We are firmly in an age of disruption. No matter what the “new normal” looks like, it will not look that way for long.

To anticipate events—as a society and as a profession—we need to see them as the effects of simultaneous and dynamic trends. The climate crisis and digitalization are accelerating at the same time; the effects of each trend will influence the other, and in turn, shape and re-shape our lives, livelihoods, and environment. The same could be said of the COVID-19 pandemic, and the next public health emergency—and the one after that.

Six volunteers are being sought to serve as members on the International Public Sector Accounting Standards Board (IPSASB).  The Nominating Committee has issued a call for nominations looking for candidates to serve for an initial term of up to three years, commencing January 1, 2023.

“Volunteers with diverse backgrounds and skills are essential to the development of high-quality international standards, as well as the promotion of IPSAS adoption,” said Ian Carruthers, IPSASB Chair. “I strongly encourage our key stakeholders to consider applying and/or nominating candidates. Participation in the IPSASB’s work is a valuable experience for both the volunteer as well as being beneficial for the nominating and/or employing organization."

Nominations from a wide range of relevant backgrounds are sought, including, but not limited to:

• Users of general-purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies;
• Preparers of accrual-based financial statements, such those reporting directly or indirectly in accordance with IPSAS, or in the process of transitioning to IPSAS or another accrual-based accounting framework;
• Ministries of Finance and Treasury departments; and,
• Public sector external auditors.

Candidates will ideally have a public sector background and/or experience in standard setting to be able to contribute value to the work of the Board. English proficiency (both written and oral) is essential, as this is the language in which the IPSASB operates.

Regional balance is important to ensure diverse input from a wide range of jurisdictions to the Board’s discussions. Nominations of qualified candidates from all regions of the world are encouraged and, particularly from the Africa–Middle East and Latin America regions. Nominations from jurisdictions where English is not the native language are particularly encouraged. .

For more details and information on how to submit an application, please see the Call for Nominations. 

Deadline for submitting applications is January 31, 2022.

The first fully digital International Auditing and Assurance Standards Board (IAASB) handbook of pronouncements is now live on a new web application, e-International Standards (eIS). The first iteration of the platform marks a milestone in the IAASB’s commitment to improving the usability of and access to its standards by harnessing technology. For the first time, users will be able to benefit from optimized search functions, cut and paste capabilities, and easy navigation.

“The launch of our digital standards platform responds to the demand for increased accessibility and is another step in pursuing our strategic objective of benefiting from technological innovation,” said IAASB Chair Tom Seidenstein. “Over time, we will continue to improve e-International Standards to account for user feedback and improve the usability of the platform and of the IAASB standards.”

eIS was launched by the International Federation of Accountants (IFAC) and developed collaboratively with IAASB, the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB). Designed to meet stakeholders’ needs, the platform allows for quick reference to other standard-setting boards’ standards and related resources, driving a strong connection between adherence to IAASB standards and the IESBA’s International Code of Ethics for Professional Accountants.

The platform is accessible via the IAASB website or at eis.international-standards.org.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

Today, the International Federation of Accountants (IFAC) unveiled a new online resource providing unprecedented access to the international standards that support and distinguish the accountancy profession. eIS, short for e-International Standards, provides direct access to the standards developed by the International Audit and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB), alongside key support, reference, and guidance materials, available to contextualize the language and provide enhanced transparency.

“Rooted in our commitment to the public interest, this platform responds to stakeholder needs by making international standards and their accompanying resources accessible and easy to use,” said Kevin Dancey, CEO of IFAC. “As we continue to focus on modern approaches and the use of technology to enhance our profession, the development of eIS was a natural next step in supporting our members around the world, and the 3.5 million professional accountants they represent.”

IFAC worked together with the standard-setting boards to develop a better way to access the standards. Through surveys and conversations with key stakeholders, IFAC identified the key elements required to deliver a modern platform allowing the profession easier access to international standards, while providing enhanced functionality in how the standards are used.

eIS features include:

• a responsive design that can be used on mobile, tablet and desktop;
• advanced and intuitive search capabilities;
• easy access to related resources;
• easy pop-up access to references;
• version control functionality; and
• easy-to-navigate pages with multiple viewing modes.

Learn more about eIS here or visit the platform today: eis.international-standards.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.

The International Federation of Accountants (IFAC), which comprises 180 member and associate organizations and represents over 3 million professional accountants globally, welcomes the establishment of the International Sustainability Standards Board (ISSB) working in close cooperation with the International Accounting Standards Board (IASB), under the governance structure and leadership of the IFRS Foundation.

IFAC congratulates the IFRS Foundation Trustees for moving with unprecedented speed to meet the needs of investors, provide a holistic view of enterprise value, and address the climate crisis. Climate and other sustainability issues are global in nature and the ISSB will deliver a global solution for sustainability disclosure. The multi-jurisdictional footprint of the ISSB reflects this realty and can hopefully facilitate implementation of the ISSB’s standards.

IFAC also welcomes commitments to combine the CDSB and Value Reporting Foundation with the IFRS Foundation—providing much needed consolidation and contributing support and resources toward the success of the new ISSB. This positions the ISSB to build upon the high-quality work of existing sustainability-related initiatives and harmonize the standard-setting landscape—delivering a comprehensive global baseline of sustainability information material to enterprise value, connected to financial reporting through the fundamental concepts and guiding principles of integrated reporting.

“Now is the time for policymakers around the world to focus on how to capitalize on the forthcoming work of the ISSB,” said IFAC CEO Kevin Dancey. “As with the success of IFRS Standards for financial reporting, IOSCO’s support is key. Jurisdictions around the world need to take the next step—deciding to use, implement, and enforce IFRS Sustainability Disclosure Standards as part of a Building Blocks Approach that will deliver the global baseline for sustainability-related reporting needed for investors and capital markets.”

This approach enables global standards set by the ISSB—compatible with any multistakeholder-focused disclosures that some jurisdictions may require—to result in consistent, comparable, and assurable sustainability-related information that enhances corporate reporting.

IFAC urges its member organizations to support this initiative and engage now, at the local level, to help make new global standards into local reporting requirements.

Read more about IFAC’s support for global sustainability-related standards on the IFAC website.

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.

The International Auditing and Assurance Standards Board (IAASB) announces the following new appointments and re-appointments to take effect on January 1, 2022:

New Members

• Mr. William Edge, Chair, Australian Auditing and Assurance Standards Board
• Dr. Warren Maroun, Professor, School of Accountancy, University of the Witwatersrand, South Africa

Re-appointed Members

• Mr. Kai Morten Hagen, Technical Director at Den norske Revisorforening (Norwegian Institute of Public Accountants)
• Ms. Sachiko Kai, Technical Director, Japanese Institute of Certified Public Accountants
• Mr. Eric Turner, Former Director, Canadian Auditing and Assurance Standards Board

"It is a pleasure to welcome the new IAASB members and congratulate re-appointed members,” said Tom Seidenstein, IAASB Chair. “One of the IAASB’s hallmarks is our diversity in thought and experiences that strengthen our deliberations. I look forward to these new voices adding to that diversity and expanding our conversations.”

The IAASB also announces the re-appointment of Mr. Len Jui as its deputy chair for 2022.

“I am also extremely pleased that Len will continue serving as IAASB deputy chair," said Mr. Seidenstein. “Len’s dedication to the IAASB is tireless and we are collectively stronger because of his efforts.”

About the IAASB
The International Auditing and Assurance Standards Board develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

As the global voice of the accountancy profession, IFAC releases Points of View (POVs) on key policy issues impacting the accounting profession and the whole of society. These POVs are well-researched tools available for anyone to use in gaining an understanding of crucial topics affecting our world and potentially influencing policies that affect us all.

To make its POVs more accessible to its global constituency and their stakeholders, IFAC has published all seven of its POVs, originally only available in English, into four additional languages: Arabic, French, Russian, and Spanish.

"From improving public sector transparency with data-driven decisions to providing investors with high-quality and trustworthy sustainability information, these POVs cover a broad range of topics of critical importance to professional accountants worldwide,” said Kevin Dancey, IFAC CEO. “These translations will improve the ability of professional accountants to make an impact in their companies and jurisdictions.”

The topics covered in the POVs are:

Enhancing Corporate Reporting: Corporate reporting should capture all relevant information about organizations. However, investors and other stakeholders are demanding more, higher-quality information and insights about company performance, risks, opportunities, and long-term prospects, especially with respect to sustainability-related matters, than are available from the conventional financial reporting process.

Greater Transparency and Accountability in the Public Sector: This POV explores how governments can use the resources they have to have to make informed, data-driven decisions with strong governance and public financial management (PFM) and how the accountancy profession can work with the public sector to help deliver a more sustainable, inclusive, and prosperous future for all. 

Embracing a People-Centered Profession: The accountancy profession is first and foremost a profession made of people—individuals and teams working collaboratively and collectively. This POV explores the connection between the people in the accountancy profession, the core components of the profession (education, professional judgment, ethics, values) and the profession’s commitment to the public interest.

Maintaining Trust & Confidence During a Crisis: Maintaining trust and confidence during a crisis is the fastest path to recovery after a crisis. This POV explores the key roles that regulators, the global accounting profession and those charged with governance have to play in maintaining trust.

Achieving High-Quality Audits: High-quality audits of financial statements are essential to strong, sustainable organizations, financial markets and economies. All participants in the audit and assurance ecosystem must act to improve the audit process, and we outline how.

Climate Action: Climate change is an urgent, global, and systemic issue that can threaten the sustainability of organizations, markets, and economies. This POV outlines how to embrace climate action and be part of the solution.

Fighting Corruption and Money Laundering: The consequences of corruption are significant and widespread, from direct costs to individuals and society, to encouraging criminal behavior and undermining trust in institutions. Grounded in a strong ethical code, professional accountants across the globe play a critical role in the fight against corruption.

Access the POVs here in each language.

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.

The SMPAG supports the IAASB’s current standard-setting projects underway. They believe the Audits of Less Complex Entities project should be a priority for the Board and welcome the significant progress that has been made and the forthcoming consultation on the draft standard. They also noted their preference on prioritization of 8 projects that the IAASB is considering.

Join the IAASB for the second LinkedIn Live session discussing the recently proposed new standard for audits of less complex entities on October 20 at 8 am ET. The session will feature IAASB Member Chun Wee Chiew, IAASB Consultative Advisory Group Member Claes Norberg, and IAASB Technical Director Willie Botha discussing on which entities the proposed standard can be used, who makes decisions regarding using the standard, and how those decisions are made. They will also discuss how the standard will be received by users of the financial statements. IAASB Technical Advisor and Member of the IAASB LCE Task Force Viviene Bauer will moderate the discussion.

The third and final livestream discussion in this series will air on November 17 at 8 am ET. It will feature IAASB Member Julie Corden, LCE Reference Group Member Andrew Braithwaite, and IAASB LCE Task Force Member Brendan Murtagh discussing what the proposed new standard means for audit firms and practitioners, including the benefits of the standard, what firms, engagement partners and teams need to consider in decision making, and the potential impact on small- and medium-sized practices. The first session in the series, which addressed the journey to the proposed new standard and its key principles, is available on LinkedIn and YouTube.

The IAASB strongly encourages all interested stakeholders to provide their feedback on the proposed new standalone standard for audits of less complex entities by January 31, 2022. The standard is relevant to users of financial statements, owners, management, and those charged with governance of entities, preparers of financial statements, legislative or regulatory authorities, relevant local bodies with standard-setting authority, professional accountancy organizations, academics, regulators and audit oversight bodies, and auditors and audit firms, among others.