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IFAC Announces Plan to Revise International Education Standards for Sustainability Reporting and Assurance

(New York, New York, December 11, 2023)

The International Federation of Accountants (IFAC) today announced plans to revise the International Education Standards (IES) to bring greater focus to sustainability reporting and assurance competence and recognize the evolving role of professional accountants in this important area. IFAC anticipates launching a public consultation on proposed revisions to the standards in March 2024, marking a significant milestone for the global accountancy profession’s journey to advance sustainability disclosure standards that respond to the needs of investors and other stakeholders.

Extensive stakeholder outreach and research made it clear that while professional accountants’ skills and training are transferable to sustainability reporting and assurance, there’s a need for a focus on sustainability in the IES. The planned revisions will address this, including revised and new learning outcomes needed for professional development programs to best prepare future and current professional accountants for the increasing demands for sustainability reporting and assurance.

As IFAC commits to revising the IESs, in partnership with the IFAC International Panel on Accountancy Education, it encourages professional accountants to seize the opportunity to enhance their sustainability knowledge and expertise. IFAC CEO Kevin Dancey said, “As sustainability reporting and assurance become mainstream, professional accountants have a unique opportunity to lead and bring value. Professional accountants should begin their journey now to develop or enhance sustainability reporting and assurance abilities. It is imperative that we all commit to personal professional development, ensuring that we are ready to meet the moment with the competence and due care that define our profession.”

Professional accountancy organizations have crucial roles to play helping their members as they transition to increasing market demand for sustainability reporting and assurance. Collective action is needed at the global, regional and local levels to accelerate the pace at which existing knowledge is expanded upon. IFAC encourages its member organizations to enhance current learning requirements with respect to sustainability and to recognize those courses offered by others—including the IFRS Foundation's anticipated eLearning course, which may prove useful to PAOs to offer their members as it is designed to respond to market demand to begin implementing the inaugural IFRS Sustainability Disclosure Standards, IFRS S1 and S2.

2 Desde GIC

 

Prefacio a la ISA (NIA) para LCE (Entidades menos Complejas) F1

P.1. Esta norma (es decir, la ISA para LCE) ha sido diseñada para lograr una seguridad razonable sobre si los estados financieros en su conjunto están libres de errores materiales, ya sea debido a fraude o error, para auditorías de estados financieros de entidades menos complejas (LCE) en el sector privado y sectores públicos. La norma ha sido desarrollada para reflejar la naturaleza y circunstancias de una auditoría de los estados financieros de una LCE y resulten en la realización consistente de un compromiso de una auditoría de calidad. Esta norma se basa en la premisa de que la empresa está sujeta a la NIGC 12 o a las normas nacionales, con requisitos que sean al menos igual de exigentes. Un encargo de auditoría de calidad se logra planificando y realizando el trabajo e informar sobre el mismo de acuerdo con estándares profesionales, y requisitos legales y reglamentarios aplicables. Alcanzar el objetivo de esta norma implica ejercer el juicio profesional y mantener el escepticismo profesional.

P.2. Esta norma está escrita en el contexto de una auditoría de un conjunto completo de estados financieros de propósito general, de una LCE según lo contemplado en la Parte A. También podrá adaptarse según sea necesario en las circunstancias al encargo de una auditoría de un conjunto completo de estados financieros con fines especiales. o una auditoría de un solo estado financiero o de un elemento, cuenta o partida específica de un estado financiero, sólo si la entidad es una LCE según lo establecido en la Parte A.

P.3. Cuando se realiza un trabajo de auditoría utilizando esta norma, las Normas Internacionales de Auditoría no se aplican al encargo.

P.4. La Parte A establece la autoridad para determinar el uso apropiado de la ISA para LCE. Decisiones sobre el uso requerido o permitido de esta norma, incluyendo descripciones del tipo de entidades para las cuales, una auditoría de acuerdo con esta norma puede recaer en las autoridades legislativas y reguladoras. u organismos locales pertinentes con autoridad para establecer normas.

P.5. Si esta norma se utiliza para trabajos de auditoría distintos de los contemplados en la Parte A, al auditor no se le permitirá presentar el cumplimiento de la NIA para LCE en el informe del auditor.

P.6. Esta norma no anula las leyes o regulaciones locales que rigen las auditorías de estados financieros en una jurisdicción determinada. La NIA para LCE no aborda las responsabilidades del auditor que pueden existir en la legislación o regulación. Tales responsabilidades pueden diferir de las establecidas en esta norma y es responsabilidad del auditor garantizar el cumplimiento de todas las disposiciones legales, obligaciones reglamentarias o profesionales.

 

 

 

El marco de información financiera aplicable

P.7. Los estados financieros sujetos a auditoría son los de la entidad, preparados por la dirección de la entidad bajo la supervisión de los encargados del gobierno de la entidad. La ley o reglamento podrá establecer las responsabilidades de la dirección y de los encargados del gobierno corporativo en relación con la información financiera.

Esta norma no impone responsabilidades a la administración ni a los encargados del gobierno corporativo, y no anula las leyes o regulaciones que rigen sus responsabilidades. Sin embargo, una auditoría de conformidad con esta norma se lleva a cabo bajo la premisa de que la gestión, y cuando corresponda, los encargados del gobierno corporativo han reconocido ciertas responsabilidades que son fundamentales para la realización de la auditoría. La auditoría de los estados financieros no exime a la dirección ni a quienes son encargados de gobernar, sus responsabilidades.

1 Desde ISCP

 

10 Desde IFAC

 

New Standard for Audits of Less Complex Entities Issued by IAASB

Standalone Standard Is Proportionate, Tailored, Easier to Navigate

(New York, New York, December 06, 2023)

The International Auditing and Assurance Standards Board (IAASB) today published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. Built on the foundation of the International Standards on Auditing (ISAs), audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The standard is effective for audits beginning on or after December 15, 2025 for jurisdictions that adopt or permit its use.

“The ISA for LCE underscores the IAASB’s commitment to ensuring the credibility and reliability of financial reporting for entities of all sizes. By leveraging the International Standards on Auditing as our starting point, we are cultivating an environment where audits are performed in a globally consistent and high-quality way for the smallest entities. The IAASB’s actions seek to inspire greater confidence and contribute to the overall stability and trustworthiness of information in the external reporting ecosystem. We have also heard that this standard should provide an impetus for the evolution of auditing in developing economies,” said IAASB Chair Tom Seidenstein. “We now turn to each jurisdiction and their oversight authorities and regulators to decide whether to adopt the standard. We encourage practitioners and others to reach out to the authorities in their jurisdictions to advocate for the ISA for LCE’s adoption.”

Released alongside the ISA for LCE are a Basis for Conclusions, which details feedback from the public consultation period, a high-level fact sheet, and a frequently asked questions document. Additional materials to help jurisdictions navigate adoption will be issued in 2024, including supplementary guidance, a fact sheet on adoption, and a first-time implementation guide. All materials can be accessed on the IAASB website: iaasb.org/ISAforLCE

 

10 Desde IFAC

 

Preparing Future-Ready Professionals

AI & Intelligent Automation – Disrupting Business; Elevating the Work of Accounting & Finance Professionals

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Sustainability Assurance is a Journey and Collaboration & Upskilling are Key, say Experts at IFAC and Accountancy Europe Conference

10 Desde IFAC

 

10 Desde IFAC

 

Proposed ISSA 5000: IAASB's Global Outreach Campaign

On August 2, the International Auditing and Assurance Standards Board (IAASB) launched a public consultation on its landmark proposed global sustainability assurance standard, International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. It also committed to an extensive, high-level outreach plan to ensure broad stakeholder input to improve both the quality of and trust in the final standard. This plan included in-person roundtables around the world, virtual webinars for global audiences, and regional and national meetings with regulators and oversight bodies.

10 Desde IFAC

 

	New IAASB Resources Alert: Explore ISSA 5000 FAQ on Materiality
	(New York, New York, October 25, 2023) As part of its intensive outreach campaign across the globe, the IAASB has heard requests from a range of stakeholders to provide additional information on materiality matters to better help them navigate the recently proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Accordingly, a comprehensive set of Frequently Asked Questions (FAQs), The Application of Materiality by the Entity and the Assurance Practitioner, has been developed. The FAQ compilation addresses a variety of questions, including how the concept of materiality applies to sustainability reporting and assurance; the definition of double materiality; and how an assurance practitioner considers an organization’s “materiality process” during a sustainability assurance engagement, among other questions and answers. The comment period for proposed ISSA 5000 is open until December 1, 2023. To promote broad and diverse participation in the ongoing public consultation, the IAASB has developed a Stakeholder Survey, which may be especially useful for stakeholders wishing to share less technical or overall feedback, and a Response Template.

10 Desde IFAC

 

NOW AVAILABLE: IESBA HANDBOOK 2023 EDITION

Sep 21, 2023 | New York, NY | English

The International Ethics Standards Board for Accountants (IESBA) today released the 2023 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). This handbook replaces the 2022 edition and incorporates the following revisions:

• The revisions relating to (a) the definition of engagement team, and (b) group audits. The revisions deal with the independence and other implications of the changes made to the definition of “engagement team” in the Code to align with changes to the definition of the same term in the IAASB’s International Standards on Auditing (ISAs) and International Standards on Quality Management (ISQMs). The revisions also address holistically the various independence considerations in an audit of group financial statements. The revised provisions relating to the definition of engagement team and group audits will be effective for audits of financial statements and audits of group financial statements for periods beginning on or after December 15, 2023. Early adoption of the revisions is encouraged.
• The upcoming expiry of the “jurisdictional provision” addressing long association of personnel with an audit client.  The jurisdictional provision will expire and be no longer available for audits of financial statements for periods beginning on or after December 15, 2023. Under the jurisdictional provision (paragraph R540.20 of the Code), where a legislative or regulatory body (or organization authorized or recognized by such legislative or regulatory body) has established a cooling-off period for an engagement partner of less than five consecutive years, that shorter cooling-off period may be applied, subject to a floor of three years, provided that the applicable time-on period does not exceed seven years.

10 Desde IFAC

 

32 Desde Accounting Tools

Selection of Newest Courses

Accountant Ethics for Mississippi (4 CPE hours)
Essentials of Life Insurance (2 CPE hours)
Essentials of Limited Liability Companies (1.5 CPE hours)
Fraud in the Financial Markets (1 CPE hour)
Invoice Factoring Essentials (1.5 CPE hours)

Recently Updated Courses

Budgeting (14 CPE hours)
CFO Guidebook (22 CPE hours)
New Controller Guidebook (18 CPE hours)
Nonprofit Accounting (16 CPE hours)
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10 Desde IFAC

 

IAASB Webinar on Assurance on Sustainability Reporting from International Federation of Accountants

10 Desde IFAC

 

IAASB Webinar on Assurance on Sustainability Reporting from International Federation of Accountants

3 Desde Alerta de la Fundación IFRS

 

IFRS Foundation  news alert

8 September 2023

September 2023 International Sustainability Standards Board agenda and meeting paper now available

The agenda and meeting paper for the 14 September 2023 ISSB meeting are now available.

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8 September 2023

September 2023 International Accounting Standards Board agenda and meeting papers now available

The agenda and meeting papers for the 19-21 September 2023 IASB meeting are now available.

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8 September 2023

IASB to publish Exposure Draft Annual Improvements to IFRS Accounting Standards—Volume 11

The International Accounting Standards Board expects to publish Exposure Draft Annual Improvements to IFRS Accounting Standards—Volume 11 on 12 September 2023.

52. Desde TechTarget

 

Analítica e inteligencia de negocios en la nueva era de la IA La analítica de negocios y la inteligencia de negocios son tecnologías complementarias que aprovechan los datos empresariales y se han vuelto cruciales.

10 Desde IFAC

 

What You Need to Know About International Standard on Sustainability Assurance 5000
August 14, 2023 | News

10 Desde IFAC

 

10 Desde IFAC

 

IAASB Proposed Standard on Sustainability Assurance Issued August 2

The IAASB issued its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements on August 2. Learn more in this short video from IAASB.

52. Desde TechTarget

 

Bancos en Latinoamérica incorporan blockchain a sus servicios
La tecnología blockchain permite reducir costos, agilizar procesos y ofrecer soluciones innovadoras a los usuarios.