The IAASB recently published a professional skepticism communiqué, part of a series highlighting the IAASB’s efforts to appropriately reflect professional skepticism in its standards, together with other relevant news and information.

At a time of increasing momentum for IPSAS adoption and implementation globally, the International Public Sector Accounting Standards Board (IPSASB) today published its Strategy and Work Plan 2019-2023: Delivering Global Standards. Inspiring Implementation, which will shape the Board’s work and priorities for the next five years.

To ensure it delivers in the public interest, the IPSASB’s strategic objective is:

Strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS. Delivered through two main areas of activity, both of which have a public interest focus:

• Developing and maintaining IPSAS and other high-quality financial reporting guidance for the public sector; and
• Raising awareness of IPSAS and the benefits of accrual adoption.

“Governments depend on the trust of their citizens and their national and international stakeholders in order to deliver their goals efficiently and effectively. The regular publication of high-quality accrual-based financial reports helps strengthen public financial management, and is a fundamental ingredient in maintaining that trust,” said IPSASB Chair Ian Carruthers.

“IPSAS-based information provides a comprehensive and comparable picture of a public sector entity’s financial performance and position. IPSAS adoption and implementation therefore represent fundamental steps for governments to take, not only to increase transparency and accountability to their citizens and stakeholders, but also to inform effective decision making, so contributing to fiscal stability and sustainability. Our new Strategy and Work Plan is intended both to support and to help inspire governments and other public sector organizations making that journey,” Mr. Carruthers added.

The IPSASB will implement its Strategy and Work Plan 2019-2023 through two streams:

• Delivering global standards by:
• Setting standards on public sector specific issues;
• Maintaining IFRS alignment;
• Developing guidance to meet users’ broader financial reporting needs;
• Inspiring their implementation by:
• Promoting IPSAS adoption and implementation; and
• Advocating the benefits of accrual in strengthening PFM.

The Board’s top standard-setting priorities through 2023 include completing its current public sector specific projects, notably revenue, leases, public sector measurement, heritage and infrastructure, as well as making progress with its new public sector specific projects, including natural resources.

The International Public Sector Financial Accountability Index projects that in five years, 65% of countries will report on the accrual basis. The IPSASB seeks to capitalize on this growth by working with key stakeholders to promote IPSAS adoption and implementation and the benefits of accrual information in strengthening PFM.   

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.

At a time of increasing momentum for IPSAS adoption and implementation globally, the IPSASB Strategy and Work Plan 2019-2023 sets out the Board's work and priorities through this five-year period. 

As outlined in the document, the IPSASB's strategic objective is: strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS. This will be delivered through two main areas of activity, both of which have a public interest focus:

The IAASB recently released a suite of proposed international standards on quality management. The proposals change the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements.

This short video introduces the IAASB’s three quality management standards and explains why the proposals are important to firms and other stakeholders. 

The International Ethics Standards Board for Accountants^® (IESBA^®) is pleased to announce two 90-minute webinars supporting the roll-out of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).

To join one of the two webinars, any professional using, applying and enforcing the Code should click the link on their preferred date below to register:

• Thursday March 28, 2019 at 7:00 AM EST
• Wednesday April 17, 2019 at 10:00 AM EST

During the webinar, the IESBA representatives will explain the Code’s new structure; and the substantive revisions, including to the conceptual framework and provisions relating to inducements, including gifts and hospitality; pressure; and preparing and presenting information. The webinar will also touch on the new Non-compliance with Laws and Regulation (NOCLAR) and  revised Long Association provisions which are already effective; as well as the IESBA’s e-Code initiative.

Effective mid-June 2019, the Code reinforces professional accountants’ responsibility to comply with the five fundamental principles of ethics and emphasizes the International Independence Standards that apply in performing audits, reviews and other assurance engagements.

More information about the Code is available at the IESBA’s website.   

If you have questions about this webinar, please email Geoff Kwan at geoffkwan@ethicsboard.org.  

Accounting technicians play an important role in many jurisdictions and an accounting technician qualification is frequently a pathway into the accountancy profession. IFAC is delighted to share a framework for professional accountancy organizations that will support a competent, skilled and future-ready accounting technician workforce.

“Prepared by the AAT, and based on the association’s competency framework, An Illustrative Competency Framework for Accounting Technicians is a conversation starter,” explained Joseph Bryson, Head of Quality & Development at IFAC. “IFAC hopes that every professional accountancy organization with an interest in the accounting technician qualification shares their experiences and helps to grow this important segment of the global accountancy ecosystem.”

The Framework’s illustrative example is a resource for professional accountancy organizations creating an Accounting Technician designation as an additional pathways into the accountancy profession. Those interested in sharing their experience and knowledge should email their articles and/or resources marked “IFAC AAT Framework Discussion”.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.