The global nature of modern business is having an impact on the accountancy profession. As accounting standards and professional guidance become more international, so moves toward developing a global accountancy qualification are progressing.
The work of the International Accounting Standards Board in formulating a high quality set of accounting standards for use around the world has widespread support in the profession. All companies listed on a stock market in the European Union will be required to use International Financial Reporting Standards (IFRS) from 2005. Common accounting practices are expected to help improve cross-border comparability of company accounts and make it easier for companies in different jurisdictions to gain access to capital elsewhere.
