The International Federation of Accountants (IFAC) has revised two of its policy position papers to promote global convergence.
Policy position paper 1, Regulation of the Accountancy Profession, has been updated to include a new section entitled Current Regulatory Environment. The section highlights the importance of global regulatory convergence, including the adoption and implementation of high-quality standards.
It describes recent developments in regulation and makes reference to the Independent Forum of Independent Audit Regulators core principles. The revised paper also includes a description of what would typically be included in shared regulation of auditing at a national level.
Policy position paper 3, International Standard Setting in the Public Interest, now includes a description of how current governance arrangements and independent standard-setting boards supported by IFAC operate in the public interest and address the need for legitimacy, transparency, and performance. It also includes discussion of the 2010 Monitoring Group (MG) review.