The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued new International Good Practice Guidance, Principles for Effective Business Reporting Processes. This principles-based guidance establishes a benchmark for professional accountants in business to establish more effective business processes in the organisations in which they work.
"An organisation’s sustainable success depends on the support of stakeholders and the quality of their decision making,” sayz Roger Tabor, chair of the PAIB Committee. “High-quality reporting is essential to both, and needs effective business processes to deliver it."
The guidance is directed at all organisations wishing to enhance their reporting processes—no matter their size or structure, or whether they are private or public, as all organisations should have effective reporting processes to provide high-quality reports for their internal and external stakeholders.
“Professional accountants in business are often involved in the design, planning, execution, audit, evaluation, and improvement—or, in short, the implementation—of their organisations’ reporting processes,” says Karyn Brooks, chair of the PAIB Committee’s Business Reporting Task Force. “This International Good Practice Guidance covers the primary issues professional accountants in business should address in implementing effective reporting processes in their organisations.”