As part of its intensive outreach campaign across the globe, the IAASB has heard requests from a range of stakeholders to provide additional information on materiality matters to better help them navigate the recently proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Accordingly, a comprehensive set of Frequently Asked Questions (FAQs), The Application of Materiality by the Entity and the Assurance Practitioner, has been developed.

The FAQ compilation addresses a variety of questions, including how the concept of materiality applies to sustainability reporting and assurance; the definition of double materiality; and how an assurance practitioner considers an organization’s “materiality process” during a sustainability assurance engagement, among other questions and answers.

The comment period for proposed ISSA 5000 is open until December 1, 2023. To promote broad and diverse participation in the ongoing public consultation, the IAASB has developed a Stakeholder Survey, which may be especially useful for stakeholders wishing to share less technical or overall feedback, and a Response Template.

For further details and updates, visit the IAASB website: iaasb.org/ISSA5000

As part of the IAASB's intensive outreach campaign across the globe, there were requests from a range of stakeholders to provide additional information on materiality matters to better help them navigate the recently proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.

International Public Sector Accounting Standard® (IPSAS®) IPSAS 49, Retirement Benefit Plans establishes comprehensive accounting and reporting requirements for the financial statements of retirement benefit plans, with participants comprising current and former public sector employees and other eligible members. 

IPSAS 49 guides the accounting and reporting by a retirement benefit plan from the perspective of the plan itself. This enhances accountability to participants of the plan and other users.

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a questions and answers (Q&A) publication on the pronouncement Revisions to the Code Relating to the Definition of Engagement Team and Group Audits. The revisions to the Code address holistically the various independence considerations in an audit of group financial statements. The revisions also deal with the independence and other implications of the changes to the definition of an engagement team in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to align with changes to the definition of the same term in the International Auditing and Assurance Standards Board’s (IAASB) International Standards on Auditing (ISAs) and International Standards on Quality Management (ISQMs).

The Q&A publication is designed to highlight, illustrate, or explain aspects of the revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement. It will assist firms, national standards setters, and professional accountancy organizations in adopting and/or implementing the revisions. The Q&As will also assist regulators and audit oversight bodies, the corporate governance community, investors, preparers, educational bodies or institutions, and other stakeholders in understanding the revisions to the Code. 

The development of the Q&As has been informed by the IESBA’s extensive discussions and consultations with a wide range of stakeholders and the IESBA’s own deliberations during the development and finalization of the pronouncement.

The pronouncement is coming into effect for audits of financial statements and group financial statements for periods beginning on or after December 15, 2023, with early adoption permitted.

This Q&A publication is designed to highlight, illustrate, or explain aspects of the Code's recent revisions that holistically address the various independence considerations in an audit of group financial statements and is intended to complement the Basis for Conclusions for the final pronouncement.

Artificial intelligence (AI) and intelligent automation (IA) are creating significant opportunities for organizations and individuals and are shaping the future of professional accountants as leaders and business partners.

Digital transformation based on intelligent automation can drive business growth and customer and employee satisfaction.

To provide in-depth insights about AI and IA and consider their impact on the work of accounting and finance professionals, IFAC’s Professional Accountants in Business (PAIB) Advisory Group received a presentation from Pascal Bornet, IA pioneer and CPA, and have shared a recording and takeaways from the discussion.

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Explore takeaways from the presentation and watch the recording to learn some of the opportunities opening to accounting and finance professionals who embrace AI and IA.

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 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.