Thank you to The World Bank for hosting the IPSASB®'s first meeting of the year from March 18 to 21 in Washington, D.C., USA.  

We progressed several projects that will make our IPSAS® Standards, which are cornerstones of strong public financial management, easier to use and more effective.

Informed decision-making matters.

Reliable financial information supports sound policymaking, enabling governments to allocate resources effectively to achieve their goals.

This guide provides an overview of the ISA for LCE's concepts, structure, and format. It offers step-by-step insights into each Part of the standard with examples and comparisons to ISAs, equipping practitioners with the tools to effectively implement the ISA for LCE.

For additional resources for the ISA for LCE, visit: www.iaasb.org/ISAforLCE

IES 2, 3, and 4 have been revised to embed sustainability throughout aspiring professional accountants' training. These updates reinforce the accountancy profession’s role in supporting high-quality sustainability reporting and assurance while upholding integrity and professional quality.

The revisions to IES 6, Formal Assessment of Professional Competence, reflect global changes, modernizing and clarifying the standard to ensure its relevance and longevity.

The revisions to IES 6, Formal Assessment of Professional Competence, reflect global changes, modernizing and clarifying the standard to ensure its relevance and longevity. This fact sheet provides an overview of these changes.

As demand for sustainability-related disclosures increases globally, the accountancy profession must ensure that all professional accountants are able to meet these evolving expectations. IFAC has revised the International Education Standards to embed sustainability—spanning analysis, reporting, and assurance—across aspiring professional accountants’ training. This fact sheet provides an overview of the revisions to IES 2, 3, and 4 addressing initial professional development.

The Fast Future With IFAC is a conversational podcast series about small- and medium-sized practices (SMPs) adapting to the rapidly changing global economy.

Episode 12 features an interview on how SMPs can embrace technology. 

Our guest, Marcel Vulpoi, is General Manager of Vulpoi & Toader Management, a Romanian firm that provides accounting and business consulting services.

Click below or visit IFAC's iTunes podcast channel to listen to this episode.

(Back to the Fast Future With IFAC homepage.)

The International Public Sector Accounting Standards Board (IPSASB^®), developer of IPSAS® Standards, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Amendments to IPSAS Standards: Specific IFRIC Interpretations.

Amendments to IPSAS Standards: Specific IFRIC Interpretations is the result of the IPSASB’s IFRIC Alignment – Narrow Scope Amendments project, which reviewed and considered seven IFRIC and SIC Interpretations previously published by the IFRS Interpretations Committee. These Interpretations were issued to clarify the application of specific International Financial Reporting Standards (IFRS) to transactions or scenarios where there may be uncertainty or ambiguity. In reviewing the IFRIC and SIC Interpretations, the IPSASB aimed to maintain alignment with IFRS Standards, where appropriate, and identify and incorporate guidance into IPSAS Standards that was applicable for governments and public sector entities and should be incorporated into IPSAS literature.

The IPSASB concluded that four of the IFRIC Interpretations in the scope of this project were applicable to the public sector and has amended existing IPSAS Standards to incorporate new guidance, based on those Interpretations, to clarify the application of existing accounting principles on specific matters.

Ian Carruthers, IPSASB Chair said: “This release reflects the IPSASB’s commitment to maintaining a global baseline for public sector financial reporting. By incorporating selected IFRIC Interpretations that are relevant to the public sector, we enhance consistency, and facilitate comparability across jurisdictions, reinforcing transparency, accountability, and trust in public sector financial management worldwide. Going forward, the IPSASB will consider the applicability of future IFRIC Interpretations as they are issued to ensure public sector financial reporting remains globally relevant, clear, and consistent.”

Amendments to IPSAS Standards: Specific IFRIC Interpretations has an effective date of January 1, 2026. Earlier application is permitted. 

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 Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. 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. 

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome five new members following their appointments by the Public Interest Oversight Board (PIOB) in November.

• Nancy Cheng is the Board Chair of icddr,b, an international non-profit public health research institution based in Bangladesh. She is also the Audit Committee Chair of Shared Services Canada and an Audit Committee member of Public Safety Canada, two departments in the Government of Canada. She also serves on the Board of CARE Canada

“I am excited about the opportunity to join the IAASB in setting high-quality auditing and assurance standards to serve the public interest. I hope to make a contribution and be in a position to provide a Canadian perspective.”

• Amaro Gomes is an independent consultant and member of the audit committee at Banco Bradesco (Brazil). He was previously the Brazilian Secretary of State for Coordination and Governance of Federal State-Owned Enterprises (2020-2021).

"I am very honored to join the IAASB and look forward to working collaboratively and constructively with my fellow Board Members towards a trustful and positive environment to reach acceptable, well-reasoned, and technically sound decisions in the public’s best interest, and ultimately contribute towards long-term economic development. To that end, I will seek the active involvement of audit professionals, regulators, supervisors, standards setters, investors, preparers, academics and other interested parties to achieve the IAASB’s goal and implement its strategy."

• Mikiko Ono is the Director of Sustainability Disclosure Regulation and Investor & Stakeholder Engagement at Recruit Holdings Co., Ltd. where she spearheads engagement with global investors and sustainability disclosure practices, primarily for capital markets, by integrating financial and non-financial information. She also leads a company-wide sustainability disclosure project, collaborating closely with assurance professionals and colleagues across the globe to secure sustainability assurance for consolidated information, aligning with international disclosure standards.

“The IAASB’s mission to serve the public interest resonates strongly with me. I am eager to contribute to enhancing the reliability of corporate reporting, drawing on my experience in engaging global investors and stakeholders on financial and sustainability matters at publicly listed companies.”

• Xiaoyue Sun is a Partner with BDO China and a member of the Auditing Standards Board of China. She is also a member of BDO’s Audit Leadership Committee and Audit Quality Committee and has more than 29 years of experience as an audit practitioner.

“It is both a great honor and exciting challenge for me to be a member of the IAASB, to work with intelligent and passionate teams, to contribute to setting high-quality standards and their implementation, and to serve public interest.”

The IAASB is also pleased to share that two members were re-appointed by the PIOB for terms that also began on January 1, 2025:

• William (Bill) Edge was chair of the Auditing and Assurance Standards Board for Australia from 2021 to 2023, and the chair of Financial Reporting Council in Australia from 2016 to 2020; and
• Neil Morris is the Global Head of Assurance and ESG Methodology at KPMG.

Additionally, the IAASB Vice-Chair Josephine Jackson has been reappointed as Vice-Chair for a final year of service.

The PIOB’s invitation for application for terms of service beginning in January 2026 will open in February. The IAASB encourages qualified candidates to apply.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Accountants and finance professionals can now benefit from a practical resource to strengthen governance and control activities, enhancing the quality of sustainability information and disclosures. Building Trust in Sustainability Reporting and Preparing for Assurance: Governance and Controls for Sustainability Information was published today by the International Federation of Accountants (IFAC) and We Mean Business Coalition (WMBC), in partnership with the Global Accounting Alliance (GAA).

In today’s evolving corporate landscape, where companies and their stakeholders require reliable and decision-useful information to understand sustainability risks and opportunities, Building Trust in Sustainability Reporting and Preparing for Assurance provides a roadmap for organizing and enhancing governance and control systems. The guidance outlines steps to align sustainability and financial reporting in terms of quality, timing, and connectivity, and addresses challenges in sustainability reporting.

By implementing a systematic annual cycle of governance and control activities, companies can improve the quality and maturity of their data and reporting processes, reducing the likelihood of modified assurance conclusions or audit opinions while laying the foundation for robust sustainability reporting and assurance.

Lee White, Chief Executive Officer of IFAC, said: “Professional accountants play a pivotal role in enhancing the quality of sustainability information—a role that is increasingly critical as companies navigate new requirements for sustainability-related financial disclosure. This new guidance is a practical resource for our member organizations to support professional accountants take on this responsibility and to build confidence, prepare for assurance, and support the global sustainability transformation.”

Maria Mendiluce, CEO of the We Mean Business Coalition, added: “Robust sustainability reporting depends on effective governance and control processes. Elevating the quality of sustainability information and connecting it to financial reporting is essential for companies committed to ambitious climate action and attracting investors committed to sustainable growth.”

Jim Knafo, CEO of The Global Accounting Alliance (GAA), said: "This guidance marks an important step forward in recognizing how robust governance and controls lead to reliable and decision-useful sustainability reporting. Professional accountants are well-positioned to ensure that sustainability information meets the high standards of transparency and quality demanded by today’s stakeholders. Through our collaboration with IFAC and We Mean Business Coalition, GAA is committed to empowering our members with the tools they need to drive trust and accountability in sustainability reporting and assurance."

The new guidance can be applied to the adoption of the IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB) and jurisdictional requirements, including the European Sustainability Reporting Standards (ESRS). Both sets of standards also emphasize the importance of transparency on governance, risk management, and internal controls to inform an assessment of the quality of a company’s sustainability reporting.

This resource is part of IFAC’s ongoing efforts to convene and empower global and regional stakeholders and equip them with the tools to advance effective sustainability reporting practices and assurance preparedness such as its global IFAC Connect^TM events, bringing together key players, including PAOs, business leaders, and regulators, to address the urgent need for actionable sustainability strategies.

Download the guidance.

Resource published by IFAC and We Mean Business Coalition, in partnership with the Global Accounting Alliance