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  • IPSASB eNews: December 2024

    New York, New York English

    The IPSASB® was hosted by the Ministry of Finance of Saudi Arabia for our final meeting of the year from December 10 to 13 in Riyadh. Thank you to our hosts for providing such a welcoming experience and an impactful meeting to close out 2024.

    IFRIC Alignment – Narrow Scope Amendments

    The Board approved the Final Pronouncement, Amendments to IPSAS Standards: Specific IFRIC Interpretations which amends IPSAS Standards to clarify the application of existing principles to help public sector entities better understand and apply them consistently. These amendments are effective January 1, 2026. 

    Presentation of Financial Statements

    In our discussions on the statement of financial performance, we noted the usefulness of presenting revenue and expense items in categories with practical considerations that we‘ll explore at future meetings. We also discussed whether sufficient transparency exists for revenue and expense items presented outside surplus and deficit and how presentation requirements can enhance clarity and transparency. 

    Maintenance Activities

    As part of our 2024-2028 strategy, we're focusing on the maintenance of IPSAS Standards. We finalized operating procedures for post-implementation reviews and the IPSASB Application Group and discussed the timeline for implementing both activities. We are looking forward to rolling out both initiatives in 2025. 

    Sustainability: Research and Scoping

    Our first discussions related to researching potential future sustainability projects focused on our remit within the broader sustainability reporting landscape and how future research and scoping will inform our 2025 Work Program Consultation, which will seek feedback on our priorities in 2026 and beyond.

    Materiality

    The Making Materiality Judgement project discussions focused on research and scoping activities. We agreed the project should take a phased approach: financial reporting will be the focus of the initial phase, followed by sustainability reporting after the completion of the Climate-related Disclosures pronouncement. A project brief is expected to be approved in March 2025.

    Strengthening Linkages Between IPSAS and GFSM 2014

    In first discussions on the Strengthening Linkages Between IPSAS Standards and GFSM 2014 project, the IPSASB decided the project should have two phases: a phase highlighting the current alignment between IPSAS Standards and GFSM 2014, and a phase identifying opportunities to increase alignment between both reporting frameworks. The IPSASB expects to approve a project brief in March 2025.

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    Our next Board meeting will be hosted by the World Bank at their head offices in Washington, D.C., USA from March 18 – 21, 2025.

    2024 Handbook

    The 2024 Edition of the Handbook of International Public Sector Accounting Pronouncements is out now. It contains the complete suite of IPSAS Standards published as of January 31, 2024 including the 2023 Conceptual Framework updates.

    Adoption & Implementation Resources
    • Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
    • Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants. 
    Open Consultations
    Open Calls
    • IPSASB Members: The global search for volunteer members to join our Board in 2026 is underway. If you have strong knowledge of issues related to financial and sustainability reporting, standard-setting experience, direct experience with public financial reforms, or familiarity with the needs of financial statement users, apply by January 31, 2025.
    • IPSASB Chair: The Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Apply by January 26, 2025.

  • IFAC, IFRS Foundation, IOSCO Share Insights to Advance Climate & Sustainability-related Reporting

    New York, New York English

    Top leaders in global sustainability standard setting, regulation, and accounting joined an afternoon of programming jointly hosted by the International Federation of Accountants (IFAC), the IFRS Foundation, and the International Organization of Securities Commissions (IOSCO) in New York to advance global adoption and implementation of the ISSB standards and build an understanding of sustainability assurance in its early days.  

    The invite-only event, Accelerating Climate and Sustainability-related Disclosures: A Global Perspective, was significantly oversubscribed. To support ongoing discussion on this critical topic and continue momentum and action, IFAC is making recordings of the event available to the public. Watch the series here.

    Part 1: A Global Perspective from the IFRS Foundation, IOSCO, and IFAC

    • Jean-Paul Servais, Chair, IOSCO
    • Emmanuel Faber, Chair, ISSB
    • Moderator: Lee White, IFAC

    Part 2: Reporting Perspective

    • Ciara Lee, Senior Director, ESG Global Finance, CISCO
    • Pamela Steer, President & Chief Executive Officer, CPA Canada
    • Alessandra Lehmen, President, Brazilian Bar Environmental Law Commission (OAB/RS)
    • Moderator: Elizabeth Seeger, Member, ISSB

    Part 3: Standard Setter Perspective

    • Tom Seidenstein, Chair, IAASB
    • Gabriela Figueiredo Dias, Chair, IESBA

    Part 4: Assurance Perspective

    • Christine Albrecht, Managing Director, Deloitte; Chair, IFAC Transnational Auditors Committee (TAC), Forum of Firms
    • Ami Beers, Senior Director — Assurance and Advisory Innovation, AICPA
    • Kevin O‘Connell, Sustainability Assurance Services Leader, PwC US 
    • Moderator: Andrew Hobbs, Andrew Hobbs, EY EMEIA Center for Board Matters Leader, EMEIA Public Policy Leader

    Held during Climate Week NYC, this was just one of several IFAC connected learning events held this year to foster collaboration and alignment among regulators, standard setters, businesses, and the accountancy community to accelerate the uptake of climate-related disclosure and assurance.  

    In 2025, these action-advancing conversations will continue globally as part of the IFAC ConnectTM series, with plans to convene leaders in Africa, Asia, Europe, Latin America, and MENA and again in New York City at Climate Week in September.

    To advance the sustainability transformation or for more information about this conference or IFAC Connect events, please contact the office of Chief Executive Officer Lee White at Communications@IFAC.org.

    About IFAC
    IFAC, by connecting and uniting its members, makes the accountancy profession truly global.

    IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.

    IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.

    Event recording now publicly available

  • IAASB Chair Included in Accounting Today's Top 100 Most Influential People in Accounting, 2024

    New York English

    IAASB Chair Tom Seidenstein has been included in the Accounting Today listing of Top 100 Most Influential People in Accounting. 

    Accounting Today: “The future of accounting will definitely be more global, and as head of the International Auditing and Assurance Standards Board, few people have more influence over the future of audit and attest worldwide than Seidenstein, who’s also working to make his standard-setting more agile, more collaborative, and more relevant, while also pioneering areas involving sustainability and technology.”

    Read the full listing on the Accounting Today website here.

  • Sustainability Standards Approval and other Key Milestones Achieved at IESBA’s December Meeting

    New York, NY English

    The International Ethics Standards Board for Accountants (IESBA) took a major leap forward at its December 2024 meeting, approving two sets of standards that will underpin public trust in sustainability reporting and assurance:

    • The International Ethics Standards for Sustainability Assurance (IESSA) and related revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), setting a global benchmark for ethical behavior and independence in sustainability reporting and assurance.
    • Revisions to the Code on the Using the Work of an External Expert, establishing an ethical framework for evaluating the competence, capabilities and objectivity of external experts used by professional accountants and sustainability assurance practitioners.

    The Board also approved a project plan to develop a new standard on accounting firm culture and governance, focusing, among other matters, on ethical leadership and accountability within accounting firms.

    The Board marked the departure of two esteemed members, Laurie Endsley, IESBA Vice Chair, and Andy Mintzer. Their dedicated service and contributions have helped significantly shape the IESBA’s work.

    Recordings of this week’s meetings will soon be available on the IESBA YouTube channel. Stay tuned for updates as IESBA prepares for the global release of the new sustainability-related standards in January 2025.

    For more information, visit ethicsboard.org.

    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 high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.

    Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards.

  • IAASB Congratulates IESBA on the Approval of Its Sustainability Standards

    English

    The IAASB extends its congratulations to the IESBA on the approval of its ethics and independence standards for sustainability reporting and assurance.

    This milestone marks a significant step forward in ensuring the integrity and trustworthiness of sustainability information—a crucial foundation for decision-making by investors, policymakers, and stakeholders worldwide. The new standards demonstrate the IESBA’s commitment to addressing the evolving needs of the global economy and society, setting the bar for ethical conduct and independence in this crucial area.

    The IAASB is proud to have collaborated with IESBA to ensure interoperability with the IAASB’s recently published International Standard on Sustainability Assurance 5000 to ensure interoperability. Working together, these standards advance the public interest and drives consistency and credibility in sustainability reporting and assurance practices globally. Together, we are contributing to a stronger, more transparent future.

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