It is with great sorrow we received news of the death of Ian Mackintosh, who was chair of the IFAC Public Sector Committee (PSC) in the run up to it formally becoming the International Public Sector Accounting Standards Board (IPSASB).

Ian had an illustrious and influential career in both national and international standard-setting for both the public and private sectors over several decades. He served as Chair of the IFAC PSC from 2000 to 2003, during which time he led the development of a number of the foundational accrual based IPSAS, as well as launching the important public sector-specific projects related to Social Benefits and Non-Exchange Revenue.

Towards the end of his PSC Chair tenure, he was a member of the Likierman Review, which led to the formal establishment of the IPSASB as the independent international standard setting board for the public sector. He continued to play a major role in standards development, holding roles including Chair of the UK Accounting Standards Board, Vice-Chair of the IASB and latterly, Chair of the Corporate Reporting Dialogue.   

“Ian Mackintosh was truly unique among international standard setters, in having made a significant contribution to the development of both the public and private sector standards. He was a dedicated and passionate leader who had an enormous impact on the international financial reporting landscape,” said Ian Carruthers, IPSASB Chair. “We at the IPSASB extend our deepest condolences to his family, friends, and former colleagues around the world.”

About 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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. 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 International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in more than 130 jurisdictions, is seeking an outstanding individual to become its next Chief Executive Officer. 

The successful candidate would join IFAC in late 2023 to facilitate an orderly transition from current CEO Kevin Dancey.  Mr. Dancey has served as CEO since 2018 and announced in March his intent to step down at the end of 2023.   

Thanks largely to the stewardship of Mr. Dancey, IFAC today enjoys constructive relationships with its various stakeholders, and is in as strong a position as ever to help influence the direction of the future of the profession.   

The successful candidate for the CEO role must have a keen interest in and deep personal commitment to IFAC’s vision and purpose: to serve the public interest by promoting the value of professional accountants worldwide; speaking out on public interest issues where the accountancy profession’s expertise is most relevant; developing strong professional accountancy organizations and accounting firms; and supporting the development, adoption and implementation of high-quality international standards. 

Korn Ferry has been retained for the search and is partnering with an IFAC CEO Search Committee, chaired by past President Alan Johnson, to actively engage IFAC member organizations, the accountancy community, and other stakeholders and encourage a diverse and international applicant base.  

The full job specification is available here. It includes a link for qualified applicants to submit indications of their interest. 

Referrals for potential candidate names and contact information may be sent to Sara.Curley@kornferry.com.

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

In light of the urgent need for sustainability reporting guidance for the public sector, the International Public Sector Accounting Standards Board^® (IPSASB^®), developer of IPSAS®, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance.

Ahead of a decision by the IPSASB on the potential development of a framework for public sector specific sustainability reporting guidance, the additional non-authoritative guidance included in Recommended Practice Guideline (RPG) 1, Reporting on the Long-Term Sustainability of an Entity’s Finances, and RPG 3, Reporting Service Performance Information can be immediately applied by governments and public sector entities to report on sustainability program information.

The additional guidance is intended to support the implementation of the key areas highlighted in the OECD paper Green Budgeting: A Way Forward. RPG 3 includes four illustrative examples which show how its authoritative guidance can be applied to reporting sustainability program information on:

• A program financed by a green bond;
• A program financed by a carbon tax;
• An investment in infrastructure to mitigate the impacts of climate change; and
• A tax expenditure for sustainability investments.

“For governments and the public sector to play their parts in addressing climate change and sustainability, strong governance, accountability, and transparency are necessary,” said IPSASB Chair Ian Carruthers. “As we explore the potential development of a public sector sustainability framework, in the interim, public sector entities can utilize the additional guidance that the IPSASB has provided in the amendments to these RPGs for reporting on programs addressing both climate change and the Sustainable Development Goals.”

How to Access
To access Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance, its summary At-a-Glance document, and webcast, visit the IPSASB website. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance 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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. 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.

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IFAC, IPSASB, and Accountancy Europe hosted a lively discussion on the future of sustainability reporting in the public sector, the urgent need to develop public sector specific sustainability reporting standards, and how the IPSASB is exploring undertaking the critical endeavor.

A recording of Equipping the Public Sector for Sustainability Action and highlights are now available.

About 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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. 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 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 Accountancy Europe 
Accountancy Europe unites 50 professional organisations from 35 countries that represent 1 million professional accountants, auditors, and advisors. They make numbers work for people. Accountancy Europe translates their daily experience to inform the public policy debate in Europe and beyond. Accountancy Europe is in the EU Transparency Register (No 4713568401-18). 

Today, the International Auditing and Assurance Standards Board (IAASB) issued proposed revisions to its current standard on going concern, International Standard on Auditing 570 (Revised), Going Concern. The proposed changes aim to:

• Promote consistent practice and behavior and facilitate effective responses to identified risks of material misstatement related to going concern;
• Strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional skepticism; and
• Enhance transparency with respect to the auditor’s responsibilities and work related to going concern where appropriate, including strengthening communications and reporting requirements.

High-quality audits support the smooth functioning of capital markets, overall economic performance, and financial stability. The ongoing uncertainties in the broader economic environment, corporate failures across the globe in recent years, and the more recent turmoil in the financial services sector have put a spotlight on the topic of going concern. In addition, conditions, such as war and the global pandemic, have also heightened risks and focused attention on the challenges and issues related to auditors’ responsibilities and work related to management’s assessment of an entity’s ability to continue as a going concern.

“Investors, regulators, and other stakeholders have repeatedly called for more robust audit procedures related to going concern and for increased transparency regarding that work in the auditor’s report,” noted IAASB Chair Tom Seidenstein. “The revisions proposed today are a step in that direction. The proposals seek to strengthen going concern requirements by substantially enhancing the auditor’s work effort in relation to going concern and providing enhanced, entity-specific information in the auditor’s report.”

The IAASB invites all stakeholders to comment on the proposed revisions via the IAASB website. Comments are requested by August 24, 2023.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

At its April meeting, the International Auditing and Assurance Standards Board (IAASB) confirmed its intention to advance the consultation on its proposed new standard for sustainability assurance, International Standard on Sustainability Assurance^TM (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Subject to the expected IAASB approval of the Exposure Draft in June, stakeholders can now expect the public consultation on the proposed standard to open in the latter part of July or early August 2023 and extend into December 2023. The consultation was originally scheduled to commence in October 2023.

The advanced consultation will support two objectives. First, the earlier publication, accompanied by a comprehensive and global outreach strategy, will enable the IAASB to gain broad and early input into the development of ISSA 5000. Second, the advanced consultation period will better ensure the completion of the final standard in 2024. In a recent report, the International Organization of Securities Commissions (IOSCO) highlighted the importance of having ISSA 5000 developed in accordance with due process and ready in 2024 to support a global baseline for sustainability reporting and assurance standards that meets the public interest.

When complete, ISSA 5000 will be a stand-alone, overarching standard suitable for both limited and reasonable assurance of sustainability information reported across any sustainability topics. The standard will enable engagements of sustainability information prepared under multiple frameworks and be profession-agnostic, supporting its use by both professional accountant and non-professional accountant assurance practitioners in performing sustainability assurance engagements.

During the consultation process, the IAASB will continue to coordinate closely with the International Ethics Standards Board for Accountants (IESBA) as the IESBA progresses its project to develop ethics and independence standards for sustainability reporting and assurance. This coordination will ensure that the IESBA and IAASB’s collective efforts provide an integrated package of ethics and assurance standards for sustainability by the end of 2024. The IAASB will also actively monitor, engage, and coordinate with other standard setters and organizations developing standards and guidance on sustainability reporting and assurance.

“The IAASB has prioritized the development of a high-quality, global sustainability assurance standard. In our recent outreach, stakeholders told us they are awaiting our proposals and urged us not to delay getting them into the market to benefit fully from diverse stakeholder opinion,” commented IAASB Chair Tom Seidenstein. “What will be critical now, as already encouraged by IOSCO, is for issuers, investors and other users, assurance providers, national standard setters, and others across the ecosystem to plan resources so that they can provide us their views during the consultation process. This is essential to ensure a final standard that is robust and drives high-quality assurance engagements, while meeting the needs of users and being profession-agnostic.”

The IAASB recently discussed this revised timetable with its oversight body, the Public Interest Oversight Board (PIOB). Linda de Beer, the PIOB Chair, said, “The PIOB is encouraging the IAASB to advance the development of a global assurance standard for sustainability reports and supports IAASB’s early and extensive consultation plan, as proposed by the IAASB’s timelines. It is in the public interest to have timely a single international assurance standard, set with an appropriate level of public interest oversight, to avoid fragmentation and potential market confusion in respect of the work effort and the level of assurance provided by all assurance providers on sustainability reports. We also welcome the IAASB and IESBA continuing coordination.”

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

On April 18, 2023, the International Ethics Standards Board for Accountants (IESBA) held a global webinar to review recent revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to address holistically the various independence considerations in an audit of group financial statements.

The hour-long Engagement Team – Group Audits (ET-GA) Independence webinar was led by Caroline Lee, former IESBA Member and ET-GA Task Force Chair, and Saadiya Adam CA (SA), IESBA Member and ET-GA Member, and was attended by 252 live participants worldwide.

Learn more about the ET-GA revisions here.

The International Ethics Standards Board for Accountants (IESBA) today released final revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) to further increase the Code’s robustness and expand its relevance in a world being fundamentally reshaped by rapid technological advancements and accelerating digitalization.

The revisions will guide the ethical mindset and behavior of professional accountants in both business and public practice as they take advantage of the opportunities created by technology and adapt to new technology. Developed to remain relevant and applicable in the ever-evolving landscape of technology transformation, the revisions apply to the use of any technology, including to the extent possible, future technologies.

“Technological innovation is transforming how work is performed and how professional services are delivered as well as enabling new services in ways never before imagined,” said Ms. Gabriela Figueiredo Dias, IESBA Chair. “It is crucial and in the public interest that we provide strong, clear and principles-based standards to equip professional accountants around the world in navigating the ethical risks and challenges brought on by technology.”

The revisions, which were informed by extensive fact-finding and stakeholder outreach:

• Strengthen the Code in guiding the mindset and behavior of professional accountants when they use technology.
• Provide enhanced guidance fit for the digital age in relation to the fundamental principles of confidentiality, and professional competence and due care, as well as in dealing with circumstances of complexity.
• Strengthen and clarify the International Independence Standards (IIS) by addressing the circumstances in which firms and network firms may or may not provide a technology-related non-assurance service to an audit or assurance client.

The revisions to the IIS will be effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024. The other revisions to the ethics provisions of the Code will be effective as of December 15, 2024. Early adoption is permitted.

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.

The International Ethics Standards Board for Accountants (IESBA) today released its Proposed Strategy and Work Plan, 2024-2027: Towards a More Sustainable Future: Advancing the Centrality of Ethics for public comment.  

The proposed strategy and work plan sets out the IESBA’s vision, strategic drivers and themes to guide its actions over the next strategy period of 2024-2027, as well as a number of topics the IESBA has identified as potential new work streams for the period.

“Ethics plays a central and crucially important role in advancing the public interest regardless of the external environment and the area or field of professional endeavor,” said IESBA Chair Gabriela Figueredo Dias. “From the continuing pervasive impact of technological advancements to the exponential growth in the supply of sustainability information, our aim in the coming years is to develop global ethics and independence standards that guide ethical behavior and underpin public trust in information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.”

The proposed strategy recognizes the public commitment the IESBA has made to developing timely ethics (including independence) standards for sustainability reporting and assurance to meet the increasing needs of investors, customers, workers, government agencies and other stakeholders for sustainability information.

While the International Code of Ethics for Professional Accountants (including International Independence Standards) has been significantly strengthened in recent years, the IESBA believes it is important to continue to evolve the Code with developments in business and the external environment to maintain its robustness and relevance, a need further emphasized by continuing corporate failures around the world that erode public trust in the accountancy profession.

Among other actions to achieve its strategic vision, the IESBA plans to devote significant efforts to expanding and strengthening its working relationships with a wide range of stakeholders. Additionally, the IESBA plans to continue to strengthen its coordination with its sister Board, the International Auditing and Assurance Standards Board (IAASB), as well as other international and national standard setters, to enhance the Code’s interoperability with reporting and assurance standards within the financial and sustainability reporting ecosystems.

The IESBA invites stakeholders to submit their responses by July 7, 2023.

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.

The International Ethics Standards Board for Accountants (IESBA) is saddened by the untimely passing of Brian Friedrich, a long-term board member, and friend to many.

Born and raised in Western Canada, Brian was a significant contributor to the IESBA’s work, including leading several initiatives and global outreach. He had an infectious energy in promoting the importance of education and ethics for professionals worldwide. Committed to inclusive and collaborative discourse, he always challenged colleagues to think about issues in fresh and innovative ways, especially in his role as Chair of the Technology Working Group.  

He lived life – both personally and professionally – on his own terms, always pushing boundaries and questioning arbitrary conventions.  His commitment to ethics and the public interest was unwavering, and his perceptive nature and intelligence played a significant part in promoting IESBA’s mission and elevating the role of ethics in the global accountancy profession.

Above all, Brian was a trusted friend to his fellow Board members and IESBA Staff, who will all miss him greatly. His warm personality and friendship will stay with his colleagues and friends, and his passion will continue to inspire.

The thoughts and condolences of the IESBA community are with Brian's wife and professional partner, Laura, and their family during this difficult time.

A celebratory memorial for Brian is being arranged. In lieu of flowers, the family requests that donations be made to your local Society for the Prevention of Cruelty to Animals or your local Heart and Stroke Foundation.