RegulationAccounting StandardsAccountants support spread of global standards: IFAC

Accountants support spread of global standards: IFAC

Survey reveals global convergence remains priority

The spread of global standards remains front of mind for accountants across
the world according to a global survey of accountants released today.

The International Federation of Accountants (IFAC) asked accountants across
its 123 nations what should be its priority.

According to the survey accountants continue to see global convergence as a
“crucial” issue and want it to top IFAC’s goals.

“It is crucial for governments and regulators to take decisive actions in
their countries and put in place their international commitments to converged
standards,” IFAC CEO Ian Ball said in a statement.

“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.”

the international Accounting Standards Board (IASB) and its US counterpart
the Financial Accounting Standards Board (FASB) are meeting monthly to harmonise
their two accounting codes, with a view to reach full convergence by June 2011.

Meanwhile, the US securities regulator is yet to release a roadmap on US
adoption of international accounting rules.

Further
reading:2009
Third Annual Global Leadership Survey

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