IFAC's council meeting in the South Korean capital discussed some key internal questions, but did not reach a resolution. These issues must either be closed quickly or, if this is unlikely, they should be deferred to the longer term
Last week I enjoyed my first International Federation of Accountants' Council meeting, brilliantly hosted by our South Korean colleagues.
There are some big issues needing consideration by the global accountancy profession such as its role in tax advice at a time when this is under public scrutiny, the need for better government accounting when poor reporting has fuelled the sovereign debt crisis, and the development of integrated reporting that looks to radically improve corporate reporting.
Of course, this is a diverse forum. The big economies, emerging markets and developing world are represented by a profession that in different jurisdictions has varying blends of external audit, financial management, supreme audit and public sector accountancy, and where the big firms have varying degrees of penetration.
For CIPFA, it was an opportunity to promote our belief that, in the public interest, governments and the profession must rise to the challenge. The institute has a unique focus on public financial management and governance, with experience supporting fellow professional accounting organisations to introduce International Public Sector Accounting Standards and accruals accounting.
To read the rest of this blog, please see the full version that was originally posted on Public Finance International
