News and Publications

IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.

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…

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…

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…