The International Federation of Accountants (IFAC) released the International Standards: 2025 MENA Insights Snapshot to benchmark international accountancy standards adoption and implementation trends across the Middle East and North Africa from 2019–2024. The report was launched at IFAC Connect MENA 2025 in Riyadh, co-hosted with the Saudi Organization for Chartered and Professional Accountants (SOCPA). 

The snapshot, available in English and Arabic thanks to translation by SOCPA, shows that adoption of international standards has accelerated significantly across MENA in recent years. Nearly all jurisdictions in the region have taken steps to align with International Standards on Auditing, International Financial Reporting Standards, and the International Code of Ethics for Professional Accountants. Several countries have made notable progress in embedding International Public Sector Accounting Standards into public sector reporting frameworks, reflecting growing recognition of the importance of transparency in government finances. 

Differences in regulatory oversight, technical capacity, and resourcing are opportunities for advancement, particularly in public sector reporting and among smaller professional accountancy organizations.  

Lee White, IFAC Chief Executive Officer, said: 
“The 2025 MENA Insights Snapshot demonstrates both the progress and the challenges in ensuring that adoption progresses into implementation. IFAC Connect MENA is the perfect platform to launch this work, because the discussions here are focused on turning commitments into action, aided by the leadership of the accountancy profession. Adoption is a first step and real impact comes when standards are embedded in practice and serve the public interest.” 

Dr. Ahmad Almeghames, CEO of SOCPA and IFAC Board Member, said: “We’re proud to see that Saudi Arabia is the only jurisdiction in the region to have adopted all seven baselines. This achievement reflects the Kingdom’s commitment to advancing the profession and aligning with the highest international benchmarks and serves as an example for the wider MENA region showing how strong leadership, investment in capacity, and collaboration across regulators, standard setters, and the profession can accelerate progress.” 

The report will inform IFAC’s ongoing work with MENA member organizations, regulators, and development partners to strengthen capacity, accelerate adoption, and ensure consistent, high-quality implementation across the region. 

Access the 2025 MENA Insights Snapshot in English and Arabic.  

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. 

Thomas Müller-Marqués Berger has been announced as the next IPSASB Chair. Read more. 

The new International Public Sector Financial Accountability Index 2025 Status Report, published by the International Federation of Accountants (IFAC) and Chartered Institute of Public Finance and Accountancy (CIPFA) with support from the International Public Sector Accounting Standards Board (IPSASB), highlights steady, gradual progress in governments worldwide moving from cash to accrual-based financial reporting.  

Accrual accounting provides governments with a clearer picture of their finances by recording the substance of transactions as they occur, rather than when cash transfers occur. This transparency helps inform decision-making and improves the ability to hold governments to account for their decisions. 

Key findings of the report: 

• By 2030, 56% of jurisdictions are projected to report on an accrual basis. This represents steady progress since the 2020 Index but at a slower pace than anticipated, reflecting the financial and operational strains governments faced during and after the pandemic. 
• In 2024, high-income jurisdictions made up the majority of accrual adopters (57%), but by 2030, the landscape will shift. 60% of jurisdictions using accrual are projected to come from middle- and low-income economies. 
• By 2030, 81% of accrual-reporting jurisdictions are expected to be applying International Public Sector Accounting Standards (IPSAS) either directly, with modifications, or as the foundation for national standards. 

Lee White, Chief Executive Officer at IFAC said: "Accrual based reporting is essential for public sector transparency and accountability. It is also the foundation for the use of global IPSAS Standards. Our members fulfil a vital role in advising and supporting governments in their journey with the use of accrual accounting and global standards delivering clear accountability.” 

Owen Mapley, Chief Executive Officer at CIPFA said: “Strengthening public financial management through accrual reporting is fundamental to addressing today’s fiscal challenges and building sustainable futures. It is encouraging to see the shift from cash to accrual has continued despite the impact of the pandemic.” 

Ian Carruthers, IPSASB Chair said: “The increasing usage and influence of the IPSAS Standards underlines the importance of the shift in IPSASB’s new 5 year strategy towards maintenance of the standards suite, in particular through the recent establishment of the IPSASB Application Group.” 

Explore the report.  

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. 

About CIPFA 

CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. 

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.   

The third Board meeting of the year was held from September 9 to 12, 2025, in Lisbon, Portugal.

Thank you to hosts the Ordem dos Contabilistas Certificados (Order of Certified Accountants) for welcoming the IPSASB back to Lisbon and hosting both the September Board meeting and the 5th Public Sector Standard Setters Forum. The IPSASB also extends its thanks to its members, technical advisors, and standard setters from around the globe who joined the Forum to shape the future of public sector standard setting.

Our latest Biennial Review is out now: Building for the Future: The IPSASB Biennial Review 2023-2024 provides a high-level summary of our activities in 2023 and 2024. Over this period, we completed a number of significant long-running projects. We also developed and finalized our 2024-2028 Strategy and Work Program, which builds on the achievements during the previous Strategy and Work Program, that spanned 2019-2023.

The International Public Sector Accounting Standards Board^® (IPSASB^®) launched a webpage for users of IPSAS Standards to submit technical and application issues related to their use. Feedback submitted through its new online form will be directed to the newly formed IPSASB Application Group (IAG).

Users are encouraged to submit issues they’ve encountered when applying the standards, including specific transactions or interpretations that are unclear or challenging. Submitting issues via the new portal will help ensure IPSAS continue to reflect evolving practice and remain practical and understandable for everyone.

The IAG was established in 2025 as part of the IPSASB’s 2024-2028 Strategy to maintain the suite of IPSAS Standards and help improve their applicability by keeping them relevant and effective as user needs evolve. The IAG will:

• Consider application questions or issues submitted by stakeholders; and
• Identify areas where additional guidance or changes to existing guidance may facilitate their use.

The IAG will analyze issues that users of IPSAS Standards encounter. If they find public sector-specific matters that are widespread and could have a material impact on financial reporting, the IAG will make recommendations to the IPSASB on potential clarifications or changes to existing IPSAS Standards.

“The launch of the IPSASB Application Group marks an important step in enhancing the relevance and usability of IPSAS Standards,” said IPSASB Chair Ian Carruthers. “By inviting stakeholders to share their application issues, we are strengthening our support for high-quality financial reporting that addresses the needs of users across the public sector globally.”

How to Submit Issues
Submit a formal issue regarding a specific transaction or event for the IAG’s consideration online.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®), IPSASB Sustainability Reporting Standards™ (IPSASB SRS™) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and IPSASB SRS and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development.  The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

In the face of global economic volatility, technological disruption, and climate and sustainability pressures, professional accountants in business (PAIBs) are playing critical strategic roles in building trust, enabling resilient organizations, and delivering long-term value creation.  

At our PAIB Advisory Group meeting hosted by the Japanese Institute of Certified Public Accountants (JICPA) in Tokyo, we convened a diverse group of PAIBs for a strategic discussion on how PAIBs are shaping the future of business and the public sector. With deep expertise, on-the-ground experience in leading organizations, and global reach across more than 20+jurisdictions, our global advisory group provides a unique and practical lens into how organizations navigate complexity, and the evolving priorities for our profession.

A new article from PAIB Advisory Group Chair Sanjay Rughani incorporates multiple insights and resources from the meeting into four actions that can redefine our profession’s role at the forefront of transformation: 

• Reframe the profession’s identity and value; 
• Leverage AI to lead, not follow; 
• Embrace modern talent models; and 
• Grow PAIB membership. 

Relevant to our members’ efforts in shaping the profession’s future, the article highlights how professional accountants are not only supporting business performance but actively shaping it, guiding strategic shifts through integrated thinking and sustainability leadership, integrating AI into finance and business processes to boost productivity and embedding risk culture to better navigate uncertainty. These insights are grounded in real-world examples, including transformations underway at Fujitsu, the UK Civil Service, and evolving roles for PAIBs across IPO markets in Japan, India, and the US. 

Share this resource to spark discussions and strategies, supporting your members in their various business and public sector roles.   

Read Shaping Business and Performance: Key Insights from the PAIB Advisory Group’s Meeting in Tokyo. 

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.    

About IFAC’s PAIB Advisory Group 
Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership.   

By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes. 

The IPSASB held its second meeting of the year from June 10 to 13, 2025, in Toronto, ON, Canada.

At our meeting last week, we continued our analysis of responses to the Climate-related Disclosures and Tangible Natural Resources exposure drafts, and we progressed several other projects that will enhance IPSAS Standards, which provide the cornerstone for effective and efficient public financial management.

The International Federation of Accountants (IFAC), in collaboration with the Edinburgh Group (EG), has launched a pioneering online tool designed to help small- and medium-sized enterprises (SMEs) maximize the benefits of incorporating sustainability into their strategy and business operations.

Developed specifically for IFAC and EG members to provide to their own members, The Small Business Sustainability Checklist is an interactive tool that provides practical steps to future-proof businesses and boost sustainability practices. It is designed to be tailored by each business according to its industry sector, lifecycle, and products and services. 

The innovative resource uses a simple self-assessment approach to score users’ sustainability initiatives across environmental factors, social responsibility, and governance. It helps users identify risks and opportunities, which can inform a roadmap for improvement.

Lee White, IFAC Chief Executive Officer, said, “This checklist is a practical tool to help small businesses benchmark and track their sustainability efforts, providing the resources and guidance to help them take the first step or make progress from what they’re currently doing.”

In an environment of shifting sustainability regulations worldwide, the straightforward approach of The Small Business Sustainability Checklist arrives at a critical time for small and medium-sized practices looking to support their clients to tackle sustainability-related risks and unlock opportunities.

“This is all about building sustainable futures for both accounting practices and their clients, to face the global standards of today and tomorrow,” White said. 

CA Rajendra Kumar P., Chair of the Edinburgh Group, noted: “As a coalition of sixteen accountancy bodies from across the world that is focused on supporting small- and medium-sized practices and entities, the Edinburgh Group expects this new tool will be hugely beneficial to those who use it.”

Peer-led content to deliver real-world examples

With interactive videos featuring real-world experiences from industry peers, the tool offers users firsthand insights into how fellow professionals are tackling sustainability challenges. By sharing practical strategies and best practices, these industry voices provide valuable context, helping accountants translate sustainability concepts into actionable steps for their own firms and for their clients.

“IFAC’s new tool is more than just a guide to reporting, it’s a resource that fosters best-in-class sustainability practices and helps firms develop advisory services,” said industry leader Sarah Lawrance. “As accountants and small businesses, we have a responsibility to consider our impact on the future, and this tool helps us all take meaningful action, no matter where we are on our journey.”

“This checklist sparks essential conversations between accountants and their clients,” Sarah added. “It empowers accountants to position themselves as sustainability leaders within their firms while also guiding their clients toward their own sustainability goals.”

The tool is now available via IFAC’s website.

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.  

About Edinburgh Group

The Edinburgh Group is a coalition of 16 accountancy bodies from across the world, representing over 1.3 million professional accountants. It champions, and provides a forum for the exchange of views on, issues affecting small- and medium-sized practices and small- and medium-sized entities, as well as related issues impacting developing nations and professional accountants in business in the context of the advancement of the accountancy profession internationally.

During its quarterly meeting in Toronto, Canada, the International Public Sector Accounting Standards Board (IPSASB) took pivotal decisions on the next steps in its project to develop urgently needed guidance for governments and public sector entities on climate-related disclosures. Responding to a record number of comments on its Exposure Draft (ED) IPSASB SRS ED 1, Climate-related Disclosures, the IPSASB recognized that the complexity of having different reporting perspectives in a single standard would not meet the needs of the public sector. Instead, the project will be split into two phases:

• Phase 1, Own Operations, will finalize the first-ever public sector sustainability reporting standard tailored for the public sector that’s already in development, focusing on how public sector entities disclose climate-related risks and opportunities to their own operations.
• Phase 2, Public Policy Programs, will develop a separate standard for those specific public sector entities responsible for delivering climate-related public policy programs and their outcomes.

This phased approach will meet the urgent need for public sector guidance while allowing additional time to address the more complex reporting needs identified by stakeholders.

Ian Carruthers, IPSASB Chair said: "The IPSASB’s ED on Climate‐related Disclosures generated unprecedented engagement – attracting the Board’s largest ever number of responses to a technical consultation. Our stakeholders clearly told us that the dual perspectives of Own Operations and Public Policy Programs are right for the public sector. The Board’s decision to take a phased approach to the project will bring a variety of benefits – providing timely guidance to preparers to start their sustainability reporting journeys and reducing the complexity of the proposed guidance.”

The IPSASB intends to vote on a final pronouncement for the Own Operations standard, which will be its inaugural IPSASB SRS Standard, at its December 2025 Board meeting. Once the first standard has been approved, the Board will then consider stakeholders’ feedback on the proposed Public Policy Programs guidance, with the aim of finalizing the second standard around the end of 2026. Both standards will help governments and public sector entities make informed decisions on climate action, while providing the reporting needed for accountability and public trust.

How to Access
Access the IPSASB SRS ED 1, Climate-related Disclosures, its summary At-a-Glance document, and the published comment letters responding to the ED.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®), IPSASB Sustainability Reporting Standards™ (IPSASB SRS™) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and IPSASB SRS and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development.  The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.