RegulationAccounting StandardsLeading accountants tell governments quicken pace of global standards adoption

Leading accountants tell governments quicken pace of global standards adoption

IFAC summit urges government to step up convergence initiatives

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
entities.

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:
IFAC
G20 Accountancy Summit Issues Renewed Mandate for Adoption of Global
Standards

Related Articles

IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter
Former CFO joins IASB board

Accounting Standards Former CFO joins IASB board

1y Stephanie Wix, Writer
MEP calls for IASB pay cuts

Accounting Standards MEP calls for IASB pay cuts

1y Richard Crump, Writer
IASB issues amendments to insurance contracts standard

Accounting Standards IASB issues amendments to insurance contracts standard

1y Richard Crump, Writer
IASB chairman Hoogervorst to prioritise communication effectiveness of financial statements during second term

Accounting Standards IASB chairman Hoogervorst to prioritise communication effectiveness of financial statements during second term

1y Richard Crump, Writer
IFRS Foundation to cut board size and improve transparency

Accounting Standards IFRS Foundation to cut board size and improve transparency

2y Richard Crump, Writer
Indonesia set to achieve full IFRS convergence

Accounting Standards Indonesia set to achieve full IFRS convergence

2y Calum Fuller, Reporter
FASB publishes US leasing standard

Accounting Standards FASB publishes US leasing standard

2y Calum Fuller, Reporter