Accounting
IFAC revises global accounting education standards for sustainability reporting
The International Federation of Accountants has finalized a set of
The updates come at a time when the Trump administration has been rooting out environmental efforts across the federal government and beyond, pulling the U.S. away from other parts of the world, withdrawing from the Paris climate agreement and stopping sustainability efforts aimed at slowing the rapid pace of climate change.
“IFAC and our members work together to shape the future of the profession through learning, innovation, a collective voice, and a shared commitment to the public interest,” said IFAC CEO Lee White in a statement. “These revisions to the education standards ensure that professional accountants worldwide develop the right competencies to implement sustainability reporting and assurance standards effectively.”
The revisions to these foundational education standards establish a global baseline of sustainability competence to prepare accountants across the globe to implement sustainability-related disclosure and assurance standards. That includes standards issued by the International Auditing and Assurance Standards Board, the International Ethics Standards Board for Accountants and the International Sustainability Standards Board, as well as those under development by the International Public Sector Accounting Standards Board.
IFAC is embedding sustainability concepts throughout the IES learning outcomes addressing initial professional development, so accountants can connect financial and sustainability data and information. A new assurance competence area introduces learning outcomes that enable accountants to develop a strong foundational understanding of assurance fundamentals.
The revisions promise to improve accountants’ ability to assess sustainability impacts on business models, value chain, and organizational strategy. They will reinforce skills such as decision making, adaptability, collaboration and other forms of behavior.
Expanded explanatory materials in the standards offer extra guidance to facilitate implementation by professional accounting organizations, universities and training programs.
In addition, IFAC has modernized IES 6, Initial Professional Development – Formal Assessment of Professional Competence, to introduce two new principles, integrity and authenticity, as well as update the principle of equity, alongside enhanced guidance on hybrid and remote assessments.
IFAC is asking all of its stakeholders to start preparing for implementation of the revised education standards, with early adoption encouraged ahead of the July 1, 2026 effective date.
IFAC is also encouraging its members and other stakeholders to request permission to translate the revised standards into their local languages. They can request permission through the
To support its members in adopting and using the revised standards, IFAC has developed a
Two webinars will be held in April to give global audiences an overview of the revised standards and their application, as well as an opportunity to address specific questions.
Each of the revised standards — IES 2, 3, 4 and 6 — has been published in full ahead of the anticipated release of an updated Handbook of International Education Pronouncements in late 2025.
CrowdStrike Holdings Inc. said U.S. officials have asked for information related to the accounting of deals it’s made with some customers and said the cybersecurity firm is cooperating with the inquiry.
The Austin, Texas-based company said in a filing Wednesday that it has gotten “requests for information” from the U.S. Department of Justice and the Securities and Exchange Commission “relating to the company’s recognition of revenue and reporting of ARR for transactions with certain customers.” ARR refers to annual recurring revenue, a measure of earnings from subscriptions.
The company said the federal officials have also sought information related to a CrowdStrike update last year that crashed Windows operating systems around the world.
“The company is cooperating and providing information in response to these requests,” the filing states.
U.S. prosecutors and regulators have been investigating a $32 million deal between CrowdStrike and a technology distributor, Carahsoft Technology Corp., to provide cybersecurity tools to the Internal Revenue Service, Bloomberg News first reported in February. The IRS never purchased or received the products, Bloomberg News
The investigators are probing what senior CrowdStrike executives may have known about the $32 million deal and are examining other transactions made by the cybersecurity firm, Bloomberg News
Asked for comment about the filing, CrowdStrike spokesperson Brian Merrill said, “As we have told Bloomberg repeatedly, this is old news and we stand by the accounting of the transaction.”
A lawyer for Carahsoft previously declined to comment on the federal investigations, and representatives didn’t respond to subsequent requests for comment about them.
Tech titan Elon Musk ratcheted up his offensive against Donald Trump’s signature tax bill on Wednesday, urging that Americans contact their lawmakers to “KILL” the legislation.
“Call your Senator, Call your Congressman,” Musk wrote in a
The post came one day after Musk lashed out at the tax bill, describing it as a budget-busting “disgusting abomination” as Republican fiscal hawks stepped up criticism of the massive fiscal package.
Trump hasn’t publicly responded to Musk’s comments, but the White House put out a statement Wednesday saying the legislation “unleashes an era of unprecedented economic growth.”
And House Speaker Mike Johnson told reporters that Musk is “dead wrong” about the bill and that the tax cuts will pay for themselves through economic growth.
Musk’s public condemnation pits him against the president at a critical time as Trump is personally lobbying holdouts on the bill. His campaign against the legislation threatens to stiffen resistance and delay enactment of the tax cuts and debt ceiling increase.
Musk has attacked the legislation days after leaving a temporary assignment leading the administration’s Department of Government Efficiency initiative to cut federal spending. The Tesla Inc. chief executive officer’s high-profile role in the Trump administration eroded his business brand and sales of his company’s electric vehicles plunged.
The House-passed version of the tax and spending bill would add $2.4 trillion to U.S. budget deficits over the next decade, according to an
The CBO’s calculation reflects a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending over the decade through 2034, relative to baseline projections. The score doesn’t account for any potential boost to the economy from the bill, which Johnson and Trump argue would offset the revenue losses.
Musk, the world’s richest man with a net worth of about $377 billion according to the Bloomberg Billionaires Index, has become a crucial financial backer of the Republican party. After making modest donations most years, Musk became the biggest U.S. political donor in 2024, giving more than $290 million.
Johnson said Musk had promised to help reelect Republicans just a day before savaging Trump’s bill. Musk did not respond to a request for comment.
Most of Musk’s giving was aimed at electing Trump but he also supported congressional candidates. America PAC, the super political action committee that Musk largely funded, spent $18.5 million in 17 separate House races. Though that total pales in comparison to the roughly $255 million he spent backing Trump, the spending means a lot in a congressional election, where challengers on average raise less than $1 million.
Control of the House will likely be decided by the outcome of fewer than two dozen close races in the 2026 midterm elections. The GOP’s chances of holding their majority would suffer a major blow if Musk were to withdraw his financial support.
Three private equity-backed firms have made deals: Carr, Riggs & Ingram has expanded into East Texas by merging in Axley & Rode; UHY is continuing its expansion in St. Louis by adding Sabino & Co.; and Prosperity Partners moved into Vermont by adding Danaher, Attig & Plante. Meanwhile, Top 100 Firm Sensiba has acquired Australia-based cybersecurity audit and risk assurance firm AssuranceLab.
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