The International Federation of Accountants (IFAC) last week convened over 150 chief executives and senior leaders of professional accountancy organizations around the world, together with its Board of Directors, to discuss critical issues relevant to the future of the accountancy profession.

A key focus of the meetings was hearing from key stakeholders on the future of corporate and sustainability-related reporting, and how these fit into the broader context of sustainable business and finance, where professional accountants will need to play a pivotal leadership role based on their core competencies and ethical codes. 

Kevin Dancey, CEO of IFAC, said “As we consider the future of global economies and capital markets, and the need for better reporting on sustainability and value creation, there remains a clear need for the skills, business acumen, judgment and ethical core that have always been the domain of professional accountants.  As a profession, we are actively ensuring that we are ready to address this next generation of challenges and opportunities, including by calling for the creation of an international sustainability standards board under the auspices of the IFRS Foundation that stands to serve the public interest and ultimately the development of sustainable economies.”

IFAC recently issued a letter to its member organizations outlining its corporate and sustainability-related reporting agenda, which can be found here.

Several guest speakers added important context and input at IFAC’s meetings:

• Lee White, Executive Director of the IFRS Foundation, discussed the IFRS Trustees’ current consultation related to the proposed formation of a new sustainability standards setting board;
• Tajinder Singh, Acting Secretary General of IOSCO discussed IOSCO’s sustainable finance agenda, as well as their 2021-2022 Work Plan and progress on the Monitoring Group’s recommendations;
• Mervyn King, Chair Emeritus of the International Integrated Reporting Council (IIRC) and world-renowned expert on corporate governance and reporting, spoke to the strategic importance of the accountancy profession’s leadership and engagement in integrated thinking and sustainability reporting matters.

Each of the presentations by these individuals may be accessed at the links above.

Alan Johnson, President of IFAC, said “One of IFAC’s distinct advantages is convening strategic discussions and engaging with international organizations. Our global profession plays a key role in supporting the sustainable and equitable growth of economies, and it is both necessary and rewarding to be able to advance these important topics with and for our member organizations. We look forward to continuing to position the accountancy profession at the center of these conversations, and ensuring that we help organizations and governments deliver the United Nations’ Sustainable Development Goals.”

*** Veuillez noter: il s'agit d'un événement réservé aux membres PAFA et FIDEF uniquement - mais sera diffusé en direct sur la chaîne YouTube de IFAC ***

L’IFAC, la FIDEF et la PAFA sont très heureuses d'annoncer que la traduction française de IFAC Outil d'évaluation de la préparation numérique PAO est est disponible en ligne!

Nous vous invitons à participer à un webinaire le 10 mars 2021 à 15:00 CET (Paris) / 09:00 EST (New York), afin de fournir des informations supplémentaires sur l'outil, son objectif et de répondre à vos questions

Today IFAC completed its inaugural series—Exploring the IESBA Code—a unique, educational resource developed in collaboration with the staff of the International Ethics Standards Board for Accountants (IESBA). Launched in November 2019, each installment of the series highlights important concepts and topics in the International Code of Ethics for Professional Accountants (including International Independence Standards).

The final installment, released today, explains the “building blocks” structure of the Code and its interconnected nature. This installment is intended to help readers better understand how to use and navigate the Code so that they can quickly identify and access the ethics and independence standards and guidance relevant to them. Other topics covered in the series include: the fundamental principles, the conceptual framework, auditor independence, conflicts of interest, inducements, non-compliance with laws and regulations (NOCLAR), pressure, and the role and mindset expected of the professional accountant with a focus on bias.

“The Exploring the IESBA Code series is a very useful tool to complement the IESBA eCode,” said Dr. Stavros Thomadakis, IESBA Chairman. “Each installment provides a summary of important aspects of the Code with cues on how to read and apply its authoritative text. This final installment spotlights the purpose of the Code, how it is structured, and how it should be used—by accountants in business (PAIBs) and public practice (PAPPs), including auditors. The successful completion of this initiative demonstrates once again how IESBA’s and IFAC’s  partnership is valuable in supporting the global adoption and implementation of the Code.”

IFAC’s CEO, Kevin Dancey, said “The ethical foundation of the accountancy profession is one of its most important features. The Exploring the IESBA Code series demonstrates IFAC’s commitment to this ethical foundation and our role in supporting the important work of IESBA, as well as the International Auditing and Assurance Standards Board (IAASB) and International Public Sector Accounting Standards Board (IPSASB). I encourage our members, professional accountancy organizations and national standard setters around the world to leverage this new resource—to help raise awareness of the Code and to help professional accountants uphold their public interest responsibility.” 

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.

About IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve 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 Code).

The International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) sets out the fundamental principles of ethics for professional accountants (PAs), reflecting the profession’s public interest responsibility. The principles apply to all PAs irrespective of their roles and responsibilities. Together with the Code’s conceptual framework, the principles provide a strong foundation for ethical decision-making.