The movement towards International Financial Reporting Standards (IFRS) as the leading financial reporting framework for the global capital markets has gathered pace faster than most people expected, according to Ernst & Young.
Dr. Allister Wilson of Ernst & Young says the remarkable success of the adoption of IFRS in 2005 across Europe and in other countries around the world is due to a number of factors. In particular he cites the courage, vision, and commitment shown not only by the members of the International Accounting Standards Board (IASB), but also by national governments, securities’ regulators, corporations, and the auditing profession.
As a result, Wilson says that the IASB has successfully overseen a seven-year process of globalization of accounting standards, where today IFRS is accepted as the global passport to capital-raising in the world’s capital markets.
While praising the success of the IASB, Dr. Wilson also stated, “The IASB’s undeniable success comes with considerable responsibility. The IASB’s status as an independent private sector body should be defended vigorously given the importance of IFRS in the global capital markets.
See full Press release.
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