The International Federation of Accountants (IFAC) Professional Accountants in Business (PAIB) Committee met in Johannesburg earlier this month.  
 
This is a sub-committee of IFAC that discusses issues relevant to accountants in business. The Australian professional accounting bodies are represented on the committee by a member of the Institute.  
 
The committee commissions practical guidance, as well as research on best practice. The latest meeting agreed how prefaces for such guidance should look (for example, clarifying objectives, outlining contents and due diligence procedures etc.). 
 
Project appraisal using discounted cash flow 
The first guidance document under consideration is around the issue of how to review projects using discounted cash flow. Before the Institute, IFAC is keen to hear views on the guidance to help shape future projects. The guidance can be viewed here. Members can email their comments to the Institute.  
 
More exposure drafts coming soon 
Exposure drafts will soon be issued on ‘costing to drive organisational performance’ and ‘governance’. Meanwhile, another project on the horizon will identify and analyse specific issues in relation to business reporting, and recommend enhancements. 
 
Sustainability framework 
The meeting also considered a draft discussion paper on a sustainability framework, that covers:

• What is sustainability, business case, integration with risk management
• Management systems, performance evaluation and measurement, sustainability performance metrics and KPIs
• Investors-impact on financial statements, presentation in management commentary
• Wider stakeholders-CSR reporting, creditability and assurance.

• The Institute: dedicated manager appointed for members working in business
• IFAC: PAIB web page