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  • Upcoming Event: IAASB Quality Management Webinar, Resources and Firms’ Monitoring & Remediation Process

    New York, New York English

    The IAASB in collaboration with IFAC invite you to join the upcoming quality management webinars, Resourcing for Quality Management on July 29 from 11 am–12 pm GMT and Your Firm’s Monitoring & Remediation Process on August 5 from 11 am–12 pm GMT. Both webinars will be held on Zoom with livestreaming on IAASB’s YouTube channel.

    ISQM 1 is part of the IAASB’s suite of quality management standards, issued in late 2020. The standards strengthen and modernize how firms approach quality management. They also mark an evolution from a traditional, more linear approach for quality control to an integrated quality management approach. These webinars address how firms can resources appropriately and establish monitoring and remediation processes to align with the requirements in 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.

    The webinars will be held in English and available on YouTube following the session. Participants joining live via Zoom will be able to submit questions.

    The recording from the first webinar in this series, Your Firm’s Risk Assessment Process, is available on YouTube. You are also invited to the final webinar in the series:

    Looking for additional resources on the suite of quality management standards? Check out the IAASB’s dedicated web page: iaasb.org/quality-management

    IFAC is committed to supporting our member organizations and the development, adoption, and implementation of high-quality international standards.

  • Using ISAE 3000 (Revised) in Sustainability Assurance Engagements

    A Guide to Accompany The State of Play in Sustainability Assurance

    Company-reported information about sustainability factors is becoming mainstream—through increased voluntary disclosure as well as through new jurisdiction-specific rules. Investors, as well as other stakeholders, need to have trust and confidence in this information through external assurance—just like financial information.

    IFAC
    English

  • IPSASB CAG June 2021 Meeting Podcast

    English

    Highlights from the CAG June 2021 virtual meeting: 

    00:00     Welcome and introduction

    00:20     Chair’s summary of the IPSASB CAG meeting

    06:14     Closing remarks

    Meeting Highlights Listen & Subscribe in iTunes
    IPSASB CAG June 2021 Meeting Podcast

  • IPSASB June 2021 Meeting Podcast

    English

    Highlights from the June 2021 virtual meeting: 

    00:00     Welcome and introduction

    00:25     Adjustments to the Work Program

    05:26     Revenue and Transfer Expenses

    10:10     Natural Resources / Sustainability

    19:00     Closing remarks

    Meeting Highlights Listen & Subscribe in iTunes
    IPSASB June 2021 Meeting Podcast

  • New Study Reveals Lack of Standardization in Sustainability Assurance

    New York, New York English

    Global practices for sustainability assurance—including the prevalence of assurance, level of assurance, and standard and practitioner used—varies widely by jurisdiction, according to a new study from the International Federation of Accountants (IFAC) and the AICPA & CIMA (representing the Association of International Certified Professional Accountants). The new study is a groundbreaking review that provides a comprehensive global picture of the current status of assurance. The study further contextualizes this analysis with data on how and where sustainability-related information is reported, and how this relates to assurance practices.

    As the drive toward a global system for sustainability-related reporting continues, investors, regulators and policymakers are turning their attention to the important role of assurance in promoting high-quality reporting. With the growing importance of—and reliance on—sustainability information, low-quality assurance is an emerging investor protection and financial stability risk.

    “The global community needs to consider many complex questions—should reporting sustainability information be required? If so, should assurance be required, and by whom? With this new data in hand, IFAC is initiating evidence-based conversations with our member organizations and other global stakeholders to advance the global debate and help plot the way forward in the public interest,” said IFAC CEO Kevin Dancy. “We will continue our commitment to this space as the reporting and assurance landscape evolves.”

    “Companies that publish sustainability information that is subject to assurance by professional accountants have an opportunity to bring trust and reliability to their sustainability information. Engaging a licensed professional accountant who possesses the right combination of professional skills, qualifications, experience and is subject to independence, ethical and monitoring requirements can result in truly meaningful assurance and transparency,” said Susan S. Coffey, CPA, CGMA, CEO of Public Accounting at the Association of International Certified Professional Accountants. “As it stands, only around half of the companies reviewed in this study publish sustainability information that is subject to any assurance.”

    The full study is available on the IFAC website. For more information on AICPA & CIMA sustainability resources for the accountancy profession, please visit:

    About the Study
    IFAC and AICPA-CIMA partnered with Audit Analytics to understand the environmental, social, and governance (ESG) reporting and assurance practices on a global basis by capturing reports containing ESG information in 22 jurisdictions. 100 companies were reviewed from each of the largest six economies, with 50 companies reviewed in the remaining 16 jurisdictions. Full methodology is available in the study.

    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 Association of International Certified Professional Accountants, and AICPA & CIMA
    The Association of International Certified Professional Accountants® (the Association), representing AICPA® & CIMA®, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

     

    IFAC, AICPA & CIMA Global Benchmarking Study Highlights Significant Differences Across Jurisdictions

  • Race to Zero: How Finance Can Tackle the Climate Crisis

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    This special event will include contributions from His Royal Highness The Prince of Wales who will open the event, sharing his thoughts on why the finance and accounting community has such an important role in tackling climate change.

    During the event, A4S and CFOs from the COP26 Principal Partners will explore the role of the finance community in driving climate action in the run up to this year’s UN Climate Conference (COP26).

  • IPSASB eNews: June 2021

    English
    Mid-Period Work Program Consultation


    The IPSASB approved its Mid-Period Work Program Consultation. This consultation seeks constituent feedback on which projects the IPSASB should prioritize as its resources become available. The IPSASB will hold several regional virtual outreach events during the consultation period to directly engage with constituents.  

    The consultation is expected to be published in July 2021 with a 4-month comment period. Watch for the consultation for the full details on the IPSASB’s proposals.

    Improvements to IPSAS 2021

    The IPSASB approved Exposure Draft (ED) 80, Improvements to IPSAS, 2021, which includes both general improvements and IFRS related improvements to IPSAS. General improvements consist of proposals for minor amendments to IPSAS identified by stakeholders. IFRS related improvements consist of proposals for minor amendments to IPSAS sourced from recent IFRS improvements and narrow scope amendment projects.

    ED 80 is expected to be published in July 2021 with a 60-day comment period.

    Natural Resources

    The IPSASB reviewed the draft Consultation Paper (CP) and considered the general description of natural resources. The IPSASB discussions focused on the overall approach to determining the recognition, measurement, and disclosure of items which fit into this general description of natural resources, and those that do not, as well as how the description relates to the specific topics included in the CP. The IPSASB also discussed the description, recognition, measurement, and disclosure of water.

    Revenue and Transfer Expenses

    The IPSASB continued its discussions on Revenue and Transfer Expenses topics identified during its review of responses to the Exposure Drafts. Based on discussions, the IPSASB decided to retain the current definition of a binding arrangement, with minor revisions, and clarified specific considerations when assessing enforceability of a binding arrangement. The IPSASB also discussed the definition of a liability in the context of the ongoing projects.

    Amendments to IPSAS 5, Borrowing Costs (Non-Authoritative Guidance)

    The IPSASB approved IPSAS 5, Borrowing Costs – Non-Authoritative Guidance, which reaffirms the IPSASB’s decision to maintain the accounting policy choice to capitalize or expense borrowing costs directly attributable to a qualifying asset. The non-authoritative guidance added includes implementation guidance and illustrative examples to clarify how to determine the extent to which borrowing costs can be capitalized.

    Conceptual Framework – Limited Scope Update-Next Stage

    The main issues discussed related to prudence and materiality. The IPSASB decided not to adopt prudence as a separate qualitative characteristic (QC). Prudence will be discussed as a reinforcement of neutrality in the context of the QC of faithful representation.

    The IPSASB also decided to add obscuring information to omitting and misstating information as factors that can influence the objectives of financial reporting - discharging accountability and decision making. Obscuring information by, for example, including immaterial disclosures can impair understandability.

    Accounting and Reporting by Retirement Benefit Plans

    The IPSASB decided the scope and the concept of a reporting entity in the Accounting and Reporting by Retirement Benefit Plans ED should be consistent with IAS 26, Accounting and Reporting by Retirement Benefit Plans. The IPSASB also decided the ED should require retirement benefit plans to prepare a statement of financial position, a statement of change in net assets available for benefits, a cash flow statement, notes to the financial statements and information on the changes of pension obligations.

    Next Meeting

    The next full-meeting of the IPSASB will take place virtually in September, 2021. For more information, or to register as an observer, visit the IPSASB website (www.ipsasb.org)

  • The State of Play in Sustainability Assurance

    Benchmarking Global Practice

    As the drive toward a global system for sustainability-related reporting continues, investors, regulators and policymakers are turning their attention to the important role of assurance in ensuring high-quality reporting. With the growing importance of—and reliance on—sustainability information, low-quality assurance is an emerging investor protection and financial stability risk.

    IFAC
    English

  • IFAC Comment Letter to the US SEC

    Climate Change Disclosures

    We applaud the Commission’s leadership in prompting this important conversation. A building blocks approach provides the architecture for a global system that enables comprehensive corporate reporting for capital markets while also addressing country-specific requirements. As policymakers consider the best way forward for crafting an emerging global system for climate and other sustainability-related disclsures, support from the U.S.

    IFAC
    English

  • 2020 Financial Statements

    IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.

    IFAC
    English
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