A Climate of Convergence: Asia Pacific's Road to Global Reporting Standards

Sponsored By CFO Europe Research Services

Topics:

Accounting > Accounting Standards

Compliance & Governance

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Abstract:

This study conducted by CFO Research Services for ACCA, the global body for professional accountants, polled 131 finance executives in Asia Pacific excluding India' as part of a survey of 792 senior executives around the world. Among other objectives, the aim was to elicit value judgments about International Financial Reporting Standards (IFRS) and emerging global standards for reporting environmental, social and other sustainability practices.

The findings paint a picture of Asia-Pacific companies as somewhat ahead of the rest of the world on the road to global standards. 76 percent say that global financial standards have been or will be good for their company, more than the 68 percent of respondents who say the same in India, Europe and the U.S. Only 3 percent of the Asia-Pacific respondents do not intend to adopt IFRS, compared with 9 percent in the other regions surveyed.

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