IFAC: Strong support for international accounting standards
A new report published by the International Federation of Accountants (IFAC) shows “strong and sustained support” for both the adoption and implementation of international standards.
The “International Standards: 2019 Global Status Report” covers 173 IFAC-member organizations and the 130 jurisdictions in which they operate, making it the first-ever baseline for global adoption status. “Since there are no international laws requiring nations to adopt and implement international standards, support from IFAC’s member organizations for these dual objectives is critically important to progress,” said IFAC CEO Kevin Dancey. “This new report reinforces the impact of standards in driving transparency and creating a common language for high-quality financial information.”