News and Publications

Global Priorities for Professional Accountants in Business and the Public Sector

Global Priorities for Professional Accountants in Business and the Public Sector

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At its March 2022 virtual meeting, IFAC’s Professional Accountants in Business Advisory Group considered the key global trends impacting the accountancy profession. The report, Global Priorities for Professional Accountants in Business and the Public Sector, summarizes the key insights and learnings from the discussions amongst this global group of business and finance leaders, drawing from their diverse experiences…
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Accountants Enabling the Circular Economy

Accountants Enabling the Circular Economy

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Circular thinking has implications on the application of accounting and financial principles, for example, depreciating assets until they have no value does not provide incentives for shifting to circular business models. Accountants need to be able to evaluate decisions beyond the financial value generated. To consider the opportunities and challenges to circular economy adoption, Usha…
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Engaging with Audit Committees to Support Accountants Addressing New Responsibilities

Engaging with Audit Committees to Support Accountants Addressing New Responsibilities

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At their core audit committees play a crucial role in ensuring the provision of highquality, decision-useful information about an organization to its investors and other stakeholders. But in the current environment, fulfilling this mandate is becoming increasingly more complex as organizations face greater uncertainty and risks and as audit committee oversight responsibilities continue to widen.…
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Executing the Board’s Governance Responsibility for Integrated Reporting

Executing the Board’s Governance Responsibility for Integrated Reporting

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Boards of directors need to oversee multiple internal assurance activities across organizations in discharging their responsibilities for the integrity of integrated reporting.  A key feature of integrated reporting is the board of directors’ responsibility for the integrity of the integrated report and underling reporting process.  Executing the Board’s Governance Responsibility for Integrated Reporting is the…
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Key Takeaways from IAASB’s Third Conference on the Audits of Financial Statements Less Complex Entities

Key Takeaways from IAASB’s Third Conference on the Audits of Financial Statements Less Complex Entities

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At the beginning of May 2022, the International Auditing and Assurance Standards Board held the third and final Paris conference in collaboration with the Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil Supérieur de l'Ordre des Experts-Comptables (CNOEC) to discuss and explore how to move forward in progressing the separate standard for audits of…
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Benchmarking International Independence Standards

Benchmarking International Independence Standards

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The staff of the International Ethics Standards Board for Accountants’ (IESBA) has completed a study comparing the provisions of International Code of Ethics for Professional Accountants (including International Independence Standards) — in particular the independence provisions applicable to audits of financial statements of public interest entities (PIEs)—with the relevant rules of the U.S. Securities and Exchange Commission (SEC)…
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Non-Authoritative Guidance: The Fraud Lens – Interactions Between ISA 240 and Other ISAs

Non-Authoritative Guidance: The Fraud Lens – Interactions Between ISA 240 and Other ISAs

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This non-authoritative guidance illustrates the relationship between International Standard on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and other ISAs when planning and performing an audit engagement and reporting thereon. It also illustrates how ISA 240 is currently applied in conjunction with the full suite of ISAs.
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IPSAS 44, Non-current Assets Held for Sale and Discontinued Operations

IPSAS 44, Non-current Assets Held for Sale and Discontinued Operations

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The International Public Sector Accounting Standards Board® (IPSASB®) has issued International Public Sector Accounting Standard® (IPSAS®) 44, Non-current Assets Held for Sale and Discontinued Operations. IPSAS 44 is based on International Financial Reporting Standard (IFRS®) 5, Non-current Assets Held for Sale and Discontinued Operations, developed by the International Accounting Standards Board (IASB®). IPSAS 44 specifies the accounting…
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ISA 220 (Revised): Definition of an Engagement Team Fact sheet

ISA 220 (Revised): Definition of an Engagement Team Fact sheet

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To help users adapt to the clarified and updated definition of “engagement team”, this fact sheet addresses the clarified definition and its possible impacts, including recognition that engagement teams may be organized in a variety of ways, including across different locations or by the activity they are performing. The fact sheet also includes a diagram…
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