This report was compiled by public policy and regulation staff at the International Federation of Accountants (IFAC), summarizing select globally significant public policy and regulatory developments impacting the accounting and auditing profession. The report is not intended to be a complete compilation of all developments.
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June 2025
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Consultations and Comments
European Financial Reporting Advisory Group (EFRAG)
June 26 – EFRAG Issues Final Comment Letter on ISSB’s Greenhouse Gas Disclosure Proposals. EFRAG Issues Final Comment Letter on ISSB’s Greenhouse Gas Disclosure Proposals | EFRAG
GermanyJune 25 – The IDW has published the draft of its amendment to of IDW PS 983: Principles of Proper Audit of Internal Audit Systems (as of 03.03.2017) for comment . Audit of internal auditing systems: IDW EPS 983 n.F. (06.2025)
JapanJune 27 – The JICPA submitted comments on the Exposure Draft "Amendments to Greenhouse Gas Emissions Disclosures" by the International Sustainability Standards Board (ISSB). Comments on the Exposure Draft "Amendments to Greenhouse Gas Emissions Disclosures" | JICPA The Japanese Institute of Certified Public Accountants
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Summary of News and Events
Accountancy Europe
June 6 –Accountancy Europe expresses its condolences towards the family, friends, and colleagues of Angelo Casò, who served as President of Accountancy Europe (formerly FEE) between 1993 and 1994.
Passing of Angelo Casò - Accountancy Europe
AustraliaJune 23 – CPA Australia is delighted to renew its Mutual Recognition Agreement (MRA) with the Hong Kong Institute of Certified Public Accountants (HKICPA). The MRA renewal, signed at the office of HKICPA in Hong Kong, represents a significant milestone in the longstanding relationship between CPA Australia and HKICPA.
BrazilJune 30 – The Federal Accounting Council (CFC) has reaffirmed its commitment to transparency and dialogue with society by offering tools that guarantee access to public information and encourage the continuous improvement of the services provided. Among the main channels are the Electronic System of the Citizen Information Service (e-SIC), the Ombudsman's Office and the User Services Charter.
CFC transparency tools strengthen dialogue with society
Hong KongJune 27 – The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA) with the Association of Chartered Certified Accountants (ACCA)
HKICPA renews its Mutual Recognition Agreement with ACCA
June 23 – The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA) with CPA Australia (CPAA).
HKICPA renews its Mutual Recognition Agreement with CPA Australia
KoreaJune 19 – Woon-Youl Choi has been elected President of KICPA at the 70th General Assembly.
NetherlandsJune 16 – During the members' meeting on 16 June, Bianca de Jong-Muhren and Evelyn Vinke-Smits were appointed as new board members of the NBA.
Bianca de Jong and Evelyn Vinke appointed as new NBA board members
United KingdomJune 24 – Global accountancy body ACCA (the Association of Chartered Certified Accountants) has announced a redesign of its gold standard ACCA Qualification focused on a redefinition of accountancy which is expanding and reshaping the role of the profession.
ACCA announces redesign of qualification for a redefined accountancy profession | ACCA Global
June 18 - The Chartered Institute of Management Accountants (CIMA) announced that John Graham, FCMA, CGMA, has been elected as the 92nd President of the Institute.
New CIMA president elected | AICPA & CIMA
United StatesJune 9 – AICPA and CIMA unveiled a transformative upgrade to its CGMA Professional Qualification syllabus for 2026. The new syllabus emphasizes the role of finance professionals as high-impact business partners who can harness technology and apply strategic and critical thinking to drive value.
AICPA and CIMA Upgrade CGMA Professional Qualification | AICPA & CIMA
June 2 – New estimated data from the National Student Clearinghouse Research Center shows a 12% increase in spring 2025 undergraduate accounting enrollment compared to the prior year. The increase amounted to an additional 29,312 students.
Accounting Enrollment Increased 12% for Spring Semester | News | AICPA & CIMA
CanadaJune 30 – The revised CAS 570, Going Concern, issued on June 1, 2025, introduces enhancements to the auditor’s responsibilities in the audit of financial statements relating to going concern and increased transparency in the auditor’s report.
IFAC / IPSASBJune 16 – In collaboration with the International Public Sector Accounting Standards Board (IPSASB), IFAC has published a new resource, Implementing International Public Sector Accounting Standards (IPSAS): IFAC Tools, a compilation of our resources designed to help governments and public sector entities adopt and implement IPSAS Standards and help Professional Accountancy Organizations (PAOs) advocate for their use.
Practical Tools to Support IPSAS Implementation: New Resource From IFAC | IFAC
ItalyJune 3 – The Council and National Foundation of Accountants’ second operational guide, “Intelligent Help to the Accountant,” provides a dual-purpose update: highlighting key AI innovations in accounting and tax, and offering practical advice for leveraging these tools to boost service efficiency, accuracy, and quality.
Artificial intelligence, the second operational guide from Accountants – Press
United KingdomJune 6 – The Financial Reporting Council (FRC) has published its first guidance on the use of artificial intelligence (AI) in audit, alongside a thematic review of the six largest firms’ processes to certify new technology used in audits.
FRC publishes landmark guidance providing clarity to audit profession on the uses of AI
June 30 – The accountancy profession could significantly improve the delivery of relevant and reliable corporate reporting information if they grasp IT opportunities. This is the key finding of the latest collaboration between academics and professional accountants on the role of technology in corporate reporting.
South AfricaJune 4 – The Independent Regulatory Board for Auditors (IRBA) has released its 2023/2024 Annual Enforcement Report, showcasing a significant increase in enforcement activity and reaffirming its unwavering commitment to upholding the integrity of the auditing profession.
IRBA Strengthens Auditor Accountability with Record Enforcement Actions in 2023/2024 - IRBA
IAASBJune 30 – The IAASB has published a new Frequently Asked Questions document for the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), its standard tailored for financial audits of smaller and less complex entities.
Accountancy EuropeJune 1 – Accountancy Europe has released a statement on the Omnibus proposal.
Accountancy Europe’s omnibus statement: ESRS revision proposals - Accountancy Europe
CanadaJune 26 – The Canadian Sustainability Standards Board (CSSB) finalized CSDS 1 and CSDS 2, in addition to its Criteria for Modification Framework.
Canadian Sustainability Disclosure Standards (CSDS 1 and CSDS 2): Now Available
June 26 – The CSSB has published a new resource: Guide on Adopting a Climate-first Approach in Sustainability Reporting. This guide helps entities and their advisors comply with CSDS 1 and CSDS 2 when using the transition relief and disclosing information on climate-related risks and opportunities only, in accordance with CSDS 2
CSSB releases new resource: Guide on Adopting a Climate-first Approach in Sustainability Reporting
European Financial Reporting Advisory Group (EFRAG)June 20 – EFRAG has published its Progress Report (as of 20 June) providing an update of the work performed so far and of the activated levers to simplify the European Sustainability Reporting Standards (ESRS).
EFRAG Releases Progress Report on ESRS Simplification | EFRAG
ESMAJune 25 – Due to the ongoing revision of the ESRS, the IDW has decided to pause the finalization of its eleven draft modules.
First sentence of the ESRS: Status of the revision and impact on IDW RS FAB 100
GermanyMay 12 – Almost 3-in-4 of the largest global companies sought assurance on some aspect of their sustainability disclosures, according to an updated report from the International Federation of Accountants (IFAC) and AICPA & CIMA. The study marks the fifth annual benchmark that now includes 2023 data. More Global Companies Seek Assurance on Sustainability Reporting, Study by IFAC, AICPA & CIMA Shows
GRIJune 30 – As a further step in their collaboration, GRI and the Taskforce on Nature-related Financial Disclosures (TNFD) have launched a new set of case studies that highlight how companies are assessing and disclosing nature-related dependencies, impacts, risks, and opportunities – and how these dimensions are interconnected.
GRI - GRI and TNFD advance nature reporting through practical guidance
June 26 – Recognizing that an escalating climate crisis calls for integrated and global solutions, GRI has launched new Climate Change and Energy Standards to empower organizations to take accountability for their impacts and accelerate climate action.
GRI - New Climate Standards can unlock actionable and streamlined reporting on impacts
June 19 – GRI has launched its Sustainability Taxonomy, a machine-readable version of the GRI Standards that enables faster data collection and improved comparability of sustainability disclosures by using XBRL - the global language for business reporting.
GRI - A digital leap forward for sustainability reporting
Hong KongJune 12 – The Hong Kong Institute of Certified Public Accountants (HKICPA) welcomes the IFRS Foundation’s publication of Jurisdictional Profiles on adoption of ISSB Standards (Profiles), which recognizes Hong Kong’s leading progress in aligning the local sustainability disclosure standards with the corresponding global baseline.
IAASBJune 11 – The Staffs of the IAASB and the IESBA today released two new publications to support implementation of the IAASB’s and IESBA’s global sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).
IAASB and IESBA Staff Provide Answers to Key Questions on Implementing ISSA 5000 and IESSA | IAASB
IESBAJune 11 – The Staffs of the IESBA and the IAASB released two new publications to support implementation of the IAASB’s and IESBA’s global sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).
IFACJune 18 – IFAC, in collaboration with the Edinburgh Group (EG), has launched The Small Business Sustainability Checklist, a pioneering online tool designed to help small- and medium-sized enterprises (SMEs) maximize the benefits of incorporating sustainability into their strategy and business operations.
IFAC Releases Trailblazing Sustainability Tool for Small Businesses | IFAC
IFRS FoundationJune 23 – The IFRS Foundation has published a new guidance document Disclosing information about an entity’s climate-related transition, including information about transition plans, in accordance with IFRS S2 as part of its commitment to supporting the implementation of IFRS Sustainability Disclosure Standards (ISSB Standards).
IFRS - IFRS Foundation publishes guidance on disclosures about transition plans
IPSASBJune 17 – To better address public sector need, the IPSASB has decided to split its climate-related disclosure project into two phases: Phase 1 will focus on reporting climate risks in public sector operations, with a standard expected by December 2025, and Phase 2 will develop separate guidance for entities managing climate-related public policies, targeted for 2026.
IPSASB Decides Key Next Steps in Landmark Climate-related Disclosures Project | IPSASB
ISSBJune 26 – The International Sustainability Standards Board (ISSB) is pleased to announce that the Global Sustainability Standards Board (GSSB) has granted equivalence to IFRS S2 Climate-related Disclosures for entities preparing disclosures of greenhouse gas (GHG) emissions under GRI 102, the new climate standard issued by the GSSB.
NetherlandsJune 25 – The NBA is asking accountants to participate in the IFAC SME Sustainability Information Survey. The results will contribute to global insights and help develop best practices. In addition, they provide insight into appropriate regulations and assurance around sustainability reporting for SMEs.
IFAC survey on sustainability information among SMEs
TNFDJune 16 – The TNFD has commenced it next phase of work on nature-related data solutions, involving over 40 upstream naturedata providers and over 20 downstream users, intermediaries, and implementation partners across sectors
tnfd.global/tnfd-commences-next-phase-of-work-on-nature-related-data-solutions/
United KingdomJune 26 – The Chartered Institute of Management Accountants (CIMA) has welcomed the publication of the exposure drafts of the UK Sustainability Reporting Standards (UK SRS), which set a clear and practical structure for sustainability-related financial reporting.
CIMA welcomes UK SRS exposure drafts | AICPA & CIMA
United StatesJune 26 – The Center for Audit Quality found that while most of the S&P 500 reported sustainability information in 2023, there remains inconsistency in how some assurance providers describe compliance with IAASB standards, raising concerns about comparability.
www.thecaq.org/sp-500-and-esg-reporting
IESBAJune 30 – At its June Board meeting, the IESBA approved updates to its 2025-2026 Work Plan to better support ethical behavior and independent judgment in an increasingly volatile and uncertain environment.
IESBA Updates Work Plan to Support Ethical Leadership in Times of Uncertainty | Ethics Board
OECDJune 30 – OCED published a 2024 progress report on its efforts to help developing countries improve their tax systems. The report highlights achievements in tax transparency, international cooperation, and technical assistance, and outlines future priorities based on an independent evaluation.
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Upcoming Calendar
July 1: EFRAG CSS meeting. EFRAG CFSS Physical Meeting - 1 July 2024 - Closed | EFRAG
July 1: EFRAG FR TEG - CFSS meeting. EFRAG FR TEG - CFSS Physical Meeting - 1 July 2025 | EFRAG
July 1: EFRAG FR TEG meeting. EFRAG FR TEG Physical Meeting - 1 July 2025 | EFRAG
July 1: IFRS Taxonomy Consultative Group. IFRS - IFRS Taxonomy Consultative Group
July 2: EFRAG SRB meeting. EFRAG SRB meeting 2 July 2025 | EFRAG
July 2-4: PIOB meeting
July 3: EFRAG RRAWG meeting. EFRAG RRAWG Physical Meeting -Closed- | EFRAG
July 7-8: Accounting Standards Advisory Forum. IFRS
July 9: EFRAG SR TEG meeting. EFRAG SR TEG
July 9: ESMA Board of Supervisors meeting. ESMA
July 9: ESMA Management Board meeting. ESMA
July 10: EFRAG SR TEG meeting. EFRAG SR TEG meeting 10 July 2025 | EFRAG
July 15: EFRAG SR TEG meeting. EFRAG SR TEG meeting 15 July 2025 | EFRAG
July 17: EFRAG FRB webcast meeting. EFRAG FRB & EFRAG FR TEG
July 21-22: Sustainability Standards Conference 2025. IFRS - Sustainability Standards Conference 2025
July 22-24: IASB meeting. IFRS - International Accounting Standards Board
July 22-24: ISSB meeting. IFRS - International Sustainability Standards Board
July 23: IAASB Mid-quarter Board call. Meetings 2024 PIOB
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Consultations and Comments
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May 2025
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Consultations and Comments
Canada
May 26 – Proposed Narrow-scope Amendments Related to the IAASB’s Using the Work of an External Expert Project IAASB
European Financial Reporting Advisory Group (EFRAG)May 21 – EFRAG seeks comments on its Draft Endorsement Advice on the reduced disclosure standard for eligible subsidiaries EFRAG
Mary 28 – EFRAG has published its Draft Comment Letter on the ISSB Proposed Amendments to IFRS S2 Greenhouse Gas Emissions Disclosures EFRAG
GRIMay 15 – Enabling improved reporting by sectors on biodiversity, climate change and energy GRI
IPSASBMay 15 – IPSASB Proposes Aligning Materiality Definition Across the Conceptual Framework and IPSAS Accounting Standards IPSASB
IrelandMay 13 – Publication of Information regarding IAASA’s Corporate Reporting Supervision Activities IAASA
United KingdomMay 29 – Introduction of International Standard on Sustainability Assurance (UK) 5000 FRC
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Summary of News and Events
FAF
May 21 – The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of David M. Sullivan to serve as the chair of the Financial Accounting Standards Advisory Council (FASAC), effective January 1, 2026.
Financial Accounting Foundation Trustees Appoint David M. Sullivan as New FASAC Chair
May 19 – The Financial Accounting Foundation (FAF) Board of Trustees today announced the search for a new member of the Governmental Accounting Standards Board (GASB). The seven-member, part-time Board will have an open seat beginning on July 1, 2026, when Jeff Previdi completes his second term on June 30, 2026. Financial Accounting Foundation Board of Trustees Seeks Nominations for Governmental Accounting Standards Board (GASB) MemberIFACMay 9 – Building on the success of pilot programs in Burkina Faso and Ghana, IFAC is expanding its efforts to strengthen public sector accountancy in Africa with the support of a $1M Grant from the Global Fund with private sector support.
IFAC and PAFA Expand Capacity Strengthening in Africa with $1M Grant from the Global Fund | IFAC
May 5 – IFAC and the Pan African Federation of Accountants (PAFA) today reaffirmed their strategic partnership, committing to amplify their collective impact, deliver greater value for their members, and support Africa’s economic transformation and growth.
NetherlandsMay 2 – Minister of Finance Eelco Heinen has informed the House of Representatives by letter about the amendment of the Accountancy Sector Amendment Act bill. Minister informs House of Representatives about changes in the Accountancy Sector Amendment Act
PIOBMay 28 – The PIOB is delighted to announce Tom Seidenstein´s re-appointment as Chair of the International Auditing and Assurance Standards Board (IAASB) for a third term, effective 1 July 2025 and ending in December 2027, by the IAASB Terms of Reference.
The PIOB re-appoints IAASB chair
United StatesMay 20 – Minnesota approved a bill to create additional pathways to CPA licensure..
Minnesota passes licensure changes bill
May 15 – The New Jersey Society of CPAs is proposing an additional pathway to obtain CPA licensure in the Garden State, backing a bill that would modify New Jersey's Accountancy Act to allow CPA candidates to qualify for licensure by earning a bachelor's degree, completing two years of experience and passing the CPA exam.NJCPA backs additional path to CPA licensure
May 14 – The boards of directors of the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) have approved expansion of accountancy’s model legislation to include an additional path to CPA licensure. The optional path maintains public protection while providing added flexibility and options for CPA candidates.
AICPA and NASBA Approve Model Legislation for New CPA Licensure Path
AustraliaMay 26 - The Australian Accounting Standards Board (AASB), the Malaysian Accounting Standards Board (MASB), and CPA Australia have today released AASB Research Report 24 / MASB Research Report 3 – Addressing Key Accounting Challenges. This joint Report, informed by a collaborative survey conducted in January 2025 and a review of published financial statements, provides valuable insights into stakeholder perspectives on accounting issues that warrant attention and prioritisation.
AASB, MASB, and CPA Australia Launch Joint Research Report Addressing Key Accounting Challenges
FASBMay 12 – The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification® Topic 805, Business Combinations. The ASU is based on a recommendation of the Emerging Issues Task Force (EITF). FASB Issues Standard That Clarifies Guidance for Identifying the Accounting Acquirer in a Business Combination
IFRS FoundationMay 28 – The IFRS Foundation has published new educational materials to support the application of Section 11 Financial Instruments of the third edition of the IFRS for SMEs Accounting Standard.
New educational materials to support implementation of the IFRS for SMEs Accounting Standard
NetherlandsMay 2 – Crypto-asset service providers (CASPs) are subject to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and the Sanctions Act 1977 (Sanctions Act). In addition, CASPs must comply with the Transfer of Funds Regulation (TFR).
Supplement to Wwft/Sw guidelines for providers of crypto asset services
IAASBMay 14 – The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions (FAQ) document to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern.
New FAQ on Going Concern Now Available from IAASB
May 8 – The International Auditing and Assurance Standards Boards (IAASB) has approved the withdrawal of International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements.
IAASB Announces Withdrawal of ISAE 3410 for Assurance Engagements on Greenhouse Gas Statements
United KingdomMay 27 – The Institute’s quality assurance team visited 401 firms and reviewed work on 790 audits in the year which were selected as those likely to be the firms’ most complex or challenging audits.
ICAEW has today (Tuesday 27 May 2025) published its audit monitoring report for 2024.
May 14 – The Financial Reporting Council (FRC) has today published its final report from its market study into the audit market for NHS providers and Integrated Care Boards (ICBs) providing insight to support government’s reform of the wider local audit system.
FRC study provides insights for NHS audit market reform
May 12 - Monitoring audit compliance remains central to our role as a regulator. In 2024, our audit monitoring visits revealed a significant amount of good audit work. However, we also noted a slight uptick in compliance issues compared to the previous year. In this article, we outline the key findings from our 2024 reviews. Common findings from the 2024 audit monitoring visits
AustraliaMay 9 – Chartered Accountants Australia and New Zealand (CA ANZ), as a founding member of the A4S Accounting Bodies Network (ABN), is proud to announce that we have endorsed the five new core principles developed by the ABN. These principles are designed to position the accountancy profession as a key driver in the transition to a sustainable future.
CA ANZ endorses new global sustainability principles for accounting bodies
IFACMay 12 - Almost 3-in-4 of the largest global companies sought assurance on some aspect of their sustainability disclosures, according to an updated report from the International Federation of Accountants (IFAC) and AICPA & CIMA. The study marks the fifth annual benchmark that now includes 2023 data. More Global Companies Seek Assurance on Sustainability Reporting, Study by IFAC, AICPA & CIMA Shows | IFAC
ISSBMay 29 – The IFRS Foundation has published today educational material about the requirements in IFRS S2 Climate-related Disclosures related to measurement and disclosure of greenhouse gas (GHG) emissions. This material is structured as questions and answers about the requirements for an entity to disclose its GHG emissions in accordance with IFRS S2. IFRS Foundation publishes educational material about greenhouse gas emissions disclosure requirements in IFRS S2
United StatesMay 12 – Almost 3-in-4 of the largest global companies sought assurance on some aspect of their sustainability disclosures, according to an updated report from the International Federation of Accountants (IFAC) and AICPA & CIMA. The study marks the fifth annual benchmark that now includes 2023 data. More Global Companies Seek Assurance on Sustainability Reporting, Study by IFAC, AICPA & CIMA Shows
IESBAMay 8 – The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a questions and answers (Q&A) publication to support the adoption and implementation of the IESBA Tax Planning and Related Services Standards.
IESBA Staff Releases Q&As on the Tax Planning and Related Services Standards in the IESBA Code
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Upcoming Calendar
June 3: EFRAG 2nd SME FORUM Webcast meeting. EFRAG
June 3-5: IFRS Foundation Trustees. IFRS Foundation
June 4: EFRAG SRB meeting. EFRAG SRB
June 5: EFRAG FRB meeting. EFRAG FRB
June 9-12: IESBA meeting. IESBA
June 10: EFRAG SR TEG meeting. EFRAG SR TEG
June 10: ISSB Investor Advisory Group. ISSB
June 10-13: IPSASB meeting. IPSASB
June 12: EFRAG FR TEG webcast meeting. EFRAG FR TEG
June 12: EFRAG SR TEG meeting. EFRAG SR TEG
June 16-18: IAASB meeting. IAASB
June 16-18: International Accounting Standards Board. IASB
June 18: EFRAG SRB & SR TEG meeting. EFRAG SRB & SR TEG
June 18: EFRAG SRB meeting. EFRAG SRB
June 18: International Sustainability Standards Board. ISSB
June 19: EFRAG SRB meeting. EFRAG SRB
June 23: EFRAG SR TEG meeting. EFRAG SR TEG
June 23-24: IFRS Foundation Conference 2025. IFRS Foundation
June 25: EFRAG FIWG meeting. EFRAG FIWG
June 26: EFRAG SR TEG meeting. EFRAG SR TEG
June 26: EFRAG IAWG meeting. EFRAG IAWG
June 26: IFIAR Board meeting. IFIAR
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Consultations and Comments