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).

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