Latest IFAC survey reveals key focuses for the accounting profession

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07 Mar, 2011

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

IFAC received 123 responses to the survey from a total of 94 member bodies and associates in 73 countries and jurisdictions, as well as five affiliates, regional accountancy organisations, and groupings.

Some of the key findings of the survey include:

  • The following issues for the accounting profession were rated as very important or important by 90% or more of respondents:
    • protecting the reputation of the profession (100%)
    • transitioning to International Standards on Auditing (ISAs) (96%)
    • addressing the needs of SMEs and SMPs (95%), addressing auditor independence (91%)
    • developing guidance to support the implementation of international standards and corporate governance principles (91%)
    • progressing corporate social responsibility, including sustainability (91%)
  • IFAC has a key role to play in convergence and leading the way in the global adoption and implementation of standards, with IFAC seen as the umbrella organisation for international standards in the areas of auditing and assurance, education, ethics, and public sector financial reporting
  • In the wake of the financial crisis, IFAC should proactively support and restore public confidence in the profession and the value of audit and other services provided by accountants
  • A significant number of respondents reported that governments in their country had adopted or were in the process of adopting accrual accounting and/or IPSASs
  • There is a clear need to have a effectively enforced global code of ethics – taking local culture into account – to protect the fundamental qualities of the profession, particularly relating to independence

Click for IFAC press release (link to IFAC website).

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