The International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board) today released for public comment the Consultation Paper, Improving the Structure of the Code of Ethics for Professional Accountants™ (the Code). The paper seeks input from stakeholders on approaches that could be taken to improve the clarity and usability of the Code, thereby facilitating its adoption, effective implementation, and consistent application.

Among the various matters on which the Ethics Board is consulting are:

• Restructuring the Code to more clearly distinguish requirements from guidance;
• Reorganizing the content of the Code, including rebranding the Code, or parts thereof, as international standards;
• Identifying responsibility for compliance with the Code in particular circumstances; and
• Simplifying the wording of the Code so that it can be more readily understood.

“This is a seminal initiative which could result in a completely new presentation of the Code that would make it more accessible, understandable, and enforceable,” noted Interim IESBA Chair Wui San Kwok, adding, “These aims are central to enhancing the usability of the Code and thereby its further adoption globally in the public interest.”

The paper includes illustrative examples of how a restructured Code might be presented. The input received from the consultation will supplement the Ethics Board’s research to date and inform its views of the way forward. This may in due course lead to the publication of an Exposure Draft containing the Ethics Board’s proposals for restructuring the Code and addressing any of the related issues set out in the paper.

“The board has received strong support from stakeholders to take a fresh look at the structure of the Code as a priority,” said IESBA Technical Director Ken Siong. “The current thinking is that an improved structure would provide a platform for future development and maintenance of the Code, and allow for more user-friendly features, including increased search and query capabilities.”

In connection with this project, a web-based version of the Code—to enhance accessibility and navigability—is currently in development and will be launched later this month.

How to Comment
The Ethics Board invites all stakeholders to comment on the Consultation Paper. To access the document and submit a comment, please visit the Ethics Board’s website at www.ethicsboard.org. Comments are requested by February 4, 2015.

About the IESBA
The International Ethics Standards Board for Accountants is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has published its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework), following the approval of the final four chapters at its September 2014 meeting.

The publication of the Conceptual Framework provides the IPSASB with the concepts that will underpin the development of International Public Sector Accounting Standards™ (IPSASs™) and Recommended Practice Guidelines (RPGs) in the coming years. It enables the IPSASB to further improve the consistency of its standard-setting by strengthening the linkage between IPSASs. Additionally, the transparency of the concepts underpinning the development of IPSASs and RPGs enhances the IPSASB’s accountability.

The primary objective of most public sector entities is to deliver services to the public, rather than to make profits and generate a return on equity to investors. The Conceptual Framework responds to key public sector characteristics in its approach to elements (the building blocks of financial statements), the measurement of assets and liabilities, and the presentation of financial reports, while focusing on service recipients’ and resource providers’ needs for high-quality financial reporting information for both accountability and decision-making purposes.

“The publication of the Conceptual Framework is a landmark in global public sector financial reporting and is indicative of the IPSASB’s growing maturity as a global public sector standard-setter,” said IPSASB Chair Andreas Bergmann. “It reflects the unique characteristics of the public sector and puts the IPSASB in a strong position to focus on key standard-setting activities over the next few years. The IPSASB has already made sound initial progress on its social benefits project and the completion of the Conceptual Framework provides further impetus for this important initiative.” 

Prof. Bergmann said the IPSASB will be making decisions on new projects in early 2015.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities.  It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.  The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®) today announced the availability of the 2014 editions of the handbooks from the:

• International Auditing and Assurance Standards Board^® (IAASB^®);
• International Accounting Education Standards Board™ (IAESB™);
• International Ethics Standards Board for Accountants^® (IESBA^®); and
• International Public Sector Accounting Standards Board^® (IPSASB^®).

2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements

The 2014 edition of the handbook includes ISAE™ 3000 (Revised) and Conforming Amendments. A third volume has been added to the handbook that contains the International Framework for Assurance Engagements (previously included in Volume II of the handbook) and the recently issued Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality.

To access an electronic copy of the handbook for personal use, purchase print copies, or find information on recent developments and outstanding exposure drafts, visit the IAASB’s website at www.iaasb.org.

2014 Handbook of International Education Pronouncements

The 2014 handbook contains the IAESB’s suite of eight International Education Standards™ (IESs™), including the re-drafted IES 7, Continuing Professional Development, IAESB Glossary of Terms, Framework for International Education Standards for Professional Accountants (the Framework), and three International Education Practice Statements. It replaces the 2010 edition of the Handbook of International Education Pronouncements. One of the more significant changes to the handbook is the addition of a new section that includes the newly revised IESs that have been approved by the IAESB, but are not effective at the time of the Handbook’s release.

To access an electronic copy of the handbook for personal use, purchase print copies, or find information on recent developments and outstanding exposure drafts, visit the IAESB’s website at www.iaesb.org.

2014 Handbook of the Code of Ethics for Professional Accountants

The 2014 IESBA Handbook contains the entire Code of Ethics for Professional Accountants™. This edition incorporates several revised pronouncements that were published previously and are now effective—addressing a breach of a requirement of the Code, conflicts of interest, and the definition of “those charged with governance.” It also contains the revised definition of “engagement team” (effective for audits of financial statements for periods ending on or after December 15, 2014).

To access an electronic copy of the handbook for personal use, purchase print copies, or find information on recent developments and outstanding exposure drafts, visit the IESBA’s website at www.ethicsboard.org. 

2014 Handbook of International Public Sector Accounting Pronouncements

This Handbook contains the complete set of the International Public Sector Accounting Standards Board’s (IPSASB) pronouncements on International Public Sector Accounting Standards™ (IPSASs™). It also includes Recommended Practice Guidelines (RPGs), with the introduction of RPG 1–Reporting on the Long-Term Sustainability of an Entity’s Finances and RPG 2-Financial Statement Discussion and Analysis, which were both approved in June 2013 and issued in July 2013. 

To access an electronic copy of the handbook for personal use, purchase print copies, or find information on recent developments and outstanding exposure drafts, visit the IPSASB’s website at www.ipsasb.org.

About the Handbooks
The standards and pronouncements in each of the handbooks were developed by the IAASB, IAESB, IESBA, and IPSASB, respectively. The structures and processes that support the operations of these independent standard-setting boards, including publishing the handbooks, are facilitated by IFAC.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession dedicated to serving the public interest, today submitted eight recommendations to support global economic growth and resilience for consideration at the forthcoming G-20 Leader’s Summit in Brisbane, Australia, November 15-16.

IFAC’s eight recommendations to help achieve strong, sustainable, and balanced growth are centered upon three core themes:

• Global consistency for sound financial regulation and standards for reporting and audit;
• Enhanced financial management, reporting, transparency and accountability by governments; and
• Effective taxation systems.

Fayez Choudhury, IFAC Chief Executive, commented: “IFAC understands that global economic growth, stability, and long-term resilience can only be truly supported once governments and the private sector ‘get the numbers right.’ Our detailed recommendations are aimed squarely at regaining momentum toward globally consistent regulation and adoption of high-quality international financial reporting, auditing, and auditor independence standards and requirements, improving both public and private sector transparency, and reducing taxation opacity. 

“We have seen too many times throughout history how flawed numbers, and the decisions they impact, can lead to the unravelling of global economic stability. The most recent financial crisis generated much global interest in finally addressing the need for internationally consistent, appropriate regulation to help avert future crises. That momentum has dissipated and we need to regain it. Instead, unilateral government action is creating more divergence, which does not augur well for a coordinated global response to the next crisis.

“If adopted, our recommendations would serve the public interest by placing integrity—in recognizing, measuring, processing, and reporting financial transactions—at the heart of the numbers relied upon by decision-makers to maintain economic performance and social cohesion.

“The accountancy profession’s skills and experience are essential to advancing economic stability, strengthening financial systems and architecture, and promoting accountability and longer-term sustainability and growth. We have proposed to the G-20’s leaders eight effective, practical recommendations focused on protecting and serving the global public interest, and which if adopted would significantly enhance global economic stability,” he said.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Matthew Waldron has been appointed as the incoming Chair of the Consultative Advisory Group (CAG) to the International Auditing and Assurance Standards Board(IAASB), effective April 1, 2015. 

His appointment, which has been approved by the Public Interest Oversight Board,* follows his election by members of the IAASB CAG.**

The UK Department for International Development (DFID), which leads the United Kingdom’s work to end extreme poverty, and the International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, have entered into an agreement to strengthen professional accountancy organizations (PAOs) in developing countries. Under this agreement, DFID will provide £4.935 million to IFAC over seven years. The funding will be used to strengthen PAOs in at least 10 DFID focal countries to play a greater role in furthering economic development. These focal countries are currently being selected by IFAC, in consultation with its regional organizations and DFID.

IFAC invites organizations to indicate their interest in providing PAO capacity-building services under this agreement. IFAC will facilitate, coordinate, and supervise projects, including peer-to-peer support by more established PAOs, to build developing country PAOs’ managerial, financial, and technical capacity so that they can drive improvements in professional and ethical standards.

Expressions of Interest can be submitted via www.surveygizmo.com/s3/1735005/Expression-of-Interest. Interested organizations should be able to demonstrate that they have the required qualifications and relevant experience to perform the capacity-building services. Based on information in the Expressions of Interest, IFAC will evaluate interested organizations and—in the future—invite eligible organizations to submit proposals to provide services for specific projects. Further information is available by emailing development@ifac.org.

Timetable and Deadlines for Expressions of Interest

• October 17, 2014, 8:30 am (New York time) – Webinar for applicants to clarify any matters. Please email development@ifac.org to receive instructions for participation.
• November 19, 2014 – Deadline for submissions of interest.
• First Quarter 2015 –Organizations will be invited to submit full proposals.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About DFID
The Department for International Development (DFID) leads the UK’s work to end extreme poverty. We're ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information visit www.gov.uk/dfid.

Dr. Stavros B. Thomadakis has been appointed chair of the International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board), beginning January 1, 2015 for a three-year term. Dr. Thomadakis’ appointment has been approved by the Public Interest Oversight Board* (PIOB).

Dr. Thomadakis’ professional career includes a 40-year tenure as professor of financial economics at the University of Athens, the City University of New York, and MIT, as well as a number of regulatory and oversight roles. He brings familiarity with the Ethics Board in an oversight capacity, having served as the first chair of the PIOB from 2005 to 2011. He is a current member of the Securities Markets Stakeholders Group of the European Securities Market Authority. Additionally, he has chaired both the Capital Market Commission of Greece and the European Regional Committee of the International Organization of Securities Commissions, and he is currently chair of the Board of the University of the Aegean.

As chair of the Ethics Board, Dr. Thomadakis will lead the board in the implementation of its newly published Strategy and Work Plan, 2014-2018 (see below). A key function of the chair is to enable and promote a deeper understanding by stakeholders and the public of the strategy and activities of the Ethics Board. The chair also coordinates the deliberative and consultative processes of the board; moreover, he develops and maintains effective relationships with regulators, the preparer, investor and corporate governance communities, national standard setters, the accountancy profession, and other key stakeholders.

“Ethics standards are a foundation of trust in the accounting profession and essential to its fulfilling the responsibility to act in the public interest. It is an honor to lead the work of the Ethics Board. I am looking forward to advancing the board’s agenda and particularly to continuing the extended outreach program initiated by the late chair, Jörgen Holmquist, whose dedication and leadership will not be soon forgotten,” said Mr. Thomadakis.

The Ethics Board also today released its Strategy and Work Plan, 2014-2018. The publication highlights the board’s priorities and planned actions toward achieving the objective of setting high-quality ethics standards for professional accountants that are widely adopted around the world.

The Strategy and Work Plan lays out four inter-connected strategic themes that articulate the board’s vision over the medium to longer term:

• maintaining a high quality Code of Ethics for Professional Accountants™ (the Code) for application by professional accountants globally;
• promoting and facilitating the adoption and effective implementation of the Code;
• evolving the Code for continued relevance in a changing global environment; and
• increasing engagement and cooperation with key stakeholders.

“The Code has now been adopted or used as the basis for national ethics standards in over 100 jurisdictions around the world. Continued strengthening of the Code, and thereby moving toward even greater acceptance of and global convergence with the Code, is at the heart of our five-year Strategy and Work Plan,” noted Interim Chair Wui San Kwok, adding, “Importantly, the board is determined through the Strategy and Work Plan to reinforce public trust in the Code and to ensure that it continues to remain relevant in supporting the diverse and vital roles that professional accountants play in the public interest.”

The Strategy and Work Plan was developed with input from a wide range of stakeholders, including a survey of stakeholders and a public Consultation Paper.

To access the entire Strategy and Work Plan and to learn more about the board’s projects, visit the Ethics Board’s website: www.ethicsboard.org.

*Note to Editors

The Public Interest Oversight Board (PIOB) was established in February 2005 to ensure that international auditing and assurance, ethics, and education standards for the accountancy profession are set in a transparent manner that reflects the public interest. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IESBA, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

About the IESBA

The International Ethics Standards Board for Accountants is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants^® (IFAC^®) today issued International Good Practice Guidance, Developing and Reporting Supplementary Financial Measures. The guidance provides recommendations for the use of supplementary financial measures as part of high-quality financial reporting in organizations.

Since supplementary financial measures fall outside the remit of Generally Accepted Accounting Principles (GAAP), they may lack transparency, comparability, and consistency—essential qualities for investors and other stakeholders wanting to assess financial performance. To address this challenge, the PAIB Committee’s guidance establishes a set of principles that allows professional accountants to develop and report useful measures in accordance with the qualitative characteristics of financial information.

“Supplementary financial measures can provide stakeholders with a greater understanding of an organization’s financial performance, helping them make more informed financial decisions,” said Charles Tilley, Chair of the PAIB Committee. “Because supplementary financial measures are widely used, and can contribute to the overall picture of an organization, our aim is to improve their quality and usefulness.”

The guidance builds on the qualitative characteristics of useful financial reporting: relevant and faithful representation, as well as comparability, verifiability, timeliness, and understandability.

“All measures in a financial report, whether they are prescribed by GAAP or are supplementary, should be clearly defined to provide comprehensive understanding of an organization’s financial performance,” said Karyn Brooks, Chair of the PAIB Committee’s Business Reporting Advisory Group. “This guidance will serve as a reference for the development, implementation, location, and disclosure of supplementary financial measures.”

As part of IFAC’s commitment to strengthen financial reporting practices and the PAIB Committee’s efforts to support professional accountants in business, this guidance reinforces accountants’ ability to produce high-quality reports that enable sound decision making about organizations.

About International Good Practice Guidance
International Good Practice Guidance issued by the PAIB Committee cover areas of international and strategic importance in which professional accountants in business are likely to engage. In issuing principles-based guidance, IFAC seeks to foster a common and consistent approach to those aspects of the work of professional accountants in business not covered by international standards. IFAC seeks to clearly identify principles that are generally accepted internationally and applicable to organizations of all sizes in commerce, industry, education, and the public and not-for-profit sectors. Previously issued guidance is available on the IFAC website, including Preface to IFAC’s International Good Practice Guidance.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has approved its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework).

The Conceptual Framework establishes the concepts that will guide the IPSASB’s approach to standard-setting and guidance. It addresses concepts applicable to both public sector financial statements and a wider set of public sector financial reporting needs. The Conceptual Framework identifies and responds to the key characteristics of the public sector, notably that the primary purpose of most governments and public sector entities is to deliver services to citizens and others. Therefore, the purpose of financial reporting in the public sector is to provide useful information for service recipients and resource providers.

“Approving the Conceptual Framework is a historic achievement for the IPSASB and a landmark for setting global accounting standards for the public sector,” said IPSASB Chair Andreas Bergmann. “These concepts will provide the basis for our ongoing development of consistent and useful International Public Sector Accounting Standards™ (IPSASs™) and Recommended Practice Guidelines (RPGs). They will also provide guidance to preparers faced with financial reporting issues not dealt with by IPSASs or RPGs.”

The completed Conceptual Framework is expected to be issued by the end of October 2014. The final four chapters were approved by the IPSASB during its September meeting. Those four chapters, which address the definition, recognition, and measurement of the “elements” (or building blocks) of financial statements and presentation in General Purpose Financial Reports, join the original four chapters, which were issued early in 2013, bringing the entire Conceptual Framework to eight chapters. The development process included eight public consultations with the IPSASB‘s global constituency.

The Conceptual Framework project has been the key strategic priority for the IPSASB in recent years. Its successful completion allows the IPSASB to focus on projects to be identified through its public consultation on strategy for 2015 forward and work program for 2015-2019, along with projects already initiated, including social benefits. The Conceptual Framework will provide a solid basis for future standard setting by the IPSASB. The IPSASB will continue to work in the public interest, responding to the global financial reporting needs of governments and other public sector entities as appropriate.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities.  It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.  The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment a Consultation Paper (CP), The Applicability of IPSASs to Government Business Enterprises and Other Public Sector Entities.

Government Business Enterprises (GBEs) are generally commercially oriented entities that can have a significant impact on a government’s financial performance and financial position. Globally, GBEs vary in size, the goods and services they deliver, their financial objectives, and their governance arrangements. GBEs include major enterprises in areas such as transportation and utilities.

Currently, the term “GBE” is defined in International Public Sector Accounting Standard™ (IPSAS™) 1, Presentation of Financial Statements. IPSASs are not developed for GBEs. The scope section of each IPSAS states that GBEs apply International Financial Reporting Standards issued by the International Accounting Standards Board. The IPSASB has received feedback indicating there are a wide range of entities being described as GBEs. Some of these entities clearly do not meet the IPSASB definition of a GBE. In other cases, there are different interpretations of components of the definition.

The IPSASB has developed two approaches to communicate its view of the entities to which IPSASs apply. Under the first approach, the IPSASB would describe the characteristics of public sector entities for which IPSASs are intended. This would be done by either drawing on the IPSASB’s current and developing literature or by reference to terminology in Government Finance Statistics reporting guidelines.  Under this approach, there would no longer be a definition of GBE in the IPSASB literature.

Under the second approach, the definition of a GBE would be retained. The IPSASB would clarify the GBE definition and would possibly narrow it to entities with a profit-seeking objective.

The IPSASB’s preliminary view is that the first of these two approaches is the best way forward. This is because it is principles-based and focuses on the high-level characteristics of entities for which IPSASs are intended.

“The IPSASB acknowledges the role of regulators in determining the accounting standards to be applied by different entities in their jurisdictions,” said IPSASB Chair Andreas Bergmann. “The IPSASB considers that it has a responsibility to be transparent about the types of public sector entities for which it is developing IPSASs. We look forward to hearing whether constituents support the approach of providing a high-level description of the characteristics of public sector entities for which IPSASs are intended or, instead, retention and improvement of the definition of a GBE.”

How to Comment
To access the Consultation Paper and the At-a-Glance document, which provides a summary of the Consultation Paper, or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the Consultation Paper are requested by December 31, 2014. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Consultation Paper to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities.  It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.  The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

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. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.