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IFAC President reiterates global importance of IFRSs

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

17 Jun 2005

Graham Ward, President of the International Federation of Accountants (IFAC), recently made a presentation on Restoring Confidence in the Global Profession (PDF 43k) to The World Bank in Washington.

Mr. Ward reviewed IFAC initiatives toward strengthening the worldwide accountancy profession by establishing and promoting adherence to high-quality professional standards and furthering the international convergence of such standards. An excerpt:

My belief, and one of IFAC's founding principles, is that auditing and accounting standards worldwide need to be converged. Why? First, globalisation demands high-quality standards that can be applied from Madrid to Manila, from New York to Nairobi. Everyone should be on a level playing field.

Second, global standards will result in increased transparency and accountability. I also believe that developing countries that adopt international standards will see increased outside investment in their economies, by institutional and retail investors who are familiar with, and confident in, the standards, regardless of geography.

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