Progressing sustainable development goals, including those related to climate change, requires urgent public sector action. Yet, as of now, no internationally recognized public sector reporting framework exists to help governments to measure and report on their critical contributions to addressing the global climate emergency and other sustainability challenges. With its public sector standard setting expertise and support of the international community, the International Public Sector Accounting Standards Board (IPSASB) is exploring how it might change that.  

IPSASB, IFAC and Accountancy Europe will host an interactive discussion around key ideas the IPSASB is exploring related to the development of sustainability standards and the resources necessary to deliver the urgently needed public sector reporting guidance. 

Equipping the Public Sector for Sustainability Action: Advancing transparency, comparability, and accountability with sustainability reporting will be held in Brussels, Belgium on April 4, 2023, from 4:00pm-6:00pm followed by a networking reception until 7:00pm.  

“The urgency of advancing public sector sustainability reporting cannot be overstated,” said Ian Carruthers, IPSASB Chair. “While the IPSASB is pleased to be playing a leading role in developing the thinking on this initiative, the involvement of the global community will also be crucial to equipping the public sector with the tools it needs to address climate change and other sustainability challenges.”  

“Public sector specific sustainability reporting standards will undoubtedly strengthen the global response to the climate crisis,” said Kevin Dancey, IFAC CEO. “IFAC applauds the IPSASB's lead on addressing this gap and encourages all of our stakeholders to get involved however they can.”  

“The public sector is essential to the economy in European countries: the necessary transition will not happen without it”, said Olivier Boutellis-Taft, Accountancy Europe’s CEO. “Proper sustainability reporting is a minimum and long-awaited first step. We applaud the IPSASB’s leadership and look forward to this discussion.” 

The event will feature:  

• Ian Carruthers, Chair, IPSASB  
• Olivier Boutellis-Taft, CEO, Accountancy Europe  
• Andrew Blazey, Deputy Head of Division and Lead, Green Budgeting, OECD 
• Maria-Rosa Aldea Busquets, Deputy Director General, DG Budget, European Commission 
• Laura Leka, Principal, IFAC
• Alex Metcalfe, Global Head of Public Sector, ACCA 
• Vivi Niemenmaa, Secretary General - INTOSAI WGEA / National Audit Office of Finland 
• Lebogang Senne, Technical Director, Pan African Federation of Accountants (PAFA)  
• Ross Smith, Program and Technical Director, IPSASB  
• Eelco van der Enden, CEO, GRI  
• Additional participants TBA 

The in-person interactive discussion will be followed by a networking reception. The event is free to attend and will be held in English. View the agenda and register now.  

About 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. 

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. 

About Accountancy Europe 
Accountancy Europe unites 50 professional organisations from 35 countries that represent 1 million professional accountants, auditors, and advisors. They make numbers work for people. Accountancy Europe translates their daily experience to inform the public policy debate in Europe and beyond. Accountancy Europe is in the EU Transparency Register (No 4713568401-18). 

Progressing sustainable development goals, including those related to climate change, requires urgent public sector action. Yet, as of now, no internationally recognized public sector reporting framework exists to help governments to measure and report on their critical contributions to addressing the global climate emergency and other sustainability challenges. With its public sector standard setting expertise and support of the international community, the International Public Sector Accounting Standards Board (IPSASB) is exploring how it might change that.  

IPSASB, IFAC and Accountancy Europe will host an interactive discussion around key ideas the IPSASB is exploring related to the development of sustainability standards and the resources necessary to deliver the urgently needed public sector reporting guidance. 

Equipping the Public Sector for Sustainability Action: Advancing transparency, comparability, and accountability with sustainability reporting will be held in Brussels, Belgium on April 4, 2023, from 4:00pm-6:00pm followed by a networking reception until 7:00pm.  

“The urgency of advancing public sector sustainability reporting cannot be overstated,” said Ian Carruthers, IPSASB Chair. “While the IPSASB is pleased to be playing a leading role in developing the thinking on this initiative, the involvement of the global community will also be crucial to equipping the public sector with the tools it needs to address climate change and other sustainability challenges.”  

“Public sector specific sustainability reporting standards will undoubtedly strengthen the global response to the climate crisis,” said Kevin Dancey, IFAC CEO. “IFAC applauds the IPSASB's lead on addressing this gap and encourages all of our stakeholders to get involved however they can.”  

“The public sector is essential to the economy in European countries: the necessary transition will not happen without it”, said Olivier Boutellis-Taft, Accountancy Europe’s CEO. “Proper sustainability reporting is a minimum and long-awaited first step. We applaud the IPSASB’s leadership and look forward to this discussion.” 

The event will feature:  

• Ian Carruthers, Chair, IPSASB  
• Olivier Boutellis-Taft, CEO, Accountancy Europe  
• Andrew Blazey, Deputy Head of Division and Lead, Green Budgeting, OECD 
• Maria-Rosa Aldea Busquets, Deputy Director General, DG Budget, European Commission 
• Laura Leka, Principal, IFAC
• Alex Metcalfe, Global Head of Public Sector, ACCA 
• Vivi Niemenmaa, Secretary General - INTOSAI WGEA / National Audit Office of Finland 
• Lebogang Senne, Technical Director, Pan African Federation of Accountants (PAFA)  
• Ross Smith, Program and Technical Director, IPSASB  
• Eelco van der Enden, CEO, GRI  
• Additional participants TBA 

The in-person interactive discussion will be followed by a networking reception. The event is free to attend and will be held in English. View the agenda and register now.  

About 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. 

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. 

About Accountancy Europe 
Accountancy Europe unites 50 professional organisations from 35 countries that represent 1 million professional accountants, auditors, and advisors. They make numbers work for people. Accountancy Europe translates their daily experience to inform the public policy debate in Europe and beyond. Accountancy Europe is in the EU Transparency Register (No 4713568401-18). 

The International Ethics Standards Board for Accountants and the International Auditing and Assurance Standards Board applaud the recent announcement by the International Sustainability Standards Board (ISSB) that final decisions for all technical content related to ISSB's inaugural sustainability standards have been made and that the ISSB is entering the final stages of the standards development process ahead of an expected issuance at the end of Q2 2023.

We echo the recent statement of support from the International Organization of Securities Commissions (IOSCO) and appreciate IOSCO's encouragement for our boards’ work to develop standards by the end of 2024. The IOSCO statement is a timely reminder that providing the necessary assurance and ethics standards is essential to complete the sustainability reporting and assurance standards infrastructure. We will continue to work closely with all parties as we develop our sustainability standards, which we will discuss at our respective March meetings.

The Technology Consultation Group of the International Auditing and Assurance Standards Board (IAASB) today released non-authoritative support material to help address certain frequently asked questions about investigating exceptions and the concept of performance materiality when performing audit procedures using automated tools & techniques (ATT). While not unique to ATT, questions on these topics have become more prevalent with the increasing use of ATT, which enable analyzing data sets with large volumes of information.

The publication does not amend or override the International Standards on Auditing (ISAs), the texts of which alone are authoritative. Reading the publication is not a substitute for reading the ISAs. 

Other technology-related publications are available on the IAASB’s Technology web page.

Frequently Asked Questions on Investigating Exceptions and Relevance of Performance Materiality When Using Automated Tools and Techniques

This Frequently Asked Questions (FAQ) helps address investigating exceptions and the concept of performance materiality when performing audit procedures using automated tools & techniques (ATT). While not unique to ATT, questions on these topics have become more prevalent with the increasing use of ATT, which enable analyzing data sets with large volumes of information.

The publication does not amend or override the International Standards on Auditing (ISAs), the texts of which alone are authoritative. Reading the publication is not a substitute for reading the ISAs. 

The International Ethics Standards Board for Accountants (IESBA) recently held three global webinars on the upcoming Tax Planning and Related Services exposure draft (ED). The ED was released on February 17, and comments are requested by May 18.

During the webinars, members of the Tax Planning and Related Services Task Force explained the key proposals in the ED, among other matters, including:

• Compliance with the fundamental principles, highlighting the types of threats that might be created when providing tax planning activities.
• Understanding the applicable tax laws and regulations, the legislative intent behind the relevant laws and regulations, and the economic purpose and substance of the transaction.
• Exercising professional judgment to establish a credible basis for the tax planning arrangement in circumstances of uncertainty. This includes a consideration of the reputational, commercial, and wider economic consequences arising from the way stakeholders might view the arrangement.
• Communicating relevant matters or concerns with the individual client, management, or those charged with governance, including as part of an escalation process where necessary.
• Developing an appropriate level of documentation throughout the process to substantiate the judgments, decisions, and actions.

Watch the recordings now and learn more about these important proposals. 

 

Monday, February 27 | 10 am – 11 am EST | Click here, led by Jens Poll

Tuesday, February 28 | 4 pm – 5 pm EST | Click here, led by Andrew Mintzer

Tuesday, February 28 | 9 pm – 10 pm EST | Click here, led by Channa Wijesinghe

At the start of 2023, IFAC’s Professional Accountants in Business (PAIB) Advisory Group welcomed four new volunteer members nominated by the professional accountancy organizations that make up IFAC’s membership.  

Professional accountants in business comprise a significant part of the profession working in commerce, industry, financial services, education, and the public and not-for-profit sectors. Formed in 1977, the PAIB Advisory Group’s focus is to ensure these accountants meet the future needs of business and the public sector. 

The newest PAIB Advisory Group members are: 

• Esther Bosch, Head of Internal Audit & Risk, Stahl Holdings (Netherlands) 
• Lindawati Gani, Professor in Management Accounting, Faculty of Economics and Business, Universitas Indonesia (Indonesia) 
• Maria del Dado Alonso Sanchez, Group CFO, Berlin Brands Group (Spain) 
• Muhammad Samiullah Siddiqui, CFO, Oxford University Press Pakistan (Pakistan) 

"Each member brings a unique, valuable perspective of the different roles professional accountants perform in business and finance leadership to the profession and its key stakeholders,” said Sanjay Rughani, Chair, IFAC PAIB Advisory Group. “We are honored to have these new members join us to share their diverse experiences and provide strategic input on opportunities for professional accountants to create value in their roles across the globe.”  

The continuing PAIB Advisory Group members are:  

• Sanjay Rughani, Chair, CEO, Standard Chartered Bank Uganda (Uganda)
• Nancy Sau Ling Tse, JP, Deputy Chair, Independent Non-Executive Director [Hong Kong (Special Administrative Region of China)]
• Zia-Ul-Mustafa Awan, CFO and Business Administrator, Pakistan Expo Centres Private Limited (Pakistan)
• Gregory Bedard, Chief of Staff, Prudential Financial (United States)
• Anastasija Boljević, Secretary General, Institute of Certified Accountants of Montenegro (Republic of Montenegro)
• Ibrahim (Murat) Çağlar, Chief Financial Officer, Sanovel (Turkey)
• Sharon Ditchburn, Managing Director/Founder, Capital Advantage Consultants (Australia)
• Eric Freudenreich, Independent Non-Executive Director (France)
• Tim Herrod, FCPA, FCA, Vice President, Global Procurement, Albemarle Corporation (Canada)
• Nihar Jambusaria, Past President, The Institute of Chartered Accountants of India (India)
• Catherine Little, Non-Executive Director, Head of the Government Finance Function, and Second Permanent Secretary, HM Treasury (United Kingdom)
• Margaret Muinde, Financial Controller, Kenya Roads Board (Kenya)
• Stephen L. Muscat, Chief Financial Officer & Company Secretary, Liquigas Malta Limited (Malta)
• Esteban Quiros, Director of Global Business Services, Procter and Gamble (Costa Rica)
• Milton Segal, Executive Director: Standards, South African Institute of Chartered Accountants (South Africa)
• Ichiro Waki, Group CEO, JBA Group (Japan)
• Gloria Zvaravanhu, Managing Director, Old Mutual Insurance Company (Zimbabwe)

Member expertise is drawn upon to deliver timely reports, articles, and case studies relevant to professional accountants in business across the globe. Explore their latest insights. 

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. 

About the Professional Accountants in Business (PAIB) Advisory Group 
Professional accountants in business comprise a significant part of the profession working in commerce, industry, financial services, education, and the public and not-for-profit sectors. The Professional Accountants in Business (PAIB) Advisory Group focuses on ensuring these accountants meet the future needs of business and the public sector.