The International Standards: 2024 Global Adoption Status Snapshot highlights how widely international standards are embraced across IFAC member jurisdictions. Since the inaugural 2019 report, we continue to see notable progress in adoption of the international standards as well as enhancing quality assurance and investigation & discipline systems. The 2024 update highlights a selection of success stories from IFAC members. It also identifies the conditions that help advance adoption and implementation, as well as more opportunities for further collaboration and connected learning.

This progress is made possible by the steadfast commitment of IFAC member organizations to the requirements outlined in the Statements of Membership Obligations (SMOs). By proudly carrying their IFAC membership as a badge of international recognition and working with IFAC to publish their adoption & implementation actions on IFAC’s International Standards Adoption Map, these organizations reinforce their dedication to integrity and professional quality, and to shape the future of the profession through their commitment to the public interest.

Access the 2024 Global Adoption Status Snapshot

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 Ethics Standards Board for Accountants (IESBA) launched a standard-setting project on accounting firm culture and governance, actioning the recommendations of the Working Group on Firm Culture and Governance in its fact-finding report, which was released today.

Key findings of the report include:

• The role of ethical leadership and robust governance within accounting firms as key drivers in creating a culture that promotes ethical behavior.
• The importance of transparent and ethical leadership, firm-wide accountability mechanisms and the provision of independent input.
• The need for alignment of performance incentives with ethical behavior, continuous ethics education, and a culture of open discussion and challenge.  

Taking into consideration the Working Group’s conclusions and recommendations, the standard-setting project aims to develop a principles-based culture and governance framework for accounting firms that promotes, supports and reinforces a high standard of ethical behavior across all their professional services.

As part of this strategic initiative, the IESBA will also develop non-authoritative materials to raise awareness about the importance of ethical behavior in accounting firms and support firms with guidance on embedding ethics into their strategies and operations. These will also help involve other stakeholders who might contribute to developing an ecosystem for highly ethical accounting firms.

The IESBA will conduct a series of in-person and virtual global roundtables in March and April 2025 to gather views from a broad range of stakeholders. The in-person roundtables will be held in New York City, USA; Melbourne, Australia; Brussels, Belgium; and Kuala Lumpur, Malaysia. Further details will be announced in due course.

Gabriela Figueiredo Dias, Chair of the IESBA, said, “Ethics is foundational to the work of all accounting firms and all the professionals therein. It is their gateway to public trust in their professional services. I commend the Working Group on tabling a comprehensive report, identifying the key areas of focus we will be probing carefully and systematically, in collaboration with stakeholders, as we seek to develop a global framework for culture and governance for firms. It is our strong conviction that this framework will enable firms to be highly ethical firms consistently, strengthening their resilience against risks of unethical behavior, maintaining a good reputation, and ensuring their long-term sustainability to serve clients, investors, other stakeholders, and the public interest.”

Established in March 2024, the Working Group’s charge included, among other matters, gathering an understanding of culture and governance and their impact on compliance with ethical requirements in accounting firms and, where applicable, their networks and developing recommendations for the IESBA.

The development of the report was informed by extensive outreach to stakeholders, including regulators and oversight bodies, investors and the corporate governance community, accounting firms, professional accountancy organizations, national standard setters, and the Stakeholder Advisory Council, as well as a review of academic literature.

The topic of accounting firm culture and governance is a strategic priority for the IESBA following a spate of high-profile cases of unethical behavior in accounting firms in several jurisdictions in recent years. These cases have led to adverse consequences for individual professional accountants and their firms in multiple jurisdictions. 

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.

On behalf of the IAASB, Happy New Year to all. The IAASB closed out a productive 2024 by approving ISA 570 (Revised), Going Concern closely following the September 2024 approval of ISSA 5000, General Requirements for Sustainability Assurance Engagements. It is natural for our stakeholders to want to know what the IAASB plans to do in 2025. Our strategy document, Elevating Trust in Audit and Assurance, provides clear guidance.

For 2025, from a standard-setting standpoint, we are translating the strategy into three leading tasks:

1. Finish what we have started.
2. Give the market time and support to ensure high-quality implementation.
3. Increase our focus on technology to enhance audit and assurance quality.

Finish what we have started. By the end of the first half of 2025, the IAASB will complete its projects on Fraud and the second phase of our IESBA convergence work on Listed and Public Interest Entities. The IAASB intends to approve revisions to the Fraud standard in March and will undertake a consultation and outreach on Listed and Public Entities in Q1 to permit June 2025 approval. With the finalization of these projects, an important phase of our 2024-2027 work plan ends.

Give the market time and support to ensure high-quality implementation. In recent years, IAASB major initiatives included ISA 315 (Revised 2019), the quality management suite of standards (ISQMs 1 and 2, and ISA 220 (Revised), group audits (ISA 600 (Revised), the ISA for Audits of Financial Statements of Less Complex Entities, ISSA 5000, and going concern (ISA 570 (Revised 2024). With the addition of the standards we anticipate finalizing in the first half of 2025, our focus will turn to supporting implementation of these standards, allowing time for their effective adoption, and beginning to assess their effectiveness through post-implementation reviews. For example, jointly with IESBA, we will be launching comprehensive implementation support plans for our sustainability standards at the end of January.

Increase our focus on technology to enhance audit and assurance quality. As our work plan transitions, there will necessarily be a period of calm in terms of new standards coming into effect.  However, we will not slow our work on key public interest topics. In September, the IAASB approved a new Technology Position and “committed to actively facilitating and, where appropriate, encouraging the appropriate use of technology.” While technology is not the sole driver, a dedicated focus on technology will be a priority over the next three years. Our recent project proposal to revise our Audit Evidence and Risk Response standards, scheduled to be completed in early 2027, highlights this commitment. We will be updating our project timelines shortly to reflect the technology priority.

The IAASB has emphasized the value of stakeholder engagement and has deepened outreach over recent years. As we pursue the three actions above, expect this level of outreach to continue.

It is with profound sadness that IFEA announces the passing of Imran Vanker, a valued member of the IFEA family. We extend our deepest condolences to his family and friends following the tragic and sudden loss of Imran and his daughter yesterday. Our hearts go out to their loved ones during this unimaginable time.

Imran was a member of the IAASB from 2016 to 2021 and, through his work at the Independent Regulatory Board for Auditors (IRBA) in South Africa, remained an esteemed colleague and member of the IAASB community. His passing, alongside that of his daughter, leaves an irreplaceable void.

Imran was a staunch supporter of IESBA, actively participating as a member of the IESBA-National Standard Setters liaison group. His commitment to ethical behavior was demonstrated through his inspiration and significant contributions during his years of service. 

“Imran will be remembered not only for his many contributions to the audit profession but also for the warmth and goodwill he brought to all IAASB discussions. Imran had a passion for serving the public interest, one that will be hard to replicate,” said Tom Seidenstein, IAASB Chair.

‘’Imran was a friend of the IESBA and a passionate advocate for ethics and integrity in the accounting profession. Imran’s legacy of ethical leadership will continue to guide us, and his memory will remain a source of inspiration for all who strive to uphold the highest standards in our work,” said Gabriela Figueiredo Dias, IESBA Chair.

As an organization, we share in the sorrow of this loss and are keeping the Vanker family in our thoughts. We will continue to honor their memory during this difficult time.

The International Federation of Accountants (IFAC) congratulates Professor Jens Poll on his appointment as President of Accountancy Europe for the 2025-2026 term and Giancarlo Attolini as Deputy President. Both Jens Poll and Giancarlo Attolini bring a wealth of expertise and experience to their new roles.

Lee White, CEO of IFAC, commented: “I warmly congratulate Jens Poll on becoming President of Accountancy Europe. Jens’ longstanding commitment to the profession, including as Accountancy Europe Deputy President, as well as his time as a member of the International Ethics Standards Board for Accountants (IESBA), as Vice Chair of the IFAC Small and Medium Practices Committee and as Chair of the European Group of International Accounting Networks and Associations (EGIAN), demonstrate his dedication to upholding and advancing high-quality global ethical standards, and to the profession’s future. His guidance will undoubtedly help steer Accountancy Europe through a period of critical transformation, addressing challenges and opportunities that shape our profession globally.”

Welcoming Giancarlo Attolini, Lee White added: “We are equally pleased to see Giancarlo Attolini take on the role of Accountancy Europe Deputy President. Having contributed significantly as an Accountancy Europe Board member since 2023, Giancarlo brings extremely valuable leadership that will strengthen Accountancy Europe’s mission. In addition, as past Chair of the IFAC Small and Medium Practices Committee and founding partner of Attolini Spaggiari & Associati Studio Legale e Tributario, Giancarlo has been a steadfast advocate for the needs of small and medium-sized practices and has played a pivotal role in promoting practices transformation.”

Lee White emphasized: “Jens’ and Giancarlo’s deep involvement with IFAC underlines their leadership and vision for the global profession. Their new roles will only enhance the already strong collaboration between IFAC and Accountancy Europe as we continue working together towards our shared goals of transparency and accountability, as well as of sustainability and digital transformations, in the public interest.”

IFAC also extends a warm welcome to Eelco van der Enden as the new Chief Executive Officer of Accountancy Europe. Lee White shared: “I am delighted to see Eelco assume this role. His extensive experience and proven leadership will be pivotal in guiding Accountancy Europe into a new chapter and I look forward to collaborating with him and the Accountancy Europe team.”

Finally, Lee White congratulates Mark Vaessen on his leadership as Accountancy Europe President for 2023-2024, and in particular for overseeing the successful CEO transition from Olivier Boutellis-Taft to Eelco van der Enden. Mark will continue to serve the global accountancy profession, having been appointed to the IFAC Board in November 2024.

Accountancy Europe and IFAC share a deep commitment to supporting the profession, and fostering high-quality standards and practices that build trust in organizations, drive innovation, and advance sustainability, while ensuring investor and consumer protection.

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.

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 Connect^TM 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.

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.

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.

The International Public Sector Accounting Standards Board (IPSASB^®) has issued International Public Sector Accounting Standard (IPSAS^®) 50, Exploration for and Evaluation of Mineral Resources, and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12).

Minerals can account for a significant proportion of the economic resources in many jurisdictions, and the activities to explore for and extract these minerals require significant investment by mining entities. Up to now, public sector mining entities, reporting under IPSAS Standards, had lacked guidance to produce sufficient information on their investments to pursue the economic benefits of these mineral resources.

 “The IPSASB has responded to its stakeholders’ needs by addressing some of the gaps in its literature on mineral resources,” said IPSASB Chair Ian Carruthers. “Together, the new IPSAS 50 and the Amendments to IPSAS 12 will help public sector entities to provide useful financial information and improved accountability in this important area.”

IPSAS 50 provides guidance on accounting for the costs incurred in the exploration and evaluation of mineral resources, based on the selection of an accounting policy specifying which expenditure should be recognized as exploration and evaluation assets. IPSAS 50 is aligned with the private sector requirements in IFRS 6, Exploration for and Evaluation of Mineral Resources, with limited changes for the public sector context.

Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12) adds an authoritative appendix to IPSAS 12, Inventories. The guidance clarifies when to capitalize costs incurred to remove waste material in surface mining operations as inventory or a non-current asset or both. The pronouncement is aligned with the guidance in IFRIC 20, Stripping costs in the Production Phase of a Surface Mine, with limited changes for the public sector context. 

The effective date for both IPSAS 50 and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12) is January 1, 2027, with earlier application permitted.

How to Access

To access the pronouncements, the summary At-a-Glance document, and the webcast, visit the links above. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of these pronouncements to their members and employees.

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 Ethics Standards Board for Accountants (IESBA) is pleased to announce the reappointment of Gabriela Figueiredo Dias to serve a second, renewable term as its Chair, beginning January 1, 2025 and ending December 31, 2026.

Ms. Figueiredo Dias has been at the helm of the global ethics board since January 2022. During her first term, she led the IESBA through a strategy shift, including strategic initiatives that strengthened the relevance and widened the impact of the IESBA’s International Code of Ethics on innovative matters.

Her leadership has been pivotal to the development of robust and timely new standards and thought leadership on ethics and independence to respond to the evolving needs of the market. Those new standards include the soon-to-be-released Sustainability-related standards, which will lay the foundation of ethics and independence as part of the global standards infrastructure for sustainability reporting and assurance, and represent a landmark on the IESBA’s journey.

Other innovative standards finalized over Ms. Figueiredo Dias’ first term included standards addressing the ethical dimensions of tax planning and related services, the transformative effects of technology on the accounting, assurance and finance functions, and auditor independence for group audits.

Ms. Figueiredo Dias’ reappointment comes at a critical time for the IESBA, as the Board pursues a bold Strategy and Work Plan for 2024-2027, with a special focus on two strategic areas: culture and governance of accounting firms, and exploring extending the impact of the IESBA Code beyond its traditional scope. Additional priorities include initiatives to address topics such as auditor independence in relation to collective investment vehicles, and the evolving role of CFOs. Ms. Figueiredo Dias’ first term has already seen strong progress on a number of these priorities, underscoring the IESBA’s role as a global leader in providing standards that support ethical, transparent, and globally consistent reporting and decision-making.

“I am honored to continue to lead the important work we are advancing at IESBA in the public interest,” said Ms. Figueiredo Dias. “In times when ethics matters increasingly for sustainable businesses, markets and economies, it is essential that our standards meet the highest public expectations. Ethics is not optional. It is the bedrock of the accountancy profession and of the public trust in the profession’s work. I look forward to progressing the ambitious agenda we have set, with the critical collaboration of our stakeholders, as we address the complex ethical challenges our world faces today.”

Before joining the IESBA, Ms. Figueiredo Dias served as Chair of the Portuguese Securities Market Commission (CMVM) and was a Board member of the International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA). She also served as Vice-Chair of the Organization for Economic Cooperation and Development (OECD) Corporate Governance Committee. Her deep expertise and extensive experience in market regulation, international standard setting, legal and regulatory structure and governance, and audit oversight at the European and international levels have been central to her impactful leadership at the IESBA.

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.