Guidance & Support Tools
Published: Dec 01, 2017
Initial Views and Reactions to the Monitoring Group Consultation Paper
As of December 1, 2017
Transparent, high-quality international standard setting for professional accountants is an essential part of the global financial architecture.
IFAC welcomes some of the topics raised in the Monitoring Group Consultation Paper—for example, consideration of the nominations process, and a multi-stakeholder composition of standard-setting boards. However, IFAC has concerns about a number of the proposals. Significantly, the Consultation Paper does not provide respondents a complete picture of what the Monitoring Group envisages for standard setting, including fundamental elements of the model with respect to funding, transition, and implementation risks, and the roles of the Monitoring Group and Public Interest Oversight Board (PIOB)—and in parts the Consultation Paper fails to accurately reflect the current arrangements, and offers proposals that are contrary to the stated aims.
Copyright © 2018 The International Federation of Accountants (IFAC). All rights reserved.
You must be signed in to the IFAC website in order to submit a comment. If you do not have an account, please register below. IFAC respects your privacy and will not send you unsolicited email or spam. You can subscribe to IFAC publications, change your subscription preferences, or manage your user profile at any time.