Today, the International Federation of Accountants (IFAC) released the second installment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s (IAASB) quality management standards. Installment Two: Developing a Detailed Implementation Plan provides a step approach to identifying your quality objectives; completing your quality risk assessment process; identifying existing, or creating new, responses to those quality risks; and implementing, documenting, and communicating your system of quality management.

Installment Two also:

• Addresses the eight components of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
• Contains an example case study to illustrate the transition from the International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements; and
• Includes multiple documentation aids covering independence, acceptance and continuance of clients and engagements, resources, and outside consultation, as well as a sample checklist for engagement quality reviews.

Installment One of the series addressed the mindset change the new standards require and the shift in focus from quality control to quality management. Installment Three, expected later this year, will cover monitoring and remediation. This series joins IFAC’s collection of available resources that support quality management implementation, including webinars, articles and videos, as well as the IAASB first-time implementation guides, all of which are available at ifac.org/qualitymanagement.

IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and Forum of Firms representatives in the development of the series.

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 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce

In preparation for its 4^th Research Forum, which will be co-hosted by Comparative International Governmental Accounting Research Network (CIGAR) at its June 2024 conference, the IPSASB is calling for scholarly contributions from the academic community. This is an opportunity for researchers to have a significant impact on accounting standards used by governments and public sector entities across the globe.

Coordinated through the Academic Advisory Group, which includes independent scholars from all parts of the world, as well as the IPSASB members who have an academic background, the IPSASB is offering a grant of USD $2,000 for selected scholarly papers submitted covering three research areas. Up to six grants are available in total [one of the Research Area 2 grants will be funded by the Association of Chartered Certified Accountants (ACCA)]. 

The research areas of interest are:

Research Area 1: Research on Practical IPSAS Implementation Challenges

• Natural Resources 
• Presentation of Financial Statements

Research Area 2: Sustainability Reporting Focused Research

• Climate Change and Public Sector Reporting Related to Sustainability 
• Accounting for Biodiversity in the Public Sector

Research Area 3: Research on Adoption and Implementation of Specific IPSAS

• IPSAS 31, Intangible Assets
• IPSAS 33, First-Time Adoption of Accrual Basis IPSAS
• IPSAS 42, Social Benefits

The grant recipients, as well as other scholars, will present the first drafts of their full papers at the 2024 Research Forum (June 2024). As a first step, academics are invited to submit abstracts by September 1, 2023. (Extended until September 17, 2023) For more information, see the IPSASB’s Call for Papers.

Learn more about the Academic Advisory Group and submit.

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, and the governments of Canada and New Zealand. 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 International Ethics Standards Board for Accountants (IESBA) congratulates the Italian Ministry of Economy and Finance on the announcement today of the launch of a new Code of Ethics and Independence for Auditors in Italy. This new Italian Code of Ethics (Codice italiano di etica e indipendenza dei revisori legali dei conti), which is based off IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) with specific adaptations and localizations for compatibility and operability with the Italian and European regulatory frameworks, replaces the country’s previous code of ethics, adopted in 2018.

“On behalf of IESBA, I applaud the Italian Ministry of Economy and Finance for this important commitment to ethics and independence, and to the public interest,” said Gabriela Figueiredo Dias, IESBA Chair, who was invited to speak at the announcement event in Rome today. “This code will provide statutory auditors with a stronger ethics and independence framework, significantly elevating the ethical bar for an important group of professionals who are formally provided with public faith in reviewing financial statements and whose work is, therefore, critical to create trust in corporate information and to support sound business relations and a well-functioning economic system.”

The IESBA Code places a responsibility on all professional accountants to act in the public interest. The strength and global acceptance of the Code are evident as it has been adopted or is used in over 130 jurisdictions, translated into about 40 languages, and adopted by the 34 largest international networks of accounting firms for transnational audits.

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Congratulations to the International Sustainability Standards Board (ISSB) for achieving a major milestone today, releasing its #sustainability-related disclosure standards S1 and S2! These new standards establish a holistic framework that will drive greater consistency, accuracy, and comparability in sustainability information disclosures at a global level.    
                  
IESBA believes strong reporting and assurance standards must work under the umbrella of equally strong #ethics standards to foster public confidence in sustainability information. Therefore, to complement the achievements of the ISSB and the new sustainability assurance standards being developed by the International Auditing and Assurance Standards Board (IAASB), IESBA is on track to develop robust ethics and independence standards on #sustainabilityreporting and assurance that can be used by all sustainability information preparers and assurance practitioners worldwide.

Learn more here: https://lnkd.in/e-pt3wnh

3:00 PM - 4:30 PM CEST | 9:00 AM - 10:30 AM EDT 

As the global voice of the accountancy profession, IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosures, endorsed by IOSCO, and used around the world. The goal is a global system for consistent, comparable, reliable, and assurable sustainability information that can be complemented by local standards or broader public policy needs.  

With today’s release of its first two standards, the ISSB has answered stakeholders’ calls to move with pace, to focus on the needs of investors and capital markets, and to build upon existing and respected frameworks and standards.   

IFAC CEO Kevin Dancey said, “In one sense, the finalization of S1 and S2 by the ISSB marks the beginning of the work to be done by the accountancy profession.  All professional accountants—whether working in business, as preparers or auditors, or serving as leaders of professional accountancy organizations—must now advocate for and implement these standards so that high-quality corporate reporting of sustainability-related information becomes a reality.   The ongoing work of the IAASB and IESBA will bring trust and confidence through high-quality—and hopefully mandatory—assurance.”  

“To that end, IFAC calls on the global accountancy profession to work with local regulators and stakeholders to support the adoption of ISSB standards, to help build capacity for their implementation alongside any local complementary reporting requirements, and to continue to contribute our expertise and feedback to the ISSB as its important standard setting work continues.”   

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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.