Large Firms Envision Worldwide Convergence of Standards
Currently, the largest accounting firms1 are working diligently in conjunction with their partners in the International Forum on Accountancy Development (IFAD) to achieve their vision of raising national accounting and auditing standards worldwide to meet or exceed internationally recognized benchmarks. An awareness of the ongoing activities of the firms and their IFAD partners to improve financial reporting, accountability, and transparency worldwide is crucial if other members of the accounting community, including educators, are to support and, more importantly, actively participate in these efforts. IFAD was formed in 1999 on “the premise that the expertise of the accounting profession and the financial resources of the World Bank and other international financial institutions when combined…could be harnessed in the interests of enhancing accounting capacity and capabilities in developing and emerging nations” (http:// www.ifad.net). IFAD’s objectives were eventually broadened to focus on common worldwide issues. Today more than 30 international institutions, including the International Monetary Fund (IMF), International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), International Organization of Securities Commissions (IOSCO), Organization for Economic Cooperation and Development (OECD), and International Association for Accounting Education and Research (IAAER), are working with the firms to support reform programs designed to raise the quality of financial reporting and auditing worldwide.
American Accounting Association
Street, Donna L., "Large Firms Envision Worldwide Convergence of Standards" (2002). Accounting Faculty Publications. 28.