PracticeConsultingPush for mid-tier involvement in standards debate

Push for mid-tier involvement in standards debate

A major drive has been launched to get small and medium-sized accountancy firms to take part in developing and upholding international accounting standards, an area currently dominated by the Big Five.

Plans for a new forum of firms were approved by the International Federation of Accountants’ as the profession gathered in Edinburgh last week for the organisation’s millennium conference.

Tsuguoki Fujinuma of Japan, IFAC’s newly appointed president, said: ‘Forum member firms will have to comply with admission requirements, specifically a commitment to undergo quality assurance reviews throughout their networks and accept international accounting and auditing standards.’

Frank Harding, retiring IFAC president, said: ‘We have discussed the initiative with mid-tier and smaller firms. There is considerable interest. I hope at least 100 firms will join [the forum].’

Invitations to participate in the forum will be sent out over the next few weeks. So far no firms have signed up. But Harding said he expected a response from firms during the second half of this year.

IASC hopes restructuring will give greater strength

Ward elected as UK representative on IFAC
http://www.ifac.org
http://www.iasc.org.uk

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