In celebration of World Standards Day, International Federation of Accountants (IFAC) released a new report detailing how and where international accountancy standards – which focus on audit and assurance, ethics, education, and private and public sector accounting – are being adopted and implemented globally.
The report, which includes data from the more than 170 professional accountancy organisations that comprise IFAC’s membership, shows strong and sustained support for both the adoption and implementation of international standards, especially in areas where IFAC member organisations are involved in the process from start to finish.
The International Standards: 2019 Global Status Report reveals:
- Over 90% of jurisdictions examined use International Standards on Auditing, International Financial Reporting Standards, and the International Code of Ethics for Professional Accountants.
- Over 80% of jurisdictions examined have monitoring and enforcement mechanisms for quality assurance and investigation and discipline.
- 76% of IFAC member organisations have some level of authority in adopting international standards and best practices.
- IFAC member organisations are instrumental in ensuring high-quality standards’ implementation through advocacy, raising awareness, technical support, translation, training and enforcement.
The report also shines a light on the important and often untold story of how standards are adopted and implemented – a process that can be as complex as developing a standard.
According to the new report, there is a positive trend in international standards’ usage where IFAC member organisations have at least some authority in the standard-setting and regulatory environment. However, additional multi-stakeholder support from international policymakers and regulatory organisations, as well as leaders from government, academia, and business, is required to extend the adoption success story by creating the right conditions for implementation.
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Source: IFAC)