Professional Standards Committee

Component I Review

The development of the Strategic Development Plan (SDP)  for 2020-2022, based on inputs from a wide consultation and a technical review of the current documents, identified the need for further analysis of the IFPP in order to better define, scope and plan its future development.

As a result, the SDP 2020-2022 has as its overall objective to focus the core framework on the essential and make it simple, principles-based and future-proof.  In order to achieve this, the SDP established three components, the first being “reviewing and refining the conceptual framework”.

The aim of this project is to look at the clarity (of concepts and drafting) and presentation of the framework. The review will neither question the formal requirements, nor make proposals for factual changes to the substance of those requirements (and therefore the way audits are done). Development of new pronouncement material (components 2 and 3 of the SDP) can continue in parallel, but be cognisant of the outcome of this project.