2020 Financial Statements
IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.
News and Publications
Feedback Statement: Auditor Reporting Post-Implementation Review
In 2015, the IAASB released new auditor reporting standards to enhance the communicative value, transparency and relevance of the auditor’s report in the public interest. Reflecting stakeholder input, the feedback statement makes it clear the standards, and the resulting auditor’s report, have broad support from stakeholders—and meet the IAASB’s objectives. It summarizes key themes and…
IFAC SMP Response to the IESBA PIE Exposure Draft
The IFAC SMP Advisory Group believes that the approach for a global PIE definition should be narrow, rather than broad. Otherwise the situation arises where PIEs at an international level are not PIEs under local legislation in several parts of the world and it leads to inconsistent practices. Whilst going beyond this may be necessary…
IFAC SMP Response to the IAASB QM Conforming Amendments Exposure Draft
The SMPAG supports the IAASB Exposure Draft to make necessary conforming and consequential amendments to address inconsistencies between the IAASB’s Other Standards and Framework with the new and revised QM standards. It is concerned about the potential impact from some of the proposed changes, which are not strictly necessary to remove inconsistencies with ISQM 1…
Watch and Learn! CPA Australia's Webinar on Technology and Ethics
Watch CPA Australia's May 18 webinar about IESBA's Technology Initiative, featuring Mr. Brian Friedrich (Chair of Technology Working Group) and Mr. Greg Driscoll (Member of IESBA’s Technology Task Force). Click here. For more information about IESBA's Technology Initiative, click here.
IFAC SMP Committee Response to the IESBA: Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code
The IFAC SMP Advisory Group believes that the approach for a global PIE definition should be narrow, rather than broad. Otherwise the situation arises where PIEs at an international level are not PIEs under local legislation in several parts of the world and it leads to inconsistent practices. Whilst going beyond this may be necessary…
From Crisis to Recovery: Public Sector Priorities to Support COVID-19 Recovery
The public sector is a high priority for IFAC and the global accountancy profession. Professional accountants serve the public interest, and as such, those working in the public sector have been at the heart of the response to the COVID-19 pandemic, playing a critical role in advising governments and helping make tough choices, drive innovation,…
The Professional Accountant’s Role in Data
As economies digitize, organizations of all sizes across sectors face enormous disruption and opportunity. Professional accountants must expand their approach to include both structured and unstructured datasets to support organizations in making insight-driven decisions. The Professional Accountant’s Role in Data, a joint report released by IFAC and the Chartered Professional Accountants of Canada (CPA Canada), outlines a data management value chain and explores four key…
Groundbreakers: Gen Z and the Future of Accountancy
Amid a rapidly changing world, the first digital native generation is entering the workforce. This joint report from ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) draws upon the responses of 9,000+ 18-25 year olds to gain insights into how Generation Z’s top concerns may influence what they want…