Of the 143 leaders from 91 countries who responded, a large majority (89 percent) indicated that convergence to international financial reporting standards was "very important" or "important" for economic growth in their countries. Nine percent said it was "somewhat important," and only 1 percent said it was not important.
"The sentiments expressed in the IFAC survey clearly show that convergence is not only desirable, but essential in an economy that is quickly dissolving borders," Melancon said. The majority of respondents (80 percent) expressed optimism about the prospects for economic growth and development in their countries in 2008. Major factors in economic expansion next year are likely to be the growth of small and medium entities and access to financial capital.
Most respondents cited staffing shortages as an issue for the profession, though in varying degrees of severity according to geography. Respondents in North America and the Asia-Pacific region reported significant challenges filling accountancy jobs, while those in Europe said the challenge was less extreme. In fact, the North American respondents ranked recruitment and retention as their prime issue for the coming year.
"In the next 15 years, 75 percent of the AICPA's member will reach or approach retirement age," said Melancon. "Filling the pipeline of new accountants will be a strategic priority of the U.S. profession for years to come." When asked about issues facing accountants in business, respondents ranked application of new accounting standards as number one, followed by adopting good practices in internal controls and risk management. Other issues cited were the increasing complexity of financial reporting and quality of corporate governance.
