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IFAC survey – Convergence important to economic growth

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

11 Dec 2007

The International Federation of Accountants (IFAC) has released the results of its first annual Global Leadership Survey, which highlights issues the profession will be addressing in the coming year, national and regional perspectives on economic growth, and the profession's role in contributing to that growth.

Click for a Summary of Survey Findings (PDF 93k). Key findings of the survey include the following:
  • Convergence to a single set of both international accounting and international auditing standards is very important to a country's economic growth and development. Respondents ranked convergence to International Standards on Auditing (ISAs) at the same high level of importance as convergence to IFRSs. Respondents viewed convergence to a single set of IFRSs for SMEs as important but less important than convergence to IFRSs or ISAs. Approximately 50 per cent of respondents said convergence to a single set of international standards for SMEs is important to economic growth in their countries.
  • The limited supply of qualified accounting professionals is having a negative effect on the growth of some national economies.
  • Applying new accounting standards is the most important issue faced by professional accountants working in business, followed by adopting good practice in internal control and risk management.
  • Auditor liability remains a significant national issue.
  • Effectively supporting small and medium entities (SMEs) is an important issue for the global profession and will have an impact on economic development.

 

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