The International Public Sector Accounting Standards Board (IPSASB) released exposure draft (ED) 89, Amendments to Consider IFRIC Interpretations, which proposes amendments based on five interpretations issued by the IFRS Interpretations Committee that the IPSASB had not yet considered, a news release said.
“The IPSASB proposes amendments to IPSAS for guidance based on the IFRIC Interpretations which are applicable for public sector entities and helpful in applying existing IPSAS principles,” the release said. “Feedback to ED 89 will help shape the updates to IPSAS to clarify the application of existing accounting principles for these specific matters.”
The exposure draft is open for public comment. Comments are requested by 17 June and can be submitted online.
“The amendments proposed in ED 89 draw on previous IFRIC Interpretations to clarify how public sector entities should apply IPSAS in key areas, thereby avoiding divergent accounting treatments,” IPSASB Chair Ian Carruthers said in the release.
IESBA’s work plan addresses culture and governance at accounting firms
The International Ethics Standards Board for Accountants (IESBA) published its Strategy and Work Plan for 2024–2027 (SWP), Towards a More Sustainable Future: Advancing the Centrality of Ethics, a news release said. The document addresses accounting firm culture and governance and extending the impact of the International Code of Ethics (the Code) beyond the accountancy profession.
According to the release, the board is primarily focused on those two high-priority strategic areas, in order to:
- Identify potential actions IESBA might take within or outside the Code to respond to the persistent high-profile cases of unethical behaviour in accounting firms.
- Explore the opportunity to extend the impact of the Code to a wider array of individuals who perform similar work as professional accountants, building on its current project to develop profession-agnostic ethics, including independence, standards for all sustainability assurance practitioners.
“The SWP represents the culmination of careful assessment of market developments and thoughtful consideration of stakeholder feedback from the IESBA’s extensive outreach and consultation activities over a two-year period,” the release said.
IAASB looks to improve global audit and assurance standards
Elevating Trust in Audit and Assurance: IAASB’s Strategy and Work Plan for 2024–2027, a publication by the International Auditing and Assurance Standards Board (IAASB), sets out the board’s plans and strategies to enhance the quality and consistency of audit and assurance standards worldwide, a news release said.
The key aims of the board’s work plan include, according to the release:
- Completing priority audit and assurance projects, with emphasis on fraud, going concern, and sustainability assurance.
- Commencing new initiatives and projects, including supporting the adoption and implementation on the IAASB’s overarching standard for sustainability assurance engagements.
- Collaborating with official stakeholders across the external reporting ecosystem, including IESBA, regulators, standard-setters, and other stakeholders.
- Engaging with regulatory and standard-setting partners to strengthen trust in markets globally.
- Further implementing the Monitoring Group’s recommendations to enhance independence and accountability in standard-setting.
The board’s strategy and work plan reflect the crucial role of audit and assurance in fostering trust in the world’s economies, the release said. The new strategy reaffirms the IAASB’s commitment to serving the public interest by developing globally accepted audit, review, and other assurance standards.
IOSCO updates work plan to reflect developing issues in financial markets
The International Organization of Securities Commissions (IOSCO) updated its work plan to incorporate new workstreams, which address the increased focus in artificial intelligence (AI), tokenisation, transition plans, and green finance, a news release said.
The revised 2024 work plan continues to set out the organisation’s priorities, the release said. Those include protecting investors; addressing new risks in sustainability and fintech; strengthening financial resilience; supporting market effectiveness; and promoting regulatory cooperation and effectiveness.
“IOSCO’s AI workstream is a two-year policy initiative that aims to ensure the development of a shared understanding among IOSCO members on the issues, risks, and challenges presented by emerging AI technology through the lens of market integrity, financial stability, and investor protection,” the release said.
The organisation will also continue its engagement with the International Sustainability Standards Board (ISSB), finalise its work on voluntary carbon markets, and conduct its review of the proposed assurance and ethics standards by the IAASB and IESBA.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.