IPSASB Chair, Ian Carruthers, has published his reponse to the survey on IPSASB Oversight Arrangements. 

The IFAC Nominating Committee is seeking to fill seven vacancies on the International Public Sector Accounting Standards Board (IPSASB), including one for a public member. These Board Members will serve an initial term of up to 3 years, commencing January 1, 2021.

To enhance diversity on the Board, the Nominating Committee is particularly interested in receiving nominations of female candidates and nominations from the following regions: Asia, Africa-Middle East, and Latin America-Caribbean.

Candidates will ideally have a public sector background, a strong interest in technical accounting issues and/or experience in standard setting to be able to contribute value to the work of the Board. English proficiency is essential, as this is the language in which the IPSASB operates.

Nominations from a wide range of relevant backgrounds are sought, including, but not limited to, candidates from:

• Preparers of accrual-based financial statements, such those reporting directly or indirectly in accordance with IPSAS or being in the process of transitioning to IPSAS or another accrual-based accounting framework.
• Ministries of Finance and Treasury departments.
• International and regional development organizations.
• Public sector external auditors.
• Users of general purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies.

All stakeholders, including the general public, IFAC member organizations, and the Forum of Firms are invited to nominate candidates.

The IPSASB is an independent standard-setting body that serves the public interest by setting high-quality accounting standards for use by public sector entities around the world in the preparation of general purpose financial reports.

Deadline for submitting applications is January 31, 2020. Please see the Call for Nominations for more details and information on how to submit an application.

The International Integrated Reporting Council's meeting, hosted today by IFAC, comes at a seminal moment for corporate reporting. To be accountable to their stakeholders, organizations need to provide a clear and concise picture of their ability to create sustainable value over time. At the same time, rapid change and disruption, driven by climate change and technology, are forcing businesses to reconsider their approach to value creation and reporting.

Over the past decade, the corporate reporting landscape has become a mosaic of mandatory and voluntary disclosures under various standards and frameworks. The result is complexity and reporting that fails to meet the needs of investors and other stakeholders. Convergence towards relevant, reliable, and comparable narrative information and metrics is desperately needed.

Integrated reporting meets today’s expectations for corporate accountability and transparency. IFAC’s partnership with the International Integrated Reporting Council aims to support organizations in developing reporting and thinking that properly considers long-term opportunities and risks.

To address the future of reporting, and the role accountants must play in it, IFAC has published its Point of View on enhancing corporate reporting. Also published on the Gateway is an article from IFAC CEO Kevin Dancey and IIRC Interim CEO Charles Tilley that highlights the evolving role of CFOs and finance teams in accounting for value creation. IFAC is determined to support this evolution through an integrated value creation agenda.

Accountants have a key role to play in this future and must work to drive corporate reporting that meets the demands of the present and the future. This is an enormous opportunity that the profession must seize now.

With a changing and uncertain business environment, Chief Financial Officers (CFOs) and finance functions must evolve to sit at the heart of decision making within their organizations, according to a series launched today by IFAC (the International Federation of Accountants). The series includes:

• A vision for the CFO and finance function;
• Future-fit accounting roles for the next decade; and
• An evaluation tool to help guide organizations in finance function transformation.

With more demanding customers and societal expectations, achieving long-term value creation and success has never been more challenging for businesses. The CFO and finance function of today and tomorrow needs to provide information and analysis that supports decisions about all aspects of an organization’s business model and value creation. As business partners, they need to communicate how value is created today, how it will be created in the future, and if profitability is sustainable.

“The finance function cannot survive as a support or back-office function and must do more than account for the balance sheet” said Kevin Dancey, IFAC CEO. “As business models evolve and uncertainty increases, CFOs and their finance teams are uniquely situated to provide the information that powers decision-making for long-term value creation.”

To be at the heart of decision making, effective CFOs and finance functions must deliver:

• Actionable insights to support strategic and operational planning and decisions;
• Performance analysis to steer the organization toward achieving objectives, targets, and long-term profitability, as well as to ensure alignment between strategy, planning and delivery;
• Enterprise risk management to manage uncertainty, opportunities, and risks in the context of business objectives and the external environment;
• Effective communication and storytelling on all aspects of an organization’s business model and value creation;
• Trust and confidence in the governance of the organization, and in the quality of data, processes, systems and reporting through adequate control and security; and
• Integrity and professionalism to encourage ethical behavior and decision making throughout an organization to ensure sustainable value creation.

It is incumbent upon various stakeholders – organizations, professional accountancy organizations (PAOs), and individuals – to help prepare future-fit accountants in business.

For organizations, developing a finance function vision will help identify the enablers of change and ensure that the finance function is fit-for-purpose to partner with the business. IFAC's evaluation tool is meant to help boards and management teams identify strengths and areas of improvement for their finance team.

For PAOs, there are three priority areas to develop future-ready accountants in business: engaging accountants in business and their employers, advancing accountancy education, and promoting the value of the accounting profession.

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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.

Within five years, 65% of governments will report on an accrual basis, according to a recent report by IFAC (the International Federation of Accountants) and CIPFA (the Chartered Institute of Public Finance and Accountancy). The report was drawn from the International Public Sector Financial Accountability Index, which captures current and future use of public financial reporting bases and frameworks by governments around the world.

The 2018 Index Status Report, which captures information from 150 countries, finds that while 25% of governments currently report on an accrual basis, 65% of governments will report on accrual by the end of 2023. Asia, Africa, and Latin America and the Caribbean will lead the projected increase by the end of 2023.

By providing a comprehensive view of government finances, accrual reporting helps ensure that expenditure of public funds is transparent, public officials are held accountable, and future liabilities are recognized officially and planned for properly.

“Accruals-based accounting and auditable financial statements are essential if governments are to promote trust and transparency, identify and fight corruption, and above all deliver the outcomes their citizens expect and deserve,” said Rob Whiteman, Chief Executive of CIPFA.

Public financial reporting frameworks are developed in various ways, with many using International Public Sector Accounting Standards (IPSAS). IPSAS provide high quality financial reporting guidance for governments and other public bodies around the world, in order to improve their consistency and transparency. 51% of governments that currently report on an accrual basis use IPSAS directly, indirectly or as a reference point. By the end of 2023, nearly three-quarters (73%) of governments that report on accrual will use IPSAS in one of these three ways.

The report also outlines key actions for successful accrual reforms. According to the report, successful implementation of accrual reforms requires coordinated planning and sustained support. Additional recommendations include: frequent and clear communications, a change management program, and coordinated training and capacity building.

“The rapid acceleration of accrual reporting in the public sector, and IPSAS in particular, is a promising sign for citizens across the globe. Professional accountants play a critical role in unlocking the full benefits of accrual accounting and in improving decision making, transparency and accountability throughout the economy,” said Kevin Dancey, IFAC Incoming CEO.

IFAC and CIPFA plan to expand the Index progressively in terms of both coverage and information depth and to provide periodic status reports throughout this crucial uptake period for accrual financial reporting globally.

Media Contacts:
Tony Mirenda
IFAC Head of Communications
tonymirenda@ifac.org
+1 212 286 9344

Letreis Lawrence
CIPFA Corporate Communications Assistant
Letreis.lawrence@cipfa.org
0207543 5787

 
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 CIPFA
CIPFA is the professional body for people in public finance. It represents approximately 14,000 members who are public finance leaders and officials in the United Kingdom and overseas, specialising in high quality public financial management and governance for organisations in, and providing support to, government and public services. Its members work throughout the public sector, in national audit agencies, in major accountancy firms, and in other public and private sector bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications is the foundation for a career in public finance. It also champions high performance in public services, translating its experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. 

The International Bar Association (IBA) and the International Federation of Accountants (IFAC) have today launched a pioneering new initiative aimed at supporting legal and accountancy professional bodies in the fight against money laundering. 

This pilot workshop, which is the first in a planned global series of regional AML capacity building events, brings together representatives from the accountancy and legal professions in a shared learning environment designed to help strengthen national AML systems.

The three-day programme, with over 70 delegates from bar associations and professional accountancy bodies from 22 jurisdictions in the Caribbean region and beyond, is being held in the Cayman Islands between October 28-30. It is supported by the Financial Action Task Force (FATF), the global AML standard setter, and CFATF, its regional affiliate, and is being hosted by the Cayman Islands Institute of Professional Accountants (CIIPA) and the Legal Services Supervisory Authority (LSSA), with the sponsorship of the Cayman Islands Ministry of Financial Services. 

The workshop agenda, which comprises panel sessions, lectures, and collaborative breakout activities, aims to:

• Enhance the ability of professional bodies to educate and equip their members with relevant AML requirements and expectations;
• Empower professional associations to partner more effectively with key AML stakeholders, including government agencies and financial intelligence units; and
• Support professional bodies in undertaking or preparing for AML supervisory responsibilities where applicable.

Steven Richman, Chair of the IBA’s Bar Issues Commission, commented: ‘This initiative underscores the critical role that the accountancy and legal professions play in combatting money laundering and strengthening the integrity of the global financial system as a whole. Sharing ideas and working together is crucial to stamping out this corrupt practice.’

"IFAC, by connecting and uniting its members, makes the accountancy profession’s contributions to the fight against money laundering truly global.  Through our partnership with the FATF and IBA, we aim to equip our member professional bodies with the tools and networks they need to be AML leaders in their jurisdictions," said Scott Hanson, Director of Policy & Global Engagement of IFAC.

Media Contact

For further information or media inquiries, please contact:

• Scott Hanson, Director, IFAC – scotthanson@ifac.org
• Sara Carnegie, International Bar Association – sara.carnegie@int-bar.org

About the International Bar Association (IBA)

The International Bar Association (IBA), the global voice of the legal profession, is the foremost organisation for international legal practitioners, bar associations and law societies. Established in 1947, shortly after the creation of the United Nations, it was born out of the conviction that an organisation made up of the world's bar associations could contribute to global stability and peace through the administration of justice.

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.

The International Federation of Accountants (IFAC), the International Organization of Supreme Audit Institutions (INTOSAI), and the INTOSAI Development Initiative (IDI) have signed a Memorandum of Understanding (MoU) at the XXV INCOSAI meeting in Sharm El Sheikh, Egypt.

The MoU formalizes collaboration between the three organizations to enhance the quality of public sector auditing and strengthen transparency and accountability in government activities—fostering good governance and promoting the economy, effectiveness, and efficiency of government programs for the benefit of all.

The agreement underscores a shared commitment to strengthen public financial management, promote high-quality international standards, and build capacity within Supreme Audit Institutions (SAIs) and the broader accountability profession.

Under the MoU, IFAC, INTOSAI, and IDI endeavor to :

• Collaborate on issues of mutual interest to promote sound public financial management, support each other’s efforts to promote the adoption and implementation of their standards, and foster partnerships between INTOSAI and IFAC members to strengthen public sector accountancy and audit capacity;
• Exchange relevant knowledge, experience, and best practices;
• Explore opportunities to convene or contribute to joint events, forums, and dialogues to advance shared objectives and engage stakeholders;
• Cooperate in engagements with donors and development partners to leverage synergies in capacity-building projects that support all three parties’ objectives; and
• Promote relevant initiatives and publications.

This partnership builds on a long history of cooperation between the global accountancy profession and the public sector audit community, recognizing their complementary roles in advancing integrity, trust, and effective governance.

Lee White, Chief Executive Officer, IFAC said:  “This MoU is a milestone in our ongoing collaboration with INTOSAI and IDI. Public sector accountability is fundamental to trust in government and citizens’ confidence in how public resources are managed. Together, we are reinforcing the bridge between the accountancy profession and Supreme Audit Institutions to strengthen integrity, transparency, and the quality of public sector reporting and assurance globally.”

Dr Margit Kraker, Secretary General, INTOSAI said:  "INTOSAI welcomes this strengthened collaboration with IFAC and IDI. This agreement is a reflection of our mutual confidence and our conviction that collaboration is central to lasting progress. By pooling our knowledge, experience, and resources, we are laying a strong foundation for sustainable and impactful results. Let us approach this partnership with commitment and confidence — for the benefit of our institutions, our partners, and ultimately, the citizens we serve."

Einar Gørrissen, Director General, IDI said: “As an INTOSAI body, the IDI is pleased to formalize this partnership with IFAC. Our collaboration is rooted in a shared commitment to support independent, professional, and credible Supreme Audit Institutions ensuring trust in public institutions. We look forward to working together for capacity development, standard-setting support, and advocacy, for contributing to stronger, more resilient institutions that are essential for better societies and improved lives.”

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.

The International Public Sector Accounting Standards Board (IPSASB®), developer of IPSAS® Standards, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Definition of Material (Amendments to IPSAS 1, IPSAS 3, and the Conceptual Framework).

“The amendments aim to bring consistency into our guidance on the definition of material, helping organizations apply it more effectively,” said Ian Carruthers, IPSASB Chair. "A clear and well-understood definition will serve as a solid foundation for our planned guidance on how to make materiality judgments to be developed during the second phase of this project.”

The amendments:

• Clarify that an entity is required to consider the information needs of primary users instead of other users of GPFRs; and
• Align the definition of material in IPSAS 1, Presentation of Financial Statements, with Chapter 3 of the Conceptual Framework on Qualitative Characteristics.

The amendments will help strengthen accountability by ensuring financial statements focus on information most relevant to primary users. They will enhance consistency through conforming the definition of the term material between the Conceptual Framework and within IPSASB’s authoritative guidance and lay the foundation for planned guidance on materiality judgments in financial and reporting.

The second phase of the project includes developing non-authoritative guidance aligned with IFRS® Practice Statement 2, Making Materiality Judgements, to efficiently and promptly address constituents' need for additional guidance on making materiality judgments when preparing financial statements in accordance with IPSAS Standards.

The amendments to IPSAS Standards in the Definition of Material (Amendments to IPSAS 1, IPSAS 3, and the Conceptual Framework) are effective January 1, 2027. An earlier application is permitted. The amendments to the Conceptual Framework are effective immediately.

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.

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.

The International Federation of Accountants (IFAC) convened the inaugural meeting of the Global Investor Group (GIG) in Tokyo on October 20, 2025, bringing together senior leaders from the investor community, the global accountancy profession, regulators, and capital market institutions. IFAC’s GIG aims to foster open and ongoing dialogue between the profession and investors to ensure assurance remains trusted, relevant, and aligned with the evolving needs of capital markets.

The first meeting was graciously hosted by the Japanese Institute of Certified Public Accountants (JICPA) and held with the support of Norges Bank Investment Management (NBIM), the Japan Exchange Group (JPX)/Tokyo Stock Exchange, and under the endorsement of the Japanese Financial Services Agency (JFSA) as part of Japan Weeks 2025.

Naruhito Minami, Chair and President of the JICPA said in his welcome address: “Dialogue between investors and auditors is not just about information exchange — it is about strengthening trust, improving audit quality, and enhancing transparency. At JICPA, we believe that providing reliable sustainability information is essential for investors to evaluate a company's long-term value creation. Consequently, the roles of auditors and the scope of dialogue between investors and auditors are expanding.”

“Today’s discussions confirmed why the Global Investor Group GIG matters — the profession and investors share the same ultimate goal: trustworthy, relevant information that supports sound decision-making,” said Lee White, IFAC Chief Executive Officer. “GIG is about creating a trusted space for real dialogue between investors and the accountancy profession — open, honest, and focused on solutions. By aligning investor needs and market priorities, we can help close the expectation gap with assurance and strengthen the trust and transparency that global markets depend on.”

This was echoed by Koji Watanabe, Director of the Listing Department, Tokyo Stock Exchange, Inc. (TSE), who added “Exchanges, regulators, auditors, and companies all share the responsibility to provide information that is accurate, timely, and useful. The Global Investor Group is a timely initiative. By working together, we can make audit reports more useful, connect sustainability information to financial statements, and build stronger partnerships in our markets. I hope today’s discussion will start a stronger partnership between investors and auditors, and help strengthen capital markets worldwide.”

The Chief Accountant, Director for International Accounting of the JFSA, Koichiro Kuramochi noted: “Hosting such international dialogue here in Japan is not only timely, but also essential to deepening mutual understanding and collaboration with global market participants. The Japan FSA places great importance on engaging with overseas investors and stakeholders in the capital markets. We are committed to strengthening these communications further, and today’s meeting marks a significant step forward in that direction. We hope that it will serve as a foundation for future collaboration between investors and the accounting profession.”

Jeanne Stampe, Lead Policy Advisor, Active Ownership at Norges Bank Investment Management concluded: “In an increasingly complex investment landscape, audit reports provide investors with critical insights into the judgments and assumptions underlying financial results. Alignment between investors and the auditor community will empower investors to engage effectively with board audit committees. The GIG can facilitate constructive dialogue on enhancing how audit findings reach investors, ultimately strengthening governance and supporting better capital allocation decisions.”

The meeting focused on how to help bridge the assurance expectation gap—the difference between what investors expect from assurance and what the profession delivers or is perceived to deliver. Through a structured roundtable held under the Chatham House Rule, participants explored critical questions about the role of assurance in enhancing trust, especially regarding:

• The connectivity between sustainability-related and financial information and their assurance,
• Audit scope, Key Audit Matters and independence,
• Engagement with audit committees, and
• Transparency in auditor communications.

The GIG’s primary objective is to serve as a trusted, informal forum where investors and assurance providers can engage openly.

In terms of next steps, input from this inaugural meeting will help shape the Terms of Reference of the GIG and its 2026 workplan, and ensure the GIG remains responsive to both investor priorities and market developments.

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.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has published its Work Program Consultation. Having set its overall strategy for the period 2024-2028 through a public consultation, this new Consultation seeks to understand stakeholders’ greatest needs in relation to individual financial reporting projects, post implementation reviews and sustainability reporting projects. By engaging with its stakeholders, the IPSASB aims to ensure its future work program projects are responsive, relevant, and aligned with the evolving needs of the global public sector.

“Understanding the greatest needs of stakeholders will allow the Board to determine how best to deploy resources as they become available,” said Ian Carruthers, IPSASB Chair. “With resources to undertake new initiatives anticipated to become available during 2026 and onwards, the IPSASB decided that now is the time to consult with stakeholders to determine their future project needs.”

IPSASB will take decisions during 2026 on the individual projects to add to its future work program based on stakeholder feedback from the consultation that last until May 4, 2026, bearing in mind the available Board resources.

How to Access
Access the IPSASB’s Work Program Consultation. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of the Work Program Consultation and encourages all interested stakeholders to respond to inform the IPSASB as it sets it next Work Program.

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.

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.