Universal standards call from accountancy firms

Six of the largest accountancy firms are calling for the introduction of worldwide standards for the profession.

According to reports by Reuters, the six largest firms believe that the introduction of global standards, known as International Financial Reporting Standards (IFRS), would be of benefit to the sector through the promotion of consistency.

Prior to 2001, the IFRS were known as the International Accounting Standards.

"It is our view that the move towards global adoption of IFRS as promulgated by the [International Accounting Standards Board (IASB)] must be continued, along with the global convergence of audit and independence standards," said the six firms in a published paper.

The six firms supporting the move are Ernst & Young, Deloitte, KPMG, BDO Seidman, Grant Thornton and PricewaterhouseCoopers.

Established in 2001 as a replacement to the International Accounting Standards Committee, the IASB is the organisation behind the development of IFRS.