5 December 2007 
 
In recognition of ‘World Accountancy Week,’ which runs from 2-8 December, the International Federation of Accountants (IFAC) has released the results of the first annual Global Leadership Survey of accountancy organisations worldwide. The survey highlights issues the profession will be addressing in the coming year and presents perspectives on factors affecting economic growth, both on a national and global level.  
 
The results showed that leaders of national professional accountancy organisations believe that a strong accountancy profession plays a key role in economic development. 
 
A total of 143 Presidents and Chief Executives of 115 IFAC member bodies and associates in 91 countries, including the CPA Australia, Institute of Chartered Accountants in Australia and the National Institute of Accountants as well as eight regional accountancy bodies, participated in this survey, conducted between October and November 2007.  
 
The results also show that many countries are experiencing a shortage of qualified accountants and, consequently, in the coming year, global accountancy leaders will focus on attracting new accounting talent to their ranks.  
 
The survey identified the following issues as important to economic growth and development on a national level: 
· Convergence to a single set of both international accounting and international auditing standards  
· Meeting the needs of small and medium entities (SMEs) and small and medium practices  
· Having an adequate supply of qualified accounting professionals 
· Enhanced public sector accountability. 
 
The Global Leadership Survey also sought feedback on the use of International Public Sector Accounting Standards (based on International Financial Reporting Standards for use by public sector entities) and their value to government. Respondents indicated that use of these standards would have a positive effect on the economies of their countries or jurisdictions.  
 
As for the future of their national economies, despite the sub-prime loan crisis, most leaders, expressed optimism for 2008. This optimism was attributed to the availability of human capital, the growth of SMEs, and the availability of financial capital. Potential threats to economic growth included a lack of investor confidence in capital markets, corruption, and high energy costs.  
 
A summary of survey findings along with responses to the full survey may be obtained from the IFAC website by going to www.ifac.org.