IFAC: Identification of key issues for 2012 by global accountancy leaders

17 February 2012

The IFAC released the results of its 2011 IFAC Global Leadership Survey of the Accounting Profession. The survey results include data from 123 respondents from 71 countries and jurisdictions who took the survey from December 1, 2011 to January 11, 2012.

Respondents identified three issues of particular concern to the profession in 2012: the difficult global financial climate, enhancing the reputation/credibility of the profession, and addressing the needs of SMPs and SMEs. Additional concerns for this year include: issues related to EU draft legislation, public sector/sovereign debt issues, increased regulation, global regulatory convergence, role of the professional accountant in business, and auditor independence.

“The difficult financial climate was a strong theme in this year’s survey”, said Ian Ball, chief executive officer of IFAC. “Accountancy leaders around the world told us that a key concern is addressing the needs of SMPs and SMEs, important engines of economic growth and development that could be instrumental in improving the world’s economies. Continued global regulatory convergence—which can help promote growth and development, reduce economic uncertainty, and enhance international financial stability—was also highlighted as a significant issue. Addressing the ongoing sovereign debt issues, which are impacting growth and contributing to economic uncertainty, were also highlighted as key concerns for 2012.”

Press release

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