IFAC Releases Revised Guide to Support Global Accountancy Organizations

The International Federation of Accountants (IFAC), a global organization dedicated to improving the accounting profession worldwide, has released a revised edition of its "Good Practice Guide," which was last updated in 2007. According to a press release from February 24, the updated Guide is an effort to help grow accounting organizations in developing countries as part of a larger effort to develop a more stable global financial system. The revised edition includes additional details on enhancing public sector focus, action plans on quality assurance, and guidance on strengthening governance.