Entries by Darren Caple

Non-Authoritative Support Material: Using Automated Tools and Techniques on Audit Planning

This publication highlights the impact of technology when applying certain aspects of the International Standards on Auditing (ISAs). It focuses on specific considerations for planning an audit in accordance with ISA 300, Planning an Audit of Financial Statements, that may be relevant when using automated tools and techniques. This publication does not amend or override…

IFAC’s Vision for High-Quality Assurance of Sustainability Information

This vision addresses the importance of global standards, regulation that supports decision-useful disclosure, and the value of an interconnected approach to sustainability and financial information reporting and assurance. It also highlights best practices identified during IFAC’s year-long, global engagement campaign related to the State of Play in Sustainability Assurance.  Access more of IFAC’s sustainability assurance resources here.

The Role of Accountants in Mainstreaming Sustainability in Business

Convening virtually over two days, IFAC’s Professional Accountants in Business (PAIB) Advisory Group, a dynamic global group of business and finance leaders, shared their insights on how accountants are contributing to value creation and sustainability in their organizations in both the private and public sectors and the extent to which digital assets could disrupt industries and gain legitimacy. This report includes highlights from the discussions. 

Sustainability Information for Small Businesses: The Opportunity for Practitioners

This report examines the importance of readily available, relevant, and reliable sustainability information for achieving better-informed decisions, enhanced strategic and risk management, and more thorough and valuable reporting to external stakeholders. It also highlights a range of emerging services that practitioners can provide to their clients, including advisory services, reporting, agreed-upon procedures (AUP) engagements, and…

Amendments to IPSAS 5, Borrowing Costs – Non-Authoritative Guidance

This pronouncement adds of non-authoritative guidance to IPSAS 5, Borrowing Costs. The non-authoritative guidance adds implementation guidance and illustrative examples to IPSAS 5. The new material in ED 74 illustrates how the existing principles for when borrowing costs can be capitalized are applied in various regularly encountered public sector scenarios. No amendments are proposed to the authoritative…

2021 Handbook of the International Code of Ethics for Professional Accountants

This 2021 edition contains recently approved revisions to the Code, including: The revisions to Part 4B to align terms and concepts used in the Code to those in the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Assurance Engagements (ISAE) 3000 (Revised). Those revisions became effective in June 2021. The revisions to Parts…

G20 Call to Action 2021

IFAC calls on the G20 to focus on two key actions—where the global accountancy profession is a strongly committed partner—that will move the needle on sustainability, inclusivity, and prosperity. The four priorities from IFAC’s 2020 Call to Action remain central to building a better future. Delivering on these will take a concerted effort from policymakers, businesses, other organizations,…

2020 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements

The latest edition of the handbook includes: ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures replacing ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures. The handbook also includes conforming and consequential amendments from ISA 540 to other standards, with the exception of International Auditing Practice Note 1000, which will…

How Global Standards Become Local

IFAC’s new framework for implementing global sustainability standards set by an International Sustainability Standards Board builds on the previously issued Building Blocks Approach. This framework examines how existing mechanisms already in place for adopting IFRS Standards used in financial reporting may be appropriate or adapted for sustainability-related reporting. Alternatively, a new mechanism may be required. IFAC…