IFAC—the International Federation of Accountants—announced that Kevin Dancey will remain in his role as the organization’s Chief Executive Officer for a second term, which will begin June 1, 2021 and run through May 31, 2024.

Mr. Dancey, who has lead the organization since 2019, has provided critical guidance navigating issues and initiatives from the Monitoring Group, the Public Interest Oversight Board, the Global Public Policy Committee, and the independent standard-setting boards, while also managing external challenges brought on by the COVID-19 pandemic.

“Kevin’s steadfast leadership on issues currently affecting the accountancy profession and IFAC’s membership has been invaluable,” said IFAC President Alan Johnson. “IFAC’s ability to serve as the voice of more than three million professional accountants worldwide is critical to the accountancy profession and the global financial architecture, and that voice is stronger with Kevin as CEO.”

Mr. Dancey ushered in a new era for IFAC in terms of advocacy, outreach, and engagement with global stakeholders. From the recent call to action for the creation of an International Sustainability Standards Setting Board, to the relationships with the OECD, G20 and others, Mr. Dancey has led IFAC into new and positive territory.

“It is an honor to continue my role as IFAC’s Chief Executive Officer,” said Mr. Dancey. “While I am pleased with what we’ve been able to accomplish in the short time I’ve been here, especially with the unprecedented challenges brought on by the COVID-19 pandemic, I know there is more we can do for professional accountants worldwide. I look forward to working alongside the Board and the IFAC staff to push our profession further.”

Mr. Dancey’s extension was announced at IFAC’s 2020 Council meeting, held virtually on November 11-12.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board (IPSASB) today welcomed the Public Interest Committee’s recently released final Report: Review of the Oversight Arrangements for the International Public Sector Accounting Standards Board, addressing global feedback on the current arrangements and activities of the Committee.

Since its formation in 2015, the Public Interest Committee has actively provided advice and recommendations concerning the development and delivery of the IPSASB strategy and work program to ensure that the Board’s activities, the appointment process for its members, and its standard-setting due processes all reflect the public interest. The IPSASB is grateful to the current and former Committee members for their service, and the advice they have provided, as well as to the OECD, World Bank, IMF and INTOSAI for their support to date, and going forward.

“The implementation of formal independent public interest oversight arrangements through the establishment of the Public Interest Committee was a critical development for the IPSASB. Through its work in the intervening period, the Committee has made strong and positive impacts on public perceptions of the legitimacy of the IPSASB, the public interest focus of the Board and its standard setting processes, as well as its approach to stakeholder engagement,” said IPSASB Chair Ian Carruthers.

“I’m delighted the results of the public consultation exercise were overwhelmingly positive regarding the current oversight arrangements, as the Report states,” added Mr. Carruthers. “The IPSASB is committed to continuous improvement and working with the Committee to draw the most benefit from the points identified for further consideration, the importance of which will grow as IPSAS adoption and implementation globally continue to increase.”

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 governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About 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.

Today, the International Federation of Accountants (IFAC) awarded the 2020 IFAC Global Leadership Award in Honor of Robert Sempier to Ms. Ana Maria Elorrieta of Argentina, recognizing her tireless service and dedication to the accountancy profession. Ms. Elorrieta is distinguished as the first person from Latin America to win this award in its 23-year history.

Ms. Elorrieta has over 35 years of experience in the accountancy profession. Born in Buenos Aires, Argentina, she graduated with a degree in Accounting from the Universidad de Buenos Aires. She began her career with PwC Argentina, as a member of the first groups of female auditors, and then moved to Sao Paulo, Brazil to work with PwC Brazil, where she went on to become a partner.

Ms Elorrieta has served on the IFAC Board and the International Audit and Assurance Standards Board (IAASB). During her time at IAASB, she lead the task force that developed the International Standard on Quality Control (ISQC 1). She has also served in various roles at Brazil’s Federal Accounting Council and at the Institute of Independent Auditors of Brazil (IBRACON), where she was a member of the National Executive Board and the organization’s president from 2009 to 2011. In these roles, she worked to support Brazil’s adoption of IFRS, International SA’s and other key IAASB pronouncements.

Ms. Elorrieta has been recognized multiple times for her work in support of the accountancy profession in Brazil and globally. In 2012, she became the first non-Brazilian, and the first woman, to be appointed "Accountant Emeritus" by the Union of Accountants of the State of São Paulo. In 2013, she was listed by the International Accounting Bulletin as one of the 50 most powerful people in the accounting profession.

“I am honored to present the Global Leadership Award to Ana Maria Elorrieta, a dedicated and powerful voice for the accountancy profession world-wide,” said immediate past President of IFAC In-Ki Joo. “Ana Maria has worked tirelessly throughout her career to represent the interests of both Brazil and Latin America across the accountancy profession and has advanced the profession globally through her commitment to the widespread adoption of strong international standards.”

Established in 2017 by the IFAC Board, the IFAC Global Leadership Award in Honor of Robert Sempier recognizes individuals who make outstanding contributions to the global accountancy profession. The award honors the contributions of Robert Sempier, IFAC’s first executive director who greatly contributed to the development of the profession worldwide.

The Global Leadership Award was presented during IFAC’s 2020 Council meeting, held virtually on November 11-12.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

To assist governments and government entities wishing to report in accordance with the accrual-based International Public Sector Accounting Standards (IPSAS), IFAC has developed a package of training materials, collectively titled Train the Trainer: Introduction to IPSAS.

Accrual accounting information provides greater transparency and is useful for accountability and decision-making purposes. Implementation of accrual accounting in the public sector is a significant priority across many jurisdictions, especially as public finances face increasing scrutiny as a result of the pandemic.

The training materials are aimed primarily at entities currently using a cash basis of accounting and transitioning to, or planning a move to, accrual IPSAS. The materials, which are available to trainers at no cost, are designed to be used flexibly and can be tailored to the needs of training participants.

The course is structured over ten modules with each broken down into topics that stand alone and can be delivered as individual sessions. The training topics include assets, liabilities, financial instruments, and first-time adoption of accrual basis IPSAS. Each module includes a training manual and an accompanying set of slides, with some modules containing supplementary video content.

IFAC remains committed to advocating for strong public financial management and to supporting IPSAS adoption and implementation. The Train the Trainer: Introduction to IPSAS materials are meant to aid public sector entities around the globe as they adopt high-quality accounting practices.

The International Public Sector Accounting Standards Board (IPSASB) has released the final pronouncement, COVID-19: Deferral of Effective Dates, which delays the effective dates of recently published Standards and Amendments to IPSAS by one year to January 1, 2023. Responding to the global COVID-19 pandemic and the challenges it has created, the purpose of this pronouncement is to provide stakeholders with additional implementation time.

“The COVID-19 pandemic has created significant pressures on the staff and other resources that public sector entities might otherwise devote to the implementation of upcoming IPSAS standards and amendments,” said IPSASB Chair Ian Carruthers. “A one-year deferral of the effective dates of these upcoming standards and amendments will provide much-needed operational relief to public sector entities.”

The Standards and Amendments which are impacted include:

• IPSAS 41, Financial Instruments;
• IPSAS 42, Social Benefits;
• Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41);
• Collective and Individual Services (Amendments to IPSAS 19); and
• Improvements to IPSAS, 2019.

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 governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

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

The International Public Sector Accounting Standards Board (IPSASB) has today released for comment Exposure Draft (ED) 74, IPSAS 5, Borrowing Costs – Non-Authoritative Guidance. The ED proposes the addition of non-authoritative guidance to IPSAS 5.

The proposed non-authoritative guidance would add implementation guidance and illustrative examples to IPSAS 5. The new material proposed in ED 74 would clarify how the existing principles for when borrowing costs can be capitalized should be applied in various regularly encountered public sector contexts. No amendments are proposed to the authoritative material in IPSAS 5.

“We undertook this project to address the practical challenges constituents identified in determining which borrowing costs can be capitalized and when,” said IPSASB Chair Ian Carruthers. “This is an important step in enhancing comparability between those public sector entities that capitalize borrowing costs.”

How to Comment
To access the Exposure Draft and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Consultation Paper are requested by March 1, 2021. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this Consultation Paper 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 governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

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

The International Ethics Standards Board for Accountants (IESBA) is pleased to announce new appointments and re-appointments to take effect on January 1, 2021.

The four new Board Members are:

• Ms. Saadiya Adam (Senior Professional Manager: Standards, Independent Regulatory Board for Auditors (IRBA), South Africa)
• Prof. Vania Borgerth (Retired accountant and a PhD Candidate in Accountancy, Fucape Business School, Brazil)
• Mr. Sung-Nam Kim (Non-partner advisor, EY Korea, Korea)
• Mrs. Yaoshu Wu (Director of Professional Standards and Technical Guidance Dept., the Chinese Institute of Certified Public Accountants (CICPA), China)

The following three current Board Members will continue their service for a second term:

• Mr. Brian Friedrich (Principal, friedrich & friedrich corp., Canada)
• Prof. Winifred Kiryabwire (Associate Professor of Law, Makerere University, Uganda)
• Prof. Jens Poll (Audit Committee Chair, Non-Executive/Supervisory Board Member, Germany)

"I welcome such an accomplished group of volunteers to the IESBA,” said Stavros Thomadakis, IESBA Chairman. “As an international standard setter, it is critical we incorporate voices from different cultures and professional backgrounds. Our new Board makeup expands our reach in both areas, and advances our commitment towards gender parity.”

The IESBA also welcomes the appointment of Caroline Lee from Singapore as Deputy Chair for 2021. Ms. Lee has over 30 years of experience in the public accountancy profession and is a partner at KPMG and Asia Pacific Head of Quality & Risk Management. She is also a member of the Singapore Public Accountants Oversight Committee’s Ethics Committee. She has been a Board member of IESBA since January 2017 and of its Planning Committee since January 2019, and has played an instrumental role on its projects to revise the fee-related provisions and Part 4B of the International Code of Ethics for Professional Accountants (including International Independence Standards).

“Ms. Lee has shown an unwavering commitment to the IESBA and to the development of international standards in the public interest,” said Dr. Thomadakis. “I value her insights, expertise and strategic thinking.  I look forward to working together with Caroline in her new role. I also want to thank our departing Deputy Chair Richard Fleck, who has been my close associate and friend and who has contributed decisively and generously to IESBA’s most ambitious projects such as NOCLAR, Long Association, Role and Mindset, and Non-Assurance services.”

About the Nominating Committee

The Nominating Committee makes recommendations to the International Federation of Accountants® (IFAC®) Board and Public Interest Oversight Board (PIOB) on the composition of the IAASB and IESBA.

The Nominating Committee is guided in its work by the principle of selecting the most suitable person for the position. In doing so, it endeavors to balance the nominee’s abilities and professional qualifications with the representational needs of the board, such as broad regional and professional representation and gender balance. The PIOB representative observes the selection process for IAASB and IESBA memberships with regular updates to the PIOB. To learn more about the Nominating Committee, visit their website here.

About the IESBA

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

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

The International Public Sector Accounting Standards Board has welcomed the B20 Policy Recommendations to the G20, published earlier this week. The report includes 22 policy recommendations to the G20 identified by the global business community to support healthy economies and build back better from the COVID-19 pandemic.

“The global economy is in its worst state in a century,” wrote Yousef Al-Benyan, chairman of the B20. “The challenging opportunity is to build back better, with real urgency required from policymakers and business leaders…Building back better requires deepening public, private and citizen cooperation.”

Among the priorities identified by the B20 is combatting corruption through enhancing integrity in the public sector. The report states that, “the G20 should lead the way in the global application of accrual accounting in the public sector, and in particular International Public Sector Accounting Standards.”

“We’re delighted to see our standards named among the top B20 priorities,” said IPSASB Chair Ian Carruthers. "The COVID-19 pandemic is proving to be one of the greatest challenges that many governments have ever faced, and because of its magnitude its impact will be felt for many years to come. Without high-quality accounting information, politicians will struggle to make the tough decisions that will be required to support both citizens’ wellbeing and economic recovery sustainably over the decades to come,” he added.

To help governments apply best practices in public sector accounting when analyzing COVID-19-related intervention programs, wherever they are on the path to full accrual implementation, IFAC and the Zurich University of Applied Science (ZHAW), in partnership with IPSASB, published an Intervention Assessment Tool earlier this year.

The role of accountancy in managing the public sector impacts of the pandemic has also been an area of focus for the global profession. “At a time of enormous public sector spending, accountability in the public sector has become even more central to the social contract between governments and citizens,” wrote Sheila Fraser, IFAC Board Member and former Auditor General of Canada and Alta Prinsloo, IFAC Executive Director, in an article highlighting the importance of public sector resiliency as part of the G20 agenda.

“Building a strong public sector requires the contribution of a wide range of stakeholders. The accountancy profession remains ready to play its part,” they wrote.

The B20, representing the international business community, advocates for bold and broad-based policy action that will put recovery on a stronger, more stable growth path and benefit all. Its policy recommendations will be presented to the G20 for further consideration during the B20 Summit later this month.

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 governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About 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.

IFAC, the global voice of the accounting profession, applauds the IFRS Foundation Trustees in issuing their Consultation Paper on Sustainability Reporting. This marks a critical step on the path towards a global solution to sustainability reporting, called for earlier this month by IFAC in its Enhancing Corporate Reporting: The Way Forward roadmap.

IFAC believes that the demand is urgent and real—from investors, policymakers and other stakeholders—for a sustainability reporting system that delivers consistent, comparable, reliable, and assurable information. The IFRS Foundation is optimally positioned to establish a new sustainability standards board that leverages the expertise and disclosure requirements of existing leading initiatives.  Under the IFRS umbrella, the work of this new board can connect with the investor focus of the IASB, while also collaborating with respect to reporting requirements designed to address broader stakeholder interests.

IFAC CEO, Kevin Dancey, said, “The IFRS Foundation—with its backing by public authorities, independence, and  globally-respected governance and due process—is the appropriate home for a new sustainability standards board. Today’s open letter to IOSCO from the five leading global ESG reporting organizations lends further support to the legitimacy of a new sustainability board and I strongly encourage their continued collaborative effort. Now is the time for Professional Accounting Organizations around the world to lend their expertise and support as the IFRS Foundation Trustees consider this important challenge. IFAC looks forward to engaging with our members and other key stakeholders in formulating a full supportive response to the Consultation.” 

Today, the International Public Sector Accounting Standards Board (IPSASB) is proud to announce that it will achieve gender parity in its membership for the first time. With the appointment of three new Board members, the IPSASB will be comprised of nine women and nine men beginning January 1, 2021. Additionally, Ms. Lindy Bodewig of South Africa has been appointed IPSASB Deputy Chair for 2021.

The new appointees to the IPSASB have been selected following a rigorous nominations and interview process involving the IFAC Nominating Committee, IPSASB leadership, IFAC Board, and the Public Interest Committee.

The three new Board members are:

• Dr. Mari Kobayashi, Japan
• Counselor Hervé-Adrien Metzger, France
• Ms. Renée Pichard, Canada

The following four current Board members have been reappointed:

• Mr. Todd Beardsworth, New Zealand
• Ms. Neema Kiure-Mssusa, Tanzania
• Mr. Bernhard Schatz, Austria
• Mr. Marc Wermuth, Switzerland

“Achieving gender parity is a great milestone that we should all be celebrating,” said IPSASB Chair Ian Carruthers. “The IPSASB relies on diverse perspectives and experiences to develop and deliver high-quality accounting standards that can strengthen public financial management globally. I look forward to working with both our incoming Board members and those members that will be continuing their service with us in 2021.”

The IPSASB also announces today the appointment of Lindy Bodewig as Deputy Chair for 2021. Ms. Bodewig has served on the Board since 2017 and is also a Member of the Accounting Standards Board in South Africa. She currently works in the Office of the Accountant-General at the South African National Treasury.

“Lindy brings a huge depth of expertise to the Board table, through the powerful combination of her day job in government and being a national and international standard setter for the public sector. With many important and challenging projects on our current agenda, I look forward to working alongside Lindy, and the other Board members and IPSASB staff, as we move our challenging and important work program forward,” said Mr. Carruthers. “I also wish to thank Michel Camoin, Do-Jin Jung, and Rod Monette who are completing their terms this year for their steadfast service to the IPSASB. They have all made excellent contributions to our work during their time with the Board, and we are grateful for their dedication and commitment.” 

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 governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About 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.