11 October 2004
A new report commissioned by the International Federation of Accountants (IFAC) identifies the problems facing companies wishing to move towards International Financial Reporting Standards (IFRSs) and International Standards on Auditing (ISAs) and makes recommendations for achieving global convergance.
Challenges and Successes in Implementing International Standards: Achieving Convergance to IFRSs and IASs also provides examples of successful adoption and implementation of IFRS and IAS.
The study was prepard by Peter Wong, a former member of the IFAC board and former president of the Hong Kong Institute of Certified Public Accoutants.
Me Wong said, "There is no question that globally consistent and uniform financial systems provide cost-efficiencies to business and greater safeguards to the public. It is for this reason that we need to focus on creating globally consistent standards. As the study points out, achieving this involves a concerted effort by all involved in the financial reporting process."
