CIMA welcomes IFAC guidance

News Article - 23 May 2012
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The Chartered Institute of Management Accountants (CIMA) has welcomed proposed guidance from the International Federation of Accountants (IFAC).

IFAC's professional accountants in business committee (PAIB) has proposed two types of guidance – International Management Accounting Statements and International Good Practice Guidance (IGPG) to offer assistance to for business accountants.

As principles-based documents, the IGPGs will cover various topics of a multi-disciplinary and organisation-wide strategic nature.

"As a strong advocate of principles-based guidance as opposed to mandatory standards, CIMA is pleased to see that IFAC's PAIB committee is not proposing a rules-based approach which would be inappropriate," said Charles Tilley, chief executive of CIMA.

He added that the institute anticipates commenting on the two types of guidance in addition to any future exposure drafts.

Earlier this month, the institute elected its youngest president in 50 years, with Gordon Grant chosen on June 9th.

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