The International Federation of Accountants (IFAC) in partnership with the Emirates Association for Accountants & Auditors (EAAA) and under the patronage of H.E. Abdulla bin Touq Al Marri, Minister of Economy, this week convened regional and global leaders representing finance, accountancy, securities and audit regulators, the investment community, and the standard setting community with the aim of advancing sustainability reporting, assurance, and capacity building in the Middle East North Africa region (MENA).
IFAC, EAAA, and IPSASB Leadership at the October 2024 event in Dubai
The event, IFAC Connects MENA, is the third in a series of IFAC Connects events created by IFAC around the world to encourage broad, solutions-oriented dialogue about key regional issues with global impact. IFAC recently held similar events in Singapore and in Bogota, Colombia, and in each of these cases collaborated with local professional accountancy organizations as well as the Forum of Firms -- an association of international networks of accounting firms that promotes consistent and high-quality standards of financial reporting and auditing practices worldwide.
Lee White, IFAC Chief Executive Officer, said, “Connected learning, innovation, a strong collective voice and commitment to the public interest are central characteristics of IFAC’s members, and critical to driving positive momentum. Moreover, in order to respond meaningfully to global challenges related to climate and sustainability matters, we need alignment and cooperation between governments, regulators, standard setters, and the accountancy profession.”
His Excellency Saif Al-Muheiri, Chairman of the Emirates Association for Accountants and Auditors (EAAA), said: “The accountancy profession that EAAA represents in the UAE is critical to how corporate reporting evolves to incorporate sustainability-related information, especially for use in capital allocation and investment decisions. Our skills with data, systems, processes and analysis are critical to this transformation which will create an ongoing dialogue with important regulatory bodies such as the Ministry of Economy.”
IFAC recently released its latest report, Beyond the G20: The State of Play in Sustainability Disclosure & Assurance, which provides a focal point for discussions between accounting, regulatory, and policy leaders and has a specific focus on the unique challenges and opportunities faced by six representative jurisdictions from MENA.
To advance the sustainability transformation or for more information about this conference or IFAC Connects events, please contact the office of Chief Executive Officer Lee White at Communications@IFAC.org.
About IFAC IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
“Tangible natural resources represent a significant proportion of economic resources in many jurisdictions,” said IPSASB Chair Ian Carruthers. “The proposed guidance fills an important gap in the IPSASB’s literature and will improve not only financial reporting but also encourage better public financial management and policy decisions for many governments.”
Tangible natural resources encompass all naturally occurring items with physical substance which embody service potential or the capability to generate future economic benefits. However, no International Public Sector Accounting Standard® (IPSAS®) guidance currently exists on the accounting for tangible natural resources, and as a result, many governments lack information on the extent and value of tangible natural resources.
ED 92 proposes recognition, measurement, presentation and disclosure guidance to address this gap.
The IPSASB welcomes the views of respondents on the proposed standard and other matters raised for comment in the ED. Comments received will help shape the final IPSAS related to Tangible Natural Resources.
About the IPSASB The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.
Stakeholder Comments on Exposure Draft 92 Sought by February 28, 2025
The global search for the next International Public Sector Accounting Standards Board (IPSASB) Chair is underway, led by the independent Search Committee (Search Committee) established by the Public Interest Committee and the International Federation of Accountants (IFAC). Interested candidates with a background in public sector financial and/or sustainability reporting and strong leadership skills are encouraged to apply.
The IPSASB Chair is a full-time executive position, appointed for an initial three-year term, commencing January 1, 2026, with the possibility of re-appointment for a total tenure of up to nine years. While relocation is not required for this role, regular interaction with IPSASB staff located in Toronto, Canada, and geographically dispersed Board members is expected. Additionally, extensive international travel is needed to ensure effective collaboration with all key stakeholders and to promote the adoption and implementation of the International Public Sector Accounting Standards (IPSAS) and the forthcoming IPSASB Sustainability Reporting Standards (IPSASB SRS).
As the IPSASB enters a new phase with an increased focus on the maintenance and application of the IPSAS suite of standards along with the development of sustainability reporting standards, the Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Given the pace of change in both technical areas and the broader public sector environment, the next Chair must be adept at navigating these challenges and leading the Board’s technical standard setting program successfully.
“We seek candidates with significant, and senior-level experience, who are well-recognized within the professional global community,” said Vinod Rai, Chair of the Search Committee. “It is equally important that candidates have a strong understanding of the public sector and a commitment to the IPSASB’s public interest mandate. Strategic leadership and communication skills are essential, and relevant standard-setting experience is also key for success in this important global role.”
A complete job description, along with application instructions, is included in the Call for Applications. Applications are due January 26, 2025 (midnight UTC).
About IFAC IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
About the Public Interest Committee The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.
About the IPSASB The International Public Sector Accounting Standards Board® (IPSASB®) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards™ (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
The Chair Will Lead the Next Phase of Developing Standards for the Public Sector
In an era where technology is rapidly transforming the landscape of external reporting, the IAASB has reaffirmed its commitment to staying at the forefront of these changes with the adoption of a comprehensive Technology Position Statement.
This Position Statement outlines how the IAASB will integrate technological advancements into its standard-setting activities to ensure that its standards remain relevant, effective, and aligned with the public interest. It also clarifies the IAASB’s new position, which includes:
Embracing innovation in audit and assurance while ensuring that its standards evolve with the changing environment.
Removing barriers in existing standards that may prevent using advanced technologies.
Introducing new requirements and guidance to help practitioners apply technology-enabled procedures effectively.
A Three-Component Framework for Technology Integration
The IAASB's Technology Position is built on a conceptual framework composed of three key components:
Technology Position Statement: This core section details the IAASB's overarching stance on the role of technology in audit and assurance practices. It emphasizes the transformative potential of technology in enhancing audit and assurance quality and includes eight actions that the IAASB will take to deliver on its commitment to facilitate and encourage firms and practitioners to use technology.
Approach to Operationalizing the Technology Position Statement: The second component of the framework explains how the IAASB will put the Technology Position Statement into action. This includes identifying opportunities for standard-setting and developing non-authoritative materials, all in close consultation with key stakeholders.
Approach to Monitoring and Adapting the Technology Position: Recognizing the fast-paced evolution of technology, the IAASB will proactively monitor technological trends and adapt its Technology Position as needed. This ensures the framework remains effective and relevant in a rapidly changing environment.
Commitment to the Public Interest and Enhancing Engagement Quality
The IAASB's Technology Position Statement underscores its commitment to the public interest by focusing on enabling consistently high-quality engagements. As technology becomes increasingly pervasive in all aspects of external reporting, the IAASB has a crucial role in improving audit and assurance quality. The Statement highlights the IAASB’s dedication to developing standards that facilitate and, where appropriate, encourage firms and practitioners to use technology.
IAASB’s Actions to Navigate the Technological Landscape
The Statement includes eight key actions detailing how the IAASB will deliver on its new technological commitment:
Embrace Technology-Driven Innovations
Remove Barriers in the Standards, Real or Perceived, to Practitioners Using Technology
Introduce Requirements and Application Material Relating to Using Technology in Engagements
Address the Impact of Technology Used by Reporting Entities
Strike the Right Balance When Referring to Opportunities and Risks Associated with Technology
Align with Principles of Ethics and Ethical Requirements
Ensure Scalability and Proportionality
Convene Stakeholders and Foster Ongoing Engagement
Operationalizing the Technology Position
To turn its Technology Position into actionable outcomes, the IAASB is conducting a gap analysis, beginning with a review of its foundational standards: the International Standards on Quality Management and International Standards on Auditing. This analysis will identify potential areas for the IAASB to enhance the standards to better facilitate technological adoption. The findings will inform the IAASB's future work plans. Future work could include opportunities for new standards or revisions to existing ones as well as developing non-authoritative materials, all in close consultation with key stakeholders.
The IAASB is also developing a feedback mechanism to allow stakeholders and partners to provide feedback and insights, including any challenges they encounter when using existing standards and materials.
Ongoing Monitoring and Adaptation
The IAASB's approach to technology is dynamic, with a commitment to continuously monitoring the technological landscape. Through feedback from stakeholders and advisory groups, the IAASB will stay informed of emerging trends and adapt its standards and guidance as necessary. This proactive approach will help the IAASB maintain the relevance and effectiveness of its Technology Position in a rapidly changing environment.
