The path toward global adoption of one set of high-quality accounting
standards is gaining significant momentum, with positive progress in
the United States, according to Michel Prada, Chairman of the Trustees
of the International Financial Reporting Standards (IFRS) Foundation.
Mr Prada made the comments in Sydney last week at the IFRS Trustees event on the future of global
financial reporting, co-hosted by CPA Australia and the Institute of Chartered Accountants Australia (ICAA).
"More than two-thirds of countries in the G20 have already adopted IFRS for most or all domestic listed companies," Mr Prada said.
"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."
CPA Australia Chief Executive Officer Alex Malley said a key focus for the future should be on minimising complexity and 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.
“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.”
ICAA Chief Executive Officer Lee White said high-quality accounting standards are a force for economic progress.
“International financial reporting standards establish a level playing field for globalised markets and enhance cross-border capital flows,” he said.
“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.”
Mr Prada said meeting with stakeholders around the world to hear the different experiences of the use of IFRSs is important for the future work of the foundation.
“Our ties with the professional accounting bodies in Australia go back many years, as does our shared belief of the importance of global accounting standards,” he said.
The Trustees of the IFRS Foundation are responsible for oversight and governance of the International Accounting Standards Board to develop a single set of high-quality international accounting standards and met for the first time in Sydney last week
Mr Prada made the comments in Sydney last week at the IFRS Trustees event on the future of global
financial reporting, co-hosted by CPA Australia and the Institute of Chartered Accountants Australia (ICAA).
"More than two-thirds of countries in the G20 have already adopted IFRS for most or all domestic listed companies," Mr Prada said.
"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."
CPA Australia Chief Executive Officer Alex Malley said a key focus for the future should be on minimising complexity and 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.
“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.”
ICAA Chief Executive Officer Lee White said high-quality accounting standards are a force for economic progress.
“International financial reporting standards establish a level playing field for globalised markets and enhance cross-border capital flows,” he said.
“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.”
Mr Prada said meeting with stakeholders around the world to hear the different experiences of the use of IFRSs is important for the future work of the foundation.
“Our ties with the professional accounting bodies in Australia go back many years, as does our shared belief of the importance of global accounting standards,” he said.
The Trustees of the IFRS Foundation are responsible for oversight and governance of the International Accounting Standards Board to develop a single set of high-quality international accounting standards and met for the first time in Sydney last week
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