IFAC joins the South African and global accountancy profession in mourning the passing of Prof. Rashied Small, a dedicated and transformative leader who made an enduring impact on the profession.

Prof. Small—known fondly to many simply as “Prof”—served as a valued member of the IFAC International Panel on Accountancy Education, where he played a key role in advancing several initiatives, including revising International Education Standard 6, developing the Panel’s strategy, and, most recently, the “Human to Human Skills” innovation team. His passion for nurturing people and developing their potential reflected both his character and his lifelong commitment to education and ethical leadership.

IFAC extends our heartfelt condolences to Prof. Small’s family, friends, and colleagues at the South African Institute of Professional Accountants (SAIPA) and the African Virtual Institute of Accountancy (AVIA) and across the global profession.

We encourage our community to read SAIPA’s tribute post, which so beautifully captures who Prof. Small was and the profound influence he had on those around him.

Thomas Müller-Marqués Berger has been announced as the next IPSASB Chair. Read more. 

Our latest Biennial Review is out now: Building for the Future: The IPSASB Biennial Review 2023-2024 provides a high-level summary of our activities in 2023 and 2024. Over this period, we completed a number of significant long-running projects. We also developed and finalized our 2024-2028 Strategy and Work Program, which builds on the achievements during the previous Strategy and Work Program, that spanned 2019-2023.

The Fast Future With IFAC is a conversational podcast series about small- and medium-sized practices (SMPs) adapting to the rapidly changing global economy.

Episode 12 features an interview on how SMPs can embrace technology. 

Our guest, Marcel Vulpoi, is General Manager of Vulpoi & Toader Management, a Romanian firm that provides accounting and business consulting services.

Click below or visit IFAC's iTunes podcast channel to listen to this episode.

(Back to the Fast Future With IFAC homepage.)

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome five new members following their appointments by the Public Interest Oversight Board (PIOB) in November.

• Nancy Cheng is the Board Chair of icddr,b, an international non-profit public health research institution based in Bangladesh. She is also the Audit Committee Chair of Shared Services Canada and an Audit Committee member of Public Safety Canada, two departments in the Government of Canada. She also serves on the Board of CARE Canada

“I am excited about the opportunity to join the IAASB in setting high-quality auditing and assurance standards to serve the public interest. I hope to make a contribution and be in a position to provide a Canadian perspective.”

• Amaro Gomes is an independent consultant and member of the audit committee at Banco Bradesco (Brazil). He was previously the Brazilian Secretary of State for Coordination and Governance of Federal State-Owned Enterprises (2020-2021).

"I am very honored to join the IAASB and look forward to working collaboratively and constructively with my fellow Board Members towards a trustful and positive environment to reach acceptable, well-reasoned, and technically sound decisions in the public’s best interest, and ultimately contribute towards long-term economic development. To that end, I will seek the active involvement of audit professionals, regulators, supervisors, standards setters, investors, preparers, academics and other interested parties to achieve the IAASB’s goal and implement its strategy."

• Mikiko Ono is the Director of Sustainability Disclosure Regulation and Investor & Stakeholder Engagement at Recruit Holdings Co., Ltd. where she spearheads engagement with global investors and sustainability disclosure practices, primarily for capital markets, by integrating financial and non-financial information. She also leads a company-wide sustainability disclosure project, collaborating closely with assurance professionals and colleagues across the globe to secure sustainability assurance for consolidated information, aligning with international disclosure standards.

“The IAASB’s mission to serve the public interest resonates strongly with me. I am eager to contribute to enhancing the reliability of corporate reporting, drawing on my experience in engaging global investors and stakeholders on financial and sustainability matters at publicly listed companies.”

• Xiaoyue Sun is a Partner with BDO China and a member of the Auditing Standards Board of China. She is also a member of BDO’s Audit Leadership Committee and Audit Quality Committee and has more than 29 years of experience as an audit practitioner.

“It is both a great honor and exciting challenge for me to be a member of the IAASB, to work with intelligent and passionate teams, to contribute to setting high-quality standards and their implementation, and to serve public interest.”

The IAASB is also pleased to share that two members were re-appointed by the PIOB for terms that also began on January 1, 2025:

• William (Bill) Edge was chair of the Auditing and Assurance Standards Board for Australia from 2021 to 2023, and the chair of Financial Reporting Council in Australia from 2016 to 2020; and
• Neil Morris is the Global Head of Assurance and ESG Methodology at KPMG.

Additionally, the IAASB Vice-Chair Josephine Jackson has been reappointed as Vice-Chair for a final year of service.

The PIOB’s invitation for application for terms of service beginning in January 2026 will open in February. The IAASB encourages qualified candidates to apply.

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.

In an era where technology is rapidly transforming the landscape of external reporting, the IAASB has reaffirmed its commitment to staying at the forefront of these changes with the adoption of a comprehensive Technology Position Statement.

This Position Statement outlines how the IAASB will integrate technological advancements into its standard-setting activities to ensure that its standards remain relevant, effective, and aligned with the public interest. It also clarifies the IAASB’s new position, which includes:

• Embracing innovation in audit and assurance while ensuring that its standards evolve with the changing environment.
• Removing barriers in existing standards that may prevent using advanced technologies.
• Introducing new requirements and guidance to help practitioners apply technology-enabled procedures effectively.

A Three-Component Framework for Technology Integration

The IAASB's Technology Position is built on a conceptual framework composed of three key components:

1. Technology Position Statement: This core section details the IAASB's overarching stance on the role of technology in audit and assurance practices. It emphasizes the transformative potential of technology in enhancing audit and assurance quality and includes eight actions that the IAASB will take to deliver on its commitment to facilitate and encourage firms and practitioners to use technology.
2. Approach to Operationalizing the Technology Position Statement: The second component of the framework explains how the IAASB will put the Technology Position Statement into action. This includes identifying opportunities for standard-setting and developing non-authoritative materials, all in close consultation with key stakeholders.
3. Approach to Monitoring and Adapting the Technology Position: Recognizing the fast-paced evolution of technology, the IAASB will proactively monitor technological trends and adapt its Technology Position as needed. This ensures the framework remains effective and relevant in a rapidly changing environment.

Commitment to the Public Interest and Enhancing Engagement Quality

The IAASB's Technology Position Statement underscores its commitment to the public interest by focusing on enabling consistently high-quality engagements. As technology becomes increasingly pervasive in all aspects of external reporting, the IAASB has a crucial role in improving audit and assurance quality. The Statement highlights the IAASB’s dedication to developing standards that facilitate and, where appropriate, encourage firms and practitioners to use technology.

IAASB’s Actions to Navigate the Technological Landscape

The Statement includes eight key actions detailing how the IAASB will deliver on its new technological commitment:

1. Embrace Technology-Driven Innovations
2. Remove Barriers in the Standards, Real or Perceived, to Practitioners Using Technology
3. Introduce Requirements and Application Material Relating to Using Technology in Engagements
4. Address the Impact of Technology Used by Reporting Entities
5. Strike the Right Balance When Referring to Opportunities and Risks Associated with Technology
6. Align with Principles of Ethics and Ethical Requirements
7. Ensure Scalability and Proportionality
8. Convene Stakeholders and Foster Ongoing Engagement

Operationalizing the Technology Position

To turn its Technology Position into actionable outcomes, the IAASB is conducting a gap analysis, beginning with a review of its foundational standards: the International Standards on Quality Management and International Standards on Auditing. This analysis will identify potential areas for the IAASB to enhance the standards to better facilitate technological adoption. The findings will inform the IAASB's future work plans. Future work could include opportunities for new standards or revisions to existing ones as well as developing non-authoritative materials, all in close consultation with key stakeholders.

The IAASB is also developing a feedback mechanism to allow stakeholders and partners to provide feedback and insights, including any challenges they encounter when using existing standards and materials.

Ongoing Monitoring and Adaptation

The IAASB's approach to technology is dynamic, with a commitment to continuously monitoring the technological landscape. Through feedback from stakeholders and advisory groups, the IAASB will stay informed of emerging trends and adapt its standards and guidance as necessary. This proactive approach will help the IAASB maintain the relevance and effectiveness of its Technology Position in a rapidly changing environment.

For more information on the IAASB’s Technology Position Statement and to access the full document, please visit the Technology focus area page on the IAASB website.

The Fast Future With IFAC is a conversational podcast series about small- and medium-sized practices (SMPs) adapting to the rapidly changing global economy.

Episode 11 features excerpts from a presentation to IFAC's SMP Advisory Group on topics related to succession planning. 

The two expert presenters are Bill Pirolli, past chairman of the American Institute of Certified Professional Accountants (AICPA), and Carl Peterson, Vice President of Small Firm Interests at AICPA and a technical advisor to the Advisory Group.

Click below or visit IFAC's iTunes podcast channel to listen to this episode.

(Back to the Fast Future With IFAC homepage.)

Implementing accrual accounting is a significant priority for many public sector and government entities across jurisdictions as it enhances decision-making and improves transparency and accountability. Adopting and implementing accrual accounting standards successfully can be an intricate process involving many stakeholders.  

To assist governments and government entities interested to report in accordance with the accrual-based International Public Sector Accounting Standards (IPSAS), IFAC has released a package of training materials collectively titled Implementing IPSAS: A Guide for Trainers for use by trainers to teach others about the standards and how to apply them.  

Implementing IPSAS: A Guide for Trainers is the 2024 edition to Train the Trainer: Introduction to IPSAS released in November 2020. The 2024 edition includes updates to incorporate standards and pronouncements recently issued, including IPSAS 46, Measurement, IPSAS 47, Revenue, IPSAS 48, Transfer Expenses, and IPSAS 43, Leases. 

Implementing IPSAS: A Guide for Trainers contains ten modules separated into topics that can be delivered as individual sessions. Each module includes a manual for the trainer and an accompanying set of slides which can be customized to suit their specific needs. Some modules also contain supplementary video content. 

“Transitioning to accrual and implementing IPSAS is an in-depth, team effort for a jurisdiction or public sector entity,” said Laura Leka, IFAC Principal. “These materials, created with input from the IPSASB, are comprehensive, technically sound, and can help in the provision of training that delivers the skills and knowledge necessary for a successful reform program.”  

Access the guide.  

IFAC remains committed to advocating for strong public financial management and to supporting IPSAS adoption and implementation. For additional support transitioning from cash to accrual, explore the IFAC tool Pathways to Accrual. To access IPSAS on a digital platform, see e-International Standards.  

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 Fast Future With IFAC is a conversational podcast series about small- and medium-sized practices (SMPs) adapting to the rapidly changing global economy.

Episode 10 features excerpts from a presentation to IFAC's SMP Advisory Group by Mark de Lat, Partner at Eshuis Accountants & Advisors, on topics related to sustainability.

Click below or visit IFAC's iTunes podcast channel to listen to this episode.

(Back to the Fast Future With IFAC homepage.)

The Fast Future With IFAC is a conversational podcast series about small- and medium-sized practices (SMPs) adapting to the rapidly changing global economy.

Episode 9 features excerpts from a presentation to IFAC's SMP Advisory Group by Emily Baldwin, Outsourcing Senior Manager at Kreston Reeves.

This episode is the third in a three-part series on talent management.

Click below or visit IFAC's iTunes podcast channel to listen to this episode.

(Back to the Fast Future With IFAC homepage.)