As the global voice of the accountancy profession, IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosures, endorsed by IOSCO, and used around the world. The goal is a global system for consistent, comparable, reliable, and assurable sustainability information that can be complemented by local standards or broader public policy needs.  

With today’s release of its first two standards, the ISSB has answered stakeholders’ calls to move with pace, to focus on the needs of investors and capital markets, and to build upon existing and respected frameworks and standards.   

IFAC CEO Kevin Dancey said, “In one sense, the finalization of S1 and S2 by the ISSB marks the beginning of the work to be done by the accountancy profession.  All professional accountants—whether working in business, as preparers or auditors, or serving as leaders of professional accountancy organizations—must now advocate for and implement these standards so that high-quality corporate reporting of sustainability-related information becomes a reality.   The ongoing work of the IAASB and IESBA will bring trust and confidence through high-quality—and hopefully mandatory—assurance.”  

“To that end, IFAC calls on the global accountancy profession to work with local regulators and stakeholders to support the adoption of ISSB standards, to help build capacity for their implementation alongside any local complementary reporting requirements, and to continue to contribute our expertise and feedback to the ISSB as its important standard setting work continues.”   

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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

With the myriad of opportunities available to professional accountants across positions, locales and sectors with the ability to progress in many different roles, accountancy is a passport to meaningful and rewarding careers in both the private and public sectors. This was the theme of the latest meeting of IFAC’s Professional Accountants in Business (PAIB) Advisory Group held in New York City, which convenes a global and diverse group of professional accountants working in a variety of leadership positions in business and the public sector.  

A new article from IFAC explores five opportunities identified by the PAIB Advisory Group available to professional accountants to shape a career for themselves with lasting impact. By enabling digital transformation, connecting organizational goals to corporate sustainability targets and the sustainability development goals (SDGs), and by helping to manage short and long-term trade-offs, professional accountants are contributing to more resilient and sustainable organizations and economies.   

“The accountancy profession is evolving, and there has never been a better time to be an accounting and finance professional,” said Sanjay Rughani, IFAC PAIB Advisory Group Chair. "Professional accountants are critical to driving sustainable prosperity, and we are at a time of unprecedented opportunity to meet the increasing demands for finance and accountancy skills from our multiple stakeholders, including society at large.” 

Explore the five opportunities that make accountancy a passport to meaningful careers in the private and public sectors.  

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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

About the 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. 

On June 1, 2023, the International Ethics Standards Board for Accountants (IESBA) welcomed a new member following his appointment by the Public Interest Oversight Board (PIOB).

Héctor Lehuedé, is an independent consultant and a lawyer based in Santiago, Chile, with extensive experience in ethics, compliance, and corporate governance, and related areas, including sustainability, regulation of auditors, and tax matters. Previously, Mr. Lehuedé served eight years at the Organisation for Economic Co-operation and Development (OECD's) Corporate Affairs and Corporate Finance Division in Paris. He also holds positions as an independent non-executive director and affiliate professor at Pontificia Universidad Católica's Corporate Governance Center.

Mr. Lehuedé was appointed to the Board by the PIOB for a three-year term. 

“On behalf of the IESBA, it is my great pleasure to welcome Héctor to the Board,” said IESBA Chair Gabriela Figueiredo Dias. “Héctor comes to the IESBA at a critical time in our strategic work on sustainability, tax planning, and several other key projects. I’m confident his background, expertise and experience will further broaden our perspectives and enrich our deliberations as we work towards developing high-quality international ethics standards in the public interest.” 

Mr. Lehuedé will join the IESBA’s 17 other members next week in New York for its week-long Board meeting.*

*IESBA’s June Meetings will be live streamed on IESBA’s YouTube Channel. For more on the meetings, click here: https://lnkd.in/eK4p2xRV

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. 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. For copyright, trademark, and permissions information, please visit Permissions.

Event will be held online July 13 from 1:00-2:00pm CEST / 7:00-8:00am EDT

According to a  Global Guide for Professionalisation in Public Sector Finance published by ACCA and IFAC, achieving professionalisation brings multiple benefits to the economy, governments and individuals. Public financial management (PFM) reforms will only be achieved if finance professionals have the right skills and knowledge and if the public sector is able to attract and retain the right people.

But this is becoming more challenging in a world where the public sector is increasingly competing for talent, despite the tangible advantages of a finance career in the public sector, as highlighted in the latest ACCA’s Global Talent Trends 2023: Public Sector report.

Join ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) for a live global webinar to explore:

1. How governments are professionalising their finance functions and building their capacity and capabilities to improve public service outcomes and ultimately deliver value for citizens.
2. How to make public employment and management systems better able to attract, recruit and retain the best talents to achieve successful professionalization.

Helen Brand, chief executive of ACCA, said: “Professionalising the public finance function requires political will, the right structures and governance, adoption of appropriate policies, and a commitment to continuous development and improvement. Achieving professionalisation brings multiple benefits to individual professionals, governments, and the wider economy. It means greater financial credibility, improved financial management in the public sector, and greater access to diverse career options for individuals.”

"The professionalisation of public sector finance functions is crucial for effective governance and sustainable economic development. By nurturing a highly skilled and accountable workforce, we can increase transparency, efficiency, and trust in the management of public finances”, said Kevin Dancey, IFAC CEO. “Attracting top talent is key to enhance the profession's capacity to navigate complex financial and social challenges and drive positive change in the public sector."

The event will feature:  

• Tracey Carroll, First Assistant Secretary, Financial Analysis, Reporting and Controlling, Federal Ministry of Australia
• Lorena Rivero del Paso, Public Financial Management Advisor, IMF
• Dónal Mulligan, Policy Analyst, Public Employment and Management, OECD
• Alex Metcalfe, Global Head of Public Sector, ACCA
• Laura Leka, Principal, IFAC,

The event is free to attend and will be held in English via zoom. View the agenda and register now.  

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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants.

We’re a thriving global community of 241,000 members and 542,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values.

We offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. Our qualifications and learning opportunities develop strategic business leaders, forward-thinking professionals with the financial, business and digital expertise essential for the creation of sustainable organisations and flourishing societies.

Since 1904, being a force for public good has been embedded in our purpose. In December 2020, we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report.

We believe that accountancy is a cornerstone profession of society and is vital helping economies, organisations and individuals to grow and prosper. It does this by creating robust trusted financial and business management, combating corruption, ensuring organisations are managed ethically, driving sustainability, and providing rewarding career opportunities.

And through our cutting-edge research, we lead the profession by answering today’s questions and preparing for the future. We’re a not-for-profit organisation. Find out more at accaglobal.com

Last month, IFAC was accepted as an Affiliate Member of the International Organization of Securities Commissions (IOSCO).  This marks a significant step in IFAC’s ability to work with other international organizations for the public interest, and to elevate the voice of the global accountancy profession with key global stakeholders.  IFAC is the sole representative of the accountancy profession within the IOSCO membership. 

IOSCO is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation.  IOSCO was established in 1983 and has 238 Members.   

IOSCO’s Ordinary members include securities regulators in over 130 jurisdictions.  The Affiliate Membership category includes self-regulatory organizations (SROs), securities exchanges and markets infrastructure, and other international bodies with a direct interest in securities regulation.   

Affiliate Member status enables IFAC to participate in the IOSCO Affiliate Members Consultative Committee (AMCC), which is a platform for Affiliate Members to provide important perspective into IOSCO’s regulatory policy work, as well as to share experiences and enhance cooperation amongst Affiliate Members.  IFAC can also participate as an observer at the IOSCO Presidents Committee meeting. 

“IOSCO is a global leader on key IFAC priorities like investor protection, corporate reporting, audit quality, sustainability and financial literacy,” said Kevin Dancey, Chief Executive Officer at IFAC. “By joining IOSCO as an Affiliate Member, IFAC looks to strengthening the accountancy profession’s engagement on these and other key topics at both the global and jurisdictional levels.” 

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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) applaud the Public Interest Oversight Board’s (PIOB’s) recent appointment Alan Johnson to be the inaugural chair of the new Stakeholder Advisory Council (SAC). Mr. Johnson brings a wealth of international experience to this new role, including as a former Trustee of the International Foundation for Ethics and Audit; as a chief executive, non-executive director, and audit and risk assurance committee chair; and as past president of the International Federation of Accountants.

In commenting on Mr. Johnson’s appointment and the creation of the SAC, Gabriela Figueiredo Dias and Tom Seidenstein, IESBA and IAASB Chairs, respectively, stated, “The IESBA and IAASB will benefit greatly from this newly created, diverse forum that will advise us on our strategies and projects. We very much look forward to working with Alan and benefiting from his unique experience and perspectives and from his insights which will ensure our Boards remain responsive to the public interest.”

The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) applaud the Public Interest Oversight Board’s (PIOB’s) recent appointment of Alan Johnson to be the inaugural chair of the new Stakeholder Advisory Council (SAC). Mr. Johnson brings a wealth of international experience to this new role, including as a former Trustee of the International Foundation for Ethics and Audit; as a chief executive, non-executive director, and audit and risk assurance committee chair; and as past president of the International Federation of Accountants.

In commenting on Mr. Johnson’s appointment and the creation of the SAC, Gabriela Figueiredo Dias and Tom Seidenstein, IESBA and IAASB Chairs respectively, stated, “The IESBA and IAASB will benefit greatly from this newly created, diverse forum that will advise us on our strategies and projects. We very much look forward to working with Alan and benefiting from his unique experience and perspectives and from his insights which will ensure our Boards remain responsive to the public interest.”

New guidance to help professional accountants and finance professionals deliver robust greenhouse gas (GHG) reporting has been released today by the International Federation of Accountants (IFAC) and We Mean Business Coalition (WMBC), in partnership with Accounting for Sustainability (A4S), Global Accounting Alliance (GAA) and World Business Council for Sustainable Development (WBCSD).

The guidance is a response to rapidly escalating impacts of climate change and emerging mandatory requirements that companies disclose robust information about their GHG emissions and climate risks and opportunities to help investors allocate capital to the ‘greenest’ companies.

It aims to guide CFOs, accountants and finance professionals to build on existing systems and processes in order to undertake or enhance cost-effective and investor-grade GHG reporting.

The first part of the guidance, 8 Steps to Enhance GHG Reporting: A Roadmap for Accounting and Finance Professionals, provides finance and accounting professionals with a roadmap to engage with others across their business to prepare for GHG emissions reporting requirements aligned to financial reporting processes. While the second, GHG Reporting Building Blocks for Accountants, equips accountants with the technical guidance necessary to collect and enhance the quality of data related to all scopes of GHG emissions at individual entity and group levels.

The publications have been released in preparation for the upcoming international and jurisdictional standards and regulations that will make it mandatory for companies to advance GHG reporting to new levels and provide investors with decision-useful information related to climate risks and opportunities. These include the International Sustainability Standards Board (ISSB) General Sustainability-related Disclosures (IFRS S1) and Climate-related Disclosures (IFRS S2), the European Financial Reporting Advisory Group's (EFRAG) European Sustainability Reporting Standards (ESRS) and proposed rules for climate change disclosures by the U.S. Securities and Exchange Commission (SEC).

"With their ideal positioning to champion an integrated mindset by connecting financial and emissions data and processes and analyses, professional accountants and finance professionals play a crucial role in providing decision-useful and trusted GHG reporting to management and capital markets,” said Kevin Dancey, IFAC CEO. “The release of this guidance is a significant step towards enabling these professionals to prepare for the increasing demand for investor-grade climate reporting by aligning GHG emissions accounting with financial accounting."

Maria Mendiluce, CEO, We Mean Business Coalition said: “This guidance demonstrates that robust GHG reporting is not an onerous task, but rather one that can be incorporated, at minimal cost, into existing systems and processes. By working together, finance and sustainability professionals can report in the most efficient way and, in doing so, attract greater investment from those capital providers looking for the most sustainable companies.”

Explore the guidance.

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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

About WMBC
We Mean Business Coalition (WMBC) is a global nonprofit coalition working with the world’s most influential businesses to take action on climate change. Together we catalyze business leadership to drive policy ambition and accelerate the transition to a low-carbon economy. Our mission is to ensure that the world economy is on track to avoid dangerous climate change by 2020 while delivering sustainable growth and prosperity for all.

At a time when companies, investors, and financial markets are calling for increased transparency and accountability for anti-corruption efforts, the International Federation of Accountants (IFAC), Transparency International UK (TI-UK) and the World Economic Forum’s Partnering Against Corruption Initiative (the Forum’s PACI) have published a comprehensive review of anti-corruption corporate reporting by the largest publicly traded companies worldwide.

The report decodes the current state of anti-corruption reporting practices and highlights the urgent need for enhanced quality, reliability, and comparability in this crucial area. It also raises a series of policy questions around jurisdictional differences, comparability, governance, and the completeness and reliability of the information provided.

IFAC CEO Kevin Dancey said: “Our findings are mixed—the report reveals both progress and challenges, and significantly different disclosure practices in jurisdictions. We must collectively address the gaps and differences to ensure anti-corruption reporting achieves the same level of rigor, transparency, and trust as financial reporting. IFAC, TI-UK and the Forum’s PACI are committed to engaging stakeholders based on this research and holding ongoing conversations to drive meaningful change.”

TI-UK CEO Daniel Bruce said: “Corruption has far-reaching negative consequences, undermining public services, economic opportunities, and achieving the United Nations Sustainable Development Goals. Fighting corruption requires collaboration among diverse stakeholders, including governments, businesses, and society at large. Through collaboration and dialogue, we can work toward a future where businesses uphold the highest standards of integrity, contribute to sustainable development, and combat corruption effectively."

IFAC, TI-UK and the Forum’s PACI urge stakeholders to join forces in advancing anti-corruption reporting, enhancing its quality, reliability, and comparability. By working together, we can forge a future where corruption is eradicated, economic progress is safeguarded, and sustainable development becomes a shared reality.

Findings

• Nearly all (95%) of companies reviewed disclose some information about anti-corruption policies, training, and/or results.
• Most of these companies use internationally recognized sustainability standards (61% use GRI and 17% use SASB) to report anti-corruption information.
• There is little comparability between anti-corruption disclosure.
• Few companies disclose corruption incidents (37%) or the costs of corruption (4%).
• The majority (72%) of companies are not obtaining assurance on anti-corruption information.

To access the full report, visit the IFAC website.

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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

About Transparency International-UK
Transparency International (TI-UK) is the UK’s long standing independent anti-corruption organisation, working to expose and prevent corruption so that no one in the UK and where the UK has influence has to suffer its consequences. TI-UK is a leading member in the Transparency International global movement made up of more than 100 country chapters around the world.

More information is here: www.transparency.org.uk

About the World Economic Forum’s Partnering Against Corruption Initiative
Launched in 2004, the World Economic Forum’s Partnering Against Corruption Initiative (PACI) serves as the principal CEO-led platform in the global anti-corruption arena. PACI has over 80 signatories from different sectors across the globe and is one of the Forum’s strongest cross-industry collaborative efforts, creating a highly visible, agenda-setting platform by working with business leaders, international organizations, civil society, academia and governments to address corruption, transparency and accountability.

The International Bar Association (IBA) and the International Federation of Accountants (IFAC) have announced a Memorandum of Understanding (MoU) that formalises and demonstrates a commitment to closer cooperation between the two organisations and the legal and accountancy professions as a whole.

This MoU provides a framework for expanding the cooperation between the IBA and IFAC, with a particular focus on anti-corruption and how the professions can work more closely together in the fight against money-laundering and economic crime., with key stakeholders such as the United Nations and Financial Action Task Force. Other areas of cooperation include maintaining the reputations and integrity of the accountancy and legal professions; ensuring that initiatives to regulate both professions are proportionate and fit-for-purpose; and enhancing the strength of the IBA and IFAC’s collective voice on global policy issues so that the legal and accountancy professions are in the best position to serve the public interest.

Dr Mark Ellis, IBA Executive Director, commented: ‘As the global voices for our respective professions, the IBA and IFAC are uniquely placed to contribute to global policymaking in the public interest. This MoU marks a natural progression of the collaborative work the IBA and IFAC have been undertaking for several years. There is strength in our collective voice as we aim to bring about positive, meaningful change in the anti-corruption sector. We look forward to implementing the framework set out in this Memorandum and furthering our collaborative efforts with IFAC.’

Kevin Dancey, IFAC Chief Executive Officer, remarked: ‘I hope that our relationship, at the global level, inspires and encourages professional accountancy organisations and bar associations to develop stronger bilateral relationships in their jurisdictions to increase their impact in the public interest and achieve shared goals.’

Cooperation between the IBA and IFAC has increased in recent years in the context of The IBA and IFAC Anti-Corruption Mandate (July 2018) and close engagement on the roles of the two professions in combatting corruption and financial crime.

In June 2021, the IBA and IFAC co-hosted a side event at the UN General Assembly Special Session Against Corruption in New York on the essential role both the accountancy and legal professions play in fighting corruption on a global scale, with a particular focus on issues of professional ethics and independence. Following on from this event, at the ninth session of the UN Convention Against Corruption Conference of States Parties in December 2021, the IBA and IFAC co-hosted a side event examining the ways in which the accountancy and legal professions act as ‘gatekeepers’ of the global financial system in terms of the prevention, identification and mitigation of corruption.

ENDS

Notes to the Editor

1. 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, with members based in more than 170 jurisdictions. Established in 1947, shortly after the creation of the United Nations, with the aim of protecting and advancing the rule of law globally, the IBA 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. The IBA acts as a connector, enabler, and influencer, for fair practice and accountability worldwide and through its global membership, it influences the development of international law reform and helps to shape the future of the legal profession throughout the world.

2. The International Federation of Accountants (IFAC) is the global organisation for 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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

3. The IBA Anti-Corruption Committee provides an international forum for private and public-sector practitioners to meet and discuss anti-corruption laws, compliance practices, enforcement trends and asset recovery issues. It facilitates the sharing of best practice and the regular communication of legal and other developments, including new legislation, case-law, prosecution guidance and government policy, as well as developments in civil society, the private sector and international organisations.

4. Find the IBA on social media here:

• IBA (@IBAnews)
• twitter.com/IBAnews
• twitter.com/IBAevents
• www.facebook.com/internationalbarassociation
• www.linkedin.com/company/international-bar-association

5. Find IFAC on social media here:

• twitter.com/ifac
• linkedin.com/company/ifac
• facebook.com/InternationalFederationOfAccountants
• youtube.com/IFACMultimedia