The International Federation of Accountants (IFAC), in collaboration with the Edinburgh Group (EG), has launched a pioneering online tool designed to help small- and medium-sized enterprises (SMEs) maximize the benefits of incorporating sustainability into their strategy and business operations.

Developed specifically for IFAC and EG members to provide to their own members, The Small Business Sustainability Checklist is an interactive tool that provides practical steps to future-proof businesses and boost sustainability practices. It is designed to be tailored by each business according to its industry sector, lifecycle, and products and services. 

The innovative resource uses a simple self-assessment approach to score users’ sustainability initiatives across environmental factors, social responsibility, and governance. It helps users identify risks and opportunities, which can inform a roadmap for improvement.

Lee White, IFAC Chief Executive Officer, said, “This checklist is a practical tool to help small businesses benchmark and track their sustainability efforts, providing the resources and guidance to help them take the first step or make progress from what they’re currently doing.”

In an environment of shifting sustainability regulations worldwide, the straightforward approach of The Small Business Sustainability Checklist arrives at a critical time for small and medium-sized practices looking to support their clients to tackle sustainability-related risks and unlock opportunities.

“This is all about building sustainable futures for both accounting practices and their clients, to face the global standards of today and tomorrow,” White said. 

CA Rajendra Kumar P., Chair of the Edinburgh Group, noted: “As a coalition of sixteen accountancy bodies from across the world that is focused on supporting small- and medium-sized practices and entities, the Edinburgh Group expects this new tool will be hugely beneficial to those who use it.”

Peer-led content to deliver real-world examples

With interactive videos featuring real-world experiences from industry peers, the tool offers users firsthand insights into how fellow professionals are tackling sustainability challenges. By sharing practical strategies and best practices, these industry voices provide valuable context, helping accountants translate sustainability concepts into actionable steps for their own firms and for their clients.

“IFAC’s new tool is more than just a guide to reporting, it’s a resource that fosters best-in-class sustainability practices and helps firms develop advisory services,” said industry leader Sarah Lawrance. “As accountants and small businesses, we have a responsibility to consider our impact on the future, and this tool helps us all take meaningful action, no matter where we are on our journey.”

“This checklist sparks essential conversations between accountants and their clients,” Sarah added. “It empowers accountants to position themselves as sustainability leaders within their firms while also guiding their clients toward their own sustainability goals.”

The tool is now available via IFAC’s website.

About IFAC  

IFAC, by connecting and uniting its members, makes the accountancy profession truly global. IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition. IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.  

About Edinburgh Group

The Edinburgh Group is a coalition of 16 accountancy bodies from across the world, representing over 1.3 million professional accountants. It champions, and provides a forum for the exchange of views on, issues affecting small- and medium-sized practices and small- and medium-sized entities, as well as related issues impacting developing nations and professional accountants in business in the context of the advancement of the accountancy profession internationally.

• The percentage of companies engaged in sustainability reporting remained unchanged at 98%
• 73% of companies obtained assurance on at least some of their sustainability disclosures
• Greenhouse gas emissions remain the most widely assured category of sustainability information

Almost 3-in-4 of the largest global companies sought assurance on some aspect of their sustainability disclosures, according to an updated report from the International Federation of Accountants (IFAC) and AICPA & CIMA. The study marks the fifth annual benchmark that now includes 2023 data.

Seventy-three percent of large companies from G20 countries obtained assurance on their sustainability disclosures in 2023, up from 69 percent the previous year, according to the report, The State of Play: Sustainability Disclosure and Assurance, (Five-Year Trends and Analysis, 2019-2023). Five years ago, that number stood at 51 percent. Most of the assurance then and now is of limited scope.

Audit firms—as opposed to consultants or other service providers—continue to lead (55 percent) in providing assurance on sustainability disclosures by large global companies, with broad variations country to country. Audit firms’ overall share of the market declined from 58 percent in 2022, although there are mitigating factors for the drop, including:

• Consolidation of reports – In the European Union, where audit firms historically provide the majority of sustainability assurance, firms began issuing a single assurance report instead of a series of separate ones, lowering the raw number of reports issued, albeit for  an increased number of assurance clients..
• Consultants and non-audit firm service providers are more likely to issue multiple greenhouse gas-related assurance reports (for example, an average 2.5 assurance reports were generated per company in South Korea during 2023).
• When companies obtain assurance for the first time, they typically focus on greenhouse gas-related information and start by engaging other service providers who specialize in that area.

The report notes the increased use of audit firms over the prior year in several major markets in 2023, including Singapore (+6 percentage points), South Africa (+4), the United Kingdom (+5) and United States (+5). In the latter instance, audit firms’ share of sustainability assurance rose from 23 percent to 28 percent.

“Auditors have extensive education requirements, adhere to strict independence rules and possess a deep and holistic view of an organization’s business, processes and risk profile,” said Susan Coffey, CPA, CGMA, the CEO of public accounting for AICPA & CIMA  “That makes them ideal candidates to perform sustainability assurance engagements, and we’re seeing many boards and audit committees endorsing that view as corporate reporting matures.”

More than three-quarters of companies now report sustainability information with financial disclosures in annual or integrated reports. Organizations that include sustainability information with their annual or integrated reports overwhelmingly use their statutory auditor to provide assurance over those disclosures.

“The largest global companies have responded well to voluntary systems of sustainability reporting and assurance, driven by investor demand,” said IFAC Chief Executive Officer Lee White. “With new global standards in place, regulators now have the toolkits to move from voluntary to mandatory disclosures over time, which we expect will further drive high-quality, consistent and comparable sustainability-related information for the investing public and all stakeholders. IFAC and our members, including AICPA & CIMA, remain committed to supporting this shift—advancing trust, good governance, and global alignment in sustainability disclosure, united in shaping a future where sustainability information earns the same level of trust as financial reporting.”

Among other highlights of the updated study:

• Almost all companies (98 percent) report some information on sustainability. This is unchanged from last year.
• Use of sustainability information in annual reports continues to rise. Some 44 percent of companies included it in their annual report, up from 18 percent five years ago.
• Five jurisdictions had double-digit increases in sustainability assurance in 2023: Hong Kong, Indonesia, Mexico, Russia and Saudi Arabia.  

About the Study
IFAC and AICPA & CIMA partnered to understand sustainability reporting and assurance practices on a global basis by capturing reports containing environmental, social and governance (ESG) information in 22 jurisdictions. Some 1,400 companies were reviewed—100 from each of the largest six economies, with 50 companies reviewed in the remaining 16 jurisdictions. The current report includes data from 2019-2023. Full methodology is available in the study. 

About AICPA & CIMA, together as the Association of International Certified Professional Accountants
AICPA & CIMA, together as the Association of International Certified Professional Accountants (the Association), advance the global accounting and finance profession through our work on behalf of 597,000 AICPA and CIMA members, candidates and registrants in 188 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license, the CGMA designation and specialized credentials, professional education and thought leadership. We build trust by empowering our members, candidates and registrants with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future. 

About the International Federation of Accountants
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.

The International Public Sector Accounting Standards Board (IPSASB^®), developer of IPSAS® Standards, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Amendments to IPSAS Standards: Specific IFRIC Interpretations.

Amendments to IPSAS Standards: Specific IFRIC Interpretations is the result of the IPSASB’s IFRIC Alignment – Narrow Scope Amendments project, which reviewed and considered seven IFRIC and SIC Interpretations previously published by the IFRS Interpretations Committee. These Interpretations were issued to clarify the application of specific International Financial Reporting Standards (IFRS) to transactions or scenarios where there may be uncertainty or ambiguity. In reviewing the IFRIC and SIC Interpretations, the IPSASB aimed to maintain alignment with IFRS Standards, where appropriate, and identify and incorporate guidance into IPSAS Standards that was applicable for governments and public sector entities and should be incorporated into IPSAS literature.

The IPSASB concluded that four of the IFRIC Interpretations in the scope of this project were applicable to the public sector and has amended existing IPSAS Standards to incorporate new guidance, based on those Interpretations, to clarify the application of existing accounting principles on specific matters.

Ian Carruthers, IPSASB Chair said: “This release reflects the IPSASB’s commitment to maintaining a global baseline for public sector financial reporting. By incorporating selected IFRIC Interpretations that are relevant to the public sector, we enhance consistency, and facilitate comparability across jurisdictions, reinforcing transparency, accountability, and trust in public sector financial management worldwide. Going forward, the IPSASB will consider the applicability of future IFRIC Interpretations as they are issued to ensure public sector financial reporting remains globally relevant, clear, and consistent.”

Amendments to IPSAS Standards: Specific IFRIC Interpretations has an effective date of January 1, 2026. Earlier application is permitted. 

About the IPSASB 

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC^®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee 

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information. 

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

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

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

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

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

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

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

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

About IFAC 
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce. 

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

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

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

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

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

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

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

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

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About IFAC
The International Federation of Accountants (IFAC) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce

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

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

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

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

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

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

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

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

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

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

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

Download the toolkit, available now in English and French.  

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

As businesses grapple with uncertainties and navigate the complexities of digital transformations, sustainability and climate transitions, organizational leaders equipped with the unique skill set of professional accountants in business (PAIBs) are essential. PAIBs’ roles more commonly extend beyond traditional financial responsibilities, positioning them as key leaders shaping the trajectory of organizational success.

Informed by IFAC’s PAIB Advisory Group’s last meeting, a new article from IFAC details three paths through which professional accountants have led organizational transformation that can be a guide for PAIBs and businesses globally.

“The accountancy profession is evolving to meet the demands of a changing business environment,” said Sanjay Rughani, IFAC PAIB Advisory Group Chair. "By driving decision-useful sustainability information, harnessing disruptive technologies like AI and IA and nurturing a new generation of accountants who can confidently step into leadership roles, professional accountants can seize the uncertainty of the current environment to elevate the profession and society at large.”

Read the takeaways in Navigating Transformation: The Impactful Leadership of Accountants.

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 the PAIB Advisory Group 

Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership. 

The International Public Sector Accounting Standards Board^® (IPSASB^®), developer of international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued International Public Sector Accounting Standard® (IPSAS®) 49, Retirement Benefit Plans.

IPSAS 49 establishes comprehensive accounting and reporting requirements for the financial statements of retirement benefit plans, with participants comprising current and former public sector employees and other eligible members. The new pronouncement will bring increased transparency and accountability to these public sector entities, ensuring they can fulfill their obligations to employees and other eligible participants who are members of the retirement benefit plan.

In developing principles for this pronouncement, the private sector requirements in IAS 26 were used as the starting point. The IPSASB adapted IAS 26, based on feedback from stakeholders globally, to ensure the unique characteristics of the public sector are reflected in the pronouncement. In particular, some of the policy choices available in IAS 26 have been removed as they are not appropriate for the public sector or are inconsistent with existing IPSAS.

“Retirement benefit obligations can represent a significant but often hidden liability for the public sector,” said IPSASB Chair Ian Carruthers. “IPSAS 49 provides a principle-based approach to accounting by retirement benefit plans to provide a complete view of their financial activities, assets and obligations. This increased transparency is intended to result in stronger public financial management and better-informed decision making.”

The effective date of IPSAS 49 is January 1, 2026, with earlier application permitted.

How to Access

Access IPSAS 49, Retirement Benefit Plans, the summary At-a-Glance document, and the webcast. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of IPSAS 49 to their members and employees.

About the IPSASB 

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the government of Canada. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. 
 
About the Public Interest Committee 

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information. 

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a database of Public Interest Entity (PIE) definitions by jurisdiction (jurisdictional PIE database) to further support the adoption and effective implementation of the revisions to the definitions of listed entity and PIE (PIE revisions) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The revised PIE provisions specify a broader list of categories of entities as PIEs whose audits should be subject to additional independence requirements to meet stakeholders’ heightened expectations concerning auditor independence when an entity is a PIE.

The IESBA Staff has developed the jurisdictional PIE database as a resource to assist regulators, national standard setters, and other relevant bodies in developing or revising their definitions of PIE at the local level based on the IESBA’s PIE definition. This database covers 78 jurisdictions in the Americas, Europe, Africa, Asia, and Oceania.

Among other things, the PIE revisions:

• Expanded the list of PIE categories in the Code, 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 become effective for audits of financial statements for periods beginning on or after December 15, 2024. Early adoption is permitted and encouraged.

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in 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.