of success and tools for continued progress.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

This report is an independent, qualitative and quantitative analysis by Gibson Dunn of the public responses to the Consultation Paper published by the Monitoring Group. 

The International Ethics Standards Board for Accountants (IESBA) seeks public comment by July 16, 2018, on its Proposed Strategy and Work Plan, 2019-2023.

Leveraging the completely rewritten and significantly strengthened International Code of Ethics for Professional Accountants (including International Independence Standards), the proposed Strategy and Work Plan projects the IESBA’s vision for the Code in the global economy. The IESBA’s future priorities and actions will be guided by three strategic themes:

• Advancing the Code’s relevance by keeping it fit-for-purpose for a rapidly changing world, and further strengthening ethical conduct and independence standards;
• Deepening and expanding the Code’s impact and influence through increased global adoption and implementation; and
• Enriching the IESBA’s perspectives and capacities through proactive stakeholder dialogue and co-operation.

The consultation paper was developed following extensive, wide-ranging engagement with stakeholders, including regulators, national standard setters and professional accounting organizations.

Please submit your responses by July 16, 2018 to ensure your views are considered.