IFAC updates policy policy statements on regulation and standard setting

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16 Oct, 2011

The International Federation of Accountants (IFAC) has released revised versions of its Policy Position Papers on the regulation of the accountancy profession and international standard setting.

Policy Position Paper 1, Regulation of the Accountancy Profession, was first issued by IFAC in December 2007. The revised paper includes a new section highlighting the importance of global regulatory convergence, including the adoption and implementation of high-quality standards. IFAC recognises that regulation of the accountancy profession is primarily conducted at a national level. Therefore, in IFAC's view, to achieve international convergence, national regulation should aim to endorse and implement principles, approaches, and obligations outlined in material issued by authoritative international bodies.

Policy Position Paper 3, International Standard Setting in the Public Interest, was issued by IFAC in December 2008. The revised and updated paper describes how current governance arrangements and independent standard-setting boards supported by IFAC operate in the public interest and address the need for legitimacy, transparency, and performance. The paper includes a brief history of IFAC's governance structure (such as the 'IFAC Reforms') and notes that the IFAC Board is considering amendments to the governance process of the International Public Sector Accounting Standards Board (IPSASB), including the possibility of public oversight by the Public Interest Oversight Board (PIOB).

Click for IFAC press release (link to IFAC website).

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