Governments and regulators should pick up the pace of the global accounting
convergence, according to leading accountants from around the world.
Sixty leaders of the accountancy profession have called on governments to
step up their convergence initiatives and establish timetables for the adoption
of international standards.
The call was made at a conference organised by the International Federation
of Accountants (IFAC) in London last week, where President Robert Bunting
encouraged world governments to push for global standards.
‘It is critical that national standard-setting bodies establish roadmaps to
move toward adoption of International Financial Reporting Standards (IFRS) and
international standards on auditing,’ he said.
According to IFAC, participants at the conference agreed that the public
interest would best be served by a single set of high-quality, principles-based
financial reporting and auditing standards for listed and public interest
On another front, the group found the needs of small and medium enterprises
(SMEs) needed to be considered in the development of global standards, as well
as in any re-regulation.
Read the full IFAC statement:
G20 Accountancy Summit Issues Renewed Mandate for Adoption of Global
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