The International Federation of Accountants (IFAC) is pleased to announce Mr. Charles Tilley OBE, FCMA, CGMA of the UK, as the esteemed recipient of the 2023 IFAC Global Leadership Award, celebrating his influence and dedication to the global accountancy profession.

Charles Tilley, a renowned advocate for integrated reporting and integrated thinking, played a pivotal role in the development of the Integrated Reporting Framework, the conception of the International Integrated Reporting Council (IIRC), and later became CEO of the IIRC. He oversaw the merger of the IIRC and the Sustainability Accounting Standards Board (SASB) into the Value Reporting Foundation, which was subsequently integrated into the IFRS Foundation. His ongoing contributions to integrated reporting and thinking continued while chairing the IFRS Foundation’s Integrated Reporting and Connectivity Council, providing advice to the Foundation’s trustees and to its two standard-setting boards.

For 15 remarkable years, as the Chief Executive of the Chartered Institute of Management Accountants (CIMA), Mr. Tilley brought about transformation in the positioning of management accounting and professional accountants in business and the public sector within the profession and in society. His relentless efforts have elevated the relevance of the profession in the context of the needs of organizations and capital markets. His post-2008 global financial crisis endeavors focused keenly on fortifying trust in the capital markets, emphasizing ethics and good governance and the critical role of professional accountants in long-term value creation.

Mr. Tilley’s visionary leadership was further evident when he orchestrated a landmark partnership culminating in the formation of the Association of International Certified Professional Accountants and the inception of the Chartered Global Management Accountant (CGMA) designation. 

Throughout his career, Mr. Tilley has steered the direction of management accounting thought leadership. This encompasses developments in both external and internal reporting, performance management, and the progressive evolution of the CFO and finance function roles. Under his visionary leadership from 2014 to 2019, the Professional Accountants in Business (PAIB) Advisory Group underwent transformative changes, fostering enhanced collaboration and thought leadership on behalf of the global profession. His tenure witnessed the inception of significant initiatives such as the future-ready CFO series and the exploration of the CFO's role in value creation.

This designation now stands as a global hallmark of excellence in management accounting and finance leadership.

"Charles is not only a trailblazer in the accountancy realm but also an inspirational figure who has tirelessly championed change, innovation, and ethical practices," remarked IFAC President Asmaa Resmouki. "His commitment to the profession and his transformative initiatives, including the creation of the CGMA designation and his work in integrated reporting and advancing management accounting, underline his deservingness of this recognition."

On receiving this award, Mr. Tilley remarked “I am delighted and honoured to receive this prestigious award. Over a fifty-year accountancy career including partnership at KPMG and investment banking CFO roles, the profession has looked after me well and I am pleased to have contributed to its development. It has a critical role and needs to remain dynamic and responsive to the ever-changing needs of business and society.”

Instituted in 2017 by the IFAC Board, the IFAC Global Leadership Award in Honor of Robert Sempier celebrates individuals for their unparalleled contributions to the worldwide accountancy profession. The tribute salutes the legacy of Robert Sempier, IFAC’s inaugural executive director, who significantly shaped the profession's global landscape.

The honor was conferred during IFAC’s Council meeting held on November 15, 2023.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) announced its newest Board member and several reappointments to the Board this week. With these changes, IFAC will maintain a female-majority Board for the fifth consecutive year.

The new and reappointed IFAC Board members and their nominating member organizations are:

New IFAC Board appointments:

• Khalilullah Shaikh (The Institute of Chartered Accountant of Pakistan, Pakistan)

IFAC Board Reappointments:

• Atul Gupta (The Institute of Chartered Accountants of India, India)
• Kohei Kan (The Japanese Institute of Certified Public Accountants, Japan)
• Chiara Mio (The Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili, Italy)
• Taryn Rulton (Chartered Accountants Australia & New Zealand, Australia)

New IFAC Member Organizations Admitted

In addition to the election of new Board members, the IFAC Council also approved new member and associate member organizations.

New IFAC Members:

• Ordem dos Contabilistas e Auditores de Moçambique (OCAM) – Mozambique
• Palestinian Association of Certified Public Accountants (PACPA) – Palestine

New Associates:

• Namibia Institute for Professional Accountants (NIPA) – Namibia

The new appointments, reappointments, and membership decisions were approved at IFAC’s 2023 Council meeting, held in Vienna on November 15-16.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) released a Small Business Sustainability Checklist (the Checklist) today to help small- and medium-sized enterprises (SMEs) maximize the benefits of incorporating sustainability into their strategy and business operations.

The 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.

As outlined in previous IFAC thought leadership, including Sustainability Information for Small Businesses: The Opportunity for Practitioners, small and medium-sized practices (SMPs) are ideally placed to help SMEs on this journey because of their deep business knowledge and expertise. As trusted advisers, they can recognize the risks and opportunities and advise SMEs on how best to act on them.

Monica Foerster, IFAC SMP Advisory Group Chair, said: “SMEs are critical to the global economy through their vital contributions to GDP and employment levels. Thus, they need to be an active part of the conversation on sustainability issues. Moreover, the expectations for SMEs to report on sustainability information, often due to requests from supply chain partners or finance providers, are likely to grow, resulting in new challenges to these businesses. SMPs are ideally placed to help SMEs tackle sustainability-related risks and to help unlock opportunities, enhance resilience, and illuminate the path to becoming future fit.”

The Checklist was developed under the umbrella of IFAC’s work on Practice Transformation, which highlights the need for SMPs to adapt to remain relevant and serve a rapidly changing world. SMPs are also strongly encouraged to use the Checklist to begin their own journey and consider their strategy, policies, and procedures on sustainability. This is also critical to both attracting and retaining the next generation of talent.

The Small Business Sustainability Checklist has been launched together with an expanded range of external resources to help practitioners upskill and build knowledge in this emerging area. IFAC has prepared a dedicated web page that provides material on sustainability reporting, advisory, assurance, and education and training. Professional Accountancy Organizations are encouraged to share the Checklist with their members and highlight the range of additional resources available.

IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and the Forum of Firms representatives in the development of the Checklist.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

A worldwide search has launched for volunteers to serve as members on the International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting body that serves the public interest by setting high-quality standards for use by public sector entities globally in the preparation of general purpose financial reports.

The initial-term of service for these volunteers will span three years, commencing on January 1, 2025. Candidates will ideally have a public sector background, with experience in standard setting and/or sustainability reporting. Out for comment now, the IPSASB’s draft Strategy and Work Program 2024-2028 proposes a shift from developing new standards towards maintaining the IPSAS suite of standards, and embeds the Board’s work in public sector sustainability reporting. Volunteers who can contribute to the changing scope and focus of the Board’s work are especially sought. English proficiency (both written and oral) is essential, as this is the language in which the IPSASB operates, although nominations from jurisdictions where English is not the predominant language, are encouraged.

Nominations from all regions of the world are encouraged, with a particular emphasis on qualified candidates from both Asia and Europe. Nominations from a wide range of relevant backgrounds are sought, including, but not limited to, candidates from:

• Users of general purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies;
• Ministries of Finance, Accountants General Departments, and other preparers of accrual-based financial statements and/or public sector sustainability reports. With the increasing implementation of IPSAS, candidates from jurisdictions that are transitioning to or have already implemented IPSAS are particularly encouraged; and
• Public sector external auditors.

“To develop high-quality international standards and effectively promote IPSAS adoption, IPSASB volunteers need diverse backgrounds and skillsets,” said Ian Carruthers, IPSASB Chair. “With the continuing global transition to accrual IPSAS, I strongly encourage jurisdictions that are using IPSAS, or actively transitioning to IPSAS, to nominate candidates. This term will be during a landmark period of the IPSASB’s strategy and work program as it undertakes the development of sustainability standards in addition to its ongoing financial reporting activities. Engaging in this important work provides an opportunity to make a significant impact, while providing valuable experience that benefits the volunteer and its supporting organization.”

All stakeholders, including the general public, as well as International Federation of Accountants (IFAC) member organizations, the Forum of Firms, governments, and other organizations are invited to nominate candidates. Global stakeholder participation is crucial to shaping the future of international public sector standards.

The deadline for submitting applications is January 31, 2024. Please see the Call for Nominations for more details and information on how to submit an application.

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 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 Nominating Committee

The Nominating Committee is responsible for the selection process for IPSASB membership. The Public Interest Committee oversees the nominations process for IPSASB and provides its advice. The International Federation of Accountants® (IFAC®) Board approves the IPSASB composition. To learn more about the Nominating Committee, please visit IFAC website.  

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.

The International Federation of Accountants (IFAC) today announced that Lee White has been named to succeed Kevin Dancey as CEO. Mr. White will assume his new post in March 2024 and will be based in London.

Mr. White, who has been with the IFRS Foundation since 2018, has more than 30 years of global executive, regulatory and leadership experience. A chartered accountant, Mr. White has most recently led the creation of the International Sustainability Standards Board (ISSB) within the IFRS Foundation and the launch of the ISSB’s first two standards in June. Mr. White is an avid champion of the role of professional accountants in driving and delivering high-quality sustainability-related disclosure and assurance.

Before joining the IFRS Foundation, Mr. White spent nine years at Chartered Accountants Australia and New Zealand (CAANZ), including six years as its CEO, having been instrumental in the successful merger of the Institute of Chartered Accountants Australia (ICAA) with CAANZ. Earlier in his career, Mr. White was Chief Accountant of the Australian Securities and Investments Commission (ASIC) during which time he was directly involved in the creation of the International Forum of Independent Audit Regulators (IFIAR).

On the occasion of his appointment, Mr. White said, “I am delighted with and humbled by the opportunity ahead. Engagement of the global accounting profession has never been more critical if society is to address many of the world’s most pressing economic and environmental issues. I look forward to leading our profession in a way that will continue to serve a vital public interest role, and also to raising awareness about the extraordinary opportunities available to accountants today.”

Asmâa Resmouki, President of IFAC, said, “We are very fortunate to have secured a leader of Lee’s caliber to take IFAC on the next chapter of its journey, and I would like to thank IFAC’s CEO Search Committee for their efforts in identifying the best candidate for the role. Lee’s deep knowledge of IFAC, his global business acumen and his commitment to the public interest promise to serve the profession, and indeed all of IFAC’s stakeholders, very well.”

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

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.

These are the results of this unprecedented outreach campaign:

The International Federation of Accountants (IFAC) and Chartered Accountants Australia and New Zealand (CA ANZ) released a quality management toolkit today to help small- and medium-sized practices (SMPs) implement the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards.

The Quality Management Toolkit for Small- and Medium-Sized Firms and its companion Illustrative Risk Matrix 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 toolkit is designed to require each SMP to adapt the content to its nature, circumstances, and engagements, a crucial element given each firm goes through its own unique process developing its quality management system.

Kevin Dancey, IFAC CEO, said: “Many SMPs face resource constraints that affect implementing the IAASB’s quality management standards, given the new standards require a more proactive and tailored approach to managing quality across firms of all sizes. By partnering with CA ANZ to adapt its excellent original materials for an international audience, we are providing SMPs, and the professional accountancy organizations that support them, with a clear roadmap to understanding and applying the standards to drive overall quality.”

Ainslie van Onselen, CA ANZ CEO and Chair-Elect of Chartered Accountants Worldwide, said: “High-quality audits are crucially important for enterprises of all sizes in markets around the world. Based on our experience using a similar approach in Australia and New Zealand, this toolkit will help SMPs implement the quality management standards and ensure that a commitment to quality is at the center of a firm’s strategy, operation, and service delivery for audits and other engagements. We are pleased to partner with IFAC to deliver these materials to the global accountancy profession. Our Australian and New Zealand version was well received and we hope this global version will be valuable to SMPs around the world.”

Individual practitioners can tailor and reproduce the quality management toolkit for non-commercial use without permission from IFAC. Otherwise, permission is required to reproduce, store, or transmit, or to make similar uses of the toolkit. Contact permissions@ifac.org. IFAC member organizations are invited to submit a permission request to provide their members with the toolkit, including adding their logo, as long as appropriate acknowledgement of IFAC and CA ANZ is included with the copyright notice.

This quality management toolkit joins IFAC’s collection quality management resources, including webinars, articles and videos, as well as the IAASB first-time implementation guides, all of which are available at ifac.org/qualitymanagement.

IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and the Forum of Firms representatives in the development of the toolkit.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

About CA ANZ
CA ANZ represents more than 136,000 Members around the world, offering its flagship CA Program, promoting the CA designation and high ethical standards and delivering world class services and lifelong education to its Members and advocates for the public good.

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.

For further details and updates, visit the IAASB website: iaasb.org/ISSA5000

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a questions and answers (Q&A) publication on the pronouncement Revisions to the Code Relating to the Definition of Engagement Team and Group Audits. The revisions to the Code address holistically the various independence considerations in an audit of group financial statements. The revisions also deal with the independence and other implications of the changes to the definition of an engagement team in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to align with changes to the definition of the same term in the International Auditing and Assurance Standards Board’s (IAASB) International Standards on Auditing (ISAs) and International Standards on Quality Management (ISQMs).

The Q&A publication is designed to highlight, illustrate, or explain aspects of the revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement. It will assist firms, national standards setters, and professional accountancy organizations in adopting and/or implementing the revisions. The Q&As will also assist regulators and audit oversight bodies, the corporate governance community, investors, preparers, educational bodies or institutions, and other stakeholders in understanding the revisions to the Code. 

The development of the Q&As has been informed by the IESBA’s extensive discussions and consultations with a wide range of stakeholders and the IESBA’s own deliberations during the development and finalization of the pronouncement.

The pronouncement is coming into effect for audits of financial statements and group financial statements for periods beginning on or after December 15, 2023, with early adoption permitted.

Artificial intelligence (AI) and intelligent automation (IA) are creating significant opportunities for organizations and individuals and are shaping the future of professional accountants as leaders and business partners.

Digital transformation based on intelligent automation can drive business growth and customer and employee satisfaction.

To provide in-depth insights about AI and IA and consider their impact on the work of accounting and finance professionals, IFAC’s Professional Accountants in Business (PAIB) Advisory Group received a presentation from Pascal Bornet, IA pioneer and CPA, and have shared a recording and takeaways from the discussion.

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Explore takeaways from the presentation and watch the recording to learn some of the opportunities opening to accounting and finance professionals who embrace AI and IA.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.