ACCA - The global body for professional accountants

Corporate reporting

The importance of global standards

Author details

Ian Welch

Name: Ian Welch

Role: Head of policy

Organisation: ACCA

This paper outlines the benefits of global reporting standards and describes research that ACCA has carried out that confirms their value.

It also examines developments that may take place such as the adoption of IFRS (International Financial Reporting Standards) in the United States, and what they mean for the future.

We believe global standards are important, not only for the accountancy profession but for the world economy. Economic development is dependent on a sound financial reporting system, high quality accounting and auditing standards, and a solid regulatory, governance and ethical framework.

Investors and lenders will be much more willing to do business, particularly across borders, if they are able to rely on financial information based on a set of standards familiar to them.

 

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Published: 31 Mar 2011