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  • Insights and Action for the Future of Business Resilience from the IFAC PAIB Advisory Group

    English

    In the face of global economic volatility, technological disruption, and climate and sustainability pressures, professional accountants in business (PAIBs) are playing critical strategic roles in building trust, enabling resilient organizations, and delivering long-term value creation.  

    At our PAIB Advisory Group meeting hosted by the Japanese Institute of Certified Public Accountants (JICPA) in Tokyo, we convened a diverse group of PAIBs for a strategic discussion on how PAIBs are shaping the future of business and the public sector. With deep expertise, on-the-ground experience in leading organizations, and global reach across more than 20+jurisdictions, our global advisory group provides a unique and practical lens into how organizations navigate complexity, and the evolving priorities for our profession.

    A group of people at the 2025 PAIB meeting in Tokyo
    IFAC PAIB Advisory Group Members and Meeting Participants in Tokyo 

    A new article from PAIB Advisory Group Chair Sanjay Rughani incorporates multiple insights and resources from the meeting into four actions that can redefine our profession’s role at the forefront of transformation: 

    • Reframe the profession’s identity and value; 
    • Leverage AI to lead, not follow; 
    • Embrace modern talent models; and 
    • Grow PAIB membership. 
    Four colored boxes with the four themes that emerged from the PAIB Tokyo meeting

    Relevant to our members’ efforts in shaping the profession’s future, the article highlights how professional accountants are not only supporting business performance but actively shaping it, guiding strategic shifts through integrated thinking and sustainability leadership, integrating AI into finance and business processes to boost productivity and embedding risk culture to better navigate uncertainty. These insights are grounded in real-world examples, including transformations underway at Fujitsu, the UK Civil Service, and evolving roles for PAIBs across IPO markets in Japan, India, and the US. 

    Share this resource to spark discussions and strategies, supporting your members in their various business and public sector roles.   

    Read Shaping Business and Performance: Key Insights from the PAIB Advisory Group’s Meeting in Tokyo. 

    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 IFAC’s PAIB Advisory Group 
    Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership.   

    By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes. 

  • IPSASB eNews: June 2025

    New York, New York English

    The IPSASB held its second meeting of the year from June 10 to 13, 2025, in Toronto, ON, Canada.

    At our meeting last week, we continued our analysis of responses to the Climate-related Disclosures and Tangible Natural Resources exposure drafts, and we progressed several other projects that will enhance IPSAS Standards, which provide the cornerstone for effective and efficient public financial management.

    Measurement – Application Phase

    The Board approved the Final Pronouncement, Amendments to IPSAS Standards as a Result of the Application of IPSAS 46, Measurement, amending IPSAS Standards to align with the measurement principles in IPSAS 46. These amendments are effective January 1, 2028.

    Where support for the proposals in the exposure draft was mixed, i.e., the introduction of current operational value in IPSAS 31, Intangible Assets, we decided to continue analysis independently so the otherwise strongly supported guidance could be delivered in a timely manner.

    Natural Resources

    As part of the development of our final pronouncement, we confirmed the guidance on tangible natural resources will be located in a separate, standalone IPSAS Standard. We also discussed stakeholder feedback and agreed the only tangible natural resources in scope of the proposals were those held for conservation and decided to clarify the guidance.

    Presentation of Financial Statements

    We made great progress finalizing our preliminary view regarding categorization on the Statement of Financial Performance. We also deliberated presentation requirements regarding main operating activities, totals and subtotals, minimum line items, and expenses by nature or function. We will continue to refine and articulate the nuanced discussions in our forthcoming consultation paper and begin discussions on other presentation requirements.

    Work Program Consultation

    During Q4 2025, we’ll publish a consultation on our work program to receive your valuable feedback on future priorities in the areas of financial reporting, post-implementation reviews, and sustainability reporting. During the June meeting, we reviewed the first draft of the consultation and expect to approve the document at our September 2025 meeting.

    Improvements to IPSAS

    We discussed potential clarifications to enhance the consistency of IPSAS 35, Consolidated Financial Statements, and IPSAS 40, Public Sector Combinations. We decided to include the consolidation-related amendments in the next exposure draft on improvements to IPSAS Standards, which collects improvements approved throughout 2025 and is expected to be approved in March 2026. Potential amendments to public sector combinations will be analyzed further at a future IPSASB meeting as a separate narrow scope amendment.

    IPSAS 33 – Limited Scope Update

    We continued to analyze respondents’ feedback to ED 91, Limited-Scope Updates to First-Time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS). We aim to make the first time adoption standard more user-friendly by improving navigation, clarifying  principles, and releasing additional implementation guidance. We intend to approve the revised Standard at the September 2025 meeting.

    Public Sector Standard Setters Forum

    Save the date: September 7-9, 2025 in Lisbon, Portugal. Register your interest to attend by July 25.

    Post-Implementation Reviews

    Our first post-implementation review will be on IPSAS 20, Related Party Disclosures. To help inform our next review, we decided to conduct a survey of national standards setters on which IPSAS Standards should be a priority for us based on which pronouncements have been modified before adoption, and/or have not been adopted at the local level.  

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    The next IPSASB meeting will be in Lisbon, Portugal, September 9-12, 2025 and we would like to thank our hosts, the Ordem dos Contabilistas Certificados (Order of Certified Accountants) for welcoming us back again.

    2025 Handbook

    The 2025 Edition of the Handbook of International Public Sector Accounting Pronouncements is out now. It contains the complete suite of IPSAS Standards published as of January 31, 2025,

    New Adoption & Implementation Resource
  • Not all Carbon Credits are Created Equal: Ecosystem Views on Quality Credits and the Future of the Voluntary Carbon Market

    While investments in carbon credits have significant potential to boost advancement in clean technology, protect and restore nature, and reduce greenhouse gas emissions, the burgeoning voluntary carbon market (VCM) has experienced growing pains. Critics and proponents alike have raised concerns about the quality of carbon credits, the integrity of stated emissions reductions and verification, and the appropriate role of credits in corporate net zero planning. The future of the market depends on improving its integrity, and professional accountants can play an important role.

    IFAC
    English
  • IFAC Releases Trailblazing Sustainability Tool for Small Businesses

    New York, New York English

    The International Federation of Accountants (IFAC), in collaboration with the Edinburgh Group (EG), has launched a pioneering online tool designed to help small- and medium-sized enterprises (SMEs) maximize the benefits of incorporating sustainability into their strategy and business operations.

    Developed specifically for IFAC and EG members to provide to their own members, The Small Business Sustainability Checklist is an interactive tool that provides practical steps to future-proof businesses and boost sustainability practices. It is designed to be tailored by each business according to its industry sector, lifecycle, and products and services. 

    The innovative resource uses a simple self-assessment approach to score users’ sustainability initiatives across environmental factors, social responsibility, and governance. It helps users identify risks and opportunities, which can inform a roadmap for improvement.

    Lee White, IFAC Chief Executive Officer, said, “This checklist is a practical tool to help small businesses benchmark and track their sustainability efforts, providing the resources and guidance to help them take the first step or make progress from what they’re currently doing.”

    In an environment of shifting sustainability regulations worldwide, the straightforward approach of The Small Business Sustainability Checklist arrives at a critical time for small and medium-sized practices looking to support their clients to tackle sustainability-related risks and unlock opportunities.

    “This is all about building sustainable futures for both accounting practices and their clients, to face the global standards of today and tomorrow,” White said. 

    CA Rajendra Kumar P., Chair of the Edinburgh Group, noted: “As a coalition of sixteen accountancy bodies from across the world that is focused on supporting small- and medium-sized practices and entities, the Edinburgh Group expects this new tool will be hugely beneficial to those who use it.”

    Peer-led content to deliver real-world examples

    With interactive videos featuring real-world experiences from industry peers, the tool offers users firsthand insights into how fellow professionals are tackling sustainability challenges. By sharing practical strategies and best practices, these industry voices provide valuable context, helping accountants translate sustainability concepts into actionable steps for their own firms and for their clients.

    “IFAC’s new tool is more than just a guide to reporting, it’s a resource that fosters best-in-class sustainability practices and helps firms develop advisory services,” said industry leader Sarah Lawrance. “As accountants and small businesses, we have a responsibility to consider our impact on the future, and this tool helps us all take meaningful action, no matter where we are on our journey.”

    “This checklist sparks essential conversations between accountants and their clients,” Sarah added. “It empowers accountants to position themselves as sustainability leaders within their firms while also guiding their clients toward their own sustainability goals.”

    The tool is now available via IFAC’s website.

    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 Edinburgh Group

    The Edinburgh Group is a coalition of 16 accountancy bodies from across the world, representing over 1.3 million professional accountants. It champions, and provides a forum for the exchange of views on, issues affecting small- and medium-sized practices and small- and medium-sized entities, as well as related issues impacting developing nations and professional accountants in business in the context of the advancement of the accountancy profession internationally.