IFAC presses for action to adopt and implement global financial standards
23 November 2009
IFAC President Bunting: 'There is a need for a level playing field in financial reporting and it is very important to avoid trans-Atlantic accounting arbitrage and political interference in the technical aspects of standard setting.
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."
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.
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