The PAIB Committee submitted this comment letter to the Institute of Management Accountants on its proposed Conceptual Framework for Managerial Costing. Recommendations include breaking up the document to address concerns regarding length, application of the principles to all organizations, conflicting definitions of accuracy, and a misrepresented diagram from the PAIB Committee's guidance on costing (

The International Accounting Standards Board (IASB) and the IFRS Foundation issued Invitation to Comment (ITC): IASB and IFRS Interpretations Committee Due Process Handbook in May 2012. As an organization that supports four independent, international standard-setting boards, IFAC recognizes the public interest imperative of having in place robust and transparent due process arrangements for standard setting. 

The International Federation of Accountants (IFAC) values the opportunity to provide a response to the Accounting and Corporate Regulatory Authority (ACRA) Consultation on the Accountants Act Review, May 2012.

The International Federation of Accountants (IFAC) is pleased to present the following recommendations for consideration at the G-20 Leaders’ Summit on June 18-19, 2012 in Los Cabos, Mexico. These recommendations focus on actions aimed at promoting global sustainability and growth, and are directed towards several of the stated priorities of the Mexican presidency of the G-20.

IPSASB’s response provides some information on the IPSASB’s current actions related to public interest oversight of its activities. We believe that it is important to address the question of oversight first since this is of fundamental significance to the IPSASB and activities to implement oversight are well under way. It will be important that we can take these forward in a way which complements and reinforces the endorsement and implementation mechanisms that would be likely to be necessary for IPSAS adoption across EU Member States.

The Monitoring Group (MG) has issued a public consultation on the governance arrangements for standard setting. IFAC recognizes the importance of ongoing review and dialogue to enhance these governance arrangements, and we welcome the opportunity to respond to this consultation.

IFAC encourages all key stakeholders and interested parties to consider responding to the MG consultation.

The International Federation of Accountants (IFAC) values the opportunity to comment on the public consultation paper issued by Eurostat on February 15, 2012, on the suitability of International Public Sector Accounting Standards (IPSASs) for EU Member States.

IFAC has urged the G-20 Deputies and Finance Ministers at their April 2012 meeting in Mexico to take action to encourage governments to seriously address the quality of public sector financial management systems and institutions. The letter, which is a follow-up to previous submissions to the G-20 in 2009, 2010, and 2011, focuses solely on public sector financial management, transparency, and accountability. 

The PSTF strongly encourages the G-20 to implement all of the 15 recommendations presented in its 2011 Report with a strong emphasis on its first two recommendations, encouraging the G-20 to: continue to focus on regulatory convergence in the financial sector, ensuring that G-20 nations work together to identify and narrow gaps in regulatory practice; and discourage nations from implementing unilateral national regulatory reforms that are inconsistent with international standards and that widen—rather than narrow—the convergence gap.