New guidance for delivering greenhouse gas reporting New guidance to help professional accountants and finance professionals deliver robust greenhouse gas (GHG) reporting has been released by the International Federation of Accountants (IFAC) and We Mean Business Coalition (WMBC), in partnership with Accounting for Sustainability (A4S), Global Accounting Alliance (GAA) and World Business Council for Sustainable Development (WBCSD). The guidance is a response to the rapidly escalating impact of climate change, and emerging mandatory requirements that companies disclose robust information about their GHG emissions, and climate risks and opportunities to help investors allocate capital to the ‘greenest’ companies. The first [...]

MAFR Supreme Court of Appeal Judgment The IRBA received the Supreme Court of Appeal judgment on 31 May 2023, setting aside the Mandatory Audit Firm Rotation (MAFR) rule. The IRBA respects the judgment and appreciate that the outcome is based on a technical legal interpretation which should not bring into question the value and/or effectiveness of MAFR. While it is no longer mandatory to comply with MAFR, independence of registered auditors from their clients is a key principle of effective external audits and, in addition to the rotation of partners every five years, the IRBA is of the view that rotation of [...]

SAICA Anti-Money Laundering Portal Launched SAICA has announced that its Anti-Money Laundering (AML) Portal is live and accessible to all SAICA members. This online platform provides valuable information and resources on AML practices, and a wide range of content, including guidance documents, regulatory updates, industry news, and access to recordings of seminars. It is available on: https://www.saica.org.za/anti-money-laundering-aml The issue of AML has become increasingly critical in today’s global financial landscape, and it is imperative that professionals in the accounting and auditing fields remain well informed and equipped in this regard. The Financial Action Task Force has identified significant shortcomings in South [...]

IFAC, TI-UK, and WEF’s PACI Review of Anti-Corruption Reporting Published At a time when companies, investors, and financial markets are calling for increased transparency and accountability for anti-corruption efforts, the International Federation of Accountants (IFAC), Transparency International UK (TI-UK) and the World Economic Forum’s (WEF’s) Partnering Against Corruption Initiative (the Forum’s PACI) has published a comprehensive review of anti-corruption corporate reporting by the largest publicly traded companies worldwide. The report decodes the current state of anti-corruption reporting practices and highlights the urgent need for enhanced quality, reliability, and comparability in this crucial area. It also raises a series of policy [...]

IFAC Applauds Release of ISSB's First Two Sustainability Standards IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB)  to develop a global baseline of sustainability disclosures, endorsed by IOSCO, and used around the world. The goal is a global system for sustainability information that can be complemented by local standards or broader public policy needs. With the release of its first two standards, the ISSB has responded to stakeholders’ calls to move at a rapid pace, focus on the needs of investors and capital markets, and build on existing and respected frameworks, and standards. IFAC CEO [...]

SAICA CPD Policy A revised CPD policy, effective from 1 January 2020, moved the measurement of lifelong learning, for the purpose of professional body reporting, from input (hours) to output (competence relevant to your role). It has become more critical that professionals embrace lifelong learning, as accountants of the future will likely have to learn, relearn and unlearn at a rapid pace to remain relevant. The CPD policy was reviewed in 2023, with minor revisions, effective immediately. The main changes to the policy include provision for: A definition of ‘professionally active’ The age of 70+ not being professionally active [...]

New IFAC Publication Equips Accountancy Organisations to Lead Fight against Corruption A new tool from the International Federation of Accountants (IFAC) will help professional accountancy organisations take a leading role in the anti-corruption fight in their jurisdictions. Global Fight, Local Actions: Anti-Corruption Advocacy Workbook for PAOs equips PAOs and accountancy profession leaders with the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs. Global Fight, Local Actions is available on: https://www.ifac.org/knowledge-gateway/building-trust-ethics/publications/global-fight-local-actions-anti-corruption-advocacy-workbook-paos?utm_source=Main+List+New&utm_campaign=12368db372-IFAC-corruption-workbook-release-5.16.23&utm_medium=email&utm_term=0_-12368db372-%5BLIST_EMAIL_ID%5D The publication was used to facilitate discussion at the annual Pan African Federation of Accountants PAO Leadership Forum, held in Abidjan, Côte d’Ivoire, in [...]