Large firms envision worldwide convergence of standards

Currently, the largest accounting firms are working diligently in conjunction with their partners in the International Forum on Accountancy Development (IFAD) to achieve their vision of raising national accounting and auditing standards worldwide to meet or exceed internationally recognized benchmarks. The large firms and their partners agree that a framework for reforms in individual countries involves three steps: 1. Determine the standards that should apply, 2. Assess the extent to which the standards have been adopted and arrangements for ensuring compliance, and 3. Implement an action plan to address identified gaps in performance. The large firms' vision holds that all general purpose financial information must be prepared using a single world-wide framework using common measurement criteria and fair and comprehensive disclosure. While the firms may be applauded for the progress made to date, substantial work remains and addressing performance gaps may be their most difficult task.