As businesses grapple with uncertainties and navigate the complexities of digital transformations, sustainability and climate transitions, organizational leaders equipped with the unique skill set of professional accountants in business (PAIBs) are essential. PAIBs’ roles more commonly extend beyond traditional financial responsibilities, positioning them as key leaders shaping the trajectory of organizational success.

Informed by IFAC’s PAIB Advisory Group’s last meeting, a new article from IFAC details three paths through which professional accountants have led organizational transformation that can be a guide for PAIBs and businesses globally.

“The accountancy profession is evolving to meet the demands of a changing business environment,” said Sanjay Rughani, IFAC PAIB Advisory Group Chair. "By driving decision-useful sustainability information, harnessing disruptive technologies like AI and IA and nurturing a new generation of accountants who can confidently step into leadership roles, professional accountants can seize the uncertainty of the current environment to elevate the profession and society at large.”

Read the takeaways in Navigating Transformation: The Impactful Leadership of Accountants.

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 PAIB Advisory Group 

Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership. 

This report from IFAC and CPA Canada offer evidence-based research and practical perspectives on whistleblower protection legislation.

IFAC's Small Business Sustainability Checklist is a diagnostic tool designed to be tailored by each business according to its own unique circumstances, including its industry sector, lifecycle, and products and services provided. It lists a comprehensive range of initiatives and actions to be considered in terms of environmental, social, and governance (ESG) factors. Not all actions in the Checklist will be relevant to every SME, but the Checklist aims to help all organizations to take small steps on what could be a long but highly fulfilling journey.

The International Public Sector Accounting Standards Board^® (IPSASB^®), developer of international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued International Public Sector Accounting Standard® (IPSAS®) 49, Retirement Benefit Plans.

IPSAS 49 establishes comprehensive accounting and reporting requirements for the financial statements of retirement benefit plans, with participants comprising current and former public sector employees and other eligible members. The new pronouncement will bring increased transparency and accountability to these public sector entities, ensuring they can fulfill their obligations to employees and other eligible participants who are members of the retirement benefit plan.

In developing principles for this pronouncement, the private sector requirements in IAS 26 were used as the starting point. The IPSASB adapted IAS 26, based on feedback from stakeholders globally, to ensure the unique characteristics of the public sector are reflected in the pronouncement. In particular, some of the policy choices available in IAS 26 have been removed as they are not appropriate for the public sector or are inconsistent with existing IPSAS.

“Retirement benefit obligations can represent a significant but often hidden liability for the public sector,” said IPSASB Chair Ian Carruthers. “IPSAS 49 provides a principle-based approach to accounting by retirement benefit plans to provide a complete view of their financial activities, assets and obligations. This increased transparency is intended to result in stronger public financial management and better-informed decision making.”

The effective date of IPSAS 49 is January 1, 2026, with earlier application permitted.

How to Access

Access IPSAS 49, Retirement Benefit Plans, the summary At-a-Glance document, and the webcast. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of IPSAS 49 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 government of Canada. 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. 

Date: November 1, 2023
Time: 2.30pm - 6.00pm (GMT+8)
Location: Level 1, Forum, Sasana Kijang, Kuala Lumpur / Zoom

The Fast Future With IFAC is a conversational podcast series about small- and medium-sized practices (SMPs) adapting to the rapidly changing global economy.

Episode 9 features excerpts from a presentation to IFAC's SMP Advisory Group by Emily Baldwin, Outsourcing Senior Manager at Kreston Reeves.

This episode is the third in a three-part series on talent management.

Click below or visit IFAC's iTunes podcast channel to listen to this episode.

(Back to the Fast Future With IFAC homepage.)

IFAC's annual review is a key element of our accountability to stakeholders. It includes an overview of IFAC’s IMPACT approach and value creation model, our strategic objectives and performance highlights, and our governance processes.

It draws on integrated reporting principles and concepts as set out in the International Integrated Reporting <IR> Framework.

This toolkit and accompanying matrix will help small- and medium-sized practices (SMPs) implement the International Auditing and Assurance Standards Board’s suite of quality management standards. The publications include a suite of illustrative documents, policies, checklists, sample letters and forms to help SMPs establish their quality objectives, identify and assess quality risks, and design and implement responses to address their identified quality risks.