The International Federation of Accountants
(IFAC) has issued its proposal for a public interest framework.

IFAC has developed a principles-based
framework of the public interest, which can be applied to
standard-setting, governance processes, policy analysis, and
regulatory issues.

IFAC said the accountancy profession, in
serving the public interest, should be evaluated against three
criteria:

  • consideration of costs and benefits for society as a
    whole;
  • adherence to democratic principles and processes; and,
  • respect for cultural and ethical diversity.

It is hoped the criteria will enable IFAC to
assess the extent to which any policy, action, process, or
condition is in the public interest.

IFAC chief executive Ian Ball said the main
purpose of the proposal is to “explain how we understand the public
interest, and to be transparent about how we will use that
understanding to shape our decisions and actions.”

IFAC has requested comment be submitted by 25
March 2011.