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Corporate - Accounting Standards


IFAC chief stresses need for convergence in accountancy norms

Our Bureau

Chennai , Jan. 19

CHARTERED accountancy practices worldwide need to converge on international standards, according to Mr Graham Ward, President of International Federation of Accountants (IFAC).

He added that IFAC has been involved in various initiatives in order to bring about this convergence. The key issues involve implementing ethical practices and transparency of process.

IFAC itself follows this policy, making its debates and meetings available as an audio file on its Web site so that anyone can access it.

Accountability is important especially with public sector companies, so that a good understanding can be established between the Government and the people, he added.

IFAC will also focus on providing support and information to small and medium enterprises and practitioners. Mr Ward said that IFAC would be working closely with the Institute of Chartered Accountants of India (ICAI) to implement these initiatives. In this regard, Mr Ward and Mr Ian Ball, CEO of IFAC, are in India till January 21 to take part in a seminar organised by ICAI to address these issues.

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