Friday, February 26, 2010
Investors and all consumers of financial information deserve clear, reliable, and consistent information, organizations from around the world asserted in a survey by the International Federation of Accountants (IFAC).
The adoption, implementation, and enforcement of international financial standards is crucial, according to the latest IFAC Global Leadership Survey, which polled its membership of 157 accountancy organizations in 123 countries. The presidents and chief executives responding to the survey said that IFAC needs to continue to lead the convergence of standards developed by its independent standards-setting boards, relating to auditing and assurance, education, ethics and public sector accounting, and to support the implementation of those standards.
The IFAC Global Leadership Survey announced in a revised version on February 22, a list of the accountancy profession’s top priorities, which include:
“To move beyond the current crisis and ensure protection for all investors and taxpayers, the necessary parties around the world need to adopt and implement high-quality global standards,” says IFAC CEO, Ian Ball. “It is crucial for governments and regulators to take decisive actions in their countries and put in place their international commitments to converged standards.”