IFRS has become more favourably viewed as a
result of the global financial crisis, according to a survey from
the Association of Chartered Certified Accountants (ACCA)
The survey, which questions 163 senior
executives from a wide range of industries, found a majority view
global standards more positively in the wake of economic difficulty
of the past few years.
More than 40% said IFRS improved access to
capital, while a quarter said adoption has lowered capital costs.
Far fewer believe the implementation of IFRS is not worth the
cost.
More investors than CFOs support a switch to
International Standards on Auditing.
The study also showed executives believe that
global standards or benchmarks in corporate governance would
encourage more ‘long-term’ thinking.
More than two-thirds of those surveyed said
there is much to be gained from the presentation of financial,
governance and sustainability information in an integrated
format.
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By GlobalData“As countries have gained experience in using
global accounting standards, their support has tended to increase,”
ACCA chief executive Helen Brand said. “We hope that the SEC
considers this carefully while making its decision as US adoption
of IFRS would, in our view, give a tremendous boost to the cause of
financial reporting, and more importantly, the world economy.”
