As the UN Climate Change Conference (COP) meets this week, IFAC urges decisive action to put the world on a path to a sustainable future. To clearly articulate the role of the global accounting profession in addressing the climate emergency, IFAC published its Point of View on climate action.

In the Point of View, IFAC sets forth recommendations for various stakeholders:

• Governments can take advantage of The UN Climate Change Conference of the Parties (COP) to provide clear direction on reducing long-term emissions, to deliver greater certainty for business, and to encourage investment in low-emissions technology and innovation.
• Businesses can accelerate plans for climate change mitigation and adaptation. They can deliver transparency and confidence through reliable and decision-useful climate related information.
• Professional accountancy organizations (PAOs) have an influential role in influencing climate change mitigation and adaptation as advocates for the profession and providers of accounting training and support. PAOs can commit to keeping accountants informed of how they can support their organizations’ and clients’ efforts to respond to climate risk.
• Accountants can encourage and enable meaningful action on climate change as influential advisors in governments and organizations. They can achieve this by providing relevant insights, analysis, reporting, and assurance to help organizations create and protect value over the long-term.

At the global level, IFAC is committed to working with the global profession to build the knowledge and capacity of accountants to meet the Sustainable Development Goals (SDGs) and to speaking out on climate action on behalf of the accounting profession, working through the B20, G20, and OECD.

“Ignoring the impact of climate change is not an option – nor is business as usual,” said IFAC CEO, Kevin Dancey. “As instrumental members or advisers of every government, business, and not-for-profit organization, professional accountants must influence and enable the transition to a low-carbon society.”

The conversations at COP 25 this week will be particularly important to provide clarity in reducing long-term emissions to meet the Paris Agreement. All actors in the global economy must usefully contribute, and professional accountancy remains a committed part of the solution.

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.

Professional accountants and other business professionals are often faced with complicated, real world situations that are not black and white and demand pragmatic and ethical solutions. To help address these challenging situations, IFAC is releasing the first installment in a new series titled: Exploring the IESBA Code.

Through twelve monthly installments, Exploring the IESBA Code will take an in-depth look at the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).  Each installment of the series will highlight different aspects of the Code in real-world situations, in a manner that is relatable and practical. A special focus will be placed on recent revisions to the Code.

The first installment of the Exploring the IESBA Code deals with the five Fundamental Principles of ethics, which establish the standard of behavior expected of all professional accountants - a standard which enable accountants to uphold their responsibility to act in the public interest.

To read and download this and future installments, visit the IFAC website.

The Exploring the IESBA Code was published by IFAC and does not form part of the Code. It is non-authoritative and is not a substitute for reading the Code. 

For more information about the Code, please click here.

This is the first installment of a 12-month publication series titled Exploring the IESBA Code.

This installment of the Exploring the IESBA Code deals with the five Fundamental Principles of ethics which establish the standard of behavior expected of all professional accountants - a standard which enable accountants to uphold their responsibility to act in the public interest.

IFAC, the International Federation of Accountants, today announced its first ever female-majority Board. The approval of eight Board members, including five women, occurred at IFAC’s annual Council meeting in Vancouver.

New IFAC Board members and their nominating member organizations are:

• Yeong Kyun Ahn, Korean Institute of Certified Public Accountants
• Joan Curry, Chartered Accountants Ireland
• Caroline Gardner, Chartered Institute of Public Finance and Accountancy
• Winnie Nyamute, Institute of Certified Public Accountants of Kenya
• Fiona Wilkinson, Consultative Committee of Accountancy Bodies
• Ismaila Zakari, Institute of Chartered Accountants of Nigeria

Returning members re-appointed for a second term of service to IFAC’s Board are:

• Tommye Barie, Association of International Certified Professional Accountants
• Idésio da Silva Coelho, Jr., Instituto dos Auditores Independentes do Brasil and Conselho Federal de Contabilidade

Over the course of the past decade, IFAC has committed to improve gender balance on its Board and committees. Through dedicated and ongoing outreach to attract a diverse slate of candidates, with a particular focus on gender diversity, 12 of IFAC’s 23-member Board are now women.

Dr. In-Ki Joo, IFAC President, said, “On behalf of IFAC, I congratulate and welcome all of our new and returning Board members. Each of these individuals was nominated and approved on the basis of their leadership qualities, business acumen, and passion for the future of our profession. We are particularly pleased that, as a result of our deliberate focus on gender diversity, the majority of these well-qualified Board members are women.”

“I am equally pleased to congratulate the newest members of the IFAC organization,” Dr. Joo continued. “Joining IFAC demonstrates a serious commitment to the advancement of our profession, and should be recognized and applauded as a significant milestone on the path of continuous growth and improvement.”

The following Associates have been approved as IFAC Members:

• Albanian Institute of Certified Accountants
• Instituto Salvadoreño de Contadores Públicos
• Certified Practising Accountants of Papua New Guinea

In addition, five professional accountancy organizations have been approved to join IFAC as Associates:

• Colegio de Contadores Públicos de Pichincha y del Ecuador
• Colegio Hondureño de Profesionales Universitarios en Contaduría Pública
• Lao Chamber of Professional Accountants and Auditors
• Ordem dos Contabilistas e Auditores de Moçambique
• Suriname Chartered Accountants Institute

Collectively, this signifies new representation of IFAC in Ecuador, Laos, Mozambique, and Suriname.

“We are committed to representing—and advancing—the global accounting profession. With a majority-female Board and Associates in four new countries, this is a proud moment for IFAC,” said Dr. Joo.

The new Board appointments and membership decisions were approved at IFAC’s 2019 Council meeting, held from November 13 to 14 in Vancouver, Canada.

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.

IFAC has updated its Practice Management Guide to reflect changes made to the 2018 International Code of Ethics for Professional Accountants (including International Independence Standards), effective June 2019. The update includes:

• Changes to section 7.2 ‘Professionalism and Ethics within the Firm';
• Information on identifying, evaluating and addressing threats; and
• Available safeguards to reduce threats to an acceptable level.  

The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. The fourth edition is organized into eight stand-alone modules, with a comprehensive range of topics including:

• Strategic planning
• Practice models
• Firm expansion
• Managing staff
• Leveraging technology
• Client relationship management
• Risk management
• Succession planning

In order to help member organizations and practices maximize the Guide's use, IFAC provides a companion manual with suggestions on making best use of the Guide. 

Click here to access the updated Practice Management Guide and Companion Manual on the IFAC website.

Jean Bouquot became IFAC President in November 2024. Prior to his appointment, Mr. Bouquot joined the IFAC Board in November 2020, nominated by Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil Supérieur de l'Ordre des Experts-Comptables (now Conseil National de l'Ordre des Experts-Comptables). He also served as IFAC Deputy President from November 2022 to November 2024.

Mr. Bouquot was the president of CNCC from February 2017 to October 2020. From December 2012 to December 2014, he was vice-chairman of the Compagnie Régionale des Commissaires aux Comptes de Versailles (regional statutory auditors professional body) and member of the CNCC. From 2014 until 2016, he was chairman of the Compagnie Régionale des Commissaires aux Comptes de Versailles and in February 2015, he was appointed Board Member of the CNCC.

Partner at EY until October 2020, Mr. Bouquot was an audit partner since 1992 and has 40 years of experience, at Arthur Andersen from 1980 to 2002 and then EY. He was also in charge of assurance service line for France/Luxembourg/Maghreb from 2008 to 2015.

Mr. Bouquot attended HEC business school and Institut d'Etudes Politiques of Paris. He is an expert-comptable and commissaire aux comptes. He also served as a reserve colonel in the French Air Force from 2008 to 2020, including attending the Auditor 59 session at the Institut des Hautes Etudes de la Défense Nationale.

Fiona Wilkinson was elected to the IFAC Board in November 2019, nominated by the UK Consultative Committee of Accountancy Bodies. She is also the Chair of IFAC's Public Policy and Regulation Advisory Group (PPRAG).

Mrs. Wilkinson was the President and Chair of the Board of the Institute of Chartered Accountants in England and Wales (ICAEW) for 2019-20, having formerly held the roles of deputy and vice president. She trained with Deloitte in London, qualified as a member of the ICAEW and worked for the firm for 11 years before setting up her own practice as a technical consultant on auditing, financial reporting and practice assurance to firms of chartered accountants. Whilst with Deloitte, she made use of her skills in French and Italian by working on assignments in cities such as Montreal, Luxembourg, Milan, Geneva and Brussels.

Mrs. Wilkinson was elected to the ICAEW's Council in 2003 and has served on its board, as chair of the ICAEW's Professional Standards Board, its Ethics Advisory Committee and its Diversity Advisory Group, and as a member of the Practice Committee and the Money-Laundering sub-committee. She is also a former President of ICAEW's South West District Society. She is currently the Chair of the Audit Committee and member of the Board of Trustees of a college based in London. 

Mrs. Wilkinson is an FCA and has a BA Honours degree in French with Italian from the University of London.