IFAC President reiterates global importance of IFRSs
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.
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. |