A survey of accounting industry leaders from around the world found overwhelming support for convergence of accounting standards.
According to a survey of 143 leaders from 91 countries, conducted by the International Federation of Accountants, 89 percent indicated that convergence to International Financial Reporting Standards was "very important" or "important" for economic growth in their countries. Nine percent said it was "somewhat important," while only 1 percent said it was not important.
"The sentiments expressed in the IFAC survey clearly show that convergence is not only desirable, but essential in an economy that is quickly dissolving borders," said Barry Melancon, president and CEO of the American Institute of CPAs, in a statement.
Most of the accounting profession leaders polled cited staffing shortages as an issue for the profession, though the results varied according to their locales. Respondents from North America and the Asia-Pacific region reported significant challenges filling accountancy jobs, while those in Europe said the challenge was less extreme. North American respondents ranked recruitment and retention as the main issue for the coming year.
The survey also found that auditor liability remains a significant issue, along with effective support for small and midsized businesses.
