BusinessCompany NewsGlobal support for ‘uniform’ accounting standard

Global support for 'uniform' accounting standard

A worldwide poll of 1,000 business experts has revealed overwhelming global support for the idea of agreeing uniform international accounting principles.

The survey, staged by the International Chamber of Commerce and the Munich-based Ifo Institute, revealed that the experts generally considered uniform principles were either ‘very important,’ (51per cent), or ‘important,’ (46%), for achieving higher standards.

Only three per cent said they were ‘unimportant.’ In its analysis of the response, culled from experts in 90 countries, Ifo said: ‘These high percentages obviously reflect the Enron affair.’

Meanwhile, 75 per cent of the sample ‘considered that stronger corporate governance, including disclosure, was more effective than tougher government regulation in improving financial reporting.’

The survey results come just a week after the European Commission finally endorsed a directive that will compel all companies to use International Accounting Standards by 2005 in Europe. Another survey, produced by PricewaterhouseCoopers, revealed 81% of European CFOs want to start using IAS before 2005, though they also demonstrated a general lack of preparedness.

In western Europe and Latin America, 70 per cent favoured stronger corporate governance, while 30 per cent chose tougher regulation. This was the highest demand for regulation; in Australia and New Zealand, there was a near unanimous preference for stronger corporate governance, (99 per cent).

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor