Professional accountants in business (PAIBs) play a crucial role in advancing sustainable business practices, promoting transparency, and enhancing the economic and social prosperity of communities across the globe.
In its final meeting of 2024, IFAC’s PAIB Advisory Group explored the transformative role of PAIBs in tackling global challenges and seizing new opportunities to strengthen the role of accountants in driving business success and resilience. Discussions focused on navigating systemic risks, fostering innovation, and advancing sustainability to position PAIBs as key enablers of transformational change.
Key themes included:
Embracing AI for Innovation: Generative AI is revolutionizing the work of PAIBs. A case study on internal audit highlighted its use, saving time and enhancing strategic insights.
Driving Climate Resilience: PAIBs are crucial in improving sustainability information and disclosure and mobilizing investments to support low-carbon transitions.
Integrated Thinking and Decision-Making: Breaking silos to enable holistic decision-making and creating long-term value requires integrated thinking capabilities which can vary by career stage or role.
Supply Chain Management and Procurement: PAIBs can partner with procurement, operations, and compliance teams to achieve ethical and sustainable procurement and supply chain management practices.
Sanjay Rughani, PAIB Chair, said: “In this era of transformation, professional accountants are uniquely positioned to drive change and create value across organizations. By embracing innovation and integrated thinking, PAIBs can lead the way in shaping a resilient, sustainable future.”
IFAC remains committed to equipping PAIBs with the tools and resources to thrive in a dynamic global landscape. The next PAIB Advisory Group meeting will take place in April 2025 in Tokyo, hosted by the Japanese Institute of Certified Public Accountants (JICPA).
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.
By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes.
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.
It is with profound sadness that IFEA announces the passing of Imran Vanker, a valued member of the IFEA family. We extend our deepest condolences to his family and friends following the tragic and sudden loss of Imran and his daughter yesterday. Our hearts go out to their loved ones during this unimaginable time.
Imran was a member of the IAASB from 2016 to 2021 and, through his work at the Independent Regulatory Board for Auditors (IRBA) in South Africa, remained an esteemed colleague and member of the IAASB community. His passing, alongside that of his daughter, leaves an irreplaceable void.
Imran was a staunch supporter of IESBA, actively participating as a member of the IESBA-National Standard Setters liaison group. His commitment to ethical behavior was demonstrated through his inspiration and significant contributions during his years of service.
“Imran will be remembered not only for his many contributions to the audit profession but also for the warmth and goodwill he brought to all IAASB discussions. Imran had a passion for serving the public interest, one that will be hard to replicate,” said Tom Seidenstein, IAASB Chair.
‘’Imran was a friend of the IESBA and a passionate advocate for ethics and integrity in the accounting profession. Imran’s legacy of ethical leadership will continue to guide us, and his memory will remain a source of inspiration for all who strive to uphold the highest standards in our work,” said Gabriela Figueiredo Dias, IESBA Chair.
As an organization, we share in the sorrow of this loss and are keeping the Vanker family in our thoughts. We will continue to honor their memory during this difficult time.
The International Federation of Accountants (IFAC) congratulates Professor Jens Poll on his appointment as President of Accountancy Europe for the 2025-2026 term and Giancarlo Attolini as Deputy President. Both Jens Poll and Giancarlo Attolini bring a wealth of expertise and experience to their new roles.
Lee White, CEO of IFAC, commented: “I warmly congratulate Jens Poll on becoming President of Accountancy Europe. Jens’ longstanding commitment to the profession, including as Accountancy Europe Deputy President, as well as his time as a member of the International Ethics Standards Board for Accountants (IESBA), as Vice Chair of the IFAC Small and Medium Practices Committee and as Chair of the European Group of International Accounting Networks and Associations (EGIAN), demonstrate his dedication to upholding and advancing high-quality global ethical standards, and to the profession’s future. His guidance will undoubtedly help steer Accountancy Europe through a period of critical transformation, addressing challenges and opportunities that shape our profession globally.”
Welcoming Giancarlo Attolini, Lee White added: “We are equally pleased to see Giancarlo Attolini take on the role of Accountancy Europe Deputy President. Having contributed significantly as an Accountancy Europe Board member since 2023, Giancarlo brings extremely valuable leadership that will strengthen Accountancy Europe’s mission. In addition, as past Chair of the IFAC Small and Medium Practices Committee and founding partner of Attolini Spaggiari & Associati Studio Legale e Tributario, Giancarlo has been a steadfast advocate for the needs of small and medium-sized practices and has played a pivotal role in promoting practices transformation.”
Lee White emphasized: “Jens’ and Giancarlo’s deep involvement with IFAC underlines their leadership and vision for the global profession. Their new roles will only enhance the already strong collaboration between IFAC and Accountancy Europe as we continue working together towards our shared goals of transparency and accountability, as well as of sustainability and digital transformations, in the public interest.”
IFAC also extends a warm welcome to Eelco van der Enden as the new Chief Executive Officer of Accountancy Europe. Lee White shared: “I am delighted to see Eelco assume this role. His extensive experience and proven leadership will be pivotal in guiding Accountancy Europe into a new chapter and I look forward to collaborating with him and the Accountancy Europe team.”
Finally, Lee White congratulates Mark Vaessen on his leadership as Accountancy Europe President for 2023-2024, and in particular for overseeing the successful CEO transition from Olivier Boutellis-Taft to Eelco van der Enden. Mark will continue to serve the global accountancy profession, having been appointed to the IFAC Board in November 2024.
Accountancy Europe and IFAC share a deep commitment to supporting the profession, and fostering high-quality standards and practices that build trust in organizations, drive innovation, and advance sustainability, while ensuring investor and consumer protection.
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.
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.
The IPSASB® was hosted by the Ministry of Finance of Saudi Arabia for our final meeting of the year from December 10 to 13 in Riyadh. Thank you to our hosts for providing such a welcoming experience and an impactful meeting to close out 2024.
IFRIC Alignment – Narrow Scope Amendments
The Board approved the Final Pronouncement, Amendments to IPSAS Standards: Specific IFRIC Interpretations which amends IPSAS Standards to clarify the application of existing principles to help public sector entities better understand and apply them consistently. These amendments are effective January 1, 2026.
Presentation of Financial Statements
In our discussions on the statement of financial performance, we noted the usefulness of presenting revenue and expense items in categories with practical considerations that we‘ll explore at future meetings. We also discussed whether sufficient transparency exists for revenue and expense items presented outside surplus and deficit and how presentation requirements can enhance clarity and transparency.
Maintenance Activities
As part of our 2024-2028 strategy, we're focusing on the maintenance of IPSAS Standards. We finalized operating procedures for post-implementation reviews and the IPSASB Application Group and discussed the timeline for implementing both activities. We are looking forward to rolling out both initiatives in 2025.
Sustainability: Research and Scoping
Our first discussions related to researching potential future sustainability projects focused on our remit within the broader sustainability reporting landscape and how future research and scoping will inform our 2025 Work Program Consultation, which will seek feedback on our priorities in 2026 and beyond.
Materiality
The Making Materiality Judgement project discussions focused on research and scoping activities. We agreed the project should take a phased approach: financial reporting will be the focus of the initial phase, followed by sustainability reporting after the completion of the Climate-related Disclosures pronouncement. A project brief is expected to be approved in March 2025.
Strengthening Linkages Between IPSAS and GFSM 2014
In first discussions on the Strengthening Linkages Between IPSAS Standards and GFSM 2014 project, the IPSASB decided the project should have two phases: a phase highlighting the current alignment between IPSAS Standards and GFSM 2014, and a phase identifying opportunities to increase alignment between both reporting frameworks. The IPSASB expects to approve a project brief in March 2025.
Meeting Videos
Recordings of the meetings are available on our YouTube channel.
Next Meeting
Our next Board meeting will be hosted by the World Bank at their head offices in Washington, D.C., USA from March 18 – 21, 2025.
Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants.
IPSASB Members: The global search for volunteer members to join our Board in 2026 is underway. If you have strong knowledge of issues related to financial and sustainability reporting, standard-setting experience, direct experience with public financial reforms, or familiarity with the needs of financial statement users, apply by January 31, 2025.
IPSASB Chair: The Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Apply by January 26, 2025.
