The International Public Sector Accounting Standards Board® (IPSASB®), developer of IPSAS®, international accrual-based accounting standards for use by governments and other public sector entities around the world, has today issued Concessionary Leases and Other Arrangements Conveying Rights over Assets (Amendments to IPSAS 43, IPSAS 47, and IPSAS 48). 

The new guidance addresses public sector issues specific to concessionary leases (i.e. leases at below-market terms) and other arrangements conveying rights over assets that are not leases that are prevalent in the public sector. It reflects feedback from constituents to the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases, and build on the principles in IPSAS 43, Leases, IPSAS 47, Revenue, and IPSAS 48, Transfer Expenses, and thus complements those Standards.

“Concessionary Leases and Other Arrangements Conveying Rights over Assets will enhance accountability and decision-making in the public sector by providing new guidance to make the financial reporting of these specific arrangements more consistent and transparent,” said IPSASB Chair Ian Carruthers. “This final pronouncement completes the Leases project and equips public sector entities with a complete set of guidance to address their broad-ranging needs.”

The amendments to IPSAS 43 and IPSAS 47 have an effective date of January 1, 2027. Earlier application is permitted. Access the Standard.

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^TM (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 International Auditing and Assurance Standards Board (IAASB) is pleased to announce the adoption of a new Technology Position that will guide how the IAASB adapts its work to embrace the intersection of audit, assurance, and technology. This new position marks a significant step forward in the IAASB’s ongoing commitment to enhancing the quality and relevance of its standards in the face of rapid technological advancement.

“The pace of technological change presents the audit and assurance profession with opportunities and challenges. Our new Technology Position reflects the IAASB’s commitment to ensuring our standards evolve alongside these developments. We are setting a course that promotes innovation while safeguarding quality and consistency in audits and assurance globally,” said IAASB Chair Tom Seidenstein.

The Position’s Three Components

The Position is structured around three key components:

• Technology Position Statement: The Statement outlines the IAASB’s commitment to facilitate and encourage the use of technology by practitioners and firms, ensuring the standards remain relevant and effective. The Statement also articulates how the IAASB will deliver on this commitment, including embracing technology-driven innovations and removing barriers in its standards to technology adoption.
• Operationalizing the Technology Position: This component details the IAASB’s strategy for implementing the Statement by identifying opportunities for new or revised standards, along with developing non-authoritative materials and guidance. The IAASB is currently conducting a gap analysis to ensure current standards align with technological advancements.
• Monitoring and Adapting to Technological Trends: The IAASB will continually monitor technological trends to ensure its standards are adapted and remain aligned with the rapidly changing landscape.

By embracing innovation and continuously adapting to technological advancements, the IAASB is ensuring that its standards not only meet today’s demands but also anticipate the challenges of tomorrow. This forward-thinking approach will enhance audit quality, safeguard public trust, and support the evolving needs of practitioners and firms worldwide.

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.

The International Auditing and Assurance Standards Board (IAASB) has released a comprehensive adoption guide designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.

Accessible on the IAASB website, the adoption guide complements previously released resources, including videos, webinars and guidance. These materials will be supplemented by a first-time implementation guide later this year. Together, these resources offer a robust toolkit for navigating and implementing the ISA for LCE.

The new guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE

Top leaders in global sustainability standard setting, regulation, and accounting joined an afternoon of programming jointly hosted by the International Federation of Accountants (IFAC), the IFRS Foundation, and the International Organization of Securities Commissions (IOSCO) on September 23 as part of Climate Week NYC. The over-subscribed invitation only event, Accelerating Climate and Sustainability-Related Disclosures: A Global Perspective, had as its objective to advance global adoption and implementation of the ISSB Standards and build an understanding of sustainability assurance in its early days.  

Lee White, Chief Executive Officer, IFAC said: “A united effort is essential to support the transformation taking place in businesses to address climate and other sustainability risks and opportunities and to meet the needs of investors and other stakeholders worldwide. Collaboration and alignment among regulators, standard setters, businesses, and the accountancy community is critical to accelerate the uptake of climate-related disclosure and assurance.  

“Following the progress made at IOSCO’s Annual Meeting in Athens in May, IFAC is delighted to once again connect with the IFRS Foundation and IOSCO here in New York to help strengthen our global ecosystem of consistent and comparable sustainability-related information. It is important to congratulate and recognize the work of the International Auditing and Assurance Standards Board in very recently finalizing its new International Standard for Sustainability Assurance (ISSA) 5000, which will be a critical element of this global ecosystem.”

ISSB Chair, Emmanuel Faber said: “The implementation of ISSB Standards globally will lead to better informed and more resilient capital markets. Assurance of the information will be a critical factor in building confidence in sustainability-related disclosures to inform investment decisions. We are impressed by the jurisdictional momentum around the globe for the adoption or use of our Standards, and enabling companies to provide high-quality disclosures will take time and support. We are grateful to both IFAC and IOSCO for their partnership in working to build capacity within jurisdictions and across markets."

Jean-Paul Servais, Chair of IOSCO, said: “Promoting high-quality sustainability-related reporting is one of the key priorities for IOSCO to protect investors against greenwashing. Global progress towards the introduction of sustainability disclosure requirements has been swift since IOSCO announced its endorsement of the first ISSB Standards in July 2023. IOSCO is committed to collaborate with the ISSB and other global stakeholders to deliver a comprehensive capacity building program to support the wider use of sustainability disclosures.

"To underpin the trustworthiness and thus usefulness of the disclosures, IOSCO also encourages the global development of assurance standards by IAASB and IESBA and welcomes IFAC’s work to help all users and practitioners better understand and prepare for what high-quality sustainability assurance will look like.

"This conference demonstrates the joint efforts of IOSCO, IFAC, and the IFRS Foundation to contribute to decision-useful sustainability information in the interest of investors.”

So far this year, IFAC has convened sustainability reporting and assurance stakeholders in Singapore, Bogota, and New York, and will be in Dubai in October to continue the discussion.

In June of this year, IFAC released Sustainability Assurance: What to Expect in order to help investors and other market participants appreciate how sustainability assurance will evolve in comparison to statutory financial audits.

In recognition of the importance of the Global South to the sustainable transformation, IFAC is also releasing Beyond the G20: The State of Play in Sustainability Disclosure and Assurance, which examines both reporting and assurance practice in twenty smaller and emerging jurisdictions.

A compilation of a recording of the event will be made available in due course. For more information and to be notified of the release of the recording, please reach out to climateweek@ifac.org.

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), developer of reporting standards for the public sector, announced its new 2025 board members at its recent meeting in Brussels, Belgium. The 2025 board will continue to be a diverse group with gender-parity and exceptional global public sector financial and sustainability reporting experience. 

The new IPSASB appointees have been selected following a rigorous nomination and interview process operated by the IFAC Nominating Committee, which is overseen by the Public Interest Committee, and with the final appointments approved by the IFAC Board. 

The new Board members, appointed for a three-year term of service, are: 

• Yun Huang, China 
• Sung-Jin Park, Korea 
• Karen Sanderson, UK  

The following three current Board members have been re-appointed: 

• Abdullah Al-Mehthil, Saudi Arabia
• Claudia Beier, Switzerland 
• Maik Esser-Müllenbach, Germany 

Claudia Beier of Switzerland has been appointed as the IPSASB Deputy Chair for 2025. 

“Each year, we continue to welcome diverse voices and perspectives, which are needed to support our global standard-setting activities,” said IPSASB Chair Ian Carruthers. “Diversity of Board membership is essential to ensure the delivery of high-quality standards that can strengthen public financial management and sustainable development globally.” 

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 and sustainability reporting standards 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 International Auditing and Assurance Standards Board (IAASB) is pleased to share its 2022-2023 Public Report, Balancing Effectiveness and Timeliness in Audit and Assurance Standard Setting. This report offers a comprehensive overview of the IAASB’s progress in addressing key public interest issues and reiterates its strategic direction to continue bolstering confidence in audits and assurance engagements.

“This report reflects the IAASB's strategic objectives over the past four years, focusing on tackling the most pressing public interest issues, improving the timeliness of standard setting, and strengthening connections with stakeholders,” said IAASB Chair Tom Seidenstein. “We are privileged to serve our mandate to enhance trust in external reporting and the effective functioning of the global economy. The IAASB will continue its work with determination and a sense of humility.”

Key Highlights

• Global Adoption of IAASB Standards: Approximately 130 jurisdictions worldwide have adopted or committed to adopting the International Standards on Auditing (ISAs). This widespread adoption underscores the authority, credibility, and global recognition of these standards as high-quality and reliable.
• Project Timelines and Milestones: The report provides detailed timelines and key milestones for the development, approval, and implementation support for various standards. It illustrates the IAASB's commitment to delivering timely and relevant standards that meet the needs of the global audit and assurance community.
• Transition to the Next Strategic Phase: The IAASB has developed a new strategy for the next four years. The strategy emphasizes key areas such as fraud, going concern, and emerging topics like the use of technology in audits. The strategy also includes completing the in-progress International Standard on Sustainability Assurance (ISSA 5000) and supporting its implementation. ISSA 5000 is expected to play a central role in the global reporting ecosystem, with a number of jurisdictions already signaling their intent to adopt the standard.
• Advancements in Organizational Structure: In 2023, the International Foundation for Ethics and Audit (IFEA) was established to house the IAASB and the International Ethics Standards Board for Accountants as part of the Monitoring Group recommendations on strengthening the international audit and ethics standard-setting system. This new structure supports enhanced coordination between the two boards and strengthened independence.
• Outreach and Collaboration: The IAASB demonstrated its commitment to rigorous international outreach by conducting more than 500 outreach activities globally in 2022-2023 with global, regional, and jurisdictional regulators, oversight bodies, and practitioners, among others.

The IAASB remains committed to its mission to enhance trust in external reporting and ensure the effective functioning of the global economy. The coming years will see the IAASB continue to build on its successes, addressing the evolving needs of the global audit and assurance community.

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.

Today, the staff of the International Ethics Standards Board for Accountants (IESBA) released an updated Questions & Answers (Q&A) publication. This updated IESBA staff Q&A publication introduces two revisions:

1. A new question and answer addressing the scenario where a jurisdiction either lacks a PIE definition or has excluded one or more of the mandatory categories in the IESBA PIE definition.
2. An amendment to align with the revisions to ISA 700 (Revised) arising from Track 1 of the IAASB’s project to use the auditor’s report to enhance transparency about the relevant ethical requirements for independence applied for certain entities, such as PIEs, when performing an audit of financial statements.

The IAASB and IESBA have worked closely together throughout their respective Listed Entity and Public Interest Entity (PIE) projects. Track 1 of the IAASB’s project was completed in June 2023 and Track 2 is ongoing. Among other project objectives, Track 2 aims to achieve convergence to the greatest extent possible between the boards’ PIE definitions and key concepts.

Considering the importance of the interoperability of IAASB and IESBA standards, the IAASB PIE project team has incorporated the clarified IESBA position reflected in 1 above into its deliberations. The IAASB will consider different options for Track 2 at the September 2024 IAASB meeting.

The IAASB’s narrow scope revisions to ISA 700 (Revised) and 260 (Revised) arising from Track 1 of its project will become effective for audits of financial statements for periods beginning on or after December 15, 2024, coinciding with the effective date of the PIE definition changes in the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards).

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released an update to its Questions and Answers (Q&As) publication, originally published in March 2023, on the IESBA revisions to the definitions of listed entity and public interest entity (PIE) in the IESBA Code of Ethics.

This update includes a new Q&A (16) to address the scenario where a jurisdiction has no PIE definition or excluded one or more of the mandatory categories in the IESBA PIE definition. In addition, Q&A 20 has been updated following the finalization of Track 1 of IAASB’s PIE project and the IAASB’s agreement to update ISA 700 (Revised) so that the auditor’s report can be used as a mechanism for firms to comply with the transparency requirement set out in the IESBA PIE revisions.

The IESBA and the IAASB coordinated closely throughout the development of the IESBA’s revised PIE definition and Track 1 of the IAASB’s PIE project. This high level of coordination has been ongoing as the IAASB works towards finalizing Track 2 of its PIE project. Such coordination is critical to ensure the interoperability of both Boards’ standards.

The Q&A publication is designed to highlight, illustrate or explain aspects of the PIE revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement. It aims to assist national standards setters, professional accountancy organizations, and firms in adopting and/or implementing the PIE revisions.

The PIE revisions are effective for audits of financial statements for periods beginning on or after December 15, 2024. Read the revisions here.

Note: References to paragraph numbers in the updated Q&A publication were updated to reflect the 2024 version of the IESBA Code.

About IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.

Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. 

The International Ethics Standards Board for Accountants (IESBA) today released the 2024 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). This handbook replaces the 2023 edition and incorporates the following:

• The revisions relating to the definition of a public interest entity which, among other matters, specifies a broader list of mandatory public interest entity categories, including a new category “publicly traded entity” to replace the category of “listed entity.”
  • The revised public interest entity definition and related provisions will be effective for audits of financial statements for periods beginning on or after December 15, 2024.
• Changes to the definitions of “audit client” and “group audit client” in the Glossary arising from the approved revisions to the definitions of listed entity and public interest entity.
  • The revised definitions will be effective for audits of financial statements and group financial statements for periods beginning on or after December 15, 2024.
• Technology-related provisions of the Code.
  • The technology-related revisions to Parts 1 to 3 will be effective as of December 15, 2024.
  • The technology-related revisions to Part 4A will be effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024.

The back of the 2024 Handbook contains the IESBA-approved revisions to the Code addressing Tax Planning and Related Services, which will become effective after June 2025.

Click here to learn more about the IESBA Code.

Reproducing and Translating the IESBA Handbook
To help adoption and implementation of the IESBA standards, stakeholders are invited to submit requests for permission to reproduce or translate the IESBA Handbook online via the Online Permissions Requests or Inquiries system on the IFAC website.

About IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.

Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. 

The IAASB has released the 2023-2024 edition of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, which includes International Standard on Auditing (ISA) 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors).

The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE, is also included although it has not yet become effective for jurisdictions that adopt the standard.

For the first time, the 2023-2024 Handbook comprises four volumes to improve user experience and accommodate new as well as revised standards.

• Volume 1 – International Auditing Practice Notes, International Standards on Auditing, and International Standards on Quality Management
• Volume 2 – The ISA for LCE
• Volume 3 – International Standards on Assurance Engagements, International Standards on Review Engagements, and International Standards on Related Services
• Volume 4 – A Framework for Audit Quality and the International Framework for Assurance Engagements

The 2023-2024 Handbook is available as a PDF download and print orders via the IAASB website.

Reproducing and Translating the IAASB Handbook
To help adoption and implementation of the IAASB standards, stakeholders are invited to request permission to reproduce or translate the IAASB handbook via the Online Permissions Requests or Inquiries system on the IFAC website.

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.