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The push towards one set of global accounting standards is gaining significant momentum, according to Michel Prada, chairman of the Trustees of the International Financial Reporting Standards (IFRS) Foundation.
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IFRS gaining significant momentum
14 April 2014
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Speaking in Sydney at an IFRS Trustees event co-hosted by CPA Australian and the Institute of Chartered Accountants Australia, Mr Prada said more than two-thirds of the countries in the G20 have now adopted IFRS for most or all domestic listed companies.
This, according to Mr Prada, is great news for the efficiency of the entire global economy.
"Our work fits squarely within the stated objectives of Australia’s presidency of the G20 - to promote stronger, more sustainable and balanced growth in our economies”.
“Momentum needs to be sustained if we wish to avoid differences in accounting standards serving as grit in the cogs of the global economy," he said.
Alex Malley, CPA Australia chief executive officer, said a key focus for the future should be on minimising complexity in reporting and called for the profession to engage stakeholders in a conversation about the importance and relevance of the standards in an increasingly globalised economy.
“It is vital, as a profession, that we tell a story about the importance of these standards and the role they can play in underpinning stable and robust financial markets and economies,” he said.
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“At the same time, the increasing demand by investors for information that goes beyond the bottom line underscores the need for us to consider how developments in integrated reporting can further inform financial reporting standards and a greater sense of connectivity,” added Mr Malley.
ICAA Chief Executive Officer Lee White said high-quality accounting standards are a force for economic progress, levelling the playing field for globalised markets and enhancing cross-border capital flows.
“We are encouraged to see the increasing use of IFRS across the world, particularly our closest neighbours Asia, and will continue to promote its adoption through our many connections in the region,” he said.
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