Another indication of the importance of credible financial information can be found in the recent call for a single set of international accounting standards that could be used by everyone to raise capital in any country without reconciliation to U.S. generally accepted accounting principles (GAAP). Much of the clamor has occurred outside the U.S., and the reason this issue is so important to offshore companies is that they want to raise capital in the U.S., but some do not want to have to file under GAAP and other SEC disclosure requirements.

Member bodies of IFAC should support the work of the IASB by bringing to the notice of their members every IFRS and by using their best endeavors:

• (i) To persuade governments and standard setting bodies that published private sector financial statements should comply with IFRSs;
• (ii) To persuade authorities controlling securities markets and the industrial and business community that published private sector financial statements should comply with IFRSs and disclose the fact of such compliance;
• (iii) To foster acceptance of IFRSs internationally; and
• (iv) To monitor compliance with IFRS by reviewing financial statements purporting to comply with IFRS to the extent that such engagements are included in the scope of the quality assurance review program established by Statement of Membership Obligation 1 - Quality Assurance.