The Public Interest Committee (PIC) and the International Federation of Accountants (IFAC) are pleased to announce the establishment of a Search Committee to select the next Chair of the International Public Sector Accounting Standards Board (IPSASB) for an initial three-year term starting on January 1, 2026. The appointee will succeed Ian Carruthers, IPSASB Chair since 2016.

The Search Committee will be chaired by Mr. Vinod Rai, who served as the 11th Comptroller and Auditor General of India, and the chairman of the UN Panel of External Auditors. Mr. Rai has been recognized for strengthening public sector accountability and his legacy includes setting high standards for financial management and improvements in governance practices.

The Search Committee includes the following members:

• Fergal Costello, Ireland, Principal, Department of Public Expenditure;
• Assietou Sylla Diouf, Togo, Global Managing Director, Integrate Health;
• Davit Gamkrelidze, Georgia, Head of the State Treasury; and
• Heather Taylor, Canada, EY Partner, Climate Change & Sustainability Services.

The Search Committee will start its work in early September and plans to issue its Call for Applications for the next IPSASB Chair by mid-November 2024.

Mr. Rai, Search Committee Chair: “Strengthening the public sector to ensure sustainable and strong economic growth is my lifelong passion and career. I am honored by the opportunity to lead the search for this key position working with such esteemed colleagues from around the globe.”

Jon Blondal, PIC Co-Chair: “The standards promulgated by the IPSASB have contributed greatly to the advancement of accrual accounting and modernizing public financial management around the world. We look forward to the work of the Search Committee in identifying the next Chair of the IPSASB.”

Lee White, IFAC Chief Executive Officer: “With the timely broadening of the IPSASB's scope to include sustainability reporting, the IPSASB's next chair will be vital in continuing this development, which IFAC strongly supports. IPSASB's standards are crucial to effective public sector financial management and strong and sustainable public sector organizations. I am confident that the independent Search Committee, led by Mr. Rai, will find a strong Chair to continue the legacy built by Mr. Carruthers and his predecessors.”

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 more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

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.

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, the government of Canada, and The World Bank. 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. 
 

Navigating Ethical Systems, created by CPA Canada, IFAC, and ICAS, follows a series of discussions with thought leaders of the accounting profession about how the systems and processes, in addition to individual criteria, can steer ethical behavior. Its intent is to offer practical guidance for professional accountants (PAs), professional accountancy organizations, educators and employers, as our profession evolves to address changing stakeholder needs while continuing to meet our public interest responsibilities.

With 12 of the world’s 20 fastest-growing economies and an economic landscape characterized by rapid urbanization, a young demographic, and abundant natural resources, Africa’s development is vital in a regional and global context.

Achieving the continent's growth and sustainable development ambitions requires the active contribution of accountancy and finance professionals, as highlighted in The Accountancy Profession Enabling Africa’s Transformation, a new report from the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA).

Launched yesterday at PAFA’s General Meeting, the report outlines how influential accountants on company boards, and as CFOs and trusted business advisers are to drive sustainable economic growth in Africa and navigate its challenges including energy access, a lack of regional integration, rising public debt, as well as climate change adaptation and mitigation estimated to cost between USD 68 and 108 billion annually.

The report was informed by a panel of experts at IFAC’s Professional Accountants in Business Advisory Group meeting in South Africa moderated by the PAIB Advisory Group Chair Sanjay Rughani, and including the Brookings Institution, The African Development Bank (AfDB), The World Bank, TradeMark Africa, Amundi Asset Management, Standard Chartered Bank, Nedbank, and Investec Bank. The panel also included Josephine Okui Ossiya who provided CFO lessons from the Bujagali hydroelectric power station.

“We believe the accountancy profession has a critical role in achieving transformation in Africa and empowering change,” said IFAC Chief Executive Officer Lee White. “We value our partnership with PAFA to support regional efforts towards addressing Africa’s priorities to enable sustainable growth and build capital market efficiency and transparency.”

“By strengthening the capacity and influence of the accountancy profession in Africa, we enable our 56 member organizations in 45 countries to help drive sustainable growth and prosperity by enhancing trade and regional integration, investment, the quality of services and trust in institutions,” said PAFA Chief Executive Officer Alta Prinsloo. "This report highlights the key areas in which the accountancy profession can influence transformation to achieve a just and sustainable transition for Africa.”

Learn more about what accounting and finance professionals can do to enable Africa’s sustainable transition. The report is available in English and French.

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 more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

About PAFA

Unleashing the Potential of Islamic Finance: Global Perspectives on Achieving the SDGs with Islamic Finance Tools & Concepts, a new report from the International Federation of Accountants, Malaysian Institute of Accountants (MIA) and the World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia (World Bank) looks at the opportunities presented by Islamic finance, practical examples of its usage from Malaysia, and future pathways towards addressing challenges and unlocking the full potential of Islamic finance to support the SDGs.

The report was released today at Innovation in Sustainable Development: Islamic Finance Paving the Way hosted by MIA in Kuala Lumpur featuring a keynote address from IFAC President Asmâa Resmouki.

In recent years, addressing the Sustainable Development Goals (SDGs) has become increasingly challenging. The worldwide economic downturn resulting from the COVID-19 pandemic has worsened the already significant USD4.2 trillion funding gap to achieve the SDGs. As countries worldwide strive to finance the ambitious scope and scale of the SDGs, they also face the complex task of serving financially underserved communities. Advancing Islamic finance has the potential not only to serve usually underbanked Muslim communities but has broader application considering its synergies with the SDGs.

A major tenet of Islamic finance is the protection of people, planet, and prosperity, and its underpinnings can contribute to fresh thinking on sustainable development paradigms, interpretations, and approaches. The SDGs create opportunities for Islamic finance growth, just as Islamic finance can drive greater sustainable development.

Malaysia has become a pioneer of Islamic finance, attributed in part to its strong governance, supportive regulatory ecosystem, and the pivotal role of a local professional accountancy organization, MIA, in education and stakeholder outreach. Though every jurisdiction’s use of Islamic finance would work differently, Malaysia and MIA can serve as examples to learn from.

“Professional accountancy organizations are playing a key role in advancing sustainable financing, and given the profession’s commitment to support the SDGs, principles of Islamic finance should be considered a viable approach,” said Asmâa Resmouki, IFAC President. “We encourage all IFAC members to look towards best practices such as those cultivated in Malaysia, and seize opportunities presented in their own jurisdictions.”

Learn more about Islamic finance and download the report. 

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 more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.