Big Six support IFRS

News Article - 15 January 2008
Category: Business

Chief executives of the Big Six have released a paper which backs global adoption of International Financial Reporting Standards (IFRS).

Deloitte, Ernst & Young, PricewaterhouseCoopers, KPMG, Grant Thornton and BDO have all publicly announced their support for universal standards, reports Reuters.

"It is our view that the move toward global adoption of IFRS as promulgated by the IASB (International Accounting Standards Board) must be continued, along with the global convergence of audit and independence standards," the paper stated.

However the chief executives have commented on the significant period of time it would take for all standards to adopt IFRS.

Deloitte's global chief executive James Quigley told the news provider that it may take four or five years to complete the transition.

The paper emphasised this move, explaining that qualifications and courses must be aligned with the new standards, technology and software would need updating and all users of the reports would be retrained.

Last year the Financial Times reported that the Big Six sent a draft of the paper on implementing IFRS to a number of bodies such as the IASB and the Financial Stability Forum.

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