IFAC offers guidance on regulatory models for accounting
The International Federation of Accountants has released new guidance to help professional accounting organizations handle the ongoing evolution of accounting regulations.
The new guidance, “Making Regulation Work: Principles and Models for the Accountancy Profession,” dives into the scope of accounting regulation and its purpose, and lays out some key principles. Its goal is to help professional membership groups for accountants around the world interact more effectively with stakeholders like governments and regulators when it comes to working out the best regulatory model for the profession, in order to produce better financial information and support economic growth and development.
“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.