Africa’s development is reliant upon the involvement of accounting and finance professionals. Working in both private and public sectors, they play a crucial role in driving sustainable growth across the continent. Whether serving on corporate boards, as CFOs, or as business advisors, they can help tackle challenges, such as climate change impacts, energy accessibility issues, regional disparities and disconnection, economic growth, and public debt.
IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.
The standards establish a comprehensive ethical framework to guide professional accountants when providing tax planning and related services. The framework stipulates the expected mindset and behaviors of professional accountants when they recommend or otherwise advise on tax planning arrangements to employing organizations or clients. The standards were developed in response to public interest concerns about tax avoidance and the role played by consultants in light of revelations in recent years such as the Paradise and Pandora Papers.
Moving away from a purely mechanical and legalistic approach and towards a principles-based framework will establish a consistent point of reference for all professional accountants when dealing with tax planning to ensure due consideration of public interest as well as potential reputational, commercial, and wider economic consequences for their employing organizations or clients. Beyond just the accountancy profession, all other tax advisers are strongly encouraged to follow the standards.
The 1.5-hour webinar will feature a high-level overview of the standards and provide an opportunity for stakeholders to participate in a questions-and-answers session with the presenters.
The webinars will be held in English and available on YouTube following the session.
The International Federation of Accountants (IFAC) has unveiled proposed changes to the International Education Standards (IESs) that embed sustainability—from analysis to reporting to assurance—across aspiring professional accountants’ training.
IFAC CEO Lee White emphasized the significance of the proposed changes, stating, “Investors and other stakeholders need sustainability reports and disclosures that are on par with the high-quality, decision-useful financial reports that accountants already deliver. To be future-fit, accountants must develop the right competencies to meet this need. The proposals provide a robust framework for the profession to develop capable accountants who produce, report, and assure sustainability information.”
Key proposals include:
Emphasizing working with experts and in multi-disciplinary teams;
Introducing key sustainability reporting concepts, such as systems thinking, value chains and scenario analysis;
Referencing relevant sustainability reporting and assurance standards; and
Creating a new assurance competence area and learning outcomes.
Additionally, IFAC has proposed changes to IES 6, Initial Professional Development – Assessment of Professional Competence, to modernize the standard to align with current good practice and clarify previously-existing requirements. This includes introducing new principles emphasizing integrity, authenticity, equity, and inclusion. These changes will aid professional accountancy organizations, universities, and training programs in evaluating candidates’ readiness for the professional accountant role.
IFAC encourages all stakeholders to provide feedback on both set of proposed changes by July 24, 2024, usingthe Response Templates available on the IFAC website.
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.
Changes Also Proposed to Modernize Standard on Assessing Professional Competence
