This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFAC proposes Public Interest Framework

  • IFAC (International Federation of Accountants) (lt gray) Image

05 Nov 2010

The International Federation of Accountants (IFAC) has released an exposure draft entitled A Public Interest Framework for the Accountancy Profession.

The exposure draft proposes a principles-based framework for the 'public interest' concept, which can be applied to standard-setting, governance processes, policy analysis, and regulatory issues. Although mainly designed for use by IFAC itself, IFAC considers it may also be useful to the accountancy profession as well as to policymakers, regulators, and business leaders.

IFAC considers that the accountancy profession, in serving the public interest, should be evaluated against three criteria:

  • consideration of costs and benefits for society as a whole
  • adherence to democratic principles and processes
  • respect for cultural and ethical diversity.

Comments on the exposure draft are requested by 25 March 2011. Click for IFAC press release (link to IFAC website).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.