The International Federation of Accountants has released a revised edition of its Good Practice Guide, “Establishing and Developing a Professional Accountancy Body,” with new material on governance, the public sector, case studies, and practical illustrations.

IFAC’s Professional Accountancy Organization Development Committee was responsible for revising the guide, which was originally released in 2005 and updated in 2007 to support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession.

The structure of the guide has been enhanced and simplified from the original version, and is now organized in two sections. “Establishing and Developing a Professional Accountancy Body” covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development. “Tools and Resources to Support the Development of the Accounting Profession” includes new case studies, practical illustrations, and supplementary guidance.

“Building on the hard work undertaken by the former Developing Nations Committee, we are very pleased to release a completely revised and updated Good Practice Guide as our first PAODC publication, which was written in response to demand from the developing profession,” said PAODC chairwoman Deborah Williams in a statement. “Strengthening professional accountancy organizations is an essential element of developing financial infrastructures, which in turn assists in achieving financial stability. Our committee and the guidance it provides helps newer professional accountancy organizations, and all of their development partners, along the path to building an effective, sustainable profession.”

The guide aims to help individuals and organizations build the capacity of the accountancy profession, IFAC members and associates seeking further development, and other organizations involved in the regulation of accounting and auditing activities. While primarily aimed at building the capacity of the profession in emerging countries, the guide is also intended to be useful for more developed professional accountancy organizations considering revisions to governance structures, the development of education programs, and the adoption and implementation of international standards.

This revised edition provides further guidance on enhancing an organization’s public sector focus; expanded information about the IFAC Statements of Membership Obligations; sample action plans on quality assurance, and adoption and implementation of international standards; and guidance on strengthening governance.

IFAC plans to translate the guide into Arabic, French, Russian, and Spanish by December 2011.
“Establishing and Developing a Professional Accountancy Body” can be downloaded free of charge from the IFAC Web site here.

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