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Adoption & Implementation
The world continues to become more global. Countries, regions and governments are more interdependent, and even small- and medium-sized entities work across borders and geographies. A sustainable, global business environment depends on a strong financial architecture. And this financial architecture must be supported by universal adoption and implementation of clear, consistent, and relevant high-quality standards.
International standards help foster high-quality financial information. And high-quality financial information, in turn, increases comparability, clarity, credibility, transparency, and—as a result—stability. It supports more effective and efficient capital markets. It fosters confidence in the markets of emerging nations, which increases international investment. It enhances the effective management of public resources. And it facilitates regional and international economic integration.
IFAC contributes to the development of high-quality international standards in auditing, assurance, and quality control; accountancy education; ethics; and public sector accounting. In addition, IFAC plays an increasingly important role as a driver and facilitator of adoption and high-quality implementation of these standards. Implementation must be supported by ongoing training, continuous professional development, and delivery of implementation guidance and tools. IFAC encourages and facilitates collaboration among member bodies, regulators, firms, practitioners, the donor community, and other stakeholders to achieve this goal.
IFAC also contributes to the development of International Financial Reporting Standards (IFRS) as a member of the IFRS Advisory Council (formerly the Standards Advisory Council) and by commenting on governance, strategy, and activities of the IASC Foundation and the International Accounting Standards Board (IASB).
Recent Adoption & Implementation Resources
The Revised SMOs: What You Need To Know
Apr 07, 2013