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  • Insights and Action for the Future of Business Resilience from the IFAC PAIB Advisory Group

    English

    In the face of global economic volatility, technological disruption, and climate and sustainability pressures, professional accountants in business (PAIBs) are playing critical strategic roles in building trust, enabling resilient organizations, and delivering long-term value creation.  

    At our PAIB Advisory Group meeting hosted by the Japanese Institute of Certified Public Accountants (JICPA) in Tokyo, we convened a diverse group of PAIBs for a strategic discussion on how PAIBs are shaping the future of business and the public sector. With deep expertise, on-the-ground experience in leading organizations, and global reach across more than 20+jurisdictions, our global advisory group provides a unique and practical lens into how organizations navigate complexity, and the evolving priorities for our profession.

    A group of people at the 2025 PAIB meeting in Tokyo
    IFAC PAIB Advisory Group Members and Meeting Participants in Tokyo 

    A new article from PAIB Advisory Group Chair Sanjay Rughani incorporates multiple insights and resources from the meeting into four actions that can redefine our profession’s role at the forefront of transformation: 

    • Reframe the profession’s identity and value; 
    • Leverage AI to lead, not follow; 
    • Embrace modern talent models; and 
    • Grow PAIB membership. 
    Four colored boxes with the four themes that emerged from the PAIB Tokyo meeting

    Relevant to our members’ efforts in shaping the profession’s future, the article highlights how professional accountants are not only supporting business performance but actively shaping it, guiding strategic shifts through integrated thinking and sustainability leadership, integrating AI into finance and business processes to boost productivity and embedding risk culture to better navigate uncertainty. These insights are grounded in real-world examples, including transformations underway at Fujitsu, the UK Civil Service, and evolving roles for PAIBs across IPO markets in Japan, India, and the US. 

    Share this resource to spark discussions and strategies, supporting your members in their various business and public sector roles.   

    Read Shaping Business and Performance: Key Insights from the PAIB Advisory Group’s Meeting in Tokyo. 

    About IFAC  
    IFAC, by connecting and uniting its members, makes the accountancy profession truly global.    

    IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.    

    IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.    

    About IFAC’s PAIB Advisory Group 
    Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership.   

    By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes. 

  • IFAC Response to IESBA Consultation on Auditor Independence: CIVs and Pension Funds

    IFAC welcomes the opportunity to comment on the IESBA’s consultation paper for auditor independence considerations for collective investment vehicles (CIVs) and pension funds.

    As the global voice of the accountancy profession, IFAC connects and unites more than 180 professional accountancy organizations in 142 jurisdictions. IFAC’s members are champions of integrity and professional quality and are committed to the public interest.

    IFAC
    English

  • IPSASB eNews: June 2025

    New York, New York English

    The IPSASB held its second meeting of the year from June 10 to 13, 2025, in Toronto, ON, Canada.

    At our meeting last week, we continued our analysis of responses to the Climate-related Disclosures and Tangible Natural Resources exposure drafts, and we progressed several other projects that will enhance IPSAS Standards, which provide the cornerstone for effective and efficient public financial management.

    Climate-related Disclosures

    The helpful stakeholder feedback to IPSASB SRS ED 1, Climate-related Disclosures led us to consider the complexity of having different reporting perspectives included in a single standard. We decided to adopt a phased approach towards developing guidance:

    • Phase 1, Own Operations, will finalize the first-ever public sector sustainability reporting standard tailored for the public sector that’s already in development, focusing on how public sector entities disclose climate-related risks and opportunities to their own operations.
    • Phase 2, Public Policy Programs, will develop a separate standard for those specific public sector entities responsible for the outcomes of climate-related public policy programs.

    This phased approach will meet the urgent need for public sector guidance while allowing additional time to address the more complex reporting needs identified by stakeholders. Read more about this decision. 

    Measurement – Application Phase

    The Board approved the Final Pronouncement, Amendments to IPSAS Standards as a Result of the Application of IPSAS 46, Measurement, amending IPSAS Standards to align with the measurement principles in IPSAS 46. These amendments are effective January 1, 2028.

    Where support for the proposals in the exposure draft was mixed, i.e., the introduction of current operational value in IPSAS 31, Intangible Assets, we decided to continue analysis independently so the otherwise strongly supported guidance could be delivered in a timely manner.

    Natural Resources

    As part of the development of our final pronouncement, we confirmed the guidance on tangible natural resources will be located in a separate, standalone IPSAS Standard. We also discussed stakeholder feedback and agreed the only tangible natural resources in scope of the proposals were those held for conservation and decided to clarify the guidance.

    Presentation of Financial Statements

    We made great progress finalizing our preliminary view regarding categorization on the Statement of Financial Performance. We also deliberated presentation requirements regarding main operating activities, totals and subtotals, minimum line items, and expenses by nature or function. We will continue to refine and articulate the nuanced discussions in our forthcoming consultation paper and begin discussions on other presentation requirements.

    Work Program Consultation

    During Q4 2025, we’ll publish a consultation on our work program to receive your valuable feedback on future priorities in the areas of financial reporting, post-implementation reviews, and sustainability reporting. During the June meeting, we reviewed the first draft of the consultation and expect to approve the document at our September 2025 meeting.

    Improvements to IPSAS

    We discussed potential clarifications to enhance the consistency of IPSAS 35, Consolidated Financial Statements, and IPSAS 40, Public Sector Combinations. We decided to include the consolidation-related amendments in the next exposure draft on improvements to IPSAS Standards, which collects improvements approved throughout 2025 and is expected to be approved in March 2026. Potential amendments to public sector combinations will be analyzed further at a future IPSASB meeting as a separate narrow scope amendment.

    IPSAS 33 – Limited Scope Update

    We continued to analyze respondents’ feedback to ED 91, Limited-Scope Updates to First-Time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS). We aim to make the first time adoption standard more user-friendly by improving navigation, clarifying  principles, and releasing additional implementation guidance. We intend to approve the revised Standard at the September 2025 meeting.

    Public Sector Standard Setters Forum

    Save the date: September 7-9, 2025 in Lisbon, Portugal. Register your interest to attend by July 25.

    Post-Implementation Reviews

    Our first post-implementation review will be on IPSAS 20, Related Party Disclosures. To help inform our next review, we decided to conduct a survey of national standards setters on which IPSAS Standards should be a priority for us based on which pronouncements have been modified before adoption, and/or have not been adopted at the local level.  

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    The next IPSASB meeting will be in Lisbon, Portugal, September 9-12, 2025 and we would like to thank our hosts, the Ordem dos Contabilistas Certificados (Order of Certified Accountants) for welcoming us back again.

    2025 Handbook

    The 2025 Edition of the Handbook of International Public Sector Accounting Pronouncements is out now. It contains the complete suite of IPSAS Standards published as of January 31, 2025,

    New Adoption & Implementation Resource
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