The International Federation of Accountants (IFAC) has released new guidance to support professional accountancy organisations (PAOs) in navigating their national regulatory environments.
IFAC developed the guidance, Making Regulation Work: Principles and Models for the Accountancy Profession (Making Regulations Work), in response to the regulatory evolution in recent years and the ongoing need for PAOs to adapt to, and actively influence, the regulatory environment. IFAC noted that an effective accountancy regulation model must be relevant to professional accountants and their clients. IFAC also stated that production of high-quality financial information supports economic growth and development.
Making Regulations Work explores the scope of accountancy regulation, why it is needed, and key principles for consideration when creating regulations. The guidance also provides regulatory model examples used in a number of countries, with further information available in country profiles on the IFAC website.
Making Regulations Work builds on one of the key findings of the MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) PAO Global Development Report, which discussed strengthening the legal and regulatory foundations of PAOs and internal capacity as a critical need for the global accountancy profession.
Making Regulations Work is available on this link.
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