Skip to main content

New Report Highlights Accountancy Profession as Key Driver of Progress in Adoption of International Standards

Since 2000, IFAC Member Organizations Have Been Instrumental in the Adoption and Implementation Process, Driving Further Economic Growth and Stability

Oct 14, 2019 | New York, NY | English

In celebration of World Standards Day, IFAC (International Federation of Accountants) today released a new report detailing how and where international accountancy standards—which focus on audit and assurance, ethics, education, and private and public sector accounting—are being adopted and implemented globally.

The report, which includes data from the more than 170 professional accountancy organizations that comprise IFAC’s membership, shows strong and sustained support for both the adoption and implementation of international standards, especially in areas where IFAC member organizations are involved in the process from start to finish.

The International Standards: 2019 Global Status Report reveals:

  • 90+% of jurisdictions examined use International Standards on Auditing, International Financial Reporting Standards, and the International Code of Ethics for Professional Accountants.
  • 80+% of jurisdictions examined have monitoring & enforcement mechanisms for quality assurance and investigation and discipline.
  • 76% of IFAC member organizations have some level of authority in adopting international standards and best practices.
  • IFAC member organizations are instrumental in ensuring high-quality standards’ implementation through advocacy, raising awareness, technical support, translation, training and enforcement.

The report also shines a light on the important and often untold story of how standards are adopted and implemented—a process that can be as complex as developing a standard.

“Since there are no international laws requiring nations to adopt and implement international standards, support from IFAC’s member organizations for these dual objectives is critically important to progress,” according to IFAC CEO, Kevin Dancey. “This new report reinforces the impact of standards in driving transparency and creating a common language for high-quality financial information.”

 According to the new report, there is a positive trend in international standards’ usage where IFAC member organizations have at least some authority in the standard-setting and regulatory environment. However, additional multi-stakeholder support from international policymakers and regulatory organizations, as well as leaders from government, academia, and business, is required to extend the adoption success story by creating the right conditions for implementation.

“International standards have come a long way since 2000 when there was little to no global adoption. While there is always more to be done, IFAC member organizations play a vital role in ensuring the successful implementation of international accountancy standards, which ultimately help drive sustainable economic growth and financial market stability in their respective jurisdictions,” said Dancey.

About the Report
The International Standards: 2019 Global Status Report's data comes from the IFAC Member Compliance Program and covers 173 IFAC member organizations and the 130 jurisdictions in which they operate. The report establishes a baseline on international standards’ adoption and implementation and explores how accountancy best practices and IFAC member organizations have a positive impact.

About IFAC
IFAC 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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.