On July 14, the Monitoring Group published its final paper (the “Paper”) concerning reforms to the global standard-setting process for audit, assurance and ethics, Strengthening The International Audit And Ethics Standard-Setting System.

IPSASB Chair Ian Carruthers is confirmed to join a global webinar with the World Bank and IFAC next Wednesday, July 22 from 8am-11am ET. 

The webinar, entitled "The Sustainability of Public Finance—Supporting Resilient Response & Recovery in the Public Sector" will focus on the importance of high-quality financial reporting in the public sector, especially during the current pandemic, and showcase currently available tools that support the transition to accrual accounting and IPSAS adoption.

For more information, and to register, please click here.

IFAC calls on the G20 to stay focused on the future in the global COVID-19 response.

Highlights from the IPSASB CAG June 2020 meeting:

00:00     Welcome and introduction
00:32     Chair’s summary of the IPSASB CAG meeting
09:49     Closing remarks

The COVID-19 pandemic and government interventions to mitigate its effects have both immediate and on-going financial impacts. The nature and scale of these interventions vary widely across jurisdictions, as will their longer-term impacts.

To help governments understand the impact of general types of interventions at different points in time for decision making purposes, IFAC and ZHAW, with IPSASB as a Knowledge Partner, created this COVID-19 Intervention Assessment Tool. The Tool provides an immediate way of evaluating the financial impacts of current and planned policy initiatives, and can be used independently of where a jurisdiction is on the path to full accrual.

Today the IAASB released COVID-19 pandemic-related guidance on Review Engagements on Interim Financial Information. This guidance may help auditors in the current uncertain and evolving environment.

Before an organization can measure, track, and communicate on its value, it is important to understand value creation and enable a value creating business model. 

This can be achieved through a management process of defining, creating, delivering, and sustaining value. This report examines the process of creating and maintaining value in great depth. It also serves to supplement the report The CFO and Finance Function Role in Value Creation.

This report sets out current thinking on how CFOs and their finance teams can account for and communicate value creation for internal and external stakeholders.

This thinking enables CFOs and their teams to focus on: