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.