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International standards crucial to investors and financial stability

  • IFAC (International Federation of Accountants) (lt gray) Image

04 Mar 2010

The International Federation of Accountants (IFAC) has published its Third Annual Global Leadership Survey.

More than 110 presidents and chief executive officers from IFAC's member bodies, associates, and regional accountancy organisations participated in the survey. Those global leaders of the profession felt that the adoption, implementation, and enforcement of international financial standards is crucial to investor protection and financial stability. Here are a few excerpts relevant to international standards:
  • Looking forward, respondents identified a number of areas they expect to be of growing interest to the accountancy profession, including addressing the needs of SMEs and the role of SMPs, progressing corporate social responsibility, including sustainability, transitioning to International Standards on Auditing (ISAs), and dealing with a changing regulatory landscape.
  • Respondents believe that it is very important for IFAC to influence the way the world feels about the standards and practices used by the accountancy profession. In particular, nearly all respondents (98%) believe that it is 'Very important' or 'Important' for IFAC to influence confidence in international standards, as well as their adoption, implementation, and enforcement (of IFAC-published standards and International Financial Reporting Standards [IFRSs]).
  • In the coming three years, respondents believe that it will be important for IFAC to continue to influence the outcomes relating to international standards. The effective implementation of IFRS for SMEs, issued by the International Accounting Standards Board (IASB), was selected as an area where IFAC should increase its influence.
The Global Leadership Survey Report is copyrighted by IFAC and posted on IAS Plus with IFAC's kind permission. Click for:

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