IFAC’s summary of news and resources Update – September 2024

IMPACT #1: Strong and Sustainable Accountancy Profession

• New Toolkit for PAOs to Advance Strategic Planning Out Now from IFAC — In order to significantly contribute to national economic and social development, PAOs around the world need a coherent strategy and operating model to realize their full potential. To equip PAOs with a clear, practical, and outcome driven framework to develop, implement, and monitor an effective strategy, IFAC’s PAO Development Advisory Group has released its Professional Accountancy Organization (PAO) Strategy Planning Toolkit: An end-to-end guide to strategic transformation. This toolkit was launched at the Pan African Federation of Accountants (PAFA) Strategic Planning Workshop on June 25th, which was led by Zarif Ludin, Head of Institutional Partnerships at ACCA, in Mauritius for PAOs at all stages of developing a strategic plan. The toolkit is now available in multiple languages, including Spanish and Dutch (thanks and appreciation to IFAC PAO Development Advisory Group members Sylvia Meljem and Berry Wammes, respectively) and French and Portuguese (thanks and appreciation to PAFA)
• IFAC Resources & Support for SMPs — IFAC shared this short reminder about the numerous resources available for small- and medium-sized practices (SMPs). Many of these are available in multiple languages and have been developed with input and advice from IFAC’s SMP Advisory Group. 
• Accountancy Education:
  • Equipping Accountants for Sustainability Reporting: IFAC Proposes Enhancements to International Education Standards — IFAC has unveiled proposed changes to the International Education Standards (IESs) that embed sustainability—from analysis to reporting to assurance—across aspiring professional accountants’ training.
  • IFAC Identifies Key Areas Accountants Need to Update their Knowledge & Skills to Prepare for Increasing Sustainability Demands — IFAC has released a new publication setting out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. The publication was developed following previous sustainability and education research.
  • 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.
• PAO Digital Readiness: Explore IFAC’s PAO Digital Transformation Series webpage which is regularly updated with additional articles, videos, and resources!
• IFAC Offers Digital Access to International Accountancy Standards (IAASB, IESBA, IPSASB) – eIS; Accountancy Education (IES); and the Statements of Membership Obligations (SMOs).

IMPACT #2: Strong and Sustainable Private and Public Sector Organizations

• Accounting for a Better World: Takeaways from the Latest PAIB Advisory Group Meeting – Recognizing that in an increasingly interconnected and rapidly changing global economy, the role of accountants is evolving, the theme of our last PAIB Advisory Group meeting was Accounting for a Better World. The event was hosted by IFAC Member SAICA (South African Institute of Accountants) in Cape Town, South Africa, and the theme was inspired by the ACCA’s agenda for action. Informed by IFAC’s PAIB Advisory Group’s last meeting, our new article, Accounting for a Better World, outlines multiple opportunities where professional accountants can have an impact.
• New Report from IFAC, ICAEW, and Basel Institute on Governance Urges Accountants in Business to Continue to Lead Anti-Corruption Actions — IFAC, the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. The report was featured during “The CFO & Finance Function and Anti-Corruption: Cultivating an Integrated Mindset” webinar, which was organized under the auspices of the B20 and in collaboration with the OECD and Business at OECD (BIAC), as part of the 25th Anniversary of the OECD Anti-Bribery Convention campaign.
• Case Study: Diversifying Entry into the Accountancy Profession in South Africa – SAICA’s initiatives have diversified entry into the accounting profession in South Africa and can serve as inspiration to other PAOs globally for improving access to, and the longevity of, the profession.
• Accountants Key to Enabling Africa’s Transformation Say IFAC and PAFA — With 12 of the world’s 20 fastest-growing economies, Africa’s development is vital in a regional and global context. Achieving the continent’s growth and sustainable development ambitions requires the active contribution of accountancy and finance professionals, as highlighted in The Accountancy Profession Enabling Africa’s Transformation, a new report from IFAC and the Pan African Federation of Accountants (PAFA).

IMPACT #2: Strong and Sustainable Private and Public Sector Organizations

• Establishment of the Search Committee to Select the Next IPSASB Chair — The Public Interest Committee (PIC) and IFAC are pleased to announce the establishment of a Search Committee to select the next Chair of the International Public Sector Accounting Standards Board (IPSASB). The Search Committee will start its work in early September and plans to issue its Call for Applications for the next IPSASB Chair by mid-November 2024.
• IFAC Continues to Convene and Lead Global Discussion on Sustainability Assurance; New Publication Focuses on “What to Expect” — As part of its ongoing initiative to convene, inform and mobilize sustainability reporting and assurance stakeholders, IFAC, the voice for the global accountancy profession, released Sustainability Assurance: What to Expect.
• 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!

Visit Events & Webinars | IFAC for upcoming events!