Support for global standards amongst CFOs and investors has increased since the start of the economic crisis in 2008, finds an international survey published by the Association of Chartered Certified Accountants. 

The report "Towards Greater Convergence" gauges the value that investors and CFOs see in IFRS (International Financial Reporting Standards) and other global standards. The findings provide compelling evidence for policy makers and regulators that global convergence would be beneficial on a number of fronts - not just for IFRS, but also for audit and other areas such as corporate governance and non-financial reporting.

The survey of 163 CFOs and investors across the globe also finds evidence that access to capital for companies has increased and its costs have been reduced by IFRS adoption.

“The growing support amongst CFOs and investors for global standards must be considered carefully by the Securities and Exchange Commission (SEC) as it considers its decision about whether the US should adopt IFRS; we believe a positive answer from the SEC would give a tremendous boost to the cause of financial reporting and more importantly the world economy,” says Helen Brand, chief executive of ACCA.

The research reveals that respondents’ increasing familiarity with global standards in financial reporting continues to break down resistance to their implementation. More than 40 percent of respondents said that IFRS has improved access to capital, while around a quarter say adoption has lowered capital costs.

ACCA warns that the benefits of IFRS in terms of allowing investors to make accurate cross-border comparisons of companies will only be maximised if 'carve outs’ of standards by governments and other national add-ons to rules and regulations are kept to an absolute minimum.

“It is essential that national policymakers resist as far as possible the temptation to include issues which may be important in their countries but which, when aggregated, will threaten the integrity of the international regime. Global standards need to be just that – global,” says Brand.