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  • Global Ethics Board Raises Expectations of Ethical Conduct in Tax Planning

    New York, NY English

    The International Ethics Standards Board for Accountants (IESBA) today released for public comment the Exposure Draft Proposed Revisions to the Code Addressing Tax Planning and Related Services.

    The proposed revisions respond to public interest concerns about tax avoidance and the role played by consultants, including professional tax advisers, in light of revelations in recent years such as the Paradise and Pandora Papers. The proposals strengthen the ethical expectations for professional accountants in business and in public practice when performing tax planning activities for employing organizations or providing tax planning services to clients, respectively.

    “The accountancy profession plays a trusted role in facilitating the efficient and effective operation of a jurisdiction’s tax system and in making it a pillar of the economic system,” said IESBA Chair Ms. Gabriela Figueiredo Dias. “However, it is crucial that there are clear and robust ethical guardrails when professional accountants assist their employing organizations’ and clients’ tax planning to safeguard the public interest. These timely proposals are also designed to provide professional accountants with practical guidance to navigate the ethical challenges in this complex area.”

    Among other matters, the proposed ethical framework:

    • Explains the types of threats to compliance with the fundamental ethics principles of the Code that might be created when professional accountants are involved in tax planning.
       
    • Sets a clear principle that professional accountants recommend or otherwise advise on a tax planning arrangement only if they have determined that there is a credible basis in laws and regulations for it.
    • Requires consideration of the reputational, commercial and wider economic consequences that could arise from the way stakeholders might view the tax planning arrangement before determining whether to proceed with the recommendation or advice.
    • Provides practical guidance to assist professional accountants in navigating situations of uncertainty when carrying out tax planning.
    • Deals with other practical matters, including disagreement with the client or management or those charged with governance, and documentation.

    The development of the proposals has been informed by extensive fact finding and outreach to stakeholders, including three global roundtables held in April 2022.


    How to Comment 
    The IESBA invites all stakeholders to comment on the Exposure Draft by visiting the 
    IESBA’s website. Comments are requested by May 18, 2023.

    Global Webinars
    The IESBA will hold three webinars where members of the Tax Planning and Related Services Task Force will explain the key proposals in the exposure draft. The webinars will be held virtually on:

    Proposes ethical framework to guide judgments and behaviors of professional accountants when providing tax planning and related services

  • IESBA Staff Releases Q&As to Spotlight Key Changes to The Definitions of Listed Entity and Public Interest Entity In The IESBA Code

    New York, NY English

    The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a questions and answers (Q&As) publication on the revisions to the definitions of listed entity and public interest entity (PIE) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The development of the Q&As has been informed by the extensive discussions and consultations with a wide range of stakeholder groups and the IESBA’s own deliberations during the development and finalization of the PIE revisions.

    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 will assist national standards setters, professional accountancy organizations, and firms in adopting and/or implementing the PIE revisions. The Q&As will also assist regulators and audit oversight bodies, the corporate governance community, investors, preparers, educational bodies or institutions, and other stakeholders in understanding the revised PIE definition and related provisions in the Code. Among other things, the PIE revisions:

    • Include an expanded definition of a PIE by specifying a broader list of PIE categories, including a new category “publicly traded entity” to replace the category “listed entity.”
    • Recognize the essential role local bodies responsible for the adoption of the Code play in delineating the specific entities that should be scoped in as PIEs in their jurisdictions, encouraging them to properly define the PIE categories in the expanded definition and adding any other categories relevant to their environments.
    • Introduce a transparency requirement for firms to publicly disclose the application of independence requirements for PIEs where they have done so.

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

  • IFAC Names Helen Partridge as Chief Financial Officer

    New York, New York English

    The International Federation of Accountants (IFAC), the voice of the global accountancy profession, announces that Helen Partridge has been named Chief Financial Officer, effective April 1, 2023.  

    Ms. Partridge, who joined IFAC in 2020, assumes leadership for IFAC’s finance team and financial activities, including accounting, financial strategy, planning and analysis, and tax.  Previously, Ms. Partridge oversaw IFAC’s Accountancy Education platform, enhancing the multi-stakeholder model, significantly expanding the EdExchange Summit, and driving knowledge-sharing programming for Education Directors. 

    On her appointment Ms. Partridge said, “I am delighted with the opportunity to further elevate the strategic role of finance within IFAC, and to help shape IFAC’s strategy in support of the global profession.  I have never been more convinced of the growing importance of --and need for-- professional accountants, whose expertise is integral to the creation and management of sustainable companies, economies and societies.” 

    Ms. Partridge continued, “I also look forward to continued involvement in Accountancy Education, which remains a personal and professional passion.  Bruce Vivian, our new head of Accountancy Education, brings a wealth of experience to the role.  I have no doubt that he, in ongoing partnership with the International Panel on Accountancy Education, will only further accelerate our strong momentum.” 

    Kevin Dancey, Chief Executive Officer, said, “Helen is a high-impact executive with a proven track record of success in advancing IFAC’s Accountancy Education platform.  As she moves into the CFO role, I have every confidence she will be an excellent partner to me and the IFAC management team in delivering on our strategy.” 

    Prior to joining IFAC, Ms. Partridge was an accountant in practice, having spent 16 years with PwC in audit, advisory and audit systems design in the US and Asia Pacific. She has also served in the controllership function at a large multinational transportation company working with GAAP conversions, financial statement preparations and complex and significant transactions such as business combinations and tax planning. Ms. Partridge is a CPA licensed in multiple states in the United States. 

    In addition to Ms. Partridge, other women leaders at IFAC include Jennifer DiClerico, Head of Communications; Linda Lach, Head of Governance; and Elaine Young, Head of Human Capital. Partridge succeeds Russell Guthrie, who will be leaving IFAC in June after a successful 22-year career in various leadership capacities including finance, strategy, capacity building and member and external relations.

    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 more than 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

  • IESBA and IAASB Highlight Commitment to Deliver on Recommendations in New IOSCO Report on a Global Assurance Framework for Sustainability-related Corporate Reporting

    New York, NY English

    The International Ethics Standards Board for Accountants (IESBA) and International Auditing and Assurance Standards Board (IAASB) welcome the report released today by the International Organization of Securities Commissions (IOSCO) on developing a global assurance framework for sustainability-related corporate reporting. The IOSCO report reflects extensive research and feedback from key stakeholders. The report calls for timely development of ethics and assurance standards for sustainability reporting by the IESBA and the IAASB, respectively.

    The IESBA and the IAASB have responded to growing demand for high-quality assurance over sustainability-related information to enhance the reliability of corporate reporting by prioritizing their projects to develop relevant and complementary standards. Both the IESBA and IAASB will issue public consultations later this year on standards for sustainability ethics and assurance, respectively. Both boards plan to finalize their respective standards in 2024. IOSCO called for widespread outreach to ensure the standards meet the needs of users and benefit from diverse stakeholder input, among other recommendations. Both boards emphasize their commitment to address key considerations and recommendations presented in the IOSCO report.

    Commenting on the IOSCO report, Gabriela Figueiredo Dias, IESBA chair, stated, “We appreciate IOSCO's leadership in coordinating global consistency in sustainability assurance. The ethics standards that the IESBA is developing aim at supporting a robust ethical and independent approach to sustainability reporting and assurance in the public interest. We are involving all stakeholders at an early stage through global and inclusive consultation. We will continue to work collaboratively with IOSCO and other stakeholders to support a globally coordinated approach to ethics and assurance for sustainability reporting.”

    Tom Seidenstein, IAASB chair, added, “We share the sense of urgency highlighted in IOSCO’s report, are on track to delivering a high-quality standard on time, and embrace the report’s call for an inclusive process. Our efforts will include outreach to a wide range of stakeholders to ensure our standards are of high quality, meet the needs of users, and are profession-agnostic. The IAASB will intensify external outreach in the second half of 2023 in conjunction with the publication of a draft sustainability assurance standard.”

    About the IESBA
    The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, to underpin ethical behavior in the production, reporting and assurance of financial and non-financial information. 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. For copyright, trademark, and permissions information, please visit Permissions.

    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.

  • IESBA and IAASB Highlight Commitment to Deliver on Recommendations in New IOSCO Report on a Global Assurance Framework for Sustainability-related Corporate Reporting

    New York, NY English

    The International Ethics Standards Board for Accountants (IESBA) and International Auditing and Assurance Standards Board (IAASB) welcome the report released today by the International Organization of Securities Commissions (IOSCO) on developing a global assurance framework for sustainability-related corporate reporting. The IOSCO report reflects extensive research and feedback from key stakeholders. The report calls for timely development of ethics and assurance standards for sustainability reporting by the IESBA and the IAASB, respectively.

    The IESBA and the IAASB have responded to growing demand for high-quality assurance over sustainability-related information to enhance the reliability of corporate reporting by prioritizing their projects to develop relevant and complementary standards. Both the IESBA and IAASB will issue public consultations later this year on standards for sustainability ethics and assurance, respectively. Both boards plan to finalize their respective standards in 2024. IOSCO called for widespread outreach to ensure the standards meet the needs of users and benefit from diverse stakeholder input, among other recommendations. Both boards emphasize their commitment to address key considerations and recommendations presented in the IOSCO report.

    Commenting on the IOSCO report, Gabriela Figueiredo Dias, IESBA chair, stated, “We appreciate IOSCO's leadership in coordinating global consistency in sustainability assurance. The ethics standards that the IESBA is developing aim at supporting a robust ethical and independent approach to sustainability reporting and assurance in the public interest. We are involving all stakeholders at an early stage through global and inclusive consultation. We will continue to work collaboratively with IOSCO and other stakeholders to support a globally coordinated approach to ethics and assurance for sustainability reporting.”

    Tom Seidenstein, IAASB chair, added, “We share the sense of urgency highlighted in IOSCO’s report, are on track to delivering a high-quality standard on time, and embrace the report’s call for an inclusive process. Our efforts will include outreach to a wide range of stakeholders to ensure our standards are of high quality, meet the needs of users, and are profession-agnostic. The IAASB will intensify external outreach in the second half of 2023 in conjunction with the publication of a draft sustainability assurance standard.”

    About the IESBA
    The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, to underpin ethical behavior in the production, reporting and assurance of financial and non-financial information. 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. For copyright, trademark, and permissions information, please visit Permissions.

    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.

  • IESBA March Meeting Kicks Off with Abu Dhabi Accountability Authority’s Announcement of Adoption of IESBA Code

    New York, NY English

    The International Ethics Standards Board for Accountants (IESBA) witnessed an auspicious start to its March Board meeting with the announcement from the Abu Dhabi Accountability Authority (ADAA), host of the 5-day meeting, that it has adopted the 2022 edition of the IESBA International Code of Ethics for Professional Accountants (including International Independence Standards). The Code will be applicable to all entities subject to ADAA’s mandate for audits of financial statements for periods beginning on or after December 15, 2023.

    ADAA is the ultimate authority responsible for promoting the principles of accountability, transparency, and integrity across all Abu Dhabi government entities and institutions, whether local or international, in which the Abu Dhabi government has a vested interest of over 25%.

    “On behalf of IESBA, I applaud ADAA for this historic commitment to ethics and the public interest,” said Gabriela Figueiredo Dias, IESBA Chair. “IESBA’s ethics and independence standards could not fit better with ADAA’s mandate to work for the integrity and transparency of businesses within its remit. ADAA’s commitment to ensuring fair and transparent financial reporting and improving the quality of audit across all its subject entities will benefit immensely from its adoption of the Code.”

    The Code has been further strengthened in several important areas in recent years, including provisions addressing the role and mindset expected of professional accountants, and auditor independence requirements in relation to the provision of non-assurance services to audit clients and fees. Above all, the Code places a responsibility on all professional accountants to act in the public interest. The strength and global acceptance of the Code are evident as it has been adopted or is used in over 130 jurisdictions, translated into about 40 languages, and adopted by the 34 largest international networks of accounting firms for transnational audits.

    Wael Abdul Qader, Acting Head of Monitoring and Auditing Sector at ADAA, said: “We announce the full adoption of the standards set by the International Ethics Standards Board for Accountants. The standards will be applicable to preparers of financial information and financial statement auditors of Abu Dhabi Government Entities as part of our efforts to promote the principles of transparency, integrity and accountability and elevate the quality of audit.”

    The IESBA meeting will continue all week. In the days ahead, the IESBA will continue deliberating strategic issues on its project to develop ethics and independence standards for sustainability reporting and assurance as well as in a related project addressing the use of experts by professional accountants in both business and public practice. Among other agenda items, the IESBA is also expected to finalize a consultation paper on its strategy and work plan for 2024-2027.

    For more information about the ADAA's announcement, contact ADAACommunication@adaa.gov.ae.

    For more information about the IESBA March meeting, including how to register to observe, click here.  

     

    About the IESBA

    The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards).

    The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).

  • Momentum Builds for Corporate ESG Disclosure and Assurance, Yet Reporting Inconsistencies Linger, Study Finds

    New York, New York English

    The largest global companies continue to show momentum on corporate reporting and related assurance involving environmental, social and governance (ESG) issues, according to a new report from the International Federation of Accountants (IFAC) and AICPA & CIMA, the latter two of which form the Association of International Certified Professional Accountants. Yet significant hurdles remain when it comes to providing consistent, comparable, and high-quality sustainability information for investors and lenders.

    Some 95% of large companies reported on ESG matters in 2021, the latest year available, the IFAC-AICPA & CIMA study found. That’s up from 91% in 2019. Sixty-four percent of companies obtained assurance over at least some ESG information in 2021, up from 51% in 2019. The inability so far to coalesce around agreed upon global standards continues to create challenges, however.

    “Even as we see companies increasingly report on ESG and sustainability, the data we’re tracking reveals continuing fragmentation around the world in terms of which standards and frameworks are used,” noted IFAC CEO Kevin Dancey. “Eighty-six percent of companies use multiple standards and frameworks. This patchwork system does not support consistent, comparable, and reliable reporting. Importantly, it also does not provide the necessary foundation for globally consistent, high-quality sustainability assurance.

    The report also examines the extent to which companies provide forward-looking information on emissions reduction targets and plans. While two-thirds of companies disclosed targets, they lag the rate at which companies report their historic greenhouse gas emissions (97%).

    “Steady increases in reporting and assurance are significant, yet more companies need to take the additional step to obtain assurance to build trust and confidence in what they report,” said Susan Coffey, CPA, CGMA, AICPA & CIMA’s CE of public accounting. “The decision over who provides that assurance—and the rigor, skepticism and professional judgment they bring to the task—is critical.”

    Additional Key Findings

    • Use of Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-Related Financial Disclosures (TCFD) framework have increased significantly between 2019 and 2021: there was a 29% increase for SASB standards usage and 30% for the TCFD framework.
    • When companies obtained assurance from a professional accountant, they chose their statutory auditor 70% of the time.
    • Globally, the International Auditing and Assurance Standards Board’s International Assurance Engagement Standard 3000 (Revised) remains the most popular standard when providing assurance.
      • 95% of firms providing assurance use ISAE 3000, up from 88% in 2019.
      • 38% of non-accountant service providers use ISAE 3000, up from 34% in 2019.

    About the Study
    IFAC and AICPA &CIMA partnered to understand the environmental, social, and governance (ESG) reporting and assurance practices on a global basis by capturing reports containing ESG information in 21 jurisdictions. 1,350 companies were reviewed—100 from each of the largest six economies, with 50 companies reviewed in the remaining 15 jurisdictions. The current report includes data from 2019-2021. Full methodology is available in the study.

    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 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

    About the Association of International Certified Professional Accountants, and AICPA & CIMA
    The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

    The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

    The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

    Third Report from IFAC and AICPA & CIMA Identifies Sustainability Trends and Progress over Three-Year Span

  • IPSASB, IFAC & Accountancy Europe Host Interactive Discussion + Reception on Public Sector Sustainability Reporting

    New York, New York English

    Progressing sustainable development goals, including those related to climate change, requires urgent public sector action. Yet, as of now, no internationally recognized public sector reporting framework exists to help governments to measure and report on their critical contributions to addressing the global climate emergency and other sustainability challenges. With its public sector standard setting expertise and support of the international community, the International Public Sector Accounting Standards Board (IPSASB) is exploring how it might change that.  

    IPSASB, IFAC and Accountancy Europe will host an interactive discussion around key ideas the IPSASB is exploring related to the development of sustainability standards and the resources necessary to deliver the urgently needed public sector reporting guidance. 

    Equipping the Public Sector for Sustainability Action: Advancing transparency, comparability, and accountability with sustainability reporting will be held in Brussels, Belgium on April 4, 2023, from 4:00pm-6:00pm followed by a networking reception until 7:00pm.  

    “The urgency of advancing public sector sustainability reporting cannot be overstated,” said Ian Carruthers, IPSASB Chair. “While the IPSASB is pleased to be playing a leading role in developing the thinking on this initiative, the involvement of the global community will also be crucial to equipping the public sector with the tools it needs to address climate change and other sustainability challenges.”  

    “Public sector specific sustainability reporting standards will undoubtedly strengthen the global response to the climate crisis,” said Kevin Dancey, IFAC CEO. “IFAC applauds the IPSASB's lead on addressing this gap and encourages all of our stakeholders to get involved however they can.”  

    “The public sector is essential to the economy in European countries: the necessary transition will not happen without it”, said Olivier Boutellis-Taft, Accountancy Europe’s CEO. “Proper sustainability reporting is a minimum and long-awaited first step. We applaud the IPSASB’s leadership and look forward to this discussion.” 

    The event will feature:  

    • Ian Carruthers, Chair, IPSASB  
    • Olivier Boutellis-Taft, CEO, Accountancy Europe  
    • Andrew Blazey, Deputy Head of Division and Lead, Green Budgeting, OECD 
    • Maria-Rosa Aldea Busquets, Deputy Director General, DG Budget, European Commission 
    • Laura Leka, Principal, IFAC
    • Alex Metcalfe, Global Head of Public Sector, ACCA 
    • Vivi Niemenmaa, Secretary General - INTOSAI WGEA / National Audit Office of Finland 
    • Lebogang Senne, Technical Director, Pan African Federation of Accountants (PAFA)  
    • Ross Smith, Program and Technical Director, IPSASB  
    • Eelco van der Enden, CEO, GRI  
    • Additional participants TBA 

    The in-person interactive discussion will be followed by a networking reception. The event is free to attend and will be held in English. View the agenda and register now.  

    About 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 governments of Canada and New Zealand. 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 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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

    About Accountancy Europe 
    Accountancy Europe unites 50 professional organisations from 35 countries that represent 1 million professional accountants, auditors, and advisors. They make numbers work for people. Accountancy Europe translates their daily experience to inform the public policy debate in Europe and beyond. Accountancy Europe is in the EU Transparency Register (No 4713568401-18). 

    Event will be held in person April 4 from 4-6pm with reception to follow in Brussels, Belgium

  • IPSASB, IFAC & Accountancy Europe Host Interactive Discussion + Reception on Public Sector Sustainability Reporting

    New York, New York English

    Progressing sustainable development goals, including those related to climate change, requires urgent public sector action. Yet, as of now, no internationally recognized public sector reporting framework exists to help governments to measure and report on their critical contributions to addressing the global climate emergency and other sustainability challenges. With its public sector standard setting expertise and support of the international community, the International Public Sector Accounting Standards Board (IPSASB) is exploring how it might change that.  

    IPSASB, IFAC and Accountancy Europe will host an interactive discussion around key ideas the IPSASB is exploring related to the development of sustainability standards and the resources necessary to deliver the urgently needed public sector reporting guidance. 

    Equipping the Public Sector for Sustainability Action: Advancing transparency, comparability, and accountability with sustainability reporting will be held in Brussels, Belgium on April 4, 2023, from 4:00pm-6:00pm followed by a networking reception until 7:00pm.  

    “The urgency of advancing public sector sustainability reporting cannot be overstated,” said Ian Carruthers, IPSASB Chair. “While the IPSASB is pleased to be playing a leading role in developing the thinking on this initiative, the involvement of the global community will also be crucial to equipping the public sector with the tools it needs to address climate change and other sustainability challenges.”  

    “Public sector specific sustainability reporting standards will undoubtedly strengthen the global response to the climate crisis,” said Kevin Dancey, IFAC CEO. “IFAC applauds the IPSASB's lead on addressing this gap and encourages all of our stakeholders to get involved however they can.”  

    “The public sector is essential to the economy in European countries: the necessary transition will not happen without it”, said Olivier Boutellis-Taft, Accountancy Europe’s CEO. “Proper sustainability reporting is a minimum and long-awaited first step. We applaud the IPSASB’s leadership and look forward to this discussion.” 

    The event will feature:  

    • Ian Carruthers, Chair, IPSASB  
    • Olivier Boutellis-Taft, CEO, Accountancy Europe  
    • Andrew Blazey, Deputy Head of Division and Lead, Green Budgeting, OECD 
    • Maria-Rosa Aldea Busquets, Deputy Director General, DG Budget, European Commission 
    • Laura Leka, Principal, IFAC
    • Alex Metcalfe, Global Head of Public Sector, ACCA 
    • Vivi Niemenmaa, Secretary General - INTOSAI WGEA / National Audit Office of Finland 
    • Lebogang Senne, Technical Director, Pan African Federation of Accountants (PAFA)  
    • Ross Smith, Program and Technical Director, IPSASB  
    • Eelco van der Enden, CEO, GRI  
    • Additional participants TBA 

    The in-person interactive discussion will be followed by a networking reception. The event is free to attend and will be held in English. View the agenda and register now.  

    About 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 governments of Canada and New Zealand. 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 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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

    About Accountancy Europe 
    Accountancy Europe unites 50 professional organisations from 35 countries that represent 1 million professional accountants, auditors, and advisors. They make numbers work for people. Accountancy Europe translates their daily experience to inform the public policy debate in Europe and beyond. Accountancy Europe is in the EU Transparency Register (No 4713568401-18). 

    Event will be held in person April 4 from 4-6pm with reception to follow in Brussels, Belgium

  • Joint Statement from the IESBA and IAASB Chairs on the ISSB’s Progress Toward Inaugural International Sustainability Standards

    New York, New York English

    The International Ethics Standards Board for Accountants and the International Auditing and Assurance Standards Board applaud the recent announcement by the International Sustainability Standards Board (ISSB) that final decisions for all technical content related to ISSB's inaugural sustainability standards have been made and that the ISSB is entering the final stages of the standards development process ahead of an expected issuance at the end of Q2 2023.

    We echo the recent statement of support from the International Organization of Securities Commissions (IOSCO) and appreciate IOSCO's encouragement for our boards’ work to develop standards by the end of 2024. The IOSCO statement is a timely reminder that providing the necessary assurance and ethics standards is essential to complete the sustainability reporting and assurance standards infrastructure. We will continue to work closely with all parties as we develop our sustainability standards, which we will discuss at our respective March meetings.