Global convergence on international reporting standards would benefit the man in the street, it has been claimed.
Speaking to reporters during a press briefing, top executives from the International Federation of Accountants (IFAC) stated that ensuring companies use one set of rules when compiling their reports would help investors.
Robert Bunting, IFAC president, explained that it would create a level playing field, allowing financial information from firms in different parts of the world to be easily compared.
Ian Ball, IFAC's chief executive officer, also urged governments to embrace global standards for their reports.
He said: "It's not just making decisions to invest in government securities where this makes a difference. To the 'man on the street,' public sector standards deliver information about a government's use of taxpayer funds."
Earlier this year, Mr Bunting claimed that adopting a single set of global accounting standards would help to promote stable economic growth in the future.
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