Initial Views and Reactions to the Monitoring Group Consultation Paper

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.