Lee White, Chief Executive Officer of The International Federation of Accountants (IFAC) made the following statement today:

“The International Ethics Standards Board for Accountants (IESBA) recently finalized its International Ethics Standard on Sustainability Assurance (IESSA). The vote by IESBA Board Members to approve the new standard was not unanimous. IESSA is now subject to the Public Interest Oversight Board’s certification in January 2025.

Concerns with practicability

“There is still a lot of complexity in the IESSA, leading to practicability challenges, in particular -- but not restricted to -- significant practical difficulties with the value chain considerations. These issues remain after several months of consultation, including with IFAC and many of its members, during which we consistently communicated to IESBA concerns and challenges regarding the future implementation of the standard, in particular for small-and medium-sized practices.

Call to action

“IFAC fully respects the independence of the standard-setting process. At the same time, we remain committed to collaborating with IESBA to address the practical challenges identified during the development of IESSA.

"To this end, I am proposing a summit to bring together IESBA, IFAC and representatives of its members, as well as key stakeholders, including users of the standards and practitioners, within the first quarter of 2025. This will be an opportunity to continuously improve consultation and engagement, and to facilitate further dialogue. The aim would be to ensure the newly approved IESSA is both fit for purpose and firmly grounded in a principles-based approach, setting the stage for its successful global adoption and implementation.

"The stakes are high, and collaboration is essential. Together, we can align on a path forward that meets the needs of the profession, users, and is in the public interest.”

About IFAC

IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.

Top leaders in global sustainability standard setting, regulation, and accounting joined an afternoon of programming jointly hosted by the International Federation of Accountants (IFAC), the IFRS Foundation, and the International Organization of Securities Commissions (IOSCO) in New York to advance global adoption and implementation of the ISSB standards and build an understanding of sustainability assurance in its early days.  

The invite-only event, Accelerating Climate and Sustainability-related Disclosures: A Global Perspective, was significantly oversubscribed. To support ongoing discussion on this critical topic and continue momentum and action, IFAC is making recordings of the event available to the public. Watch the series here.

Part 1: A Global Perspective from the IFRS Foundation, IOSCO, and IFAC

• Jean-Paul Servais, Chair, IOSCO
• Emmanuel Faber, Chair, ISSB
• Moderator: Lee White, IFAC

Part 2: Reporting Perspective

• Ciara Lee, Senior Director, ESG Global Finance, CISCO
• Pamela Steer, President & Chief Executive Officer, CPA Canada
• Alessandra Lehmen, President, Brazilian Bar Environmental Law Commission (OAB/RS)
• Moderator: Elizabeth Seeger, Member, ISSB

Part 3: Standard Setter Perspective

• Tom Seidenstein, Chair, IAASB
• Gabriela Figueiredo Dias, Chair, IESBA

Part 4: Assurance Perspective

• Christine Albrecht, Managing Director, Deloitte; Chair, IFAC Transnational Auditors Committee (TAC), Forum of Firms
• Ami Beers, Senior Director — Assurance and Advisory Innovation, AICPA
• Kevin O‘Connell, Sustainability Assurance Services Leader, PwC US 
• Moderator: Andrew Hobbs, Andrew Hobbs, EY EMEIA Center for Board Matters Leader, EMEIA Public Policy Leader

Held during Climate Week NYC, this was just one of several IFAC connected learning events held this year to foster collaboration and alignment among regulators, standard setters, businesses, and the accountancy community to accelerate the uptake of climate-related disclosure and assurance.  

In 2025, these action-advancing conversations will continue globally as part of the IFAC Connect^TM series, with plans to convene leaders in Africa, Asia, Europe, Latin America, and MENA and again in New York City at Climate Week in September.

To advance the sustainability transformation or for more information about this conference or IFAC Connect events, please contact the office of Chief Executive Officer Lee White at Communications@IFAC.org.

About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.

CA. Prasanna Kumar D. is the Vice-President of the Institute of Chartered Accountants of India (ICAI) for 2025-2026. He has served three consecutive terms on the ICAI Central Council since 2019.

CA Kumar is a Chartered Accountant with four decades of experience in the field of corporate audit & taxation and as a speaker on corporate laws and bank audit.

On the international stage, currently CA Kumar is the Technical Advisor to the ICAI’s representative on South Asian Federation of Accountants (SAFA) Board and SAFA Assembly. Previously, he represented ICAI on SAFA committees for Small and Medium Practices (2020-2021) and Education, Training, and CPD (2021-2023), driving global initiatives for ICAI’s growth and recognition.

Julia Penny became Technical Adviser to IFAC Board member Fiona Wilkinson in November 2024, having been nominated by ICAEW.

Ms. Penny was president of the Institute of Chartered Accountants in England and Wales (ICAEW) in 2022-23, having been a non-executive ICAEW Board member since 2017 and chair of the Board during her year as president. She was also a member of the nominating and remuneration committees of ICAEW.

Ms. Penny has been a member of ICAEW Council since 2013 with her term completing in 2025. She is also a past chair of both the ICAEW Technical Advisory and Ethics Advisory Committees, a former member of the Technical Strategy and Financial Reporting Faculty Boards, and of the Association of Accounting Technicians’ Council and audit committee.

Outside of this volunteer ICAEW involvement Ms. Penny is a well-known speaker and writer on audit, financial reporting, anti-money laundering and wider issues impacting the profession. She is the current author of the Bloomsbury publication Accounting Principles for Tax Practitioners and regularly writes guidance and training material published by Croner-i. She also uses her technical writing skills to provide content for software companies, firms or networks wishing to write and implement their own policies and procedures.

Ms. Penny is passionate about audit quality and a well-functioning profession. This includes a sharp focus on improving diversity, developing the use of technology and constantly reflecting on the need for businesses to become sustainable and how the professions can help achieve this.

Ms. Penny is a Fellow of the ICAEW and holds a BA(Hons) Accounting and Finance Degree. Ms. Penny is an honorary member of CIPFA.

Today, IFAC submitted a response to the Financial Action Task Force’s (FATF) Public Consultation on Financial Inclusion.  The Consultation proposes targeted changes to the FATF Recommendations—which establish the global framework for anti-money laundering (AML) and counter terrorist financing (CFT)—to support financial inclusion by minimizing “ove