The latest edition of the handbook includes new and revised Auditor Reporting standards designed to enhance auditor’s reports for investors and other users of financial statements, as well as changes to other International Standards on Auditing™ to address the auditor’s responsibilities in relation to going concern, financial statement disclosures, and other information (i.e., annual reports).

These substantive changes will be effective for audits of financial statements ending on or after December 15, 2016.

The evolving global regulatory environment and its role in improving growth, investment, and stability is the subject of a new International Federation of Accountants^® (IFAC^®) discussion paper launched today, From Crisis to Confidence: the Role of Good Regulation.

Published ahead of a roundtable in Hong Kong on December 8, 2015, the paper focuses on the importance of globally consistent “good regulation” to underpin confidence in the global economy. It examines the impact, benefits, and costs of the current regulatory landscape, and compares internationally recognized principles of good regulation.

“Good regulation is essential to the fairness, efficiency, and effectiveness of economies. Making regulation work in the public interest is a never-ending mission,” said Fayezul Choudhury, IFAC Chief Executive Officer. “Our discussion paper will facilitate a focused conversation on how regulatory responses to financial crises have played out, where the issues stand today, and what the lessons are.”

The roundtable in Hong Kong will bring together senior representatives of the regulatory, government, professional, investor, business, and academic communities.

“During the immediate pressure of crisis decision making, such reflection is not always possible,” said Mr. Choudhury. “Taking stock now is essential. Strengthening the global financial system’s capacity to anticipate, respond, and collaborate is paramount—especially before the next inevitable shock to challenge the global economy.”

IFAC is seeking written comments from the research community on key regulatory issues including: What has been achieved, what is working well, and what problems are emerging? What are the main costs and impacts? What is good regulation? Please contact Amir Ghandar, Senior Policy Adviser, Public Policy and Regulation, at AmirGhandar@ifac.org for more information.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.

Good regulation is essential to the fairness, efficiency and effectiveness of economies. Ahead of a regulation roundtable, this discussion primer highlights the principles of good regulation, and the role regulation plays in supporting global economic confidence.

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