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  • IESBA eNews: February 2019

    New York, New York English

    A big thanks to all respondents to our proposed Strategy and Work Plan 2019-2023. Your feedback was discussed at our December 2018 meeting and informed the revisions made to the SWP. The revised SWP was approved in December and will be released in April 2019, subject to the Public Interest Oversight Board’s confirmation that due process has been followed.

    Two webinars, and a new video resource as we count down to New Code Effective Date!

    Hard to believe, but less than 6 months to go before the revised and restructured Code becomes effective! 
    To support its roll-out, we’re holding two global 90 minute webinars suitable for any professional using, enforcing, teaching or engaging with the Code.

    Additionally, learn more about the IESBA’s revised and restructured Code; and the importance of having an Ethics Code for professional accountants and earn yourself CPE credits!
    For more and latest support materials, continue to check our dedicated webpage.

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    We applaud the IAASB’s Quality Management Exposure Drafts!

    We congratulate the International Auditing and Assurance Standards Board (IAASB) for issuing proposed Quality Management standards!
    The proposed standards reinforce the need for firms to comply with the fundamental principles of ethics and independence requirements. They will make a meaningful contribution to enhanced audit quality.
    We encourage all our stakeholders to provide their input to the IAASB’s exposure draft, which asks important questions about ethics and independence matters. The link below will take you to the IAASB’s consultation page. Make your voice heard!

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    e-Code

    The IESBA’s proposed eCode will be a major new way of engaging with the Code of Ethics. At our last meeting the IESBA received a preview of its potential to provide users with a great experience that will also facilitate consistent application and enforcement.
    We anticipate launching the e-Code’s first phase by June 2019, coinciding with the revised and restructured Code’s effective date.

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    Technology

    The IESBA® approved Terms of Reference for its Technology Working Group. As part of a multi-phased approach, the Working Group will engage widely with its stakeholders to gather activity information, including in relation to artificial intelligence, robotic process automation, data analytics and big data.
    We’re looking forward to the Working Group’s update at our next meeting in March 2019.

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    Chairman’s Keynote Address at APESB Dinner Event

    On November 8, 2018, our Chair, Dr. Stavros Thomadakis, gave a keynote address in Sydney at the Accounting Professional & Ethical Standards Board (APESB) dinner. Celebrating great news that the Restructured International Code of Ethics has been incorporated into Aussie ethical standards, Stavros shared his thoughts about the Code’s essentials, its global positioning, and the challenges and opportunities faced by both standard setters and Code users.

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    Upcoming IESBA Meeting Dates
    • March 11 - 13, 2019 | IFAC Offices, New York
    • June 17 - 19, 2019 | NASBA Offices, Nashville
    • September 16 - 19, 2019 | AICPA Offices, New York
    • December 3 - 6, 2019 | IFAC Offices, New York
    • Register to attend the IESBA meeting
    Want to know more?

    Read the minutes and working papers for all our IESBA meetings. They’re a great information source about project progress and how we support and protect the public interest.
    The IESBA’s multi-stakeholder Consultative Advisory Group (CAG) meets a week before the board to provide strategic input on our meeting agenda materials, as well as our projects and initiatives more broadly. You can also read all the CAG’s minutes and working papers.

  • IPSASB to Sharpen Focus on Public Financial Management and Benefits of IPSAS Adoption

    English

    At a time of increasing momentum for IPSAS adoption and implementation globally, the International Public Sector Accounting Standards Board (IPSASB) today published its Strategy and Work Plan 2019-2023: Delivering Global Standards. Inspiring Implementation, which will shape the Board’s work and priorities for the next five years.

    To ensure it delivers in the public interest, the IPSASB’s strategic objective is:

    Strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS. Delivered through two main areas of activity, both of which have a public interest focus:

    • Developing and maintaining IPSAS and other high-quality financial reporting guidance for the public sector; and
    • Raising awareness of IPSAS and the benefits of accrual adoption.

    “Governments depend on the trust of their citizens and their national and international stakeholders in order to deliver their goals efficiently and effectively. The regular publication of high-quality accrual-based financial reports helps strengthen public financial management, and is a fundamental ingredient in maintaining that trust,” said IPSASB Chair Ian Carruthers.

    “IPSAS-based information provides a comprehensive and comparable picture of a public sector entity’s financial performance and position. IPSAS adoption and implementation therefore represent fundamental steps for governments to take, not only to increase transparency and accountability to their citizens and stakeholders, but also to inform effective decision making, so contributing to fiscal stability and sustainability. Our new Strategy and Work Plan is intended both to support and to help inspire governments and other public sector organizations making that journey,” Mr. Carruthers added.

    The IPSASB will implement its Strategy and Work Plan 2019-2023 through two streams:

    • Delivering global standards by:
      • Setting standards on public sector specific issues;
      • Maintaining IFRS alignment;
      • Developing guidance to meet users’ broader financial reporting needs;
    • Inspiring their implementation by:
      • Promoting IPSAS adoption and implementation; and
      • Advocating the benefits of accrual in strengthening PFM.

    The Board’s top standard-setting priorities through 2023 include completing its current public sector specific projects, notably revenue, leases, public sector measurement, heritage and infrastructure, as well as making progress with its new public sector specific projects, including natural resources.

    The International Public Sector Financial Accountability Index projects that in five years, 65% of countries will report on the accrual basis. The IPSASB seeks to capitalize on this growth by working with key stakeholders to promote IPSAS adoption and implementation and the benefits of accrual information in strengthening PFM.   

    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.

  • IPSASB Strategy and Work Plan 2019-2023

    Delivering Global Standards. Inspiring Implementation.

    At a time of increasing momentum for IPSAS adoption and implementation globally, the IPSASB Strategy and Work Plan 2019-2023 sets out the Board's work and priorities through this five-year period. 

    As outlined in the document, the IPSASB's strategic objective is: strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS. This will be delivered through two main areas of activity, both of which have a public interest focus:

    IPSASB
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