Translations of this press release are available in: French, Russian, Spanish

Today, the International Federation of Accountant (IFAC) and the Zurich University of Applied Sciences (ZHAW), in partnership with the International Public Sector Accounting Standards Board (IPSASB), have published a practical accounting tool for governments and other interested stakeholders to help analyze COVID-19 intervention programs.

With more than $9 trillion spent by governments globally on fiscal interventions in the past three months, the effect of the pandemic on public finances will be both immediate and long-lasting. Understanding the design of these interventions, how they are delivered and funded, as well as their impact on the financial position of governments, is critical to manage current challenges and secure sustainable public finances in the future.

“Government accounting is not the first priority that comes to mind when people think about the current pandemic. Yet, there’s evidence that having a comprehensive and well-managed balance sheet supports strong public programs, including for healthcare and economic wellbeing,” said Alta Prinsloo, IFAC Executive Director. “It’s never too late for countries to adopt accounting best practices, including accrual-based International Public Sector Accounting Standards (IPSAS), and we hope this guidance will help governments make the case for doing so.”

The COVID-19 Intervention Assessment Tool includes:

• A step-by-step process and assessment tool to help assess, evaluate, and inform various types of government interventions related to the pandemic;
• An overview of the pathway to accrual IPSAS for governments.

“By utilizing accrual accounting, governments can gain a more complete understanding of their financial standing and ability to recover from the impacts of the pandemic,” said Andreas Bergmann, Professor of Public Finance at the Zurich University of Applied Sciences (ZHAW). “This will not be the last time governments will need to act to mitigate an economic crisis and accrual accounting also helps designing economic interventions in a sustainable way.”

IFAC and ZHAW remain committed to advocating for, and supporting, strong public financial management in economies globally. This tool is the latest effort to support the adoption and implementation of IPSAS and accrual accounting in the public sector.

About IFAC
The International Federation of Accountants (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

About the Zurich University of Applied Sciences (ZHAW)
Zurich University of Applied Sciences (ZHAW) was founded in 1874 in Winterthur/Switzerland and nowadays includes eight disciplinary schools. The ZHAW School of Management & Law is the largest business school in Switzerland and only one of four which are internationally accredited by AACSB. Public Financial Management has been part of its curriculum for more than 50 years and became a key area of research in 1996.

Today, IFAC and the Zurich University of Applied Science (ZHAW), in partnership with IPSASB, have published a tool for governments and other interested stakeholders to apply best practices in public sector accounting when analyzing COVID-19-related intervention programs.

The COVID-19 pandemic led governments to deploy significant interventions to support individuals, businesses, the monetary system, and specific sectors, including healthcare. In view of the unprecedented scale of these interventions there is an urgent need to understand their full current and ongoing impacts on public finances.

The COVID-19 Intervention Assessment Tool includes:

• A step-by-step process and assessment tool to help assess, evaluate and inform various types of government interventions related to the pandemic; and
• An overview of the way it can support the pathway to accrual IPSAS for governments.

“We are seeing another example of where public sector finances are under great stress a result of a major economic shock – but the current pandemic stands out because of its magnitude and global impact. This increases the pressure on countries to improve their accounting infrastructure to support the tough decisions that will undoubtedly be needed,” said Ian Carruthers, IPSASB Chair. “High-quality financial information enhances government decision-making and supports better outcomes for citizens over the medium and longer-term.”

“Governments with accrual accounting information are better positioned to understand the true picture of their public finances,” said Ross Smith, IPSASB Program and Technical Director. “Understanding the pandemic’s impact on government finances is especially important when considering the need and ability to provide for additional interventions moving forward.”

The supplementary report “Impact Assessment and the Pathway to Accrual” provides high-level insights on the IPSAS adoption and implementation process, and the ways in which the Assessment Tool can support this, while emphasizing the importance that IPSAS adoption occurs within the context of broader public financial management reforms.  

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.

COVID-19 has raised challenges that are unprecedented in the modern era. The G20 governments have responded with significant short-term actions to support people and economies. Today, the International Federation of Accountants (IFAC), which represents more than three million professional accountants worldwide, is calling on G20 countries to remain focused on long-term progress alongside their immediate priorities for response and recovery.

“We are at a critical inflection point around the world for many reasons. While the immediate response to COVID-19 is paramount, we must not take action that puts other urgent global priorities and progress at risk,” said Kevin Dancey, IFAC CEO. “The decisions we make now and the actions we take are crucial as we work to build strong, sustainable economies and realize the opportunities of the 21st century for all.”

G20 countries play a crucial role in fostering institutions and governance models that can anticipate and mitigate future crises. To strengthen our global economy as we manage the myriad new challenges presented by COVID-19, IFAC calls on G20 leaders to:

1. Accelerate Sustainability and Inclusion

The COVID-19 crisis is a wake-up call to accelerate the transition to a more sustainable and inclusive global economy. Both the business community and governments have an important role to play in this transformation, from focusing on long-term value creation to supporting an economy aligned with the United Nations’ Sustainable Development Goals.

2. Focus on Public Sector Transparency and Integrity

Responding to COVID-19 has driven an enormous increase in public sector spending. Integrity and transparency in the public sector are essential to the social contract between governments and their citizens. IFAC calls on the G20 to step up its efforts to deliver on the G20 Anti-Corruption and Anti-Money Laundering Action Plans, and to adopt International Public Sector Accounting Standards and accrual accounting at all levels of government.

3. Resist Regulatory Fragmentation

Regulatory fragmentation costs the global economy more than $780 billion a year, and the cost is borne disproportionately by small- and medium-sized enterprises. IFAC calls for policymakers to prioritize regulatory cooperation and harmonization so that all enterprises can thrive. We also urge all stakeholders to agree on a global framework for non-financial reporting that incorporates integrated reporting principles.

4. Recommit to Global Collaboration

Global institutions for cooperation and crisis-management—both public and private sector—are more important than ever. Multilateralism in support of building back better for those most in need is the foundation for resilience and a fairer and more prosperous world for all. G20 leadership must commit to working together through global institutions to anticipate and mitigate the global problems of the 21st century.

IFAC’s full call to action for the G20 is available online.

About IFAC
The International Federation of Accountants (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 more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) today welcomed the Monitoring Group’s recently released Paper: Strengthening the International Audit and Ethics Standard-Setting System, aimed at enhancing governance arrangements of the two standard-setting boards. 

The enhancements reflected in the Monitoring Group’s Paper will support the core mission of the two Boards to promulgate high quality international audit, assurance, related services and ethics standards for the accountancy profession, for worldwide application and developed in the public interest.

“The Monitoring Group’s conclusions highlight the importance of high-quality international standards, set by independent and technically expert bodies with effective oversight,” said IAASB Chairman Tom Seidenstein. “We support change that can advance our ability to deliver enhanced standards in the public interest.”  

“The task now at hand is to draw the most benefit from these changes,” said IESBA Chairman Dr. Stavros Thomadakis. “We are committed to collaborating with the Monitoring Group and others to achieve a smooth transition and effective implementation of the new arrangements.”

The Monitoring Group’s Paper encompasses items to be developed during a transition planning phase, and provides for a subsequent implementation period of approximately three years. This will allow for an orderly advancement of the Monitoring Group’s conclusions while avoiding disruption to delivery of IAASB’s and IESBA’s current Strategies and Work Plans.

For more about the International Auditing and Assurance Standard Board, visit the Board’s website at www.iaasb.org.

For more about the International Ethics Standards Board for Accountants, visit the Board’s website at www.ethicsboard.org.

The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) today welcomed the Monitoring Group’s recently released Paper: Strengthening the International Audit and Ethics Standard-Setting System, aimed at enhancing governance arrangements of the two standard-setting boards. 

The enhancements reflected in the Monitoring Group’s Paper will support the core mission of the two Boards to promulgate high quality international audit, assurance, related services and ethics standards for the accountancy profession, for worldwide application and developed in the public interest.

“The Monitoring Group’s conclusions highlight the importance of high-quality international standards, set by independent and technically expert bodies with effective oversight,” said IAASB Chairman Tom Seidenstein. “We support change that can advance our ability to deliver enhanced standards in the public interest.”  

“The task now at hand is to draw the most benefit from these changes,” said IESBA Chairman Dr. Stavros Thomadakis. “We are committed to collaborating with the Monitoring Group and others to achieve a smooth transition and effective implementation of the new arrangements.”

The Monitoring Group’s Paper encompasses items to be developed during a transition planning phase, and provides for a subsequent implementation period of approximately three years. This will allow for an orderly advancement of the Monitoring Group’s conclusions while avoiding disruption to delivery of IAASB’s and IESBA’s current Strategies and Work Plans.

For more about the International Auditing and Assurance Standard Board, visit the Board’s website at www.iaasb.org.

For more about the International Ethics Standards Board for Accountants, visit the Board’s website at www.ethicsboard.org.

The IPSASB has published Exposure Draft 73, Covid-19: Deferral of Effective Dates, which proposes to delay the effective dates of recently published Standards and Amendments to IPSAS by one year to January 1, 2023. Responding to the global COVID-19 pandemic and the challenges it has created, the purpose of this Exposure Draft is to provide stakeholders with additional implementation time.

The Standards and Amendments which are impacted include: 

• IPSAS 41, Financial Instruments;
• IPSAS 42, Social Benefits;
• Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41);
• Collective and Individual Services (Amendments to IPSAS 19); and
• Improvement to IPSAS, 2019. 

The IPSASB welcomes comments on the Exposure Draft by August 15, 2020.

После выпуска Группой мониторинга сегодня Strengthening The International Audit And Ethics Standard-Setting System (Документа) Международная федерация бухгалтеров (МФБ/IFAC) объявила о своей поддержке немедленного начала реализации фазы планирования перехода.

Документ, в котором излагается ряд рекомендаций по совершенствованию процесса разработки и выпуска глобальных стандартов аудита, обеспечения достоверности и этики для профессии бухгалтера  и аудитора в общественных интересах, явился результатом длительного процесса консультаций с участием многих заинтересованных сторон.

МФБ удовлетворён тем, что в Документе признается важная и необходимая роль, которую МФБ и Профессия будут продолжать играть в процессе установления стандартов, и что рекомендации соответствуют стратегии МФБ. Однако существует ряд важных вопросов, которые ещё предстоит решить, прежде чем приступить к осуществлению. Несмотря на то, что МФБ не недооценивает проблемы, с которыми это связано, мы по-прежнему уверены, что сможем работать совместно со всеми заинтересованными сторонами, чтобы достичь удовлетворительного решения на этапе планирования перехода.

Д-р Ин-Ки Джу, Президент МФБ, сказал: «Мы упорно трудились, чтобы построить доверие и сотрудничать со всеми заинтересованными сторонами, участвующими в этом процессе. Рекомендации дают нам основу для продвижения вперёд. Мы рассчитываем на сотрудничество с Группой мониторинга и всеми другими заинтересованными сторонами, участвующими в этапе планирования перехода, для согласования плана реализации».

Кевин Дэнси, Генеральный директор МФБ, отметил: «Глобальные стандарты аудита, подтверждения достоверности и этики являются основой, на которой строится наша профессия, и важной гарантией защиты общественных интересов, являющихся частью нашего профессионального мандата. Мы были рады сотрудничать с Группой мониторинга, Советом по надзору за общественными интересами и другими ключевыми заинтересованными сторонами в течение периода консультаций, чтобы продолжать укреплять устойчивый, независимый и прозрачный процесс установления стандартов, который пользуется доверием и уверенностью всех заинтересованных сторон».

IAASB (Комитет по международным стандартам аудита и подтверждения достоверности информации) и IESBA (СМСЭБ - Комитет по международным стандартам этики профессиональных бухгалтеров) отвечают за разработку в общественных интересах и посредством независимой надлежащей правовой процедуры стандартов, которые определяют, как аудиторы и бухгалтеры предоставляют свои услуги. Ключевыми стратегическими приоритетами IFAC являются поддержка IAASB и IESBA, а также поддержка, продвижение и мониторинг принятия и внедрения их стандартов.

Luego de la emisión del Strengthening The International Audit And Ethics Standard-Setting System (Документа) Международная (el Documento) por parte del Grupo de Monitoreo hoy, la Federación Internacional de Contadores (IFAC) ha anunciado su apoyo para pasar inmediatamente a la fase de planificación de la transición.

El Documento, que establece una serie de recomendaciones para mejorar los procesos mediante los cuales, en interés público, se desarrollan y emiten las normas globales de auditorías, aseguramiento y ética para la profesión contable, fue el resultado de un proceso de consulta extenso que involucró a múltiples partes interesadas.

A la IFAC le complace que el Documento reconozca el papel importante y necesario que la IFAC y la profesión seguirán teniendo en el proceso de emisión de normas, y que las recomendaciones estén alineadas con la estrategia de la IFAC. Sin embargo, hay una serie de cuestiones importantes que deben abordarse antes de avanzar con la implementación. Si bien la IFAC no subestima los desafíos que esto presenta, seguimos confiando en que podremos trabajar en colaboración con todas las partes interesadas claves involucradas para alcanzar una resolución satisfactoria durante la fase de planificación de la transición.

El Dr. In-Ki Joo, presidente de la IFAC, declaró: “Hemos trabajado mucho para desarrollar confianza y colaborar con todas las partes interesadas involucradas en este proceso. Las recomendaciones nos brindan una base para avanzar. Esperamos trabajar con el Grupo de Monitoreo y todas las otras partes interesadas involucradas en la fase de planificación de la transición para acordar un plan de implementación”.

Kevin Dancey, CEO de la IFAC, dijo que “Las normas globales de auditoría, aseguramiento y ética son los cimientos sobre los que se construye nuestra profesión, y una salvaguarda importante para proteger el interés público, lo que es parte de nuestro mandato.  Nos alegró trabajar con el Grupo de Monitoreo, el Consejo de Supervisión del Interés Público y otras partes interesadas claves durante el período de consulta para seguir mejorando un proceso de emisión de normas sostenible, independiente y transparente que tenga la confianza de todas las partes interesadas”.

El Consejo de Normas Internacionales de Auditoría y Aseguramiento (IAASB) y el Consejo de Normas Internacionales de Ética para Contadores (IESBA) son responsables de desarrollar, en el interés público y mediante un procedimiento independiente, las normas que rigen la forma en que los auditores y los profesionales de la contabilidad brindan sus servicios. Las prioridades estratégicas clave de la IFAC incluyen apoyar al IAASB y el IESBA, y defender, promocionar y realizar un seguimiento de la adopción y la implementación de sus normas.

Suite à la publication par le Monitoring Group aujourd’hui de Strengthening The International Audit And Ethics Standard-Setting System (le Document), l’International Federation of Accountants (Fédération Internationale des experts comptables - IFAC) s’est déclarée favorable au démarrage immédiat de la phase de planification de la transition.

Le Document, qui recense une série de recommandations destinées à améliorer le processus d’élaboration et de publication, dans l’l’intérêt général, de normes internationales d’audit, d’assurance et de déontologie pour la profession comptable, est l’aboutissement d’un long processus de consultation auprès de nombreuses parties prenantes.

L’IFAC se réjouit de constater que le document prend acte du rôle important et nécessaire que l’IFAC et la profession continueront de jouer dans le processus d’établissement des normes et que les recommandations sont en ligne avec la stratégie de l’IFAC. Il reste, cependant, un certain nombre de questions importantes à régler avant de passer à la mise en œuvre. Bien que l’IFAC reconnaisse pleinement le challenge que cela représente, nous restons persuadés de notre capacité de travailler en collaboration avec toutes les parties prenantes en vue d’aboutir à une solution satisfaisante pendant la phase de planification de la transition.

Le Dr. In-Ki Joo, Président de l’IFAC, a déclaré : « Nous avons ardument travaillé pour établir la confiance et collaborer avec toutes les parties prenantes impliquées dans ce processus. Les recommandations constituent une base sur laquelle avancer. Nous sommes impatients de travailler avec le Monitoring Group et tous les autres acteurs impliqués dans la phase de planification de la transition afin de convenir d’un plan de mise en œuvre. »

Kevin Dancey, CEO de l’IFAC, a déclaré : « Les normes mondiales d’audit, d’assurance et de déontologie sont le socle sur lequel repose notre profession et une importante sauvegarde pour la protection de l’l’intérêt général, qui fait partie de notre mission professionnelle.  Nous avons eu le plaisir de travailler avec le Monitoring Group, le Conseil de surveillance de l’l’intérêt général et d’autres parties prenantes essentielles pendant la période de consultation pour poursuivre les efforts en vue d’améliorer un processus d'établissement des normes durable, indépendant et transparent, qui soit digne de la confiance de toutes les parties prenantes. »

L’IAASB (Conseil international des normes d'audit et d'assurance) et l’IESBA (Conseil des normes internationales de déontologie comptable) sont chargés d’élaborer, dans l’l’intérêt général et selon une procédure indépendante, les normes qui régissent la fourniture des services des professionnels comptables.  Les principales priorités stratégiques de l’IFAC consistent notamment à soutenir l’IAASB et l’IESBA ainsi qu’à défendre, promouvoir et surveiller l’adoption et l’application de leurs normes.

يوليو 14 ، 2020، نيويورك والورقة - بعد إصدار فريق الرصد اليوم تعزيز نظام المعايير الدولية لمراجعة الحسابات والأخلاقيات (الورقة)، أعلن الاتحاد الدولي للمحاسبين IFAC عن دعمه للانتقال على الفور إلى مرحلة التخطيط الانتقالي.

والورقة، التي تحدد سلسلة من التوصيات لتعزيز العملية التي يتم من خلالها وضع المعايير العالمية للتدقيق والضمان والأخلاقيات العالمية لمهنة المحاسبة وإصدارها للصالح العام، كانت نتيجة لعملية تشاور طويلة مع عدد من أصحاب المصلحة.

 يسر IFAC أن الورقة تعترف بالدور الهام والضروري الذي سيواصل IFAC والمهنة القيام به في عملية وضع المعايير وأن التوصيات تتماشى مع استراتيجية IFAC. ومع ذلك، هناك عدد من القضايا الهامة التي يتعين معالجتها قبل المضي قدما في التنفيذ. ففي حين أن IFAC لا يستهين بالتحديات التي يمثلها ذلك، إلا أننا ما زلنا واثقين من أننا سنكون قادرين على العمل بشكل تعاوني مع جميع أصحاب المصلحة الرئيسيين المعنيين للوصول إلى حل مرض خلال مرحلة التخطيط الانتقالي.

وقال الدكتور إن كي جو، رئيس IFAC، "لقد عملنا بجد لبناء الثقة والتعاون مع جميع أصحاب المصلحة المشاركين في هذه العملية. تزودنا التوصيات بأساس للمضي قدمًا. نتطلع إلى العمل مع فريق الرصد وجميع أصحاب المصلحة الآخرين المشاركين في مرحلة التخطيط الانتقالي للاتفاق على خطة التنفيذ ".

وقال كيفين دانسي، الرئيس التنفيذي لـIFAC، "إن المعايير العالمية للتدقيق والضمان والأخلاقيات هي الأساس الذي تقوم عليه مهنتنا وهي ضمانة مهمة في حماية المصلحة العامة التي تشكل جزءًا من مهمتنا المهنية. لقد سررنا بالعمل مع فريق الرصد ومجلس مراقبة المصلحة العامة وغيرهما من أصحاب المصلحة الرئيسيين خلال فترة التشاور لمواصلة تعزيز عملية مستدامة ومستقلة وشفافة لوضع المعايير تحظى بثقة جميع أصحاب المصلحة."

إن IAASB (المجلس الدولي لمعايير مراجعة الحسابات والضمان) و IESBA (مجلس المعايير الدولية لقواعد أخلاقيات المحاسبين) مسؤولان عن تطوير المصلحة العامة من خلال الإجراءات القانونية الواجبة المستقلة التي تحكم كيفية تقديم المدققين والمحاسبين المحترفين خدماتهم. تشمل أولويات IFAC الإستراتيجية الرئيسية دعم IAASB و IESBA والدعوة إلى اعتماد ورصد وتطبيق معاييرهما وتعزيزها ومراقبتها.