IFAC global survey: international standards crucial to investor and financial stability
23 February 2010
It lists accountants’ top priorities, including the need to increase confidence in international standards and urging the G20 not to place unreasonable burdens on small and medium-sized enterprises through new regulations.
Investors and all consumers of financial information deserve clear, reliable and consistent information, IFAC organizations from around the world asserted in a survey compiled 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 presidents and chief executives responding to the survey said that the 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 IFAC Global Leadership Survey announced the accountancy profession's leadership views of top priorities as:
- Increasing confidence in international standards for accounting and auditing, in both the private sector and the public sector
- Adopting and implementing international standards, including principles of good corporate governance
- Urging the G20 not to 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 found that 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.
IFAC Global Leadership Survey
© IFAC
