Governments and regulators need to do more to promote global accountancy and auditing standards, it has been claimed.
Robert Bunting, president of the International Federation of Accountants (IFAC), explained that International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) are now seen as vital to the public interest.
"It is critical that national standard-setting bodies establish roadmaps to move toward adoption of IFRS and ISA," he said.
Mr Bunting's comments were made after the IFAC's G20 Accountancy Summit which was held in London at the end of last week.
The body will now pass on its recommendations to the leaders of the G20 nations before they meet in September 2009.
Recently, the International Accounting Standards Board introduced a new IFRS for small and medium-sized firms.
Brian Shearer, national director of financial reporting at Grant Thornton, claimed the move would help harmonise international accounting rules and hence should be welcomed.
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