IFAC highlights key areas for sustainability upskilling

April 12, 2024

Also, the IAASB launched a video series to help stakeholders understand the proposed changes to the fraud standard.

The International Federation of Accountants (IFAC) released a new publication that sets out four key areas in which accountants need to update their knowledge to meet the growing demand for high-quality, sustainability-related information, a news release said.

The guidance covers the production of reliable sustainability-related data, reporting, and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society's needs, the release said.

"Much of what accountants already do is transferable to sustainability; however, new topics and challenges require new ways of thinking and working," the release continued. The framework aims to close any gaps between known and needed technical expertise, business acumen, behavioural competence, ethics, and professional values.

IAASB provides stakeholder guidance on changes to fraud standard
As the midpoint of the public consultation approaches, the International Auditing and Assurance Standards Board (IAASB) has launched a video series to help stakeholders understand how proposed changes to International Standard on Auditing (ISA) 240 (Revised), The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements, will affect auditors, a news release said.

"The proposed changes to ISA 240 significantly strengthen auditors' responsibilities relating to fraud," the release said. The series explores the rationale behind the changes and how the changes aim to make the auditor's responsibilities clearer and more practical.

The IAASB encourages stakeholders to submit comments using the response template. The comment deadline is 5 June.

[Financial Reporting Magazine]