Revisiting the concept of the public interest in accounting: A stakeholder analysis

Abstract

This study contributes to the discussion on the meaning and operation of the public interest. The all-inclusive perspective in defining the public interest adopted by IFAC, was criticised by stakeholders, predominantly professional bodies, for being broad and impractical. IFAC responded by proposing a process-oriented approach to simplify the definition and assessment of public interest policies and actions. The limitations in understanding the public interest from both conceptual and practical perspectives have not been addressed in a significant way, suggesting there is room for further guidance on the meaning of the public interest and how to implement it.