The Professional Accountants in Business Committee of the International Federation of Accountants has proposed guidance to help accountants improve their business reporting processes.
International Good Practice Guidance, Eleven Principles for Effective Business Reporting Processes, was released for public comment Wednesday. The guidance aims to establish a benchmark for good practice in implementing effective business reporting processes in an organization. The guidance will help professional accountants in business and their organizations create a cycle of continuous improvement for their business reporting processes to assist stakeholders in making informed decisions about the organization.
“High-quality business reports are crucial for strong capital markets and sustainable economic growth,” said PAIB Committee chair Roger Tabor in a statement. “And producing high-quality business reports requires organizations to have effective business reporting processes in place.”
With this guidance, the PAIB Committee aims to provide principles-based guidance that supports professional accountants in business by helping them apply good practices. The guidance is directed at all organizations wishing to enhance their reporting processes—no matter their size or structure, or whether they are private or public.
“This guidance will help professional accountants in business and their organizations ensure that they implement the most effective reporting processes,” said Karyn Brooks, who chairs the PAIB Committee’s Business Reporting Task Force. “Implementing these processes will enable them to provide stakeholders—both internal and external—with high-quality financial and non-financial information.”
Professional accountants, their professional organizations, and other interested parties are encouraged to respond to the proposed guidance to help improve its applicability to professional accountants in organizations of all sizes.
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