IFAC

• IFAC Welcomes Ryan W. Wolfe as New Chair of the Monitoring Group — IFAC warmly welcomes the appointment of Ryan W. Wolfe as the new Chair of the Monitoring Group, and extends its appreciation to Paul Munter, outgoing Chair, for his leadership and service.

IFAC, by connecting and uniting its members, makes the accountancy profession truly global

• IFAC Intellectual Property Newsletter (April 2025) -  Intellectual Property Day was April 26th, and we celebrated the power of translations in making knowledge accessible and fostering innovation. Translations—and access to them—are imperative for the development of a future-ready profession. Thank you to the organizations that contribute to translations!
• IFAC Convenes Global PAIB Leaders to Address Key Challenges and Opportunities in Business and Finance — IFAC hosted by the Japanese Institute of Certified Public Accountants (JICPA), convened the IFAC PAIB Advisory Group meeting in Tokyo, Japan. The meeting brought together leading finance professionals, industry experts, and global standard-setters to discuss the most pressing issues facing PAIBs, including chief financial officers and finance functions, boards and their audit committees, and their role in shaping the future of corporate governance, sustainability, and risk management.
• IFAC Connect – This new, branded global event series is designed to bring IFAC’s convening power to directly to different regions. At IFAC Connect events, PAOs, professional services firms, standard setters, regulators, development banks, businesses, investors, and other regional leaders share insights and develop solutions that align with global baselines and address regional challenges and opportunities. IFAC Connect is coming to four regions in 2025: Africa, MENA, Latin America, and Asia Pacific, with events in Kenya, Saudi Arabia, Mexico, and Indonesia.  
  • Global Solutions Must Reflect Regional Realities - Now in its second year, IFAC Connect is a platform for engagement and action. Stakeholders share insights and develop solutions that align with global baselines, and local leaders are empowered to drive transformation.  

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition

• IFAC Seeks Input on Proposed Revisions to Its Statements of Membership Obligations – IFAC has launched a public consultation on targeted revisions to its Statements of Membership Obligations (SMOs), a cornerstone of IFAC and its members’ commitment to a strong and sustainable global accountancy profession. The proposed revisions focus on key areas to reflect developments in international standards, including enhancing quality assurance reviews to align with IAASB’s quality management standards; emphasizing flexible entry requirements for accounting education programs; evaluating the use of adopting IAASB’s ISA for LCE standards; and working toward the adoption of all IFRS Standards, including S1 and S2. Feedback can be provided via a response template form, available on the IFAC website. The consultation is open until August 8, 2025. 
• Accountancy Education:
  • IFAC Enhances International Education Standards to Equip Professional Accountants for Sustainability Reporting - IFAC has finalized revisions to the International Education Standards to embed sustainability throughout aspiring professional accountants' training. Additionally, IFAC has modernized IES 6, Initial Professional Development – Formal Assessment of Professional Competence, to introduce two new principles, integrity and authenticity, and update the principle of equity, alongside enhanced guidance on hybrid and remote assessments. IFAC calls on all stakeholders to begin preparing for implementation, with early adoption encouraged ahead of the July 1, 2026 effective date.
  • Enhancing the Appeal of the Accounting Profession: A New Multi-Stakeholder Study Seeks Insights –  IFAC, the International Association for Accounting Education and Research (IAAER), and the University of Western Australia are conducting a global research study on the "Attractiveness of the Accountancy Profession." This study will explore perceptions of the accountancy profession and identify factors that influence its appeal and accessibility.  Automated translation functionality has been added to the surveys to assist non-English speakers to participate in the survey. Respondents are welcome to respond in their own language. The survey will be open until the end of May 2025.  Find your perspective link here: High School Teachers, Career Counsellors, Accounting Faculty, Employers.
  • “Changing Perspectives” —  an accountancy branding video by the Institute of Singapore Chartered Accountants which  aims to tell the story of the many men and women who have contributed to Singapore’s business ecosystem; going beyond numbers, and beyond what people think accountants do.
  • EdExchange — Our work on accountancy education facilitates regular conversations with experts to understand current issues facing our profession, explore implications to the profession, including effects on accountants’ skills and competencies. The IFAC EdExchange video series presents these conversations for all to consider the impact for the accountancy profession.
  • Does your organization have an accomplishment that supports the advancement of accountancy education that we can include in the IFAC Accountancy Education E-Tool and share across the network? Please send to education@ifac.org.
• IFAC Offers Digital Access to: Accountancy Education (IES); and the Statements of Membership Obligations (SMOs).
• Pathways to Accrual – IFAC launched a digital platform, providing a central access point to resources helpful for governments and other public sector entities planning and undertaking a transition from cash to accrual accounting including adopting and implementing International Public Sector Accounting Standards (IPSAS). The platform will continue to improve and adapt with resources and feedback. If your jurisdiction has a case study or resource to share, let us know!

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest

• IFAC and the Edinburgh Group launch a global survey of small- and medium-sized entities (SMEs) about sustainability information — The objective is to better understand the extent to which sustainability-related information is being prepared by SMEs, used by SMEs in internal decision-making, or provided to supply chains, lenders, or other stakeholders. With the data we gather, we’ll be able to better support SMEs with best practices and advocate for appropriate SME sustainability-related reporting and assurance rules and regulations. Please see this short video for more information. The survey is open in seven languages (Arabic, Chinese, English, French, Portuguese, Spanish, and Turkish) until June 30, 2025.
• Building Trust in Sustainability Assurance: Statement from the European and Global Accountancy Profession — As the EU moves to simplify its sustainability legislation, global sustainability reporting and assurance practices are evolving to meet growing demands for transparency, credibility, and impact. Accountancy Europe and IFAC, as representatives of the European and global accountancy profession, reaffirm their commitment to high-quality and consistent sustainability assurance. Achieving this requires a collective effort by all stakeholders, robust professional standards, and regulatory consistency.
• IFAC and IESBA, alongside IAASB, Convened Successful Multi-Stakeholder Summit on Global Standards Focused on Furthering the Public Interest —IFAC and IESBA, alongside IAASB, convened?a multi-stakeholder Summit. The Summit, held in response to a call to action by Lee White, Chief Executive Officer of IFAC, focused on the practical implementation of the new IESSA, and strengthening current and future engagement with?the IESBA and the IAASB in the evolving global standard-setting landscape. Hosted by IFAC member, CNCC, the summit was observed by the PIOB and brought together over 50 global leaders from Africa, Asia-Pacific, the? Americas, and Europe. The summit reaffirmed the important role that global assurance and ethics standards need to play in building trust in reported sustainability information, and hence the importance of ensuring successful global adoption and implementation.
• PAO Digital Readiness: Explore IFAC’s PAO Digital Transformation Series webpage which is regularly updated with additional articles, videos, and resources!

IFAC’s News Page: Please save for your continuous reference IFAC’s news page. The news page will feature the latest updates and publications released by IFAC.

IFAC’s Global Knowledge Gateway:  Please save for your continuous reference IFAC’s Global Knowledge Gateway for insights, resources, and tools from leading voices in accountancy and business. New articles on the Gateway:

• The International Education Standards Have Been Revised. Here’s How
• Global Accounting Alliance Launches New Guide: "Why nature matters to accountants"
• A Tale of Talent Retention at a Small Practice
• Enhancing the Appeal of the Accounting Profession: A New Multi-Stakeholder Study Seeks Insights
• IESBA Establishes Global Baseline Ethics Standards for Sustainability Reporting and Assurance
• Strengthening Accountancy in Laos: AFA Mentoring Partnership between MIA and LCPAA

Events

IFAC’s Events Page: Please save for your continuous reference IFAC’s events page. The Events page will feature free events held by IFAC, the independent standard-setting boards, IFAC member organizations, and the Forum of Firms. If you have an upcoming event, you would like included on the Events page, please e-mail me.

• IFAC Speaker Request Form — IFAC is introducing a Speaker Request Form to help facilitate and centralize all stakeholder requests for IFAC speakers at events. A link to the Form will be available toward the bottom of the IFAC homepage when you are logged into your IFAC website account. As we introduce this new system, you may still send speaker requests to your IFAC key contact; however, you will also be asked to submit the Speaker Request Form as well to ensure a smooth process and response time.

September 7 - 9, 2025

Lisbon, Portugal hosted by the?Ordem dos Contabilistas Certificados

IPSASB Public Sector Standard Setters Forum 2025

Join the IPSASB’s 5th Public Sector Standard Setters Forum. It is your chance to be involved in the process of setting the future work program for both financial and sustainability reporting in the public sector. This exclusive event brings public sector standards setters from around the world together to build dialogue, exchange ideas, and provide insights around critical issues in order to shape the IPSASB’s future priorities.

Register here your interest to attend by July 25!

International Foundation for Ethics and Audit (IFEA)

The International Foundation for Ethics and Audit (IFEA or the Foundation) is a non-profit organization that supports high-quality, international standard setting in ethics, audit, and assurance in the public interest. The Foundation fulfills its mission through its two standard-setting boards, the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants.

• IAASB and IESBA Unveil New Standards and Guidance to Strengthen Sustainability Reporting and Assurance - IAASB and IESBA launched an integrated effort to support effective implementation of their landmark standards aimed at advancing trust and transparency in sustainability reporting and assurance.
• Questions & Answers on the International Foundation for Ethics and Audit —  Stakeholders are encouraged to visit the IFEA’s website and Q&A to learn more about the Foundation.
• Joint Statement from the IAASB and IESBA Chairs Welcoming Ryan Wolfe as the New Chair of the Monitoring Group - The IAASB and IESBA applaud the appointment of Ryan Wolfe as the new Chair of the Monitoring Group.

International Ethics Standards Board for Accountants® (IESBA®)

News

• IESBA Launches Public Consultation on Auditor Independence for Audits of Collective Investment Vehicles and Pension Funds - IESBA issued a Consultation Paper seeking feedback on whether revisions to the Code are necessary to address the independence of auditors when they carry out audits of Collective Investment Vehicles (CIVs) and Pension Funds (collectively referred to as “Investment Schemes” or “Schemes”). Stakeholders are invited to submit their comments electronically through the IESBA website by June 30, 2025. 
• Organizational Culture and Behavior: A Synthesis of Academic Literature — This report synthesizes global academic literature on culture and governance in organizations. It examines how important organizational culture is in shaping ethical behavior within organizations. The report was developed by an external expert (Eva Tsahuridu, PhD, Ethics, Culture and Leadership Specialist) at the request of the IESBA to support the work of the Firm Culture and Governance Working Group (FCG WG) in 2024. The views expressed in this document are solely those of the authors and should not be attributed to the IESBA.
• PIOB Seeks Applicants for IESBA 2026 Board Vacancy - The Public Interest Oversight Board’s (PIOB) Standard-Setting Boards Nominations Committee is now accepting applications for an upcoming vacancy on the IESBA with the term beginning January 1, 2026. The application window remains open until May 11, 2025.
• Now Available: IESBA Handbook 2024 Edition - IESBA released the 2024 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). This handbook replaces the 2023 edition and incorporates revisions to the definition of a public interest entity (PIE); changes to the definitions of “audit client” and “group audit client” in the Glossary arising from the approved revisions to the definitions of listed entity and PIE; and the technology-related revisions.  The back of the 2024 Handbook contains the IESBA-approved revisions to the Code addressing Tax Planning and Related Services, which will become effective after July 1, 2025.

Open for Comment

• Collective Investment Vehicles and Pension Funds - Auditor Independence - IESBA has launched a public consultation to gather feedback on auditor independence for audits of Collective Investment Vehicles ("CIVs") and Pension Funds (“Investment Schemes”). Stakeholders are encouraged to submit their feedback electronically through the IESBA website by June 30, 2025.

Effective Dates

• Public Interest Entities (PIE) related revisions — Effective for audits of financial statements for periods beginning on or after December 15, 2024.

Visit IESBA’s dedicated Strengthening International Independence Standards webpage for further guidance and resources on NAS, Fee-related, and PIE revisions.

• IESBA Strengthens Global Ethics Standards to Respond To Transformative Effects Of Technological Innovation — Effective as of December 15, 2024.
• IESBA Launches First Global Ethics Standards On Tax Planning — IESBA launched the first comprehensive suite of global standards on ethical considerations in tax planning and related services, incorporated in the IESBA Code of Ethics. Revisions will be effective as of July 1, 2025.

Upcoming Meeting

• June 9-12, 2025

International Auditing and Assurance Standards Board (IAASB)

News

• IAASB eNews: April 2025
  • IAASB approved revisions to ISA 240 — At its March meeting, the IAASB approved revisions to ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. ISA 240 (Revised) now awaits certification by the PIOB, which is anticipated in July. The full text of the as-approved standard is available on the IAASB website here (“20250318-IAASB-Fraud-Agenda Item 2-J-Proposed ISA 240 (Revised) Approved Clean 0”).
• IAASB Requests Feedback on Proposed Narrow-Scope Amendments Related to Working with Experts - IAASB has opened a public consultation on narrow-scope amendments to its standards to maintain interoperability between IAASB standards and the IESBA Code. These proposed amendments address recent revisions to the IESBA Code related to using the work of an external expert and targeted amendments focus on ISA 620, ISRE 2400 (Revised) ISAE 3000 (Revised), ISRS 4400 (Revised). The IAASB invites all stakeholders to comment using the digital Response Template, which is available on the IAASB website. Feedback is requested by July 24, 2025.
• IAASB Strengthens Auditor Responsibilities for Going Concern through Revised Standard - IAASB released its revised International Standard on Auditing 570 (Revised 2024), Going Concern. The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. Effective for audits of financial statements for periods beginning on or after December 15, 2026, the standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner.
• IAASB Releases Comprehensive Implementation Guide for the ISA for LCE — IAASB released a new first-time implementation guide for the ISA for LCE. The guide provides an overview of the standard’s concepts, structure, and format. It offers step-by-step insights into each Part of the standard with examples and comparisons to ISAs, equipping practitioners with the tools to effectively implement the ISA for LCE.
• PIOB Seeks Applicants for IAASB 2026 Board Vacancy - The Public Interest Oversight Board’s (PIOB) Standard-Setting Boards Nominations Committee is now accepting applications for an upcoming vacancy on the IAASB with the term beginning January 1, 2026. The application window remains open until May 11, 2025.
• IAASB Approves ISSA 5000 — The IAASB published International Standard on Sustainability Assurance (ISSA) 5000. The standard will serve as a comprehensive, stand-alone standard suitable for any sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. The standard is also profession agnostic, supporting its use by both professional accountant and non-accountant assurance practitioners.
  • To support effective implementation of ISSA 5000, the IAASB has launched an online submission form for stakeholders to submit implementation questions or matters for the IAASB’s consideration. Full details and a link to the form is available on the IAASB website: www.iaasb.org/ISSA5000.
• New IAASB Handbook Now Available for Digital Access and Print Orders - The IAASB has released the 2023-2024 edition of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements. The 2023-2024 Handbook is available as a PDF download and print orders via the IAASB website.

Open for Comment

• IAASB Requests Feedback on Proposed Narrow-Scope Amendments Related to Working with Experts - The IAASB invites all stakeholders to comment using the digital Response Template, which is available on the IAASB website. Feedback is requested by July 24, 2025.

Effective Dates

• IAASB Quality Management Standards — effective date was December 15, 2022. Explore more on the Quality Management Standards by also accessing IFAC’s dedicated Quality Management page to view articles, webinars, videos, implementation guides and more resources.
• International Standard on Auditing 600 (Revised) — Effective for audits of group financial statements for periods beginning on or after December 15, 2023. The Basis for Conclusions and a Factsheet are available to support implementation.
• Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and ISA 260 (Revised), Communication with Those Charged with Governance — Effective for audits of financial statements for periods beginning on or after December 15, 2024.
• International Standard on Auditing for Audits of Financial Statements of Less Complex Entities – Effective for audits beginning on or after December 15, 2025, for jurisdictions that adopt or permit its use.
• ISSA 5000 General Requirements for Sustainability Assurance Engagements — Effective for assurance engagements on sustainability information reported for periods beginning on or after December 15, 2026.
• International Standard on Auditing 570 (Revised 2024), Going Concern - effective for audits of financial statements for periods beginning on or after December 15, 2026.

Upcoming Meeting

• June 16-18, 2025

International Public Sector Accounting Standards Board® (IPSASB®)

News

• The IPSASB’s 5th Public Sector Standard Setters Forum is your chance to be involved in the process of setting the future work program for both financial and sustainability reporting in the public sector. This exclusive event brings public sector standards setters from around the world together to build dialogue, exchange ideas, and provide insights around critical issues in order to shape the IPSASB’s future priorities. The IPSASB's 2025 Public Sector Standard Setters Forum,?Shaping Tomorrow Together, will be held from September 7 to 9 in Lisbon, Portugal, hosted by the?Ordem dos Contabilistas Certificados?(Order of Certified Accountants).? Register your interest to attend by July 25 . 

Open for Comment

Effective Dates

• Effective January 1, 2025
  • IPSAS 43, Leases
  • IPSAS 44, Non-current Assets Held for Sale and Discontinued Operations;
  • IPSAS?45, Property, Plant, and Equipment;
  • IPSAS 46, Measurement,
• Effective January 1, 2026:
  • IPSAS 47, Revenue; 
  • IPSAS 48, Transfer Expenses;
  • IPSAS 49, Retirement Benefit Plans
• Effective January 1, 2027:
  • Concessionary Leases and Other Arrangements Conveying Rights over Assets (Amendments to IPSAS 43, IPSAS 47, and IPSAS 48);
  • IPSAS 50 and Amendments to IPSAS 12.

Upcoming Meeting

• June 10-13, 2025

IFRS Foundation

• View the IFRS Foundation’s monthly summaries here.

Translations

To view the list of completed and in progress translations, please visit the IFAC Translations Database – this link also provides you access to the online permission requests and inquiry system where you can manage existing requests or begin a new one.

Did you know you can watch the independent standard-setting board meetings via YouTube?

IAASB | IESBA | IPSASB

• Visit the IFAC career page to view open positions.
• Visit the IFEA career page to view open positions.

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