Accountants Push For Adoption Of Global Standards

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:

• Increasing confidence in international standards for accounting and auditing, in both the private sector and the public sector;
• Adopting but also implementing international standards, including principles of good corporate governance; and
• Urging the G20 to not place unreasonable burdens on small and medium-sized enterprises through new regulations or re-regulation.

“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.”