IFAC's Small Business Sustainability Checklist is a diagnostic tool designed to be tailored by each business according to its own unique circumstances, including its industry sector, lifecycle, and products and services provided. It lists a comprehensive range of initiatives and actions to be considered in terms of environmental, social, and governance (ESG) factors. Not all actions in the Checklist will be relevant to every SME, but the Checklist aims to help all organizations to take small steps on what could be a long but highly fulfilling journey.
IPSAS 49 establishes comprehensive accounting and reporting requirements for the financial statements of retirement benefit plans, with participants comprising current and former public sector employees and other eligible members. The new pronouncement will bring increased transparency and accountability to these public sector entities, ensuring they can fulfill their obligations to employees and other eligible participants who are members of the retirement benefit plan.
In developing principles for this pronouncement, the private sector requirements in IAS 26 were used as the starting point. The IPSASB adapted IAS 26, based on feedback from stakeholders globally, to ensure the unique characteristics of the public sector are reflected in the pronouncement. In particular, some of the policy choices available in IAS 26 have been removed as they are not appropriate for the public sector or are inconsistent with existing IPSAS.
“Retirement benefit obligations can represent a significant but often hidden liability for the public sector,” said IPSASB Chair Ian Carruthers. “IPSAS 49 provides a principle-based approach to accounting by retirement benefit plans to provide a complete view of their financial activities, assets and obligations. This increased transparency is intended to result in stronger public financial management and better-informed decision making.”
The effective date of IPSAS 49 is January 1, 2026, with earlier application permitted.
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 government of Canada. 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.
IPSAS 49 has an effective date of January 1, 2026. Earlier application is permitted.
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.
IFAC's annual review is a key element of our accountability to stakeholders. It includes an overview of IFAC’s IMPACT approach and value creation model, our strategic objectives and performance highlights, and our governance processes.
It draws on integrated reporting principles and concepts as set out in the International Integrated Reporting <IR> Framework.
This toolkit and accompanying matrix will help small- and medium-sized practices (SMPs) implement the International Auditing and Assurance Standards Board’s suite of quality management standards. The publications include a suite of illustrative documents, policies, checklists, sample letters and forms to help SMPs establish their quality objectives, identify and assess quality risks, and design and implement responses to address their identified quality risks.
The IFAC SMP Advisory Group (SMPAG) welcomes the opportunity to provide input to the International Auditing and Assurance Standards Board’s (IAASB’s) Exposure Draft for the Proposed International Standard on Auditing 570 (Revised 202X) Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs.
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 8 features excerpts from a presentation to IFAC's SMP Advisory Group by Alex Peal, a British professional accountant and member of IFAC's SMP Advisory Group.
This episode is the second in a three-part series on talent management.
Click below or visit IFAC's iTunes podcast channel to listen to this episode.
