Fifth Edition of IFAC Survey Reveals Key Concerns, Support for Global IFRS Adoption
The International Federation of Accountants (IFAC) has published its Fifth Annual Global Leadership Survey. IFAC received 123 responses to the survey from a total of 93 member bodies and associates in 71 countries and jurisdictions, as well as four affiliates, regional accountancy organisations, and groupings.
Some of the key findings of the survey include:
- The following issues were rated highly:
- reputation and credibility of the profession
- the needs of small and medium size practices and small and medium sized entities
- the difficult global financial climate
- public sector and sovereign debt issues
- increase regulation (including proposed European Union (EU) legislation).
- International Financial Reporting Standards (IFRS) were viewed as being most important for global adoption, implementation and enforcement, with International Standards on Auditing (ISAs) being ranked second, then followed by the Code of Ethics for Professional Accountants, and International Public Sector Accounting Standards (IPSASs)
- Respondents indicated that IFAC‘s top priority should be setting standards and guidance, but with a number of other areas also important.