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

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
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.