IFAC Response to the PIOB Consultation

IFAC is pleased to respond to the 2017-2019 Public Interest Oversight Board (PIOB) Strategy Consultation Paper.

In the response, IFAC notes that the contributions over time by IFAC, its member organizations, and transnational accounting networks to a multi-stakeholder, private-public sector standard-setting model, subject to public interest oversight and monitored by the international regulatory community, have been considerable and significant. This contribution to the global economy by IFAC and its constituents—especially those who fund the entire standard-setting model and provide thousands of hours of volunteer time—cannot be overstated. IFAC believes this model has served economies, governments, and organizations and capital and financial markets tremendously well across the globe for many years.

Serving the public interest is central to IFAC’s mission. Accordingly, IFAC is very proud to have been an instrumental part of the development of high-quality international standards for many years. By financially and administratively supporting independently operating standard-setting boards, IFAC works closely with other key stakeholders to protect and promote a model that is free from undue influence from any one stakeholder or group.

IFAC is committed to participating in a constructive manner in discussions on how the model can be improved. It is in this context, that IFAC offered the comments in this letter.