One Set of International Standards Important for Economic Growth: World Accountancy Leaders

CPA Letter, The, January, 2008 by Anonymous

Convergence to a single set of international standards is a key to economic development, according to a survey of worldwide leaders of the accounting profession conducted by the International Federation of Accountants. AICPA Chairman of the Board Randy Fletchall and AICPA President and CEO Barry Melancon were among the respondents.

Of the 143 leaders from 91 countries who responded, a large majority (89%) indicated convergence to international financial reporting standards was "very important" or "important" for economic growth in their countries. Nine percent said it was "somewhat important," and only 1% said it was not important.

"The sentiments expressed in the IFAC survey clearly show convergence is not only desirable, but essential in an economy that is quickly...

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