IFAC Releases Paper on Professional Regulation; Calls for Accountancy Profession to Be Active in Regulation of Its Members

The International Federation of Accountants (IFAC) has released a policy position on professional regulation of the accountancy profession in which it states that professional accountancy bodies, acting in the public interest, must play an active role in the regulation of the profession. The paper also emphasizes that effective regulation is "proportionate, transparent, implemented consistently and fairly, and subject to regular review."