IFAC Presses for Action to Adopt and Implement Global Financial Standards

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    Nov 19, 2009
    Washington, D.C.

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    IFAC Presses for Action to Adopt and Implement Global Financial Standards

    The International Federation of Accountants' (IFAC) 32nd annual Council meeting in Washington, D.C., this week emphasized the urgency of achieving global adoption and implementation of financial standards, especially for accounting and auditing.

    Robert L. Bunting, IFAC President, says, "There is no high-quality information without the work of accountants--and certainly no way forward from the global financial crisis without it. What we need is a level playing field in financial reporting. What we do not need is trans-Atlantic accounting arbitrage and political interference in the technical aspects of standard setting. Governments, standard setters, and the accounting profession need to collaborate closely if common high-quality standards in accounting and auditing are to be established, adopted, and well implemented. And that includes accounting standards for governments, many of which have become major investors in the private sector during the crisis."

    IFAC's Chief Executive Officer, Ian Ball, adds that IFAC's work in delivering this message to its members and their governments is increasingly important. "We have expressed the importance of global accounting and auditing standards to the G-20 twice this year--before the Leaders' Summits in London and Pittsburgh--and believe that now is the time for action at the country level if we are to achieve what was agreed by the G-20."

    These messages were reiterated frequently in workshops and seminars during IFAC's two-day event, hosted by the American Institute of Certified Public Accountants.

    The Council's formal deliberations included approval of IFAC's strategic actions for the coming year, which include:

    • continuing development of auditing, ethical, accounting education, and public sector accounting standards that meet the public interest;
    • promoting the adoption and implementation of these standards;
    • exercising IFAC's voice for the global accountancy profession, including input to the G-20 and other key international organizations; and
    • addressing the needs of small- and medium-sized entities (SMEs) and seeking to avoid excessive regulatory burdens being placed on this critical economic sector.

    The Council approved three new member bodies: Iranian Association of Certified Public Accountants (IACPA); Latvian Association of Certified Auditors (LACA); and Society of Certified Accountant and Auditors of Kosovo (SCAAK).

    In addition, two associates were approved: Brunei Darussalam Institute of Certified Public Accountants (BICPA); and Ordre des Experts-Comptables du Luxembourg (OEC). The Council also gave affiliate status to the National Association of State Boards of Accountancy (NASBA) from the United States.

    About IFAC
    IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

     

     

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