When the headlines tend to focus on the difficulty of reaching agreement on accounting standards, it is easy to forget the remarkable success of the movement towards a single worldwide accounting system.
More than 100 countries on all five continents require or permit the use of international financial reporting standards or are converging with them.
This means that the vision of a single set of high-quality, global standards, which provide a passport for companies to raise money in global capital markets, is very much intact.
Those using or moving towards IFRS include Japan, China, Canada, India and, very importantly, the US, where the Securities and Exchange Commission is considering allowing US companies and foreign issuers to file accounts under IFRS without reconciliation to US standards.
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