IFAC: Crisis shows need for global standards...
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The financial crisis has only highlighted the need for a single set of global accounting standards, it has been claimed.
In its 2008 annual report, the International Federation of Accountants (IFAC) describes how its core work on developing international guidance and rules has become even more relevant during the global recession.
Ian Ball, chief executive officer of the IFAC, said: "As a result of the crisis, some of the ideas IFAC has been communicating for decades are resonating with greater force."
"Chief among these is the need for convergence to global standards."
The report also includes details of the actions taken by the IFAC in a range of areas, and compares the outcomes to the original goals set out by the body.
Recently, John Smith, a member of the International Accounting Standards Board, told the European Commission's Financial Reporting in a Changing World conference that the integrated nature of capital markets means a global set of accounting rules is vital to future economic stability.
To find out about achieving a balance between the needs of corporate governance and those of everyday business management, visit our Enterprise Governance page.
In its 2008 annual report, the International Federation of Accountants (IFAC) describes how its core work on developing international guidance and rules has become even more relevant during the global recession.
Ian Ball, chief executive officer of the IFAC, said: "As a result of the crisis, some of the ideas IFAC has been communicating for decades are resonating with greater force."
"Chief among these is the need for convergence to global standards."
The report also includes details of the actions taken by the IFAC in a range of areas, and compares the outcomes to the original goals set out by the body.
Recently, John Smith, a member of the International Accounting Standards Board, told the European Commission's Financial Reporting in a Changing World conference that the integrated nature of capital markets means a global set of accounting rules is vital to future economic stability.
To find out about achieving a balance between the needs of corporate governance and those of everyday business management, visit our Enterprise Governance page.
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