International standards crucial to financial stability, says IFAC survey

Investors and all consumers of financial information deserve clear, reliable and consistent information, IFAC organizations from around the world said in a survey by the International Federation of Accountants (IFAC).

The adoption, implementation, and enforcement of international financial standards is crucial, according to the latest IFAC Global Leadership Survey, which polled its membership of 157 accountancy organizations in 123 countries. The responding presidents and chief executives said IFAC needs to continue to lead the convergence of standards developed by its independent standard-setting boards, relating to auditing and assurance, education, ethics and public sector accounting, and to support the implementation of those standards.

The survey announced in a revised version the accountancy profession’s leadership views of top priorities as:

increase confidence in international standards for accounting and auditing, in both the private sector and the public sector;
adopt but also implement international standards, including principles of good corporate governance;
urge the G-20 to not place unreasonable burdens on small and medium-sized enterprises through new regulations or re-regulation.

“To move beyond the current crisis and ensure protection for all investors and taxpayers, the necessary parties around the world need to adopt and implement high-quality global standards,” says IFAC CEO Ian Ball. “It is crucial for governments and regulators to take decisive actions in their countries and put in place their international commitments to converged standards.”

The survey also found the demand for professionals in public practice, business and the public sector is expected to be high in the next three years. Student interest in accountancy has increased dramatically over the past three years, according to survey results. The profession was rated “very attractive” or “attractive” to university-level students, as well as experienced professionals and graduates who recently entered the field.

This version of the survey includes responses from more than 110 presidents and chief executives of IFAC members and regional accountancy organizations and groupings around the world.

To view the survey, click here.