An international stage for financial reporting

Following on from last week’s blog, I’d like to mention how significant it is that the improvement of financial standard-setting is being recognised outside the UK.

The most recent call for International Financial Reporting Standards (IFRS) came from Ian Ball, chief executive of the International Federation of Accountants (IFAC). Writing to the G20 Secretariat, Mr Ball expressed the need to address “problems of accountability and transparency” when it comes to financial standards, and pitched it as a key driver in combating the global crisis.
   
Over the past few months, the IFAC has been outspoken about the necessity for IFRS, encouraging accountants to be open and honest and calling for road maps to be put in place by standard-setting bodies.

With UK financial reporting currently in a “good” state according to the Financial Reporting Review Panel (FRRP), it makes sense for the G20 nations to look to the UK as a successful model and follow its example. That would certainly make a refreshing change!

It might take a while to fully implement industry standards on an international scale, but at least it’s a move towards a healthier economy.

I look forward to reading the next snippet of positive news surrounding financial reporting; it seems to be coming in thick and fast.