IFAC welcomes today’s announcement from the IFRS Foundation Trustees to take further, timely steps to assess the possibility of establishing a new Sustainability Standards Board (SSB). We concur that there is “broad demand for the IFRS Foundation to play a role.” A Sustainability Standards Board is best positioned to lead the ongoing rationalization of a coherent global system for reporting requirements addressing enterprise value creation, sustainable development, and evolving stakeholder expectations. We agree with the Trustees’ conclusion that moving with urgency is a key factor for success. This can be accomplished by leveraging the expertise and standards that already exist as a result of the work by CDP, CDSB, GRI, IIRC, SASB, as well as the TCFD. For example, the recently released report on climate-related disclosure demonstrates the value of their continued collaboration to this global system.  

IFAC CEO Kevin Dancey, said “IFAC encourages our members and stakeholders to remain focused on this important initiative, to continue to engage in discussions and consultations that foster greater alignment and harmonization, and to offer their expertise to the establishment of this new Sustainability Standards Board and a global solution to the current fragmented reporting ecosystem.”

IFAC reiterates its support for this initiative, and stands ready to assist the Trustees as they move forward on this important work.

See IFAC's response to the IFRS Foundation's Consultation Paper on Sustainability Reporting and Enhanced Corporate Reporting: The Way Forward.

This is the fourth installment of a 6-month publication series titled Anti-Money Laundering, The Basics.

The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

This publication outlines an agreed-upon procedures engagement, identifies the benefits to clients of offering such services, and when an AUP engagement is appropriate. It also covers examples of financial and non-financial subject matters, six short case studies with example procedures that might be applied and two illustration AUP reports from ISRS 4400 (Revised).

Designed for use by small- and medium-sized practices (SMPs), this brochure explains and differentiates the range of audit, review, compilation, and agreed-upon procedures services which SMPs can provide and tailor to meet the needs of their small- and medium-sized entity (SME) clients. It can help current and prospective clients understand the range of services available, when they are appropriate, as well as their benefits.

See your national professional accountancy organization (PAO) for a customizable version to which you can add your contact details.

IFAC is submitting this comment letter to accelerate the journey towards a coherent global system for reporting sustainability information.

In answer to the fundamental issues at stake—is there a need for a global set of internationally recognized sustainability reporting requirements and should the IFRS Foundation play a leading role through the establishment of a new sustainability standards board—IFAC believes, based on extensive stakeholder outreach, that the answer is a resounding “Yes.”

The outbreak of COVID-19 and the subsequent economic recession have required substantial and rapidly deployed government interventions across the world. IFAC and the MOSAIC Steering Committee partners are delighted to host the Building Resilient and Sustainable Economies Forum, which will be held online December 7 - 11, 2020.

What if we could see into the future? What if today we could know the events and forces that will shape our profession? What if we could design learning and development programs to not only prepare accountants for today’s challenges but also to anticipate tomorrow’s challenges?

Together with ICAEW, The International Federation of Accountants (IFAC) today released the third installment in its Anti-Money Laundering: The Basics educational series: Installment 3: Company Formation.  

The publication is part of a 6-month short series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment three examines company formation, one of the services performed by professional accountants that is most susceptible to money laundering risk.

Anti-Money Laundering: The Basics is featured on both the IFAC and ICAEW websites and available for download for free. With installment three, IFAC is featuring the series on a new landing page alongside other relevant information on anti-money laundering (AML).

To be globally relevant, the Anti-Money Laundering: The Basics  series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point. 

For more information about IFAC, visit www.ifac.org.

For more information about ICAEW, visit https://www.icaew.com/.

This is the third installment of a 6-month publication series titled Anti-Money Laundering, The Basics.

The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

Like every profession, accountancy will emerge from COVID-19 changed. We will be accustomed to digital processes we once thought impossible. Our change management abilities will be sharper than ever. How we anticipate the future will be informed by an experience many of us never imagined would happen.