Governments and regulators need to step up initiatives to promote convergence to global accountancy and auditing standards—and they need to do so quickly—according to over 60 leaders of the accountancy profession who attended the International Federation of Accountants’ (IFAC’s) G20 Accountancy Summit on July 23 and 24 in London. The summit was organized to achieve consensus by the profession on a series of recommendations to be made to the G20 leaders prior to their meeting in September on issues related to the financial crisis.
Participants unanimously agreed that the public interest would best be served by a single set of high-quality, principles-based financial reporting and auditing standards for listed and public interest entities.
“It is critical that national standard-setting bodies establish roadmaps to move toward adoption of International Financial Reporting Standards and International Standards on Auditing,” emphasized Robert Bunting, IFAC President.
The group stressed the importance of having balanced views in the standard-setting process and ensuring that there is no undue influence from any one stakeholder group. They also emphasized the need for the International Accounting Standards Board to have a robust governance structure that will ensure its effectiveness and independence.
See full Article.
Posts
