The Institute of Chartered Accountants in
Australia (ICAA) has called for Australia and Asia to lead global
regulatory change and international standard-setting.

Speaking at the Confederation of Asian and
Pacific Accountants conference in Brisbane, ICAA Asia director Bill
Palmer said traditionally the US and Europe have dominated
international standard setting but as the strength and influence of
the Asia region grows and the debt crisis in the US and Europe
worsens “it’s time that Australia and Asia are more dominant in
international standard-setting”.

International Federation of Accountants
president Goran Tidstrom said the Asia-Pacific region had done
reasonably well economically despite the international financial

Tidstrom sited a 2011 report, Sovereign
Fiscal Responsibility Index,
from Stanford University and the
deficit watchdog, Comeback America Initiative which ranks the
fiscal sustainability of countries around the world; Asia-Pacific
nations ranked the highest with Australia and New Zealand coming in
at first and second place.

“The global economic landscape has changed
dramatically over the past few years. Business decisions in the
Asia region have an increasing and far-reaching impact on the
global economic landscape,” Palmer added.