This week the profession’s army of bloggers look at global standards, exam result worries and the IASB
While I support global reporting and auditing standards and, in principle, would like to see a level playing field for other market regulation, I am not convinced that any global regulator or grouping of national regulators can keep up with the smart guys who will look for and find ways around the rules. And we have to accept there will always be jurisdictions that want to get competitive advantage and attract business by having looser regimes, either overtly or covertly.
More important is to encourage principles-based regulatory environments in developed economies with criminal and civil sanctions for transgressors. National regulators should cooperate to prevent non-compliant businesses playing one jurisdiction off against another with special purpose vehicles, off-shoring and transfer pricing abuse and to help identify and stamp out criminal activity.
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