Climate change affects everyone, transcending borders and economic boundaries. Rapid progress to mitigate climate change requires public sector action, and effective action requires the quality information only sustainability reporting standards specific to the sector’s needs can provide.

To meet the public sector’s unique reporting needs, the International Public Sector Accounting Standards Board^® (IPSASB^®) is developing the world’s first climate-related disclosure standard for governments around the world, with support from The World Bank. The draft of this inaugural Sustainability Reporting Standard (IPSASB SRS ^TM) is being issued today for public comment.

Ian Carruthers, IPSASB Chair, said: "The rapid progress needed to address climate change requires public sector action. The scale of the investment involved and the need for coordinated action across all sectors of the economy mean that only governments are equipped to lead the changes required. Using policy tools, such as taxation, regulation, and subsidies, governments can influence behaviors across entire economies.

“Public sector finances are already stretched following the pandemic, so while stronger public financial management can release some of the resources required, the capital markets will need to fill the gap. With sovereign bonds already making up almost 40% of the $100 trillion global bond market in 2022, IPSASB’s proposed standard on climate-related disclosures will be help governments provide consistent, comparable, and verifiable information and will ultimately help them maintain access to capital markets.”

To promote global consistency and comparability, IPSASB SRS ED 1, Climate-related Disclosures proposes public sector specific guidance which builds on the International Sustainability Standards Board (ISSB) global baseline. In doing so, IPSASB SRS ED 1 proposes principles for the more limited group of public sector entities that have responsibility for climate-related public policy programs and their outcomes.

Sue Lloyd, ISSB Vice-Chair, said: "The public sector is a major component of global capital markets so ensuring public sector organisations disclose high quality, comparable sustainability information is important to meet the information needs of investors. By building on the ISSB’s global baseline ꟷ which is being adopted by jurisdictions around the world ꟷ IPSASB is bringing the public sector into the global sustainability reporting ecosystem. Consistency in disclosure requirements will help support comparability across sectors and is essential to driving an efficient corporate reporting system, reducing complexity and fragmentation that could undermine the usefulness of sustainability information in investor decision-making.”

The IPSASB urges public sector stakeholders, including preparers of public sector climate-related and other sustainability reports, regional and national sustainability reporting standard setters, professional accountants, sustainability assurance providers, and interested members of the public including indigenous peoples to share their comments on the proposed standard and other matters raised in IPSASB SRS ED 1 by February 28, 2025. Feedback received on IPSASB SRS ED 1 will shape the final standard which will assist governments and other public sectors around the world in being accountable for their actions to address climate change.

To discuss the proposals outlined in the draft standard, the importance of public sector leadership in climate reporting, and how the standard aligns with global sustainability efforts, the IPSASB is hosting an online launch event for IPSASB SRS ED 1 featuring an insightful discussion between Ian Carruthers, IPSASB Chair, Sue Lloyd, Vice-Chair of the International Sustainability Standards Board (ISSB), and Lee White, Chief Executive Officer of IFAC, moderated by Owen Mapley, Chief Executive Officer of CIPFA. Register here to join virtually on November 13, 14:00 UTC.

How to Access
Access the IPSASB SRS ED 1, Climate-related Disclosures, its summary At-a-Glance document, and submit a comment. Comments on the Exposure Draft are requested by February 28, 2025. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this 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®), IPSASB Sustainability Reporting Standards™ (IPSASB SRS™) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and IPSASB SRS 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 Federation of Accountants (IFAC) in partnership with the Emirates Association for Accountants & Auditors (EAAA) and under the patronage of H.E. Abdulla bin Touq Al Marri, Minister of Economy, this week convened regional and global leaders representing finance, accountancy, securities and audit regulators, the investment community, and the standard setting community with the aim of advancing sustainability reporting, assurance, and capacity building in the Middle East North Africa region (MENA).

The event, IFAC Connect^TM MENA, is the third in a series of IFAC Connect events created by IFAC around the world to encourage broad, solutions-oriented dialogue about key regional issues with global impact. IFAC recently held similar events in Singapore and in Bogota, Colombia, and in each of these cases collaborated with local professional accountancy organizations as well as the Forum of Firms -- an association of international networks of accounting firms that promotes consistent and high-quality standards of financial reporting and auditing practices worldwide.

Lee White, IFAC Chief Executive Officer, said, “Connected learning, innovation, a strong collective voice and commitment to the public interest are central characteristics of IFAC’s members, and critical to driving positive momentum. Moreover, in order to respond meaningfully to global challenges related to climate and sustainability matters, we need alignment and cooperation between governments, regulators, standard setters, and the accountancy profession.”

His Excellency Saif Al-Muheiri, Chairman of the Emirates Association for Accountants and Auditors (EAAA), said: “The accountancy profession that EAAA represents in the UAE is critical to how corporate reporting evolves to incorporate sustainability-related information, especially for use in capital allocation and investment decisions. Our skills with data, systems, processes and analysis are critical to this transformation which will create an ongoing dialogue with important regulatory bodies such as the Ministry of Economy.”

IFAC recently released its latest report, Beyond the G20: The State of Play in Sustainability Disclosure & Assurance, which provides a focal point for discussions between accounting, regulatory, and policy leaders and has a specific focus on the unique challenges and opportunities faced by six representative jurisdictions from MENA.

To advance the sustainability transformation or for more information about this conference or IFAC Connect events, please contact the office of Chief Executive Officer Lee White at Communications@IFAC.org.

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.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has issued Exposure Draft (ED) 92, Tangible Natural Resources for public comment.

“Tangible natural resources represent a significant proportion of economic resources in many jurisdictions,” said IPSASB Chair Ian Carruthers. “The proposed guidance fills an important gap in the IPSASB’s literature and will improve not only financial reporting but also encourage better public financial management and policy decisions for many governments.”

Tangible natural resources encompass all naturally occurring items with physical substance which embody service potential or the capability to generate future economic benefits. However, no International Public Sector Accounting Standard^® (IPSAS^®) guidance currently exists on the accounting for tangible natural resources, and as a result, many governments lack information on the extent and value of tangible natural resources.

ED 92 proposes recognition, measurement, presentation and disclosure guidance to address this gap.

The IPSASB welcomes the views of respondents on the proposed standard and other matters raised for comment in the ED. Comments received will help shape the final IPSAS related to Tangible Natural Resources.

How to Access
Access Exposure Draft 92, Tangible Natural Resources, its summary At-a-Glance document, or to submit a comment. Comments on the Exposure Draft are requested by February 28, 2025. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this 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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. 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 global search for the next International Public Sector Accounting Standards Board (IPSASB) Chair is underway, led by the independent Search Committee (Search Committee) established by the Public Interest Committee and the International Federation of Accountants (IFAC). Interested candidates with a background in public sector financial and/or sustainability reporting and strong leadership skills are encouraged to apply.

The IPSASB Chair is a full-time executive position, appointed for an initial three-year term, commencing January 1, 2026, with the possibility of re-appointment for a total tenure of up to nine years. While relocation is not required for this role, regular interaction with IPSASB staff located in Toronto, Canada, and geographically dispersed Board members is expected. Additionally, extensive international travel is needed to ensure effective collaboration with all key stakeholders and to promote the adoption and implementation of the International Public Sector Accounting Standards (IPSAS) and the forthcoming IPSASB Sustainability Reporting Standards (IPSASB SRS).

As the IPSASB enters a new phase with an increased focus on the maintenance and application of the IPSAS suite of standards along with the development of sustainability reporting standards, the Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Given the pace of change in both technical areas and the broader public sector environment, the next Chair must be adept at navigating these challenges and leading the Board’s technical standard setting program successfully.

“We seek candidates with significant, and senior-level experience, who are well-recognized within the professional global community,” said Vinod Rai, Chair of the Search Committee. “It is equally important that candidates have a strong understanding of the public sector and a commitment to the IPSASB’s public interest mandate. Strategic leadership and communication skills are essential, and relevant standard-setting experience is also key for success in this important global role.”

A complete job description, along with application instructions, is included in the Call for Applications. Applications are due January 26, 2025 (midnight UTC).

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 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.

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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. 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. 

In an era where technology is rapidly transforming the landscape of external reporting, the IAASB has reaffirmed its commitment to staying at the forefront of these changes with the adoption of a comprehensive Technology Position Statement.

This Position Statement outlines how the IAASB will integrate technological advancements into its standard-setting activities to ensure that its standards remain relevant, effective, and aligned with the public interest. It also clarifies the IAASB’s new position, which includes:

• Embracing innovation in audit and assurance while ensuring that its standards evolve with the changing environment.
• Removing barriers in existing standards that may prevent using advanced technologies.
• Introducing new requirements and guidance to help practitioners apply technology-enabled procedures effectively.

A Three-Component Framework for Technology Integration

The IAASB's Technology Position is built on a conceptual framework composed of three key components:

1. Technology Position Statement: This core section details the IAASB's overarching stance on the role of technology in audit and assurance practices. It emphasizes the transformative potential of technology in enhancing audit and assurance quality and includes eight actions that the IAASB will take to deliver on its commitment to facilitate and encourage firms and practitioners to use technology.
2. Approach to Operationalizing the Technology Position Statement: The second component of the framework explains how the IAASB will put the Technology Position Statement into action. This includes identifying opportunities for standard-setting and developing non-authoritative materials, all in close consultation with key stakeholders.
3. Approach to Monitoring and Adapting the Technology Position: Recognizing the fast-paced evolution of technology, the IAASB will proactively monitor technological trends and adapt its Technology Position as needed. This ensures the framework remains effective and relevant in a rapidly changing environment.

Commitment to the Public Interest and Enhancing Engagement Quality

The IAASB's Technology Position Statement underscores its commitment to the public interest by focusing on enabling consistently high-quality engagements. As technology becomes increasingly pervasive in all aspects of external reporting, the IAASB has a crucial role in improving audit and assurance quality. The Statement highlights the IAASB’s dedication to developing standards that facilitate and, where appropriate, encourage firms and practitioners to use technology.

IAASB’s Actions to Navigate the Technological Landscape

The Statement includes eight key actions detailing how the IAASB will deliver on its new technological commitment:

1. Embrace Technology-Driven Innovations
2. Remove Barriers in the Standards, Real or Perceived, to Practitioners Using Technology
3. Introduce Requirements and Application Material Relating to Using Technology in Engagements
4. Address the Impact of Technology Used by Reporting Entities
5. Strike the Right Balance When Referring to Opportunities and Risks Associated with Technology
6. Align with Principles of Ethics and Ethical Requirements
7. Ensure Scalability and Proportionality
8. Convene Stakeholders and Foster Ongoing Engagement

Operationalizing the Technology Position

To turn its Technology Position into actionable outcomes, the IAASB is conducting a gap analysis, beginning with a review of its foundational standards: the International Standards on Quality Management and International Standards on Auditing. This analysis will identify potential areas for the IAASB to enhance the standards to better facilitate technological adoption. The findings will inform the IAASB's future work plans. Future work could include opportunities for new standards or revisions to existing ones as well as developing non-authoritative materials, all in close consultation with key stakeholders.

The IAASB is also developing a feedback mechanism to allow stakeholders and partners to provide feedback and insights, including any challenges they encounter when using existing standards and materials.

Ongoing Monitoring and Adaptation

The IAASB's approach to technology is dynamic, with a commitment to continuously monitoring the technological landscape. Through feedback from stakeholders and advisory groups, the IAASB will stay informed of emerging trends and adapt its standards and guidance as necessary. This proactive approach will help the IAASB maintain the relevance and effectiveness of its Technology Position in a rapidly changing environment.

For more information on the IAASB’s Technology Position Statement and to access the full document, please visit the Technology focus area page on the IAASB website.

Emerging economies, including the Global South, present enormous opportunities for economic growth, and their development is important in both local and global contexts. For these economies to grow and achieve prosperity, the active contribution of professional accountants is essential.  

Today, IFAC commenced MOSAIC meetings in Bucharest beginning with the MOSAIC Steering Committee meeting to discuss plans for developing the capacity of the accounting profession in emerging economies. IFAC has again strategically aligned MOSAIC meetings with the INTOSAI Capacity Building Committee and Donor Coordination Committee meetings, all of which are hosted by the Supreme Audit Institution of Romania this year. These events mark the first MOSAIC meetings for new IFAC Chief Executive Officer, Lee White. 

Over the next days, the MOSAIC Steering Committee meeting will bring together the signatories to MOSAIC (the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) Development partners who will join IFAC and SAI representatives for the MOSAIC Forum. Mr. White will join a dynamic synergy session between the MOSAIC signatories and the INTOSAI community.   

MOSAIC serves as a cornerstone for a unified global approach to enhance the capacity of professional accountancy organizations (PAOs) and elevate the quality of financial management systems in emerging economies. The agreement and the collaborative efforts it fosters aim to empower PAOs in partner countries to improve the standards of accountancy and financial management, ultimately amplifying the effectiveness of donor assistance. Acknowledging the complexities of PAO development, MOSAIC is designed to strengthen cooperation and collaboration between IFAC, international donors, and the global development community.  

Today’s discussions were focused on the future of the MOSAIC MoU, exploring strategies to magnify its impact developing the accountancy profession in emerging economies in the years ahead. This comes at a crucial moment, with the rapid evolution of sustainability reporting and assurance in the private sector, and in the context of the continued work of the International Public Sector Accounting Standards Board (IPSASB) to develop sustainability reporting standards for the public sector, where SAIs are key stakeholders.   

Lee White, Chief Executive Officer, IFAC said: “Strengthening capacity among PAOs and throughout the accountancy profession is one of the most effective ways to support sustainable economic and social growth and development, and we outlined a number of areas where accountants can have an impact in our recent publication The Accountancy Profession Enabling Africa's Transformation. It is inspiring to see so many development partners prioritizing capacity building in the accountancy profession.  We look forward to working together with the MOSAIC signatories and INTOSAI Community to strengthen our collective impact and drive meaningful change.”   

Arturo Herrera Gutierrez, World Bank Global Director for Governance said: “Proper accounting is critical for the development of the private sector and enabling access to credit markets and enhancing citizens’ trust in governments' effective use of public resources. The World Bank has a long history of engagement on this foundational agenda. We are committed to supporting emerging issues including sustainability reporting and proper recording of contingent liabilities in the public sector in collaboration with the International Federation of Accountants (IFAC) and its International Public Sector Accounting Standards Board. We look forward to continuing to work closely with IFAC, MOSAIC, and the INTOSAI communities to strengthen and improve collaboration.” 

Tsakani Maluleke, INTOSAI CBC Chair said: “Professional accountancy organizations and supreme audit institutions should have a shared commitment to excellence in public sector financial management and realize the value of working together to achieve an improved public sector. Sharing insights on how accountability ecosystems across the globe can be strengthened through enabling mechanisms such as improved standard-setting, ongoing auditor professionalization and investment in strong institutional capacity will be critical. Of course, this will require SAIs and PAOs to strategically partner to work to the benefit of citizens in the countries where they operate and, in doing so, play an essential role in achieving the vision of the UN Sustainable Development Goals – to leave no one behind.” 

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. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce. 

The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation.

The approach of an “integrated mindset”, as highlighted in the report, encourages company leadership to view financial and sustainability data in an interconnected, holistic way. Integrated Mindset in Practice provides guidance for companies—particularly professional accountants working in business—to apply this integrated approach to anti-corruption oversight and programs. The report underscores the crucial role of governance in environmental, social, and governance (ESG), emphasizing a commitment to an ethical culture of integrity and highlighting red flags for the accountants during their risk assessments.

Advocating for a “whole of business” approach to anti-corruption, the report calls on professional accountancy organizations to encourage their members to fully embrace their role combatting corruption by:

1. Recognizing themselves as key anti-corruption stakeholders.
2. Supporting integrated thinking across their organizations.
3. Being champions of Collective Action.

Lee White, IFAC Chief Executive Officer: “The cost of corruption and financial crime are significant obstacles to economic prosperity and fairness in society. This report is a vital resource for professional accountants as business leaders to have an integrated mindset in continuing to respond to corruption and support economic prosperity.”

Alan Vallance, Chief Executive of ICAEW: “Professional accountants are uniquely positioned to influence and implement an integrated mindset within organizations. With these tools and insights, they will be able to embed anti-corruption measures into their organizations’ broader ESG framework, ensuring that integrity and transparency remain at the forefront of business practices.”

Vanessa Hans, Head of the Private Sector Division of the Basel Institute on Governance: “Importantly, this report encourages professional accountants to be champions of Collective Action as part of a “whole of business” approach to anti-corruption. Anti-corruption Collective Action brings business and stakeholders together to tackle the shared problem of corruptions. Accountants can play a crucial role in these efforts, driving initiatives that bring real change.”

The report will be featured during “The CFO & Finance Function and Anti-Corruption: Cultivating an Integrated Mindset” webinar on July 9 at 13:00 UTC. Jointly hosted by IFAC, ICAEW and the Basel Institute on Governance, the webinar is organized under the auspices of the B20 and in collaboration with the OECD (Organisation for Economic Co-operation and Development) and Business at OECD (BIAC), as part of the 25th Anniversary of the OECD Anti-Bribery Convention campaign. Visit the IFAC website for more details and to register.

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. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

About ICAEW
Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 208,000 members and students around the world.

Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably.

ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13.

ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.

We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all. 

About Basel Institute on Governance
The Basel Institute on Governance is an independent not-for-profit organisation dedicated to countering corruption and improving standards of governance. Headquartered in Basel, Switzerland, the Institute works worldwide with the public and private sectors and civil society. Its Private Sector Division is a leading voice promoting anti-corruption Collective Action in the business integrity space.

As part of its ongoing initiative to convene, inform and mobilize sustainability reporting and assurance stakeholders, IFAC, the voice for the global accountancy profession, today released Sustainability Assurance: What to Expect.

IFAC Chief Executive Officer Lee White said, “We are in the midst of a significant global transformation as businesses seek opportunities and ways to respond to sustainability-related challenges. Professional accountants are absolutely crucial in this transformation, and have an important public interest role to play. Our profession has a mature competency in analyzing and interpreting data, and the ability to use it to successfully innovate and introduce new business models.”

Mr. White continued, “Companies are working diligently to develop their governance structures and the processes, systems and controls needed to support sustainability reporting and assurance. Investors and other users of this information should expect, at least initially, that sustainability assurance engagements may be different from what occurs with financial reporting. For example, I expect that assurance reports may include modifications, which would be reflective of the transformation that is occurring.”

Policymakers and regulators around the world are moving with pace to introduce essential requirements for sustainability reporting and assurance. At the same time, IFAC encourages accountants to embrace their pivotal role in this transformation, and we remind all stakeholders that the application of reporting and assurance requirements will take time to mature.

We have been an early advocate for a harmonized, global system for the disclosure of sustainability-related information, and we continue to coordinate with other international organizations, including the IFRS Foundation, the International Sustainability Standards Board (ISSB), and IOSCO in pursuit of this goal. We were pleased to participate at IOSCO’s annual meeting in Athens last month, where we took the opportunity to recognize the swift progress made by the IFRS Foundation and the ISSB in coalescing more than 20 jurisdictions, representing over half the world’s GDP, in the decision to introduce the ISSB standards in their legal or regulatory frameworks.

We invite organizations to reach out to us with opportunities for further collaboration. We also encourage producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance.

Finally, we call for sustainability assurance engagements to be conducted in accordance with the global standards being developed by the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA) to help ensure high-quality assurance.

Sustainability Assurance: What to Expect can be downloaded for free on our website.

About IFAC
The International Federation of Accountants (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. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce

In order to significantly contribute to national economic and social development, PAOs around the world need a coherent strategy and operating model to realize their full potential. A strategic plan can guide and drive a PAO’s activities and priorities, determining where the organization is going, how it will get there, and how it will know if it gets there. 

To equip PAOs with a clear, practical, and outcome driven framework to develop, implement, and monitor an effective strategy, IFAC has released its Professional Accountancy Organization (PAO) Strategy Planning Toolkit: An end-to-end guide to strategic transformation. This toolkit is for PAOs at all stages of developing a strategic plan. It can help kickstart the process, and it also offers guidance for updating and refining existing plans.  

Creating and publishing the toolkit is itself an element of IFAC’s own organizational strategy and its vision of a robust and well-functioning accountancy profession, composed of competent and capable professionals supported by effective PAOs which contribute significantly to the sustainability of small, medium, and large businesses; sound capital markets; effective public services; and—ultimately—economic growth. 

The toolkit was launched today in Mauritius at a workshop co-hosted by IFAC’s PAO Development Advisory Group (PAODAG) and the Pan African Federation of Accountants (PAFA) leading up to PAFA’s Annual General Meeting. The workshop brought together over 50 PAO leaders who are present in Mauritius for PAFA’s meeting. 

The toolkit was made possible by a strategic alliance with PAFA who held the launch event and connected the IFAC PAODAG to PAO members and leaders who trailed the toolkit and ultimately informed its development. The need for this toolkit was recognized by the PAODAG who established a workstream chaired by Sheree Ebanks, CEO of CIIPA, with Zarif Ludin, Head of Institutional Partnership at ACCA, as content lead, to benefit all PAOs.

“To respond to the accountancy profession’s constantly evolving challenges and opportunities, PAOs need a strong strategic plan to be resilient, adaptive, and forward-thinking and make well-informed decisions,” said Lee White, IFAC Chief Executive Officer. “This toolkit, informed by our own experiences in strategic planning and the journeys of our member organizations, is made possible by our role as the global convener of the accountancy profession and contains a framework applicable around the world. We hope this toolkit can develop the process for PAOs or give new momentum and inspiration to those already engaged in it.” 

“The toolkit will play a pivotal role in building effective Professional Accountancy Organizations,” said Alta Prinsloo, CEO of PAFA. “Beyond the toolkit, it's essential for African PAOs to realise they can tap into additional support from PAFA. Our services include conducting gap analyses, facilitating access to best practices, developing action plans, and engaging with national stakeholders and development partners to enhance and recognize both the PAO and the national accountancy profession.”

PAFA, a network partner of IFAC, proudly represents 56 PAOs in 45 jurisdictions across Africa.

Before the toolkit’s official release, several PAOs, including IFAC member associate Emirates Association for Accountants & Auditors (EAAA), trialed the toolkit to shape its development and have seen improvement in their strategic planning. 

“We are proud to be one of the first users of the toolkit while it was under development, and in only a few months, we have seen considerable improvement in our strategic planning,” said Saif Bin Abed, EAAA Chairman. “As an organization, we are better prepared to act on the opportunities and challenges ahead.”  

“This toolkit has created an agile environment within the EAAA through its effective monitoring mechanism which enables us to respond quickly to different business variables and be able to update the strategy in a way that it promotes the sustainable growth of our organization,” said Ahmad Darwish, EAAA Vice Chairman. 

Download the toolkit, available now in English and French.  

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. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board (IPSASB) has today released for comment Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48). 

The proposed amendments to IPSAS 47, Revenue are consistent with the principles already exposed in ED 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23), published in January 2023, that were strongly supported by stakeholders. Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48, Transfer Expenses on other types of arrangements conveying rights over assets that are common in the public sector.

Feedback to both ED 88 and ED 84 will inform the final pronouncement on other lease-type arrangements.

“In light of its new standards on Revenue and Transfer Expenses, the IPSASB is proposing to update the guidance on common public sector arrangements that convey rights over assets,” said IPSASB Chair Ian Carruthers. “The proposals in ED 88 provide new guidance to enhance accountability and decision-making in the public sector that addresses the remaining arrangements identified in the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases not already covered in ED 84.”

How to Comment
To access the Exposure Draft, its summary At-a-Glance document, Webcast, or to submit a comment, visit the IPSASB website. Comments are requested by May 31, 2024. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this 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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the government of Canada. 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.