As jurisdictions around the world commit to strengthening public financial management, the shift from cash to accrual accounting is accelerating. High-quality global public sector accounting standards are essential for enabling transparency and accountability and providing better information for decision-making.  With the increasing adoption of IPSAS Standards, there is a need for tools to help support each stage of implementation, from advocacy to capacity building to training.

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.

This new resource compiles IFAC tools that:

• Offer practical implementation guidance through the transition from cash to accrual, tailored to different contexts and reform stages, and;
• Help build capacity and technical knowledge with training materials, templates, and examples.

IFAC Chief Executive Officer Lee White said: “We advocate for global standards, including the IPSAS because global standards lead to better decisions for the benefit of all. We work with the IPSASB to help our members with tools and resources to strengthen public financial management. Our members are trusted partners with governments and support IPSAS adoption and use by building capacity in their jurisdiction.” 

IPSASB Chair Ian Carruthers said: “This compilation brings together the practical tools and guidance that jurisdictions and stakeholders need to move from aspiration to adopting and implementing IPSAS Standards and ultimately help public sector entities to deliver more transparent, accountable, and sustainable public finances.”

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 the IPSASB

The International Public Sector Accounting Standards Board (IPSASB®) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS® Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

The International Public Sector Accounting Standards Board (IPSASB) has released the IPSAS Exposure Draft (ED) 93, Definition of Material (Amendments to IPSAS 1, IPSAS 3, and the Conceptual Framework) for public comment.

This ED seeks to provide more consistent guidance on materiality across the IPSASB’s financial reporting literature to assist entities in its application, and help them to develop clearer, more useful financial reports.

IPSAS ED 93 proposes aligning the definition of material between the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities and IPSAS Standards by:

• Clarifying that an entity is required to consider the information needs of primary users instead of other users of GPFRs; and
• Aligning the definition of material in IPSAS 1, Presentation of Financial Statements, with Chapter 3: Qualitative Characteristics of the Conceptual Framework.

“Getting the definition of materiality right is critical because it affects what information is presented in public sector financial reports,” said Ian Carruthers, IPSASB Chair. "The clear and consistent definition of material proposed in this ED will not only help entities with its application but will also provide a strong foundation for developing non-authoritative guidance on making materiality judgments in the second phase of this project.”

The IPSASB welcomes your views on the proposed standard and other matters raised for comment in this IPSAS ED. The comments received will help shape the final pronouncement.

To facilitate stakeholder engagement, this project will be undertaken in three distinct phases:

• Phase 1—Review the consistency of the definition of ‘material’ across the IPSASB financial reporting guidance and propose changes to achieve this. IPSAS ED 93 delivers this phase.
• Phase 2—Materiality in Financial Reporting: Develop non-authoritative guidance aligned with IFRS® Practice Statement 2, Making Materiality Judgments. This narrow-scope project will efficiently and promptly address constituents' need for additional guidance on making materiality judgments when preparing financial statements in accordance with IPSAS.
• Phase 3—Materiality in Sustainability Reporting: Develop guidance on making materiality judgments when preparing sustainability reporting in accordance with IPSASB SRS. This phase will commence following the development of IPSASB SRS ED 1, Climate-related Disclosures.

How to Access
Access the IPSAS Exposure Draft, its summary At-a-Glance document, or submit a comment. Comments on the IPSAS Exposure Draft are requested by July 14, 2025. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this IPSAS Exposure Draft to their members and employees.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB®) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS® Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

• The percentage of companies engaged in sustainability reporting remained unchanged at 98%
• 73% of companies obtained assurance on at least some of their sustainability disclosures
• Greenhouse gas emissions remain the most widely assured category of sustainability information

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.

Seventy-three percent of large companies from G20 countries obtained assurance on their sustainability disclosures in 2023, up from 69 percent the previous year, according to the report, The State of Play: Sustainability Disclosure and Assurance, (Five-Year Trends and Analysis, 2019-2023). Five years ago, that number stood at 51 percent. Most of the assurance then and now is of limited scope.

Audit firms—as opposed to consultants or other service providers—continue to lead (55 percent) in providing assurance on sustainability disclosures by large global companies, with broad variations country to country. Audit firms’ overall share of the market declined from 58 percent in 2022, although there are mitigating factors for the drop, including:

• Consolidation of reports – In the European Union, where audit firms historically provide the majority of sustainability assurance, firms began issuing a single assurance report instead of a series of separate ones, lowering the raw number of reports issued, albeit for  an increased number of assurance clients..
• Consultants and non-audit firm service providers are more likely to issue multiple greenhouse gas-related assurance reports (for example, an average 2.5 assurance reports were generated per company in South Korea during 2023).
• When companies obtain assurance for the first time, they typically focus on greenhouse gas-related information and start by engaging other service providers who specialize in that area.

The report notes the increased use of audit firms over the prior year in several major markets in 2023, including Singapore (+6 percentage points), South Africa (+4), the United Kingdom (+5) and United States (+5). In the latter instance, audit firms’ share of sustainability assurance rose from 23 percent to 28 percent.

“Auditors have extensive education requirements, adhere to strict independence rules and possess a deep and holistic view of an organization’s business, processes and risk profile,” said Susan Coffey, CPA, CGMA, the CEO of public accounting for AICPA & CIMA  “That makes them ideal candidates to perform sustainability assurance engagements, and we’re seeing many boards and audit committees endorsing that view as corporate reporting matures.”

More than three-quarters of companies now report sustainability information with financial disclosures in annual or integrated reports. Organizations that include sustainability information with their annual or integrated reports overwhelmingly use their statutory auditor to provide assurance over those disclosures.

“The largest global companies have responded well to voluntary systems of sustainability reporting and assurance, driven by investor demand,” said IFAC Chief Executive Officer Lee White. “With new global standards in place, regulators now have the toolkits to move from voluntary to mandatory disclosures over time, which we expect will further drive high-quality, consistent and comparable sustainability-related information for the investing public and all stakeholders. IFAC and our members, including AICPA & CIMA, remain committed to supporting this shift—advancing trust, good governance, and global alignment in sustainability disclosure, united in shaping a future where sustainability information earns the same level of trust as financial reporting.”

Among other highlights of the updated study:

• Almost all companies (98 percent) report some information on sustainability. This is unchanged from last year.
• Use of sustainability information in annual reports continues to rise. Some 44 percent of companies included it in their annual report, up from 18 percent five years ago.
• Five jurisdictions had double-digit increases in sustainability assurance in 2023: Hong Kong, Indonesia, Mexico, Russia and Saudi Arabia.  

About the Study
IFAC and AICPA & CIMA partnered to understand sustainability reporting and assurance practices on a global basis by capturing reports containing environmental, social and governance (ESG) information in 22 jurisdictions. Some 1,400 companies were reviewed—100 from each of the largest six economies, with 50 companies reviewed in the remaining 16 jurisdictions. The current report includes data from 2019-2023. Full methodology is available in the study. 

About AICPA & CIMA, together as the Association of International Certified Professional Accountants
AICPA & CIMA, together as the Association of International Certified Professional Accountants (the Association), advance the global accounting and finance profession through our work on behalf of 597,000 AICPA and CIMA members, candidates and registrants in 188 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license, the CGMA designation and specialized credentials, professional education and thought leadership. We build trust by empowering our members, candidates and registrants with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future. 

About the International Federation of Accountants
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.

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.  

Over the next two years, the program will continue activities in Burkina Faso and Ghana and expand to Tanzania and Togo. IFAC, with the help of the grant and its long-time collaborator in the region, the Pan African Federation of Accountants (PAFA), will strengthen professional accountancy organizations (PAOs), develop the public sector accountancy workforce, and improve public financial management (PFM) systems in all four countries.  

IFAC announced the grant at the Annual General Meeting of the PAFA General Assembly held alongside the Africa Congress of Accountants 2025 in Kigali, Rwanda. 

This initiative contributes to the work of the African Professionalization Initiative (API), a continent-wide partnership between the accountancy profession, accountants general, and Supreme Audit Institutions (SAIs). The API aims to provide the tools needed to professionalize the public sector accountancy workforce across Africa. 

Lee White, IFAC Chief Executive Officer said: “This grant, with the implementation support of our partner PAFA, will allow us to continue to address the shortage of qualified professionals in the public sector by developing and implementing comprehensive and sustainable training programs that build technical expertise, ethical standards, and leadership skills. Professionals with this background contribute to better PFM and they’re leaders in the fight against corruption on the continent.” 

Alta Prinsloo, PAFA Chief Executive Officer said: “The success of our initiatives in Burkina Faso and Ghana demonstrates the impact that can be achieved when local leadership, a strong continental partner like PAFA, and a global body like IFAC work together. With support from the Global Fund, we are well positioned to expand this collaborative model to Tanzania and Togo – strengthening PFM and ultimately creating sustainable value for the citizens of Africa.” 

Adda Faye, Chief Financial Officer at the Global Fund said: “The Global Fund invests in strategic partnerships with organizations such as IFAC and PAFA to help countries strengthen their public health systems, making them more transparent, efficient, and self-sustaining. These investments not only enhance the impact of health outcomes but also contribute to the development of resilient and sustainable health systems. Our partnership is a demonstration of the Global Fund’s commitment to aid effectiveness and long-term sustainability of our programs. We are proud to continue our collaboration with IFAC and PAFA in driving progress—supporting countries in strengthening public financial management through well-equipped and capable human resources.” 

The expanded program will focus on strengthening national PAOs in Tanzania and Togo, embedding professional learning programs, and enabling public sector institutions to recruit and retain qualified professionals who can lead on integrity, performance, and good governance. 

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 PAFA 

PAFA is an IFAC Network Partner and Regional Organization, representing the accountancy profession in Africa. PAFA has 57 member organizations in 47 countries in Africa and five international affiliates. PAFA’s vision is sustainable value creation for the citizens of Africa. This is achieved by strengthening the capacity and influence of the accountancy profession to enhance trade, the quality of services, and trust in institutions. 

About the Global Fund to Fight AIDS, Tuberculosis and Malaria 

The Global Fund is a worldwide partnership to defeat HIV, TB and malaria and ensure a healthier, safer, more equitable future for all. We raise and invest more than US$4 billion a year to fight the deadliest infectious diseases, challenge the injustice which fuels them and strengthen health systems in more than 100 of the hardest hit countries. Since the beginning of the COVID-19 pandemic, we have invested an additional US$4.3 billion to fight the new pandemic and reinforce systems for health. We unite world leaders, communities, civil society, health workers and the private sector to find solutions that have the most impact, and we take them to scale worldwide. Since 2002, the Global Fund partnership has saved 50 million lives. 

The International Federation of Accountants (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. 

IFAC and PAFA’s collaboration will be spotlighted at ACOA 2025, which is being hosted by the Institute of Certified Public Accountants of Rwanda (ICPAR) in association with PAFA.  At the Congress, which is being held in Kigali, IFAC will co-host an Expert Forum with the International Organization of Supreme Audit Institutions (INTOSAI) in collaboration with PAFA and the African Organisation of English-speaking Supreme Audit Institutions (AFROSAI-E). The purpose is to deepen discussions and explore successful public sector accountancy professionalization initiatives. 

Alta Prinsloo, Chief Executive Officer of PAFA, said: “IFAC has been a key partner in PAFA’s journey from its establishment to today, supporting our efforts to strengthen Africa’s accountancy profession and amplify its contribution to sustainable development. Our collaboration reflects a shared commitment to building a profession that meets Africa’s needs and global expectations, and to ensuring Africa’s voice helps shape the future of accountancy. Together, we are deepening the profession’s impact across the continent and globally.” 

Attending PAFA’s Board Meeting today, Lee White, IFAC Chief Executive Officer, said: “Our deepened collaboration with PAFA will enable our two organizations to optimize resources and ensure consistency in global messaging to help our profession speak with one recognized and trusted voice for the benefit of all our members. Separately, in times of turbulent international relations and economic uncertainty such as we are experiencing today, the value of and need for a global profession is especially recognized. A strong accountancy profession remains a harbour of stability and an imperative for all economies globally.” 

PAFA continues to mirror IFAC’s strategic priorities, aligning Africa’s accountancy profession with global trends and priorities while addressing the continent’s unique needs and opportunities. By amplifying Africa's voice, advancing international standards, and building a future-ready profession, PAFA is ensuring that Africa’s accountancy profession can contribute meaningfully to the global agenda and deliver value at scale. 

IFAC and PAFA’s joint publication, The Accountancy Profession Enabling Africa’s Transformation, highlights the pivotal role of the accountancy profession in advancing sustainable economic growth and societal progress across the continent. 

Keeping momentum strong, IFAC, PAFA, and the Institute of Certified Public Accountants of Kenya (ICPAK) will co-host IFAC Connect™ in Nairobi, Kenya in August 2025. IFAC Connect is a global event series that brings together leaders of the accountancy profession, investors, regulators and other key stakeholder to tailor global solutions for regional realities. 

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 PAFA 

PAFA is an IFAC Network Partner and Regional Organization, representing the accountancy profession in Africa. PAFA has 57 member organizations in 47 countries in Africa and five international affiliates. PAFA’s vision is sustainable value creation for the citizens of Africa. This is achieved by strengthening the capacity and influence of the accountancy profession to enhance trade, the quality of services, and trust in institutions. 

The International Federation of Accountants (IFAC), hosted by the Japanese Institute of Certified Public Accountants (JICPA), convened the IFAC Professional Accountants in Business (PAIB) Advisory Group meeting in Tokyo, Japan this week. The meeting brought together leading finance professionals, industry experts, and global standard-setters to discuss the most pressing issues facing PAIBs, including chief financial officers and finance functions, boards and their audit committees, and their role in shaping the future of corporate governance, sustainability, and risk management. 

As an integral part of IFAC’s commitment to supporting its member organizations and the global accountancy profession, this meeting reinforced the value that IFAC delivers to its members through thought leadership, knowledge sharing, and advocacy, helping IFAC shape the future of the profession, ensuring it remains globally connected, enabling strong and sustainable financial markets and economies. 

The two-day event explored a range of critical topics, including: 

• The impact of global geopolitical and economic trends on business and finance professionals; 
• Advancing corporate and sustainability disclosures to meet investor expectations; 
• Strategies for enhancing integrated thinking and governance for business transformation and resilience;
• Innovating in enterprise risk management to enhance decision-making and risk reporting; and
• Growing the profession by attracting and retaining top talent. 

Sessions featured distinguished speakers from international organizations, including the International Sustainability Standards Board (ISSB), the International Accounting Standards Board (IASB), and leading financial institutions and companies. The discussions provided valuable insights into how accountants can navigate an increasingly complex global environment and deliver long-term value for their organizations. 

Lee White, Chief Executive Officer, IFAC, said: “Our member value focuses on supporting our members with contemporary resources, tools and insights. Our members use these resources to help their members, professional accountants in business and the public sector navigate developments and best practices to shape the future of the profession and our contribution to society. The IFAC PAIB Advisory Group plays a vital role in leading and developing our work with the evolving global needs of professional accountants in business for stronger economic prosperity for all.” 

Tetsuya Mogi, Chairman and President of JICPA, stated: “JICPA was honored to host this important meeting, which brought together global PAIB leaders to bring a united voice to the challenges and opportunities shaping the future of our profession. As the role of accountants in business continues to evolve, collaboration through IFAC’s advisory groups ensures that we can collectively enhance governance, reporting, and strategic decision-making to create a more sustainable and resilient economy.” 

Sanjay Rughani, Chair of the IFAC PAIB Advisory Group, said: “This meeting provided an invaluable forum for PAIBs to collaborate, share insights, and drive meaningful change. Our global collaboration and collective voice provide insights on innovating sustainability, governance, and risk management practices to drive business transformation and accountability. As finance professionals, we must lead the way in fostering long-term value creation and resilience in the organizations we serve.” 

The outcomes of this meeting will inform IFAC’s ongoing efforts to support PAIBs worldwide and strengthen the profession’s ability to respond to the mega trends reshaping global business priorities.  

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 JICPA 
The Japanese Institute of Certified Public Accountants (JICPA) is the professional accounting body in Japan, committed to upholding the highest standards of professional excellence and ethics. JICPA plays a critical role in ensuring the integrity and transparency of financial reporting and corporate governance in Japan. 

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.

Thank you to The World Bank for hosting the IPSASB®'s first meeting of the year from March 18 to 21 in Washington, D.C., USA.  

We progressed several projects that will make our IPSAS® Standards, which are cornerstones of strong public financial management, easier to use and more effective.

Informed decision-making matters.

Reliable financial information supports sound policymaking, enabling governments to allocate resources effectively to achieve their goals.

The International Public Sector Accounting Standards Board (IPSASB^®), developer of IPSAS® Standards, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Amendments to IPSAS Standards: Specific IFRIC Interpretations.

Amendments to IPSAS Standards: Specific IFRIC Interpretations is the result of the IPSASB’s IFRIC Alignment – Narrow Scope Amendments project, which reviewed and considered seven IFRIC and SIC Interpretations previously published by the IFRS Interpretations Committee. These Interpretations were issued to clarify the application of specific International Financial Reporting Standards (IFRS) to transactions or scenarios where there may be uncertainty or ambiguity. In reviewing the IFRIC and SIC Interpretations, the IPSASB aimed to maintain alignment with IFRS Standards, where appropriate, and identify and incorporate guidance into IPSAS Standards that was applicable for governments and public sector entities and should be incorporated into IPSAS literature.

The IPSASB concluded that four of the IFRIC Interpretations in the scope of this project were applicable to the public sector and has amended existing IPSAS Standards to incorporate new guidance, based on those Interpretations, to clarify the application of existing accounting principles on specific matters.

Ian Carruthers, IPSASB Chair said: “This release reflects the IPSASB’s commitment to maintaining a global baseline for public sector financial reporting. By incorporating selected IFRIC Interpretations that are relevant to the public sector, we enhance consistency, and facilitate comparability across jurisdictions, reinforcing transparency, accountability, and trust in public sector financial management worldwide. Going forward, the IPSASB will consider the applicability of future IFRIC Interpretations as they are issued to ensure public sector financial reporting remains globally relevant, clear, and consistent.”

Amendments to IPSAS Standards: Specific IFRIC Interpretations has an effective date of January 1, 2026. Earlier application is permitted. 

About the IPSASB 

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC^®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee 

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information. 

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome five new members following their appointments by the Public Interest Oversight Board (PIOB) in November.

• Nancy Cheng is the Board Chair of icddr,b, an international non-profit public health research institution based in Bangladesh. She is also the Audit Committee Chair of Shared Services Canada and an Audit Committee member of Public Safety Canada, two departments in the Government of Canada. She also serves on the Board of CARE Canada

“I am excited about the opportunity to join the IAASB in setting high-quality auditing and assurance standards to serve the public interest. I hope to make a contribution and be in a position to provide a Canadian perspective.”

• Amaro Gomes is an independent consultant and member of the audit committee at Banco Bradesco (Brazil). He was previously the Brazilian Secretary of State for Coordination and Governance of Federal State-Owned Enterprises (2020-2021).

"I am very honored to join the IAASB and look forward to working collaboratively and constructively with my fellow Board Members towards a trustful and positive environment to reach acceptable, well-reasoned, and technically sound decisions in the public’s best interest, and ultimately contribute towards long-term economic development. To that end, I will seek the active involvement of audit professionals, regulators, supervisors, standards setters, investors, preparers, academics and other interested parties to achieve the IAASB’s goal and implement its strategy."

• Mikiko Ono is the Director of Sustainability Disclosure Regulation and Investor & Stakeholder Engagement at Recruit Holdings Co., Ltd. where she spearheads engagement with global investors and sustainability disclosure practices, primarily for capital markets, by integrating financial and non-financial information. She also leads a company-wide sustainability disclosure project, collaborating closely with assurance professionals and colleagues across the globe to secure sustainability assurance for consolidated information, aligning with international disclosure standards.

“The IAASB’s mission to serve the public interest resonates strongly with me. I am eager to contribute to enhancing the reliability of corporate reporting, drawing on my experience in engaging global investors and stakeholders on financial and sustainability matters at publicly listed companies.”

• Xiaoyue Sun is a Partner with BDO China and a member of the Auditing Standards Board of China. She is also a member of BDO’s Audit Leadership Committee and Audit Quality Committee and has more than 29 years of experience as an audit practitioner.

“It is both a great honor and exciting challenge for me to be a member of the IAASB, to work with intelligent and passionate teams, to contribute to setting high-quality standards and their implementation, and to serve public interest.”

The IAASB is also pleased to share that two members were re-appointed by the PIOB for terms that also began on January 1, 2025:

• William (Bill) Edge was chair of the Auditing and Assurance Standards Board for Australia from 2021 to 2023, and the chair of Financial Reporting Council in Australia from 2016 to 2020; and
• Neil Morris is the Global Head of Assurance and ESG Methodology at KPMG.

Additionally, the IAASB Vice-Chair Josephine Jackson has been reappointed as Vice-Chair for a final year of service.

The PIOB’s invitation for application for terms of service beginning in January 2026 will open in February. The IAASB encourages qualified candidates to apply.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Accountants and finance professionals can now benefit from a practical resource to strengthen governance and control activities, enhancing the quality of sustainability information and disclosures. Building Trust in Sustainability Reporting and Preparing for Assurance: Governance and Controls for Sustainability Information was published today by the International Federation of Accountants (IFAC) and We Mean Business Coalition (WMBC), in partnership with the Global Accounting Alliance (GAA).

In today’s evolving corporate landscape, where companies and their stakeholders require reliable and decision-useful information to understand sustainability risks and opportunities, Building Trust in Sustainability Reporting and Preparing for Assurance provides a roadmap for organizing and enhancing governance and control systems. The guidance outlines steps to align sustainability and financial reporting in terms of quality, timing, and connectivity, and addresses challenges in sustainability reporting.

By implementing a systematic annual cycle of governance and control activities, companies can improve the quality and maturity of their data and reporting processes, reducing the likelihood of modified assurance conclusions or audit opinions while laying the foundation for robust sustainability reporting and assurance.

Lee White, Chief Executive Officer of IFAC, said: “Professional accountants play a pivotal role in enhancing the quality of sustainability information—a role that is increasingly critical as companies navigate new requirements for sustainability-related financial disclosure. This new guidance is a practical resource for our member organizations to support professional accountants take on this responsibility and to build confidence, prepare for assurance, and support the global sustainability transformation.”

Maria Mendiluce, CEO of the We Mean Business Coalition, added: “Robust sustainability reporting depends on effective governance and control processes. Elevating the quality of sustainability information and connecting it to financial reporting is essential for companies committed to ambitious climate action and attracting investors committed to sustainable growth.”

Jim Knafo, CEO of The Global Accounting Alliance (GAA), said: "This guidance marks an important step forward in recognizing how robust governance and controls lead to reliable and decision-useful sustainability reporting. Professional accountants are well-positioned to ensure that sustainability information meets the high standards of transparency and quality demanded by today’s stakeholders. Through our collaboration with IFAC and We Mean Business Coalition, GAA is committed to empowering our members with the tools they need to drive trust and accountability in sustainability reporting and assurance."

The new guidance can be applied to the adoption of the IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB) and jurisdictional requirements, including the European Sustainability Reporting Standards (ESRS). Both sets of standards also emphasize the importance of transparency on governance, risk management, and internal controls to inform an assessment of the quality of a company’s sustainability reporting.

This resource is part of IFAC’s ongoing efforts to convene and empower global and regional stakeholders and equip them with the tools to advance effective sustainability reporting practices and assurance preparedness such as its global IFAC Connect^TM events, bringing together key players, including PAOs, business leaders, and regulators, to address the urgent need for actionable sustainability strategies.

Download the guidance.

Resource published by IFAC and We Mean Business Coalition, in partnership with the Global Accounting Alliance