The International Federation of Accountants^® (IFAC^®), the global body for the accountancy profession, today expressed its support to the UN Framework Convention on Climate Change as it facilitates a new international agreement on emissions reduction targets leading up to the 21st session of the Conference of the Parties, which takes place in Paris in December. IFAC supports a universal agreement and effective international dialogue to encourage the transition toward resilient, low-carbon societies and economies.

Climate change is a seminal and intractable public interest issue, affecting organizations and global markets and the societies they serve. An international agreement on long-term global emissions reduction will assist governments, capital markets, and private and public sector organizations—and the professional accountants who serve them—to more confidently identify necessary actions to mitigate climate change. A strong and clear agreement is also more likely to unleash government and business ingenuity and innovation in both managing and solving climate change challenges.

IFAC’s three key messages on climate action are:

• A global climate agreement at the 21^st session of the Conference of the Parties needs to deliver a clear framework for international action that provides the policy environment to facilitate investment and innovation.
• Going forward, it will be important to examine the range of different reporting frameworks and regulations in existence and identify a path to global consistency to ensure governments and businesses are given a clear and consistent context in which to operate and report on their actions.
• Professional accountants in their various roles―in public practice for accounting firms of all sizes and working in business, industry, and the public and not-for-profit sectors―have a significant contribution to make in helping governments, capital markets, and organizations implement plans for climate change mitigation and adaptation. They have long been on the front-lines of helping others adapt to changes in society; mitigating and adapting to the challenges of climate change will be no different.

“Climate change is subject to intense public debate and scrutiny. But what is clear is that there is a critical economic, business, and societal need to respond to the warming of the climate by reducing global emissions,” according to IFAC CEO Fayez Choudhury. “Increased climate risk presents uncertainty creating threats and opportunities for governments and businesses and the societies they serve. This issue is important to the global accountancy profession and we aim to continue working with a range of stakeholders to address the challenges ahead.”

IFAC’s submission joins the many other voices that are encouraging a strong international agreement, including:

• Investors: In an open letter to finance ministers of the Group of Seven (G-7), 120 investor CEOs from around the world who manage funds worth more than USD $12 trillion urged the inclusion of a long-term emissions reduction goal in the international climate agreement.
• Companies: In an open letter to world leaders, CEOs of 43 large global companies asked for an ambitious climate change agreement; signatories included IKEA, Erikson, Lafarge, Volvo, BT, Marks & Spencer, Munich RE, Unilever, and Vestas.
• CEOs of oil and gas companies: ln an open letter to the UN and governments, the CEOs of six major oil and gas companies called for global carbon pricing.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment two Exposure Drafts (EDs): ED 57, Impairment of Revalued Assets, and ED 58, Improvements to IPSASs 2015.

ED 57 proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of the IPSASB’s two standards on impairment―IPSAS™ 21, Impairment of Non-Cash-Generating Assets, and IPSAS 26, Impairment of Cash-Generating Assets. These changes seek to provide users with relevant information on impairments to these assets. They also clarify that an impairment to one or more individual assets within a class of property, plant, and equipment does not necessitate a revaluation of the entire class to which that impaired asset belongs.

ED 58 proposes minor changes as follows:

• Consequential amendments arising from the first four chapters of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities;
• General improvements to International Public Sector Accounting Standards™;
• Improvements to increase consistency with Government Finance Statistics reporting guidelines; and
• Improvements to maintain convergence with International Financial Reporting Standards.

This is the first IPSASB Improvements project to consider broader improvements, rather than focusing solely on those to maintain convergence with IFRS.

“Although the changes proposed in these Exposure Drafts are minor, they address concerns directly raised by our stakeholders,” said IPSASB Chair Andreas Bergmann. “As an increasing number of jurisdictions adopt IPSAS, it is important that we respond to the issues they identify. We look forward to receiving constituents’ views on these proposals.”

How to Comment
To access the EDs, or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the EDs are requested by January 15, 2016. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of these EDs to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. “International Public Sector Accounting Standards Board,” “IPSASB,” and “IPSAS” are trademarks or registered trademarks of IFAC in the US and other countries.

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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce. “International Federation of Accountants” and “IFAC” are trademarks or registered trademarks of IFAC in the US and other countries.

IFAC commissioned independent economics and business research consultancy, Cebr, to analyze our membership data from 2009 to 2013.  Nexus 1: The Accountancy Profession, Behind the Numbers is the first of two reports to look behind Cebr’s analysis, and provide a snapshot of professional accountancy’s importance to the global economy and its contribution to society.

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A report released today by the International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, reveals that growth in membership of professional accountancy organizations (PAOs) far exceeded total employment growth across almost all global regions and economies for the period 2009-2013.

Fayez Choudhury, IFAC Chief Executive Officer, said, “This study reinforces the importance of the global accountancy profession in good times and bad. In challenging environments, expert and trusted professional accountants help make sense of rapidly changing regulation and provide strategic advice that strengthens organizations and advances economies.”

Nexus 1: The Accountancy Profession, Behind the Numbers, a study conducted for IFAC by the independent Centre for Economics and Business Research (Cebr), analyzes data from IFAC’s more than 175 members and associates in 130 countries and jurisdictions. The findings show that, following the global financial crisis, the number of professional accountants IFAC represents through its members grew:

• 20% in advanced economies, despite low total employment growth of 2.6%;
• 15% in BRIC (Brazil, Russia, India, China) countries, despite low total employment growth of 2.9%; and
• 18% and 11%, respectively, in MINT (Mexico, Indonesia, Nigeria, Turkey) countries and emerging markets, while their economies enjoyed total employment growth, respectively, of approximately 10% and 5%.

“From emerging to advanced economies, the report indicates the importance of the strong, vibrant profession IFAC’s members support. It tells motivated young people considering career choices that accountants are required in all economic conditions; that rapid growth in emerging economies means there is need for more and better trained accountants; and that strong PAOs and professional accountants are intrinsic to the success of advancing economies,” Mr. Choudhury said. “In addition, the role of accountants is not one-dimensional: more than half of the professional accountants IFAC represents through our members work in business and industry, the public sector, and academia, and some 45% work in public practice.”

In another key finding, the study estimates for the first time how many people are working in accountancy-related fields worldwide. The number of people identified as working in the field of accountancy or supporting its function is approximately three times the size of IFAC PAOs’ membership.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.

About Cebr:
Centre for Economics and Business Research Ltd (Cebr) is an independent consultancy with a reputation for sound business advice based on thorough and insightful research. Since 1992, Cebr has been at the forefront of business and public interest research, providing analysis, forecasts and strategic advice to major UK and multinational companies, financial institutions, government departments and agencies, trade bodies and the European Commission.