The International Federation of Accountants
(IFAC) has launched a consultation on the definition of public
interest.
The consultation, Position Paper 5: A
definition of the Public Interest, seeks to clarify the exact
scope of public interest and how accountants can determine whether
they are meeting investors’ expectation.
The paper presents a practical definition and
was developed to enable IFAC to assess the extent to which its
actions and decisions are made in the public interest.
“We believe that the definition may also be
relevant to other organisations and individuals that seek to act in
the public interest, and feel the need for increased rigor in
evaluating their actions and decisions,” IFAC chief executive Ian
Ball said.
Comment on the paper is welcomed via
email.
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