< Back to News Listing

Accountancy chiefs push for worldwide standards

15/01/2008

Six top accountancy chiefs have joined forces to fight for the introduction of International Financial Reporting Standards (IFRS) across the globe, it has been reported.

The executives from Deloitte, Touche Tohmatsu, Ernst & Young, PricewaterhouseCoopers, KPMG, Grant Thornton and BDO Seidman are hoping that the implementation of these universal standards will improve the quality of accountancy services worldwide.

According to the team, a huge amount of support has already been given to their cause which has been published in a paper released today, Reuters reports.

"It is our view that the move toward global adoption of IFRS as promulgated by the IASB (International Accounting Standards Board) must be continued, along with the global convergence of audit and independence standards," the CEOs wrote.

Their comments follow a similar paper which was released in November 2006 which stated that the current standards regarding financial reporting were out-of-date and in need of modernisation.

Speaking to the news agency, Deloitte's global chief executive James Quigley said that implementing the IFRS would be no easy task.

"It's not like turning on a switch," he explained. "It would be a very significant change that would take multiple years. It might even take four or five years to put all the pieces together for an orderly transition."

 

< Back to News Listing