IFAC outlines profession's responsibilities
International Federation of Accountants publishes proposed framework on how the profession should conduct itself and be evaluated
GLOBAL ACCOUNTANCY body IFAC has publishes its proposals on how the profession should conduct itself and evaluate whether it is serving the public interest.
The principles-based framework is expected to be applied to standard-setting, governance processes, policy analysis and regulatory issues, principally by IFAC itself.
It sets three criteria against which the profession can evaluate whether it is serving the public interest. These are:
- consideration of costs and benefits for society as a whole;
- adherence to democratic principles and processes:
- respect for cultural and ethical diversity
“For IFAC to play its part in the financial system, we must be sure that our actions are consistent with the public interest,” said IFAC chief executive Ian Ball (pictured above). “The primary purposes of this paper are to explain how we understand the public interest, and to be transparent about how we will use that understanding to shape our decisions and actions.”
The consultation on the proposals is open until 25 March 2011