The International Auditing and Assurance Standards Board (IAASB)’s Integrated Reporting Working Group, dedicated to exploring emerging forms of external reporting (referred to as EER), has released a Discussion Paper, Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements.

“The IAASB needs to be at the forefront of the debates on external reporting and how professional accountants and other practitioners can contribute to enhancing credibility and trust,” said IAASB Chairman Prof. Arnold Schilder. “We hope this paper furthers the debate and helps us gain a deeper understanding of how the IAASB, as the global assurance standard setter, can contribute to the quality of different engagements, in the public interest, and where others can or need to play a role.”

The Discussion Paper explores:

• the factors that can enhance credibility and trust, internally and externally, in relation to emerging forms of external reports;
• the types of professional services covered by the IAASB’s international standards most relevant to these reports, in particular assurance engagements;
• the key challenges in relation to assurance engagements; and
• the type of guidance that might be helpful to support the quality of these assurance engagements.

The Discussion Paper also sets out the principal findings from research and outreach regarding developments in EER frameworks and professional services most relevant to EER reports, irrespective of whether such reports are part of the annual report or published as separate reports.

“External reporting is evolving and we know various professional services are being performed, including assurance engagements in accordance with the IAASB’s international standards,” said Merran Kelsall, IAASB member and Integrated Reporting Working Group Chair. “We have identified ten key challenges in relation to assurance engagements that we would like to explore further, recognizing the need for flexibility in these services as the external reporting environment continues to evolve and mature.”

The Working Group is seeking input from investors, preparers, those in governance roles, standard setters, practitioners, internal auditors, regulators, academics, and other stakeholders in the external reporting supply chain. The input will assist the IAASB in effectively responding to these developments in the public interest, including whether new or revised international standards or guidance may be necessary.

The Working Group has also developed materials to supplement the Discussion Paper, including FAQs. This material, as well as more information and updates on the project, are available on the IAASB’s project page.

Comments to the Discussion Paper are requested by February 3, 2017.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to Permissions or contact permissions@ifac.org.

Recognizing the essential role of professional accountants in business in strong and sustainable organizations, financial markets, and economies, the International Federation of Accountants^® (IFAC^®) today released Engaging Professional Accountants in Business: How to Build a More Relevant PAO and Profession. The guidance will assist professional accountancy organizations (PAOs) in strengthening engagement with accountants in business, the public sector, and academia as a means to expand their reach, influence, and contribution.

“Professional accountants in business drive sustainable organizational success,” said Alta Prinsloo, IFAC Executive Director, Strategy, and Chief Operating Officer. “Their engagement at the global, regional, and local levels will enhance the relevance of the profession and help build a deeper engagement with business and government, ultimately supporting the profession’s contribution to stronger economies.”

Professional accountants in business represent a broad spectrum of expertise and work in many sectors across all types and sizes of organization. Their diversity is a strength and an opportunity, but can make it difficult for PAOs to connect with them. This lack of connection is a detriment to the individual accountants, the profession, the PAO, and—ultimately—the public interest. This guidance supports a stronger connection by incorporating these members into the PAO’s governance and decision-making structures.

The guidance was developed as part of the PAO Capacity Building Series with the help of the IFAC Professional Accountants in Business Committee. It includes a case study from the Institute of Chartered Accountants of Pakistan.

About IFAC
The International Federation of Accountants^® (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 over 175 members and associates in over 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has published IPSAS^® 39, Employee Benefits, which will replace IPSAS 25, Employee Benefits, on January 1, 2018, with earlier adoption encouraged.

This limited-scope project was part of the IPSASB’s strategy to maintain its existing standards, including updating them for relevant changes made to the equivalent International Financial Reporting Standards (IFRS). The main differences between IPSAS 39 and IPSAS 25 are:

• Removal of an option that allowed an entity to defer the recognition of changes in the net defined benefit liability (the “corridor approach”);
• Introduction of the net interest approach for defined benefit plans;
• Amendment of certain disclosure requirements for defined benefit plans and multi-employer plans;
• Simplification of the requirements for contributions from employees or third parties to a defined benefit plan when those contributions are applied to a simple contributory plan that is linked to service; and
• Removal of the requirements for Composite Social Security Programs.

The first four changes above reflect those made by the International Accounting Standards Board to its equivalent standard, International Accounting Standard (IAS) 19, Employee Benefits, up to December 2015. The fifth change, removal of the Composite Social Security Programs section, reflects the IPSASB’s conclusion that the section was unnecessary in practice.

Exposure Draft (ED) 59, Amendments to IPSAS 25, Employee Benefits, proposed significant changes to IPSAS 25 to converge with IAS 19. After considering constituents’ responses and a revised version of IPSAS 25, the IPSASB decided to issue a new standard, IPSAS 39, which reflects the revisions proposed in ED 59 in a more user-friendly format.

“IPSAS 39, Employee Benefits, ensures that financial statements provide faithfully representative and relevant information about the financial impact of employee benefits, particularly defined benefit pension plans, while maintaining convergence with IFRS,” said IPSASB Chair Ian Carruthers. “The issuance of a new standard is intended to present the new accounting requirements more clearly.”

An At-a-Glance summary of IPSAS 39 is also available. 

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

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.

About IFAC
The International Federation of Accountants^® (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.

The International Public Sector Accounting Standards Board (IPSASB) today released for comment a Consultation Paper (CP), Public Sector Specific Financial Instruments.

International Public Sector Accounting Standards™ do not currently provide guidance on how to account for a number of monetary items that the IPSASB has termed “public sector specific financial instruments.” The lack of guidance leads to reporting that is inconsistent between entities and, as a result, users may not have the information they need for accountability and decision-making purposes.

“For entities responsible for public sector financial instruments, the topics in this Consultation Paper are critically important because users need better information to evaluate the impact of these significant items on government finances,” said IPSASB Chair Ian Carruthers. “This Consultation Paper is the first step in developing consistent financial reporting for public sector specific financial instruments. We look forward to receiving constituents’ views on the accounting approaches identified for each topic.”

The CP includes three main topics related to accounting for public sector financial instruments:

• Currency in Circulation. The CP considers currency in circulation by reference to the definitions of the elements of a liability and revenue in The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework). The key issue is whether the issuance of currency gives rise to a present obligation, with two accounting approaches proposed, which depends on whether a liability should be recognized and, if not, alternatives for recognizing revenue.
• Monetary Gold. The CP considers which gold assets meet the proposed definition of monetary gold and the appropriate measurement bases for initial and subsequent measurement of such assets. Two accounting approaches are proposed for monetary gold, each linked to the intention of a monetary authority in holding such assets:
• Approach 1—Measurement at market value linked to an intention to hold gold because it can be traded in the global liquid markets; and
• Approach 2—Measurement at historical cost when the intention is to hold gold for an indeterminate period of time to support economic stability.
• International Monetary Fund (IMF) Quota Subscription and Special Drawing Rights (SDRs). The CP is informed by the Conceptual Framework, and puts forward the IPSASB’s view of the appropriate recognition and measurement of the IMF Quota Subscription, SDR holdings, and SDR allocations.

How to Comment

To access the Consultation Paper and the At-a-Glance document, which provides a summary of the Consultation Paper, or to submit a comment, please visit the IPSASB website at www.ipsasb.org/. Comments on the Consultation Paper are requested by December 31, 2016. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Consultation Paper to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

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.

About IFAC
The International Federation of Accountants^® (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.

The International Auditing and Assurance Standards Board (IAASB) today released a survey consultation, The IAASB’s Work Plan for 2017‒2018 and Continuing Relevance of Its Strategic Objectives. Feedback to this consultation will assist the board in evaluating its priorities for 2017–2018 and allocating its resources—a full-time Chairman supported by a 17-person volunteer board and ten-person technical staff—in the best way possible.

“Our extensive outreach and consultation, most recently through our Invitation to Comment, leads us to believe we are already addressing the most pertinent topics in the public interest. We are prioritizing standard setting in relation to the fundamental topics of accounting estimates, professional skepticism, quality control, risk assessment, and group audits—while at the same time actively debating the implications for practitioners of developments in data analytics, integrated reporting, and emerging forms of external reporting,” explained Prof. Arnold Schilder, IAASB Chairman. “At the same time, we recognize we will soon be at the mid-point of our five-year strategy, so it is helpful to pause and reflect with our stakeholders about whether anything in the external environment indicates a need to change course or re-prioritize.”

The IAASB and its Consultative Advisory Group have considered a number of other topics that could warrant IAASB attention, which are highlighted in the survey. Respondents are asked for their views on how topics should be prioritized, recognizing that much of the board’s current standard-setting efforts will carry on into 2017 and beyond unless the IAASB decides to modify its current work plan. The IAASB would also like to understand whether its current strategic initiatives remain appropriate given its mandate.

“We look forward to hearing from a wide range of our stakeholders, and hope that by using a survey, we will hear from many around the world,” Kathleen Healy, IAASB Technical Director, noted. “We have designed the survey to allow respondents to quickly flag key priorities or, alternatively, tell us when certain topics are less relevant—as this will be helpful in deciding whether our focus should change from any of our current priorities to those that might be deemed more relevant from a public interest perspective.”

The survey will be open for responses through September 30, 2016, and must be submitted using the online tool. A PDF version of the survey has been provided to assist organizations that may need to consult internally in preparing their response before submitting it electronically.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

Almost a decade after the global financial crisis, more than 50 thought leaders from across the public, private, and academic communities called for balanced regulation targeted to specific social outcomes, as well as stronger checks and balances, such as sunset clauses or impact analyses, to measure regulation’s effectiveness and fitness for purpose.

Speaking from the floor during the discussion, Fayez Choudhury, IFAC Chief Executive Officer, noted that, “There is a critical need to review and evaluate regulations on an ongoing basis, and to ensure purpose-built regulation going forward, in order to strengthen the global economy and financial system.”

The group emphasized that—while governments acted decisively and much has been achieved since the crisis—regulation alone cannot solve problems. It must be partnered with stronger corporate governance, and embedding ethics and values in organizations from the top down. These are essential to restore the public’s trust in government and both the public and private sector, which continues to be a vital goal.

“How can we ensure a duty of care to markets and society?” asked roundtable participant Baroness Sharon Bowles. “If you get corporate governance right, it can eliminate the need to regulate every eventuality—the corporate governance space is as important as the regulatory space. And the professions that advise businesses play an important role.”

The current compliance culture, participants said, has replaced responsibility and professionalism with rule-following and “box ticking.” In addition, this culture can lead to overreaction and risk aversion, stifling risk-taking that is essential for entrepreneurialism and growth.

ICAEW Chief Executive Michael Izza said, “We all agree that getting the future of regulation right is vital for the global economy. Regulation must be proportionate. We need to avoid on the one hand growing to a scale where compliance is so complex and costly it is a barrier to all but the largest firms, and on the other obsessive simplicity to the extent that it no longer protects against systemic failure. It will be important for everyone to work together and innovate to find the best solutions.”

The group noted that many responses to the financial crisis were fundamentally national and fragmented, whereas business is increasingly global. Participants called for more coordinated rules and consistent implementation, in line with calls from the G-20 and other global organizations since 2009.

Additional points of consensus from the roundtable included the importance of proportionality to protect small- and medium-sized entities—an engine of global economic growth—from over-regulation and the need for enhanced dialogue across the stakeholder spectrum.

Organized by the International Federation of Accountants^® (IFAC^®) and the Institute of Chartered Accountants in England and Wales (ICAEW), the roundtable included senior executives and experts from regulatory agencies, financial markets, government, academia, listed companies, investment funds, and the accounting profession.

The roundtable follows a similar meeting in Hong Kong in December 2015, at which 30 senior representatives of the regulatory, government, professional, investor, business, and academic communities identified ten principles to help guide regulators toward better decisions and protect the global economy from the dangers posed by a patchwork approach to regulation. Previously, IFAC issued a discussion paper, From Crisis to Confidence: the Role of Good Regulation, which examined the impact, benefits, and costs of the current regulatory landscape, and compares internationally recognized principles of good regulation.

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. It 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.

Assessing and understanding the relationship between accountancy expertise and business performance is complex and requires consideration of what accountancy expertise entails, as well as the wide range of performance measures. A new research report released today by the International Federation of Accountants^® (IFAC^®) demonstrates, through a review of existing literature, the positive association between use of professional accountants for expertise and advice, and business performance.

“It has long been assumed that taking advantage of the breadth and depth of experience and expertise of professional accountants helps organizations optimize performance, efficiencies, and more. It is heartening to see robust global evidence in support of this relationship,” said IFAC CEO Fayez Choudhury. “The report finds that organizational development and performance lead to increased use of accountancy expertise, and accountancy expertise leads to superior performance and development.”

The report summarizes the findings by entity size—small- and medium-sized entities (SMEs) and large entities—as important differences exist between studies about each group and in how business performance and accountancy expertise are operationalized and the results interpreted. The research also shows the positive impact professional accountants have on aligning organizations’ goals and actions. Professional accountants are well-suited to play various roles in organizations, including analysis and communication of information, decision making, managing risks, and creating sustainable value—roles that indirectly impact business performance.

Commissioned by IFAC, researchers at the Bucharest University of Economic Studies conducted a literature review of more than 90 academic research papers. The full report details the results while the Key Findings, also released today, summarizes notable insights. The research was facilitated by the University of Dayton in accordance with an agreement with IFAC.

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. It 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.

The International Auditing and Assurance Standards Board (IAASB) is seeking an exceptional individual for the full-time position of Technical Director.

The IAASB serves the public interest by setting high-quality international standards for auditing, assurance, and other related standards, and by facilitating the convergence of international and national auditing and assurance standards. The IAASB aims to enhance the quality and consistency of practice throughout the world and strengthen public confidence in the global auditing and assurance profession.

The Technical Director is essential to the management of the IAASB and the quality of the international standards it produces, and works closely with the IAASB Chair and Deputy Chair to plan and implement the board’s strategy. He/she coordinates the activities of the IAASB, and leads the team supporting these activities. He/she acts as an IAASB spokesperson, and is responsible for the development of relationships with stakeholders.

We are looking for an professional with:

• Strong leadership, technical, and organizational skills;
• Standard-setting experience, as well as technical and practical knowledge, with emphasis on auditing, assurance, and related services; and
• Strong people, project management, and written and oral communication skills, as well as the ability to work and build relationships in a multicultural environment.

In leading the team that supports the work of the IAASB, the Technical Director will be self-motivated, confident in dealing with complex and sensitive matters, and have the flexibility to respond to issues with the speed necessary to meet demands.

As a spokesperson of the IAASB, the Technical Director should be articulate, confident, and exercise sound political judgment in interactions with members of the profession, international regulators, and the press.

The position, which is based in the IAASB office in New York and requires international travel, provides opportunities to:

• Engage on matters of public interest with the international and national regulatory and standard-setting communities; senior members of the global accountancy profession; and investor, preparer, governance, and other stakeholder groups;  
• Influence the direction, shape, and content of leading-edge standard-setting projects and external stakeholder relations, supporting and enhancing global public trust in the accountancy profession;
• Lead in a dynamic, collaborative, multicultural, and collegial environment, and foster strong relations with colleagues passionate about international standard setting in the areas of audit and assurance, ethics for professional accountants, accounting education, and public sector accounting;
• Manage the international audit and assurance standard-setting program, working at the forefront of strengthening the accountancy profession internationally; and
• Lead and develop a dynamic team of high-quality professionals.

For further information about the position, please see the job description at www.ifac.org/careers. Applications are still being accepted. 

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB 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 Public Sector Accounting Standards Board Consultative Advisory Group (IPSASB CAG), comprised of representatives of public and private constituencies interested in or affected by the IPSASB’s work, held its first meeting on June 20, 2016 in Toronto, Canada.

“The inaugural IPSASB CAG meeting was an historic event. It represents the final piece of the IPSASB’s enhanced governance processes and responds to the recommendations of the Governance Review Group and advice of the Public Interest Committee (PIC),” said IPSASB CAG Chair Thomas Müller-Marqués Berger. “The CAG membership is the result of an open call for nominations, which received very strong interest. The largest segment of CAG members represent the important preparers/users constituency and overall it is a diverse group. The meeting itself was highly positive, with strong engagement in the topics, lively debates, and diverse viewpoints that fed into the discussions at the subsequent IPSASB meeting.”

The IPSASB CAG membership includes those engaged in the preparation, audit, or evaluation of public sector financial reports. It advises on the IPSASB’s strategy, work program, and agenda, including projects from technical and adoption as well as implementation perspectives, and other matters relevant to standard setting.

“The CAG considered and provided detailed recommendations on three key IPSASB projects—Social Benefits, Revenue, and Non-Exchange Expenses,” said IPSASB Chair Ian Carruthers, who attended the meeting along with several IPSASB members. “The IPSASB really appreciated the views of CAG members, which will help ensure that the broad perspectives of their constituencies are considered in the development of each project.”

Full details on the IPSASB CAG membership can be found at: www.ipsasb.org/cag/cag-members.The next IPSASB CAG meeting will be held on December 4, 2016 in Stellenbosch, South Africa.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

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.

About IFAC
The International Federation of Accountants^® (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.

The International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board) today released a new standard, Responding to Non-Compliance with Laws and Regulations. The standard sets out a first-of-its-kind framework to guide professional accountants in what actions to take in the public interest when they become aware of a potential illegal act, known as non-compliance with laws and regulations, or NOCLAR, committed by a client or employer.

The standard applies to all categories of professional accountants, including auditors, other professional accountants in public practice, and professional accountants in organizations, including those in businesses, government, education, and the not-for-profit sector. It addresses breaches of laws and regulations that deal with matters such as fraud, corruption and bribery, money laundering, tax payments, financial products and services, environmental protection, and public health and safety.

“This standard not only raises the ethical bar for the global accountancy profession but also provides an opportunity for it to demonstrate its unflagging commitment to act in the public interest,” said IESBA Chairman Dr. Stavros Thomadakis. “The standard reinforces the public interest role that professional accountants play in stimulating more trustworthy and accountable organizations, and in helping to protect stakeholders and the general public from substantial harm that may stem from breaches of laws and regulations.”

Among other matters, the new standard provides a clear pathway for auditors and other professional accountants to disclose potential non-compliance situations to appropriate public authorities in certain situations without being constrained by the ethical duty of confidentiality. It also places renewed emphasis on the role of senior-level accountants in business in promoting a culture of compliance with laws and regulations and prevention of non-compliance within their organizations.

“The board carefully calibrated the standard based on the rich and diverse input from a wide range of stakeholders to ensure that it is proportionate and, importantly, globally operable,” said IESBA Technical Director Ken Siong, adding, “The standard fills a gap in jurisdictions where legislation or regulation does not address professional accountants’ responsibilities in these situations, and by providing helpful guidance it may well complement legislation or regulation in jurisdictions that do address it. This has been a long journey, and now it’s time for national standard setters, professional accountancy organizations, and accounting firms to adopt and implement the standard.”

The standard is the result of an extensive six-year consultative process, including two Exposure Drafts, three global roundtables in Hong Kong, Brussels, and Washington, DC, and extensive outreach to the global regulatory community, international policy-making organizations, investors, preparers, the corporate governance community, national standard setters, accounting firms, professional accountancy organizations, and other stakeholders. In developing the standard, the Ethics Board also liaised closely with the International Auditing and Assurance Standards Board (IAASB) so that the new standard and the IAASB’s International Standards on Auditing are aligned.

For an overview of the standard, see the At-a-Glance document. For a summary of the board’s decisions in response to significant comments from respondents on the May 2015 Exposure Draft, see the Basis for Conclusions. Additional resources, including a fact sheet and video Q&A series, are available on the NOCLAR web page.

To access the standard, visit the IESBA website: www.ethicsboard.org. The standard will be effective July 15, 2017, with early adoption permitted.

About the IESBA
The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information.

About IFAC
The International Federation of Accountants^® (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.