Defining the Public Interest in Relation to the Accountancy Profession: Some Perspectives

Ardelean Alexandra ()
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Ardelean Alexandra: Faculty of Economics and Business Administration Babes-Bolyai University Cluj-Napoca, Romania

Scientific Annals of Economics and Business, 2013, vol. 60, issue 2, 17

Abstract: Confidence in accounting is conditional to justifying the legitimacy of the accountancy profession. To reinforce this confidence, IFAC issued a framework whose applicability is proposed to be verified through three criteria: a cost benefit analysis, adherence to democratic principles and processes, as well as the respect of cultural and ethical diversity. Hereby we analyzed the comments issued and found out that the complexity of the public interest notion makes it difficult to define, given its international reach. However, such a framework constitutes a step further to reinforcing the public's confidence. We conducted a complex analysis and pointed out the relevant aspects regarding the axiom of public interest, arguing that the commitment to society is the highest responsibility of the profession. As a conclusion, since accountants have a responsibility to protect the public interest while striving to progress with the interests of the profession, a concession between the two is indispensable.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:aicuec:v:60:y:2013:i:2:p:17:n:9

DOI: 10.2478/aicue-2013-0026

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