CIMA welcomes 'principles-based' IFAC documents

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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