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October 12, 2011

GFC fuels support for IFRS: ACCA study

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.

“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.”


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