The International Auditing and Assurance Standards Board (IAASB) today released for public comment proposed changes to the International Standards on Auditing (ISAs) to clarify expectations of auditors when auditing financial statement disclosures.

The proposals include new guidance on considerations relevant to disclosures—from when the auditor plans the audit and assesses the risks of material misstatement, to when the auditor evaluates misstatements and forms an opinion on the financial statements.

“Addressing financial reporting disclosures has always been an integral part of an audit of financial statements in accordance with the ISAs. Over the past decade, however, financial reporting disclosure requirements and practices have evolved, and disclosures now provide more decision-useful information that is often more narrative and subjective in nature,” notes IAASB Chairman Prof. Arnold Schilder. “This gives rise to challenges from an auditing point of view, and the proposals enhance certain areas in the ISAs to support the proper application of the standards’ requirements.”

The IAASB’s work has been informed by the feedback to its January 2011 Discussion Paper, The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications. The board has also benefited from liaison and outreach with stakeholders, including accounting standard setters, which are also actively exploring initiatives relating to disclosures. The IAASB acknowledges that many of the issues around disclosures cannot be solved by the IAASB alone, and that collaboration and cooperation between many interested stakeholders is necessary to further enhance the public’s confidence in financial statement disclosures.

“Public confidence in financial reporting can be damaged when there are poor quality disclosures, including excessive or immaterial disclosures that may obscure understanding of important matters. This can result, for example, when disclosures are prepared and audited relatively late in the financial reporting process,” notes IAASB Technical Director James Gunn. “One of the key areas addressed in the board’s proposals, therefore, is additional guidance to help establish an appropriate focus by the auditor on disclosures and encourage earlier auditor attention on them during the audit process, including disclosures where the information is not derived from the accounting system.”

How to Comment
The IAASB invites all stakeholders to comment on the IAASB Exposure Draft of proposed changes to the ISAs to address disclosures in an audit. To access the Exposure Draft or submit a comment, visit the IAASB’s website at www.iaasb.org. Comments are requested by September 11, 2014.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (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 Call for Applications:Chair of the International Ethics Standards Board for Accountants (IESBA) was issued today.

The Chair will lead the strategic direction of the IESBA, serving on a remunerated basis for a minimum of 150 days per year beginning January 1, 2015. He/she will work closely with the IESBA senior staff to facilitate the deliberative and consultative processes that underpin the authority of the IESBA and the legitimacy of its standards and activities. In addition, the Chair will be involved in developing and maintaining effective relationships with national standard setters, regulators, and other key stakeholders.

The successful candidate should have effective leadership, communication, and strategic skills; demonstrated technical and professional competency; and a commitment to the IESBA and its mission to protect the public interest. He or she will have very significant and senior experience. Exposure to professional ethical issues at a national, regional, or international level would be an asset, as would familiarity with regulatory and standard-setting processes. Only individuals who possess the highest integrity will be considered. The preferred candidate is an individual who is not a professional accountant. Candidates who are professional accountants will need to demonstrate their independence from the accountancy profession.

The IESBA Chair reports functionally to the Public Interest Oversight Board on matters related to the Board’s work program and refers to the Managing Director, Professional Standards, as a resource and key source of advice.

The IESBA is an independent standard-setting body that develops and issues the Code of Ethics for Professional Accountants (the Code). The Code includes standards on auditor independence and is applicable to the actions and decisions of all professional accountants, including those in business.

For further information about the position, please see the Call for Applications: Chair of the IESBA on the IFAC website. Applications are due by June 6, 2014.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA) 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.

About IFAC
The International Federation of Accountants (IFAC) is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. 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.

There are positive signs the sovereign debt crisis is easing. The Greek and Portuguese governments have re-entered the bond markets and Portugal is poised to become the second Eurozone country, after Ireland, to exit its bailout arrangements.

Therefore, it is timely to reflect on what has been done since the bailout programs were introduced and since lenders to the Greek government wrote off significant losses on their debt holdings. Austerity measures have been implemented and government cash reserves built up, but much still needs to be done to raise the general standard of government reporting, transparency, and accountability.

We must not forget too quickly the lessons of poor government reporting—that in some cases was misleading.

At the heart of the issue remains a concern: private sector companies raising funds from investors on the capital markets are required to provide audited, accrual-based, financial statements, yet too many governments—even ones with bonds on the capital markets—don’t follow the same practices. In fact, many do not even use accrual accounting.

It has now been over a year since the G-20 Finance Ministers and Central Banks Governors' Meeting in Moscow declared a “goal of strengthening the public sector balance sheet” and of “looking at transparency and comparability of public sector reporting, and monitoring the impact of financial sector vulnerabilities on public debt.”

An integral part of promoting such transparency and comparability is accrual-based financial reporting in accordance with high-quality, globally-accepted standards, such as the International Public Sector Accounting Standards (IPSASs).

As one response to the G-20, the International Monetary Fund (IMF) and World Bank—along with the Organisation for Economic Co-operation and Development (OECD)—have progressed a review of the governance of the International Public Sector Accounting Standards Board (IPSASB). Additionally, the European Commission, through Eurostat, initiated work to consider how public sector financial reporting can be improved within the European Union. It noted that IPSASs “represent an indisputable reference for potential development of European standards.”

“IFAC is encouraged by several initiatives that are currently underway; in particular, strengthening the current governance arrangements of the IPSASB will further enhance the credibility of IPSASs and their influence on public sector financial reporting,” said Fayezul Choudhury, Chief Executive Officer of IFAC. “However, there is much more that needs to be done, and we believe that the G-20 has a key role to play in ensuring that momentum is maintained and governments recognize the benefits of enhancing financial management and reporting—to ultimately improve transparency and accountability.”

IFAC strongly recommends that, throughout 2014 and into the coming years, the G-20—in particular, finance ministers and central bank governors—continue to focus on this critical matter. To promote greater adoption of IPSASs, IFAC believes that these standards should be added to the Financial Stability Board’s list of standards that are designated as deserving of priority implementation.

Furthermore, as part of its key strategic focus IFAC will continue to promote the need for enhanced public sector reporting and financial management through its recently launched Accountability Now! initiative, which aims to promote awareness of the issue, facilitate guidance on implementation of IPSASs, and encourage the development of needed technical capacity.

The International Federation of Accountants (IFAC) today announced the appointment of James Gunn as Managing Director, Professional Standards. Mr. Gunn’s appointment is effective at the end of June 2014, upon the retirement of Jim Sylph.

As Managing Director, Mr. Gunn will be a resource and key source of advice to the chairs of the independent standard-setting boards* and oversee the senior management of the boards. He will serve as a spokesperson for the boards and, with the boards’ chairs, establish and maintain relationships with key stakeholders. The position reports functionally to the chairs of the standards boards, and administratively to IFAC’s Chief Executive Officer (CEO). Mr. Gunn will also be the primary liaison between the independent standard-setting boards, the Monitoring Group, and the Public Interest Oversight Board (PIOB), as well as between the boards and IFAC.

“Having someone with James’ experience and knowledge in this role will continue to safeguard the independence of the standard-setting boards, while ensuring the continuation of a sound working relationship with the PIOB, IFAC, and other international groups,” said Fayez Choudhury, IFAC’s CEO. “In this position, James will contribute to the ongoing discussions with the Review Group developing proposals for the most appropriate oversight arrangements for the International Public Sector Accounting Standards Board.”

Currently, Mr. Gunn is the Technical Director of the International Auditing and Assurance Standards Board (IAASB), a board he has served for over a decade. In this position, Mr. Gunn has managed and overseen the activities of the board and its staff, and played a pivotal role in representing the board, building relationships, and conducting outreach with international stakeholders in more than 35 countries around the world. Mr. Gunn’s career began in the early 1990s with KPMG in its Canadian audit practice, and included a term in its national office.

“I am honored to have been selected for this position. I look forward to the challenges and opportunities of maintaining and building the confidence of the regulatory community, the profession, and other stakeholders in the public interest work of the independent standard-setting boards,” commented Mr. Gunn.

Mr. Gunn was selected after an extensive global call for applications. The process of identifying Mr. Gunn’s replacement as IAASB Technical Director is underway.

* The independent standard-setting boards consist of the International Auditing and Assurance Standards Board (IAASB), the International Accounting Education Standards Board (IAESB), the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB). IFAC serves the public interest by contributing to the development of strong and sustainable organizations, markets, and economies. As part of its public interest mandate, IFAC contributes to the development of high-quality international standards by facilitating and resourcing these standard-setting boards.

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.

El Consejo de Normas Internacionales de Auditoría y Aseguramiento (IAASB) ha emitido para comentarios una versión mejorada del borrador de consulta Norma Internacional de Auditoría (NIA) 720 (revisada), La responsabilidad del auditor relacionada con  otra información. El estándar propuesto aclara y fortalece el alcance y el enfoque de los esfuerzos del auditor sobre la información incluida en los informes anuales de las entidades, diferentes a los estados financieros auditados, e introduce nuevas responsabilidades de información del auditor.

"En los últimos años han surgido desarrollos significativos en la información corporativa, particularmente en la información incluida en los informes anuales de las entidades. La importancia que los usuarios atribuyen a esta información adicional, y el peso que le otorgan, ha aumentado notoriamente desde la emisión original de la NIA 720," comentó Arnold Schilder, presidente del IAASB. "Los auditores tienen ciertas responsabilidades frente a esta información adicional como parte de la auditoría de los estados financieros de una entidad, y el IAASB tiene la intención de fortalecerlas—además los usuarios deben saber cuáles son estas responsabilidades."

Bajo la NIA propuesta, el auditor estaría requerido a realizar procedimientos limitados para evaluar la consistencia de la otra información con los estados financieros auditados. Adicionalmente, al leer la otra información, el auditor tendría como responsabilidad considerar si existe una inconsistencia material entre la otra información y el conocimiento del auditor obtenido durante el trascurso de la auditoría, y permanecer alerta frente a otras indicaciones que impliquen que la información adicional pudiera contener un error material.  Los términos 'otra información' (o información adicional) e 'informe anual' están definidos y explicados en el estándar a fin de aclarar al máximo el alcance del mismo, permitiendo igualmente su apropiada aplicación frente a los diferentes regímenes y prácticas corporativos de información en una amplia variedad de territorios y circunstancias.

"La retroalimentación sobre la primeras propuestas del IAASB en el 2012 indicó un amplio apoyo a la intención del IAASB de fortalecer las responsabilidades del auditor frente a la información adicional, incluyendo así nuevas responsabilidades de información. No obstante, los comentaristas de diferentes grupos de partes interesadas consideraron que las propuestas debían ser más claras en ciertas áreas para evitar prácticas potencialmente divergentes, tanto entre auditores como entre territorios—un resultado que iría en contra de los beneficios deseados por el IAASB," explicó James Gunn, Director Técnico del IAASB.

Cómo comentar
El IAASB invita a todas las partes interesadas a enviar sus comentarios sobre el Borrador de Consulta del IAASB sobre la NIA 720 propuesta. Para acceder al Borrador de Consulta o enviar un comentario, visitar el siguiente sitio web del IAASB www.iaasb.org/publications-resources. Los comentarios deben ser entregados antes de julio 18, 2014.

Acerca del IAASB
El IAASB (IAASB) desarrolla normas y guías de auditoría y aseguramiento para uso de todos los contadores profesionales, bajo un proceso compartido de emisión de normas que involucra al Consejo de Supervisión del Interés Público (PIOB), el cual supervisa las actividades del IAASB, y del Grupo Consultivo Asesor del IAASB, el cual genera aportes de interés público para el desarrollo de normas y guías. Las estructuras y los procesos que soportan las operaciones del IAASB son facilitados por la Federación Internacional de Contadores (IFAC).

Acerca de la IFAC
IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y contribuir en el desarrollo de economías internacionales sólidas. La IFAC se compone de 179 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,5 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio.

Nueva York, Nueva York, abril 10, 2014) – El Departamento de Desarrollo Internacional del Reino Unido (DFID por sus siglas en inglés) y la Federación Internacional de Contadores (IFAC), la organización global para la profesión contable, anunció un acuerdo de desarrollo de las organizaciones profesionales de contabilidad (OPC) en economías emergentes. Esta nueva iniciativa fue anunciada en un evento de mesas redondas en Londres, celebrado por Justine Greening, Secretaria de Estado para el Desarrollo Internacional (Reino Unido), en el cual participó Warren Allen -Presidente de la IFAC.

Según el acuerdo, el DFID proporcionará una financiación de £4.935 millones a la IFAC, a lo largo de siete años. Esta financiación será utilizada para fortalecer a las OPC en al menos 10 países DFID focales en cuatro regiones: Asia, Caribe, Medio Oriente y África del Norte, y África Subsahariana.  La IFAC facilitará, coordinará, y supervisará los programas de creación de capacidades y el soporte técnico, incluyendo soporte de igual a igual por parte de las OPC más establecidas, incluyendo las del Reino Unido. Estos programas construirán la capacidad gerencial, financiera y técnica de la OPC del país en desarrollo con el fin que puedan generar mejoras en los estándares profesionales y éticos.

"La IFAC tiene una larga historia en creación de capacidades y fortalecimiento de OPC, es parte de nuestra misión de interés público. Nos complace poder dar este próximo paso tan representativo en el camino," comentó Fayez Choudhury, director ejecutivo de la IFAC. "Las OPC de buen funcionamiento garantizan un insumo sostenible de contadores profesionales que apoyan las prácticas contables y la información financiera de alta calidad en los sectores tanto público como privado. Soportan una confianza potenciada en las empresas y transparencia en el uso de fondos públicos, dando lugar a una inversión extranjera y financiación de donante aumentada y una mayor responsabilidad y transparencia gubernamental—por ende, son esenciales para el crecimiento y la estabilidad económica.

La señora Greening explicó: "el sector financiero del Reino Unido es incomparable y su capacidad y experiencia puede estimular el desarrollo alrededor del mundo. Al ayudar a los países en desarrollo a administrar mejor sus propios recursos y atraer inversiones, podemos crear empleos y el crecimiento necesario para sacar a las personas de la pobreza."

La IFAC y el DFID son signatarios de MOSAIC: Memorando de Entendimiento para Fortalecer la Contabilidad y Mejorar la Colaboración, el cual establece la base para mejorar la cooperación y colaboración entre la IFAC, los donantes internacionales, y la comunidad de desarrollo internacional, para aumentar la capacidad de las OPC y mejorar la calidad de los sistemas de gestión financiera en las economías emergentes.

Acerca de la IFAC
IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y contribuir en el desarrollo de economías internacionales sólidas. La IFAC se compone de 179 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,5 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio.

Translated by the Instituto Nacional de Contadores Públicos (Colombia).

The International Auditing and Assurance Standards Board (IAASB) today released for re-exposure an enhanced International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The proposed standard clarifies and strengthens the scope and focus of auditor efforts on information included in entities’ annual reports, other than the audited financial statements, and introduces new auditor reporting responsibilities.

“There have been significant developments in recent years in corporate reporting, in particular in relation to the information included in entities’ annual reports. The importance ascribed by users to this other information, and the weight they place on it, have notably increased since ISA 720 was originally issued,” commented Prof. Arnold Schilder, IAASB Chairman. “Auditors have certain responsibilities relating to this other information as part of an audit of an entity’s financial statements, and the IAASB is intending to appropriately strengthen them—and users need to know what those responsibilities are.”

Under the proposed ISA, the auditor would now be required to perform limited procedures to evaluate the consistency of the other information with the audited financial statements. In addition, while reading the other information, the auditor would be responsible to consider whether there is a material inconsistency between the other information and the auditor’s knowledge obtained during the course of the audit, and to remain alert for other indications that the other information appears to be materially misstated. The terms ‘other information’ and ‘annual report’ are defined and explained in the standard in order to make the scope of the standard as clear as possible, while also enabling its appropriate application in light of differing corporate reporting regimes and practices in a wide variety of jurisdictions and circumstances.

“Feedback on the IAASB’s first proposals in 2012 indicated broad support for the IAASB’s intention of strengthening the auditor’s responsibilities relating to other information, including new reporting responsibilities. However, commentators across different stakeholder groups believed that the proposals needed to be clearer in a number of areas to prevent potentially divergent practices, both among auditors and between jurisdictions—an outcome that would run contrary to the benefits sought by the IAASB,” noted James Gunn, IAASB Technical Director.

How to Comment
The IAASB invites all stakeholders to comment on the IAASB Exposure Draft of Proposed ISA 720. To access the Exposure Draft or submit a comment, visit the IAASB’s website at www.iaasb.org/publications-resources. Comments are requested by July 18, 2014.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (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 UK Department for International Development (DFID) and the International Federation of Accountants (IFAC), the global organization for the accountancy profession, today announced an agreement to develop professional accountancy organizations (PAOs) in emerging economies. The new initiative was announced at a roundtable event in London, hosted by Justine Greening, UK Secretary of State for International Development, and attended by Warren Allen, IFAC President.

Under the agreement, DFID will provide £4.935m funding to IFAC over seven years. The funding will be used to strengthen PAOs in at least 10 DFID focal countries in four regions: Asia, the Caribbean, the Middle East and North Africa, and Sub-Saharan Africa. IFAC will facilitate, coordinate, and supervise capacity building programs and technical support, including peer-to-peer support by more established PAOs, including those in the UK. These programs will build the developing country PAOs’ managerial, financial, and technical capacity so that they can drive improvements in professional and ethical standards.

“IFAC has a long history of working to build capacity and strengthen PAOs as part of our public interest mission, and we are delighted about this significant next step in that journey,” said Fayez Choudhury, CEO of IFAC. “Well-functioning PAOs ensure a sustainable supply of professional accountants that support high-quality accounting practices and financial information in both the public and private sectors. They support enhanced confidence in business and transparency in use of public funds, giving rise to increased foreign investment and donor funding and improved government accountability and transparency—and therefore are essential to economic growth and stability.”

Ms. Greening said, “The UK’s financial sector is second to none and its skills and experience can boost development across the world. By helping developing countries to manage their own resources better and attract investment we can create the jobs and growth needed to lift people out of poverty.”

IFAC and DFID are signatories of MOSAIC: Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration, which sets out the basis for improving cooperation and collaboration between IFAC, international donors, and the international development community to increase the capacity of PAOs and improve the quality of financial management systems in emerging economies.

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 recent European Parliament vote on statutory audit legislation marks the latest stage of the European audit reform process and concludes nearly four years of discussion and debate.

As the International Federation of Accountants (IFAC) has stated many times, we believe a primary objective of audit regulatory reform should be to further enhance audit quality, and ultimately the quality of financial reporting. In a highly interconnected global economy, we see regulatory convergence across jurisdictions as a critical part of meeting this objective.

As a result, we welcome aspects of the European reforms that adopt a globally consistent approach. However, other aspects of the legislation—perhaps ones introduced in order to ensure its successful passage—promote regulatory divergence and fragmentation.  

“We strongly support Europe’s step toward adopting International Standards on Auditing. These high-quality international auditing standards are globally accepted, and are currently being used or adopted in over 90 jurisdictions around the world, including many countries in Europe,” said Fayez Choudhury, chief executive officer of IFAC.

“However, we are concerned that other parts of the legislation provide individual member states with options that will create a patchwork of regulation across the union. Not only will Europe be out of step with other major jurisdictions, such as the US and Canada, but member states will potentially be out of step with each other. Just a few years ago, the oft-cited mantra was ‘global problems require global solutions.’ The stakes are high and the rest of the world will certainly be focused on what happens in Europe. Failure to decide a consistent approach to audit regulation within Europe does not auger well for the chances of agreement among the global community.”

In January, IFAC highlighted the impact of the failure of achieving global regulatory convergence: stifled business confidence, economic stability, and ambitions for a sustainable recovery. In areas including auditor independence—in particular, mandatory audit firm rotation and the provision of non-audit services—the European legislation is unclear and ambiguous, and permits differences between its member states. In addition, it differs from legislation in the many other jurisdictions—and yet will impose regulatory requirements upon these jurisdictions.

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 published its Strategy Consultation, which includes a consultation on its work program for 2015-2019 and emphasizes the IPSASB’s commitment to serving the public interest by developing high-quality International Public Sector Accounting Standards (IPSASs) for global adoption.

The Strategy Consultation proposes the following strategic objective for the IPSASB:

• Strengthening public financial management and knowledge globally through increasing adoption of accrual-based IPSASs by: 
• Developing high-quality financial reporting standards;
• Producing publications for the public sector; and
• Raising awareness of the IPSASs and the benefits of their adoption.

“In the wake of the sovereign debt crisis, the IPSASB is facing increasing demands for its standards,” said IPSASB Chair Andreas Bergmann. “By developing high-quality financial reporting standards for the public sector, the IPSASB seeks to improve the ability of public sector entities to reflect the full economic reality of their finances. This is imperative for sound financial planning, budgeting, statistics, and basically any other decision made in public finance. Our outreach activities increase awareness of IPSASs and their benefits, which encourages their adoption.”

As the IPSASB’s public sector conceptual framework will be completed during 2014, the IPSASB aims to develop a work program for 2015-2019 that will continue to be aligned to stakeholder needs. The IPSASB is, therefore, seeking stakeholders’ views on a range of potential projects, including ones that address public sector specific issues, maintain existing IPSASs, and converge with International Financial Reporting Standards (IFRSs). The work program will continue to support the development of high-quality accounting standards and other publications, which underpin public sector entities’ financial reporting, so that the information they report will be useful for accountability and decision-making.

How to Comment
The IPSASB invites all stakeholders to comment on the IPSASB Strategy Consultation. To access the Consultation Paper or to submit a comment, please visit the IPSASB website. Comments are requested by July 31, 2014.


About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB 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.

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.