RegulationAccounting StandardsIFAC policy urges active role on regulation

IFAC policy urges active role on regulation

The newly released IFAC policy paper on the accountancy profession urges active role in regulation

The
International
Federation of Accountants
(IFAC) has released a policy position on
professional regulation of the accountancy profession, stating professional
accountancy bodies, acting in the public interest, must play an active role in
the regulation of the profession.

The paper, Regulation of the Accountancy Profession, outlines various types
of regulatory models and how they can be implemented and discusses the roles of
professional accountancy bodies and governments.

The paper urges professional accountancy to continue its dialogue with
governments to find the right balance between self-regulation with public
oversight and external regulation.

This dialogue is crucial to guarantee overall regulation of the profession is
of high quality and the benefits of regulation exceed the costs by ensuring
regulatory systems change over time as market demands for accountancy services
change.

Further reading:

CIMA welcomes ‘principles-based’ IFAC documents

CIMA warns code of ethics may become rule-based

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

2w Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

5m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter