IFAC is dedicating our second annual virtual summit to sustainability and helping professional accountants do different things with the skills and competencies they already have in their toolbox.

Our three-day summit in October will focus on the demand for organizations to act and the needs and perspectives of investors, regulators and public interest entities. It features speakers with global expertise in sustainability, environmental, social, and governance (ESG), integrated and sustainability reporting, sustainability-related investor needs, and more. It will help professional accountants, and the professional accountancy organizations that support them, understand—and take action to meet—growing demands for sustainability services from the public and private sector.

  Register Here

 New Platform

Taking advantage of the virtual world, this year’s summit will take a place in a new platform built for virtual conferences by the American Accounting Association. The platform features an exhibit hall available 24 hours a day, conference chat function, speaker backgrounds and Zoom integration. Keynotes and sessions will also include live interpretation in French, Russian, and Spanish. Video recordings for sessions will also be available on the IFAC website following the event.

Agenda

• Tuesday, October 12: The demand for organizations to act
  • 8:00 am EST-10:15 am EST
  • Keynote speakers: Helle Bank Jorgensen and Mirtha Kastrapeli
  • Case study: Forico
• Wednesday, October 13: Investors’ Perspective on Accountants’ Role
  • 8:00 am EST-10:45 am EST
  • Panel: public and private sector employers’ needs & perspectives, featuring Fastly and Robinhood board member, Future Generations Commissioner (Wales), Korn Ferry (global recruiter), and The Luxury Network (Singapore)
  • Case studies with KPMG and Black Sun
• Thursday, October 14: Public Interest Entities’ Perspective on Accountants’ Role
  • 8:00 am EST-11:00 am EST
  • Panel: the needs of public interest entities, featuring speakers representing regulators, audit oversight, reporting, and the development community
  • Panel: Ensuring A Long-Term Sustainable Profession Through the Lens of Early Career Accountants

Additional details will be published in IFAC Events as speakers are confirmed.

A 2021 joint report from Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia and New Zealand (CA ANZ), and the International Federation of Accountants (IFAC) finds a fall in public support for international tax collaboration despite recent corporation tax agreement. 

IFAC defined two key actions for G20 leaders to focus on as COVID-19 persists: supporting the IFRS Foundation’s initiative on sustainability standards, and championing public financial management. Commitment to these two actions, which build on the four priorities laid out in IFAC’s 2020 G20 Call to Action, is central to building a better future.

“For society to transition out of the COVID-19 pandemic in a more sustainable, inclusive, and prosperous position than we entered it, we need a concerted effort from global policymakers and the accountancy profession,” said CEO Kevin Dancey. “To seize these opportunities, we must act now.”

To strengthen global economies, societies, and the environment, as well as tackle challenges resulting from the COVID-19 pandemic, IFAC calls on G20 leaders to:

1. Support the IFRS Foundation Initiative on Sustainability Standards:

Achieving a more sustainable and inclusive economy with the necessary speed requires mobilizing the private sector and governments to work together. The G20 Finance Ministers and Central Bank Governors have identified the critical role of high-quality and comparable data and disclosures in mobilizing sustainable finance. The B20 Finance & Infrastructure Task Force recognizes the same. Momentum is growing around developing a global baseline of sustainability standards, with the IFRS Foundation poised to deliver. IFAC strongly supports this crucial work.

2. Champion Public Financial Management:

At the heart of public sector transparency and integrity—and prosperity for all individuals—is public financial management (PFM). A robust PFM system means that resources are appropriately allocated against public policy objectives that are in the public interest. Governments must endeavor to achieve the most with the resources they have, while minimizing loss through waste, fraud, or corruption—high quality PFM makes this happen. IFAC calls on the G20 to set an example for all jurisdictions worldwide in championing a continued focus on high-quality PFM.

Read IFAC’s full 2021 G20 Call to Action here and learn more about the accountancy profession’s role in enhancing corporate reporting during IFAC’s 2021 EdExchange: Leading Sustainability virtual summit October 12-14.

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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

Today, the International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. IFAC believes that jurisdictions must begin examining how global standards that the International Sustainability Standards Board (ISSB) intends to develop, starting with climate, can fit together with sustainability-related reporting requirements set at the jurisdictional level.

“As work to establish the ISSB advances, PAOs, firms, and professional accountants in business should be engaging now with their policymakers to consider what mechanisms may need to be established to make forthcoming reporting requirements effective in their jurisdiction,” said IFAC CEO Kevin Dancey. “IFAC’s framework sets out various pathways for local implementation of the IFRS initiative that can all lead to the global and harmonized corporate reporting system we need for investors, capital markets, and stakeholders at large.”

IOSCO’s Sustainability-related Issuer Disclosures report proposes a timeline for the ongoing work of the IFRS Foundation–with the ISSB climate standard expected to be completed by June 2022. Jurisdictions that begin engaging with policymakers now will be able to capitalize on the forthcoming standards–and therefore serve the public interest–as soon as they are finalized.

IFAC urges its member organizations to continue their support for the IFRS initiative, to engage now with local policymakers, and to provide feedback on the framework for making global sustainability standards local.

Read more about IFAC’s support for global sustainability-related standards here.

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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

IFAC calls on the G20 to focus on two key actions—where the global accountancy profession is a strongly committed partner—that will move the needle on sustainability, inclusivity, and prosperity.

IFAC’s new framework for implementing global sustainability standards set by an International Sustainability Standards Board builds on the previously issued Building Blocks Approach. This framework examines how existing mechanisms already in place for adopting IFRS Standards used in financial reporting may be appropriate or adapted for sustainability-related reporting.

"The significant impact of climate-related matters on organizations’ business models, cash flows, financial performance, and resiliency requires immediate attention not only due to increasing pressure from investors, regulators, and policy makers, but the urgency of the climate crisis itself,” said Kevin Dancey, IFAC CEO. “Climate scenario analysis and risk assessment can be complex, and accountants can help translate those risks and opportunities into numbers able to initiate much-needed action.”

Helen Brand, chief executive of ACCA added: “Collaboration is key to tackling the existential threats and risks that face economies and societies due to climate change. Professional accountants are therefore an essential part of this necessary joined-up thinking to drive good decision-making, and make the necessary links with the investment community and other stakeholders. Accountants’ skills and knowledge around around integrated reporting, encompassing capitals be they natural, financial, manufactured, human, social/relationship or intellectual, have a vital role in this global effort.”

Register now to join online September 20. A recording of the event will be available after the event. 

About Climate Week NYC  

Hosted annually by international non-profit the Climate Group in conjunction with the United Nations, and in partnership with the COP26 and the City of New York, Climate Week NYC is a global opportunity to come together to accelerate climate action and assess progress ahead of COP26. 

About ACCA 

We’re a thriving global community of 233,000 members and 536,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values.

We offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. Our qualifications and learning opportunities develop strategic business leaders, forward-thinking professionals with the financial, business and digital expertise essential for the creation of sustainable organisations and flourishing societies.

Since 1904, being a force for public good has been embedded in our purpose. In December 2020, we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report.

We believe that accountancy is a cornerstone profession of society and is vital helping economies, organisations and individuals to grow and prosper. It does this by creating robust trusted financial and business management, combating corruption, ensuring organisations are managed ethically, driving sustainability, and providing rewarding career opportunities.

And through our cutting-edge research, we lead the profession by answering today’s questions and preparing for the future. We’re a not-for-profit organisation. Find out more at accaglobal.com

About IFAC 

IFAC (the International Federation of Accountants) 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.  

Comprised of over 175 members and associates in more than 130 countries and jurisdictions, IFAC represents more than 3 million accountants in public practice, education, government service, industry, and commerce. Over four decades, IFAC has represented the global profession and supported the development, adoption, and implementation of international standards that underpin the contributions of today’s global accountancy profession.  

IFAC has maintained a long-term approach to building and strengthening a global accountancy profession that supports transparent, accountable, and sustainable organizations, financial markets, and economies. More information is here www.ifac.org 

This paper is the first of four thought leadership pieces that build on a collaborative exploratory paper and global roundtable event held jointly with Chartered Professional Accountants of Canada (CPA Canada) and the Institute of Chartered Accountants of Scotland (ICAS), entitled Ethical Leadership in an Era of Complexity and Digital Change. The exploratory paper, a summary of the event, and an on-demand recording are available here.

As the world becomes more complex, maintaining ethical standards becomes both more challenging and increasingly important. To help guide financial professionals, the Chartered Professional Accountants of Canada (CPA Canada), the Institute of Chartered Accountants of Scotland (ICAS), and the International Federation of Accountants (IFAC) have released Complexity and the professional accountant: Practical guidance for ethical decision-making, the first in a series of four thought leadership pieces.

“We’re on a journey to reimagine the future of the accounting profession,” said Charles-Antoine St-Jean, president and CEO, CPA Canada. “Digital disruption and shifting societal expectations are redefining the role of professional accountants around the world. Our collective response to these opportunities, challenges, and ethical implications will impact our ability to remain trusted leaders, on the forefront of change. This paper, and those to follow, contribute to important conversations as we adapt and help shape the future.”

This initial publication developed by CPA Canada builds on a collaborative exploratory paper and global roundtable event, called Ethical Leadership in an Era of Complexity and Digital Change, held in conjunction with ICAS and IFAC. The first of the series addresses key themes presented in the exploratory work, leveraging the event discussions and recommendations, to offer practical guidance for professional accountants, accounting organizations, educators and employers.

“Ethical leadership is crucial to the future success of the accountancy profession, and the global financial system as a whole,” said Kevin Dancey, CEO of IFAC. “As a profession, it is our core ethical foundation, coupled with our skills and competencies, that enable us to navigate the opportunities and challenges of the digital age, while maintaining our public interest responsibility.”

The development of Complexity and the professional accountant: Practical guidance for ethical decision-making was also informed by the ongoing work of the Technology Working Group of the International Ethics Standards Board for Accountants (IESBA) and the diverse views of stakeholders gathered through its extensive outreach.

“The accounting profession needs to continually evolve to address changing stakeholder needs while continuing to meet its’ public interest responsibility” notes, Bruce Cartwright CA, ICAS CEO, adding: “The only certainty is that there will be more regular advancements in technology. It is therefore imperative that we properly consider the associated ethical implications of technology and help shape the future.”

Complexity and the professional accountant: Practical guidance for ethical decision-making, along with the collaborative exploratory paper, a summary of the February 2021 event, including an on-demand recording and additional resources, are all available on the IFAC Knowledge Gateway.

The upcoming papers in the series will cover the following interconnected but distinct topics:

• Technology is a double-edged sword
• Identifying and mitigating bias and mis-/disinformation
• Mindset and enabling skills

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About CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) works collaboratively with the provincial, territorial and Bermudian CPA bodies, as it represents the Canadian accounting profession, both nationally and internationally. This collaboration allows the Canadian profession to champion best practices that benefit business and society, as well as prepare its members for an ever-evolving operating environment featuring unprecedented change. Representing more than 220,000 members, CPA Canada is one of the largest national accounting bodies worldwide. cpacanada.ca

About ICAS
The Institute of Chartered Accountants of Scotland (ICAS) is the global professional body for Chartered Accountants. We educate, examine and lead, enabling excellence whilst always working for the wider public good. All 23,000 ICAS members have earned our world-class CA designation of Chartered Accountant, the qualification that’s shaped an international business community spanning industries and continents, full of local heroes and corporate leaders. And we continually foster the bonds between our members, so CAs at all stages of their careers can learn from shared experience and connect their ambitions to success. For further information please visit – icas.com.

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. Comprised of 180 members and associates in more than 130 countries and jurisdictions, IFAC represents more than 3 million accountants in public practice, education, government service, industry and commerce.

Over four decades, IFAC has represented the global profession and supported the development, adoption, and implementation of international standards that underpin the contributions of today’s global accountancy profession. IFAC has maintained a long-term approach to building and strengthening a global accountancy profession that supports transparent, accountable, and sustainable organizations, financial markets, and economies.

IFAC welcomes the opportunity to comment on the OECD’s draft revisions to the Recommendation for Further Combating Bribery of Foreign Public Officials in International Business Transactions (Anti-Bribery Recommendation). IFAC supports the Anti-Bribery Recommendation and the OECD’s efforts to ensure that it is as effective as possible. IFAC looks forward to supporting the revised Anti-Bribery recommendation when finalized. With this in mind, we provide the following comments on the draft text, with particular reference to Section XXIII.