The International Public Sector Accounting Standards Board^® has issued International Public Sector Accounting Standard^® (IPSAS^®) 44, Non-current Assets Held for Sale and Discontinued Operations.

IPSAS 44 is based on International Financial Reporting Standard (IFRS^®) 5, Non-current Assets Held for Sale and Discontinued Operations. The new IPSAS specifies the accounting for assets held for sale and the presentation and disclosure of discontinued operations. IPSAS 44 includes additional public sector requirements, in particular, the disclosure of the fair value of assets held for sale that are measured at their carrying amounts, when the carrying amount is materially lower than their fair value.

“This standard fills a gap in the IPSAS suite by providing guidance on how to account for public sector assets that are held for sale on commercial terms,” said IPSASB Chair Ian Carruthers. “Adding guidance on this topic is important from a public interest perspective, as it ensures transparency and accountability when decisions to sell public sector assets have been taken.”

IPSAS 44 has an effective date of January 1, 2025. Earlier application is permitted.

How to Access

To access IPSAS 44, Non-current Assets Held for Sale and Discontinued Operations and its summary At-a-Glance document visit the IPSASB website. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of IPSAS 44, Non-current Assets Held for Sale and Discontinued Operations to their members and employees.

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.

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.

To help users adapt to the clarified and updated definition of “engagement team”, this fact sheet addresses the clarified definition and its possible impacts, including recognition that engagement teams may be organized in a variety of ways, including across different locations or by the activity they are performing. The fact sheet also includes a diagram that walks users through who specifically is included and excluded.

Together with ICAEW, The International Federation of Accountants (IFAC) today released the latest installment in its Anti-Money Laundering: The Basics educational series: Installment Nine: Tools to Fight Back.  

The publication is part of a series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment nine examines the tools professional accountants have at their disposal to address money laundering once it’s suspected.  

Anti-Money Laundering: The Basics is user-friendly, easily accessible, and will be a resource for small and medium practices (SMPs) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference.

Anti-Money Laundering: The Basics is featured on both the IFAC (link) and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point. 

For more information about IFAC, visit www.ifac.org.

For more information about ICAEW, visit https://www.icaew.com/.

This is the ninth installment in the Anti-Money Laundering, The Basics series.

The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

IFAC and ClimatePartner have measured the Corporate Carbon Footprint for IFAC. This measurement was based on the guidelines of the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). This report covers the period from December 2019 to December 2020. 

IFAC and ClimatePartner have measured the Corporate Carbon Footprint for IFAC. This measurement was based on the guidelines of the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). This report covers the period from January 2019 to December 2019. 

IFAC and ClimatePartner have measured the Corporate Carbon Footprint for IFAC. This measurement was based on the guidelines of the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). This report covers the period from January 2021 to December 2021. 

To answer questions about the cost of audit and how it compares to the fees companies pay for other professional services provided by statutory auditors, the International Federation of Accountants (IFAC) today published Audit Fees Survey 2022: Understanding Audit and Non-Audit Service Fees, 2013-2020. The new study details information about audit-related, tax-related, and other non-audit professional services in the US, Canadian, and European markets across mega-cap, large-cap, mid-cap, small-cap, and micro-cap exchange-listed companies in nine industries.

“The data clearly shows differences across jurisdictions and industries, while demonstrating that fees for non-audit services appear to be on a flat or declining trend,” said IFAC CEO Kevin Dancey. “As audit quality and reform continue to be a focus for the global accountancy profession, this data provides necessary transparency and fosters understanding about the quality, cost and value of the professional services that public practice firms provide to their clients.”

This study updates an analysis first published by IFAC in 2019. IFAC also plans to update this study with fiscal year 2021 data later this year. 

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.

How much does audit cost? How does this compare to the fees companies pay for other professional services provided by statutory auditors? These questions are the starting point for this report. But when talking about listed companies in different jurisdictions and of all sizes, absolute figures may not shed meaningful comparative insight.