The International Federation of Accountants has released new guidance to help professional accounting organizations handle the ongoing evolution of accounting regulations.
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“There is no ‘one-size-fits-all’ solution for accountancy regulation; there are many different models in place around the world that work effectively,” said IFAC Executive Director Alta Prinsloo in a statement. “Understanding the key principles of accountancy regulation, and how they function in practical terms, helps PAOs and their key constituents ensure the profession’s long-term sustainability, and their ability to continue to function in the public interest.”
The guidance also includes examples of regulatory models from a number of different countries.