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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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 3-5: IFRS Foundation Trustees. IFRS Foundation
June 9-12: IESBA meeting. IESBA
June 10: ISSB Investor Advisory Group. ISSB
June 10-13: IPSASB meeting. IPSASB
June 16-18: IAASB meeting. IAASB
June 16-18: International Accounting Standards Board. IASB
June 18: International Sustainability Standards Board. ISSB
June 23-24: IFRS Foundation Conference 2025. IFRS Foundation
June 26: IFIAR Board meeting. IFIAR
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Consultations and Comments