Signs of economic recovery should not hide the need for reforms to accounting standards, according to the International Federation of Accountants (IFAC).
In a letter to the leaders of the G20 nations, Ian Ball, the IFAC's chief executive officer, urged them to back International Financial Reporting Standards (IFRS) as part of the response to the credit crunch.
He said: "While some nations appear to be moving towards recovery from the financial crisis, underlying problems of accountability and transparency remain. We believe that the adoption of international standards can help to address these issues and play an essential role in resolving the current crisis."
Robert Bunting, the IFAC's president, called on standard setters themselves to ensure that they do not place too great a burden on small and medium-sized firms as they are the driving force behind the world economy.
Last month, the IFAC called on national standard setting bodies to ensure they have developed a road map to help them make the change to IFRS.
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