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  • IPSASB Welcomes Pathways to Accrual, Digital Platform to Support Public Sector Transition from Cash to Accrual

    New York, New York English

    The International Public Accounting Standards Setting Board (IPSASB) welcomed the release of the new Pathways to Accrual, a digital platform with resources designed to help governments and other public sector entities planning and undertaking the transition from cash to accrual accounting including adopting and implementing International Public Sector Accounting Standards (IPSAS). The platform was developed by the International Federation of Accountants (IFAC) with content provided by the Chartered Institute of Public Finance and Accountancy (CIPFA) and feedback from IPSASB and other international stakeholders.  

    With additional, easy to navigate digital content, Pathways to Accrual builds upon the IPSASB’s publication Study 14, Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities. 

    “There is significant accrual adoption and implementation activity underway across all regions of the world,” said Ian Carruthers, International Public Sector Accounting Standards Board (IPSASB) Chair. “By 2025, 50% of the jurisdictions in the 2021 International Public Sector Accountability Index are forecast to report on accrual basis, and Pathways to Accrual will be instrumental in supporting both these transitions and the many others planned for subsequent years.” 

    To access the platform, visit https://pathways.ifac.org. 

    To explore accrual-based reporting frameworks and IPSAS adoption globally, visit the International Public Sector Financial Accountability Index. 

    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.  

  • IFAC and ICAEW Renew Anti-Money Laundering Educational Series, Release First of Three New Installments

    New York, NY English

    Together with ICAEW, The International Federation of Accountants (IFAC) today released a new installment in its Anti-Money Laundering: The Basics educational series: Installment Seven: Virtual Assets.  

    The publication is part of a series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment seven looks at the broad new class of assets that have emerged over the past decade known as virtual assets, including Bitcoin and NFTs (non-fungible tokens).

    Anti-Money Laundering: The Basics is user-friendly, easily accessible, and will be a resource for Small and Medium Practices (SMPs) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference. Future installments will examine trends in money laundering and tools to fight back illegal activities.

    Anti-Money Laundering: The Basics is featured on both the IFAC (landing page) and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point. 

    For more information about IFAC, visit www.ifac.org.

    For more information about ICAEW, visit https://www.icaew.com/.

    New Installment Examines Virtual Assets and their Implications on Money Laundering

  • Anti-Money Laundering, The Basics Installment 7 - Virtual Assets

    This is the seventh installment in the Anti-Money Laundering, The Basics series.

    The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

    IFAC
    English

  • Identifying and mitigating bias and mis- and disinformation: Paper 3

    The third in a four part series discussing ethical leadership in an era of complexity and digital change.

    This paper is the third of four thought leadership pieces that build on a collaborative exploratory paper and global roundtable event held jointly with Chartered Professional Accountants of Canada (CPA Canada) and the Institute of Chartered Accountants of Scotland (ICAS), entitled Ethical Leadership in an Era of Complexity and Digital Change. The exploratory paper, a summary of the event, and an on-demand recording are available here.

    IFAC
    English

  • New IFAC Digital Platform Assists Public Sector Transition from Cash to Accrual Accounting: Pathways to Accrual

    New York, New York English

    To contribute to and promote the development, adoption, and implementation of high-quality international standards, the International Federation of Accountants (IFAC) launched a new digital platform, Pathways to Accrual, providing a central access point to resources helpful for governments and other public sector entities planning and undertaking a transition from cash to accrual accounting including adopting and implementing International Public Sector Accounting Standards (IPSAS).  

    Pathways to Accrual builds upon the work of the International Public Sector Accounting Standards Board (IPSASB)’s Study 14, Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities with updated content and a modernized presentation with easier navigation.  

    To equip public sector entities with tools for a carefully considered and smooth transition, Pathways to Accrual: 

    • Outlines the benefits and implications of adopting and implementing accrual accounting including IPSAS; 
    • Lays out the fundamentals to quality public financial management (PFM), essential for effective and efficient delivery of public services, transparent public finances, and trust between government and citizens; 
    • Explores multiple transition pathways for incremental implementation of accrual; 
    • Identifies the main tasks associated with recognition of assets, liabilities, revenues, and expenses, including issues and challenges associated with the identification of, as well as measurement of, those elements in financial statements; 
    • Gives practical suggestions, guidance, and case studies based on the experience of other entities and jurisdictions; and 
    • Provides links to other useful guidance and resources to help entities make the best decisions for their unique circumstances. 

    The platform was developed by IFAC with content provided by the Chartered Institute of Public Finance and Accountancy (CIPFA) and feedback from the International Public Sector Standards Board (IPSASB) and international community stakeholders. 

    "The benefits are clear: accrual accounting improves transparency, decision-making, and accountability in the public sector, but the path forward is less apparent," said IFAC CEO Kevin Dancey. "Pathways to Accrual will help accountants and public sector entities seize the opportunity of transitioning to accrual accounting by equipping them with the tools necessary to forge their own unique paths towards sound public financial management." 

    “There is significant accrual adoption and implementation activity underway across all regions of the world,” said Ian Carruthers, International Public Sector Accounting Standards Board (IPSASB) Chair. “By 2025, 50% of the jurisdictions in the 2021 International Public Sector Accountability Index are forecast to report on accrual basis, and Pathways to Accrual will be instrumental in supporting both these transitions and the many others planned for subsequent years.”  

    Explore the platform: https://pathways.ifac.org. 

    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. 

    Pathways to Accrual provides resources to implement the whole system approach to quality Public Financial Management (PFM) necessary to transition from cash to accrual with maximum benefit

  • Corporate Sustainability Push a $35 Trillion Dollar Conundrum for Auditors

    English

    Reliable checks on companies' sustainability credentials will take years to develop, auditors say, meaning investors pouring trillions of dollars into green funds remain at greater risk of being hoodwinked.

    Given the demand for investments that support environmental, social and governance (ESG) goals, the pressure is on to ensure companies aren't exaggerating or misrepresenting the benefits of their activities, a phenomenon known as "greenwashing".

    Read the full article on the Reuters website.

    Reuters

  • Time for Action on Sustainability: Next Steps for the Accountancy Profession

    With the establishment of the International Sustainability Standards Board, the way forward is clear: The accountancy profession must lead on climate reporting and other material environmental, social and governance disclosures and their assurance—contributing to strong and sustainable financial markets and economies and enabling the UN’s Sustainable Development Goals.

    IFAC
    English

  • New Implementation Guide Available for Quality Management for Audits of Financial Statements

    New York, New York English

    The International Auditing and Assurance Standards Board (IAASB) today released First-time Implementation Guide for ISA 220, Quality Management for an Audit of Financial Statements. The guide will help stakeholders understand the standard and properly implement its requirements as intended.

    Alongside the previously released implementation guides for International Standard on Quality Management (ISQM) 1 and 2, the new Guide will help stakeholders implement the IAASB’s suite of quality management standards. The suite of standards was released in December 2020 and come into effect on December 15, 2022.

    These publications do not amend or override ISA 220 or ISQM 1 or 2, the text of which alone are authoritative. Reading these publications are not a substitute for reading the ISQMs. The IAASB encourages all practitioners to plan early for appropriate implementation, given the potential impact of the changes to firms’ quality management systems.

  • ISA 220 (Revised) First-Time Implementation Guide

    International Standard on Auditing 220

    This non-authoritative First-time Implementation Guide may help stakeholders understand the requirements of the International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements, and implement the standard in the manner intended.

    Practitioners are required to have quality management systems designed and implemented in accordance with ISA 220 by December 15, 2022.

    IAASB
    English
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