The Chartered Institute of Management Accountants has welcomes new principles-based proposals from IFAC covering guidance for core management and accounting issues; and multi-disciplinary, organisation-wide strategic topics.

This follows IFAC’s Professional Accountants in Business Committee’s releasing two new proposal documents: International Management Accounting Statements (IMASs) and International Good Practice Guidance (IGPGs).

CIMA said IMASs and IGPGs had been created to provide good practice guidance to the finance profession along with highlighting other sources of information, such as those produced by professional accountancy bodies, like CIMA, that they can draw upon.

Charles Tilley, CEO of CIMA and IFAC board member, said: ‘As a strong advocate of principles-based guidance as opposed to mandatory standards, CIMA is pleased to see that IFAC’s PAIB Committee is not proposing a rules-based approach which would be inappropriate.'

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